Breakout Gap Running, page-30

Despite that gold in WA has its advantages too. And Troy still has a 2% royalty on all Sandstone properties (Alto Metals and Middle Island Resources). If you have a margin of 10% that 2% royalty is like having a 20% stake. And the good thing is that while development costs a lot and will dilute Alto Metal shareholders, Troy just keeps the 2% royalty without any further investment. There's an iron ore royalty in Brazil too.