Ann: Significant Drill Intercept at Hermes South, Bryah Basin, page-17

Thanks SM... Referral point 2. 1% smelter from 70000 ounces to 90000 ounces. I read that at the time to me to mean the royalty is capped. I never understood why when there is a resource of 300k ounces. At current POG it's only about 1.5m AUD. But In re-reading ALY retains 20% economic interest so does that mean ALY also retain a 20% interest in the net CF from those 90000 ounces? If so that's a much better deal than I originally thought. And if say they increase the resource to 1m ounces ALY benefits. VT - that's a good deal i agree.