I reckon we are going to get the tranche two back as well in a...

I reckon we are going to get the tranche two back as well in a capital return...and maybe the company will spend a few mill on say 2 exploration projects next year to move forward with.
If they were going to fund more than an exploration project, like buying into an existing resource to develop or JV then surely they'd keep tranche 1 to do that with. Giving us back tranche 1 means they have nothing in the works or even planning to look IMHO, and our team of project builders will be moving on come November.

Remembering also the company has some $65 mill in cash on hand from memory. So if they spend just a few mill on exploration projects, and maybe keep ten mill to drill/go on with, they can return say $40 mill of cash with tranche 2.

If that plan eventuates then obviously people can sell on market if not interested in going forward with the new exploration company, and it will be valued at say 75% of the NPV on the 1.5% revenue stream + cash on hand, plus whatever the market makes of the new exploration project(s). A couple of cents IDK haven't done the sums. I don't think the revenue stream can be sold until it matures,,,which likely involves 2 years of proven income.