Based on other companies MIN has bought out where MIN was paying said company a royalty - this appears likes a sensible outcome.
Particularly as MIN is stating they are expanding to 10 mtpa and the current royalty is 9 million AUD per annum at 5mtpa assuming iron ore prices stop their meteoric rise.
If MIN expands to 10mtap that puts TLM at 18 million a year royalty. MIN bought out the last company at 10 x Royalty so a valuation of TLM at 180 million is reasonable based on recent past transactions by MIN.
https://hotcopper.com.au/threads/ann-talisman-receives-first-wonmunna-royalty-payment.6008792/page-90?post_id=53587945
Fairly clear the intention here for this project based on the newspaper article attached quoting Mineral Resources.
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Ann: TLM:Talisman Receives Second Wonmunna Royalty Payment, page-3
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