Business Development, page-4

I'm not sure you are looking at this the right way Saracenm.

DRR spends circa $8m a year on general & adminstrative costs to run a company that should cost no more than $1m to run. On top of that, they have a new credit facility in case they find any investments, which is probably costing another $2m a year in line fees even when undrawn.

So it's costing shareholders $9m a year in excess costs for this team to search for new royalty investments.

If the CEO/Team had a trackrecord of being great royalty investors, then I would be more inclined to think this was a reasonable cost and eventually they'll find a suitable investment. However this is not the case and I suspect they'll feel pressure to find "any investment" as time goes on.

I really wish I was a fly on the wall in their office. Apart from sending one invoice a quarter to BHP, I have no idea what this team of 6 including a full time accountant and general counsel do every day......