Ann: Significant Assays Results Outside Never Never MRE, page-31

Tembo has a 1.8% gross royalty over the Dalgaranga tennements.
Gascoyne can purchase back up to 20% pro rata over a 4 year period.
This would reduce the Tembo royalty to 1.44%

I absolutely agree with you about voting down the Delphi royalty.
2.5 million for a .70% royalty is chicken feed.
The deposit is growing exponentially.
GCY could easily raise that 2.5 million dollars without further diluting our gross profit per ounce produced.
0.7% @ $3,000 gold price is $21 per ounce
Times that by 150,000oz and we are talking a yearly $3,150,000 royalty payment.
Times that by 5 years and Delphi's 2.5 million royalty turns into a 6 bagger!

I will 100% be voting against the Delphi conversion.