I was wondering about that, I was quite confused, but that's not...

I was wondering about that, I was quite confused, but that's not unusual for me on these threads. So many things to learn.

Did you also mean the 2 million royalty per month to be per qtr?

At the start of this thread SFTTH calculated that the royalties would be about 9 million AUD P.A., based on 5,000,000 tonnes at 168 USD/tonne. According to the article I posted, IO prices have since dropped to 109ish USD/tonne and are predicted to get as low as 88. That's a significant loss in royalties. Much greater than 10%, more like 50%.

I wonder if some IO projects will be put on the back burner, or whether MIN RES will wait before ramping up to 10mtpa.

As you said though, we still have a lot of other things to be excited about.