Yes, the royalty agreement is for a % of revenue between 7% and...

Yes, the royalty agreement is for a % of revenue between 7% and 12%. It's not linked to GLE profits. Whether or not that can or will be changed based on current negotiations with new partners will be interesting.

Remember too, that the 7% - 12% range was based on the efficiency and other cost metrics of the technology which won't be properly known until commercial production commences. If the tech is as efficient as we were all led to believe about 10 years ago (not disclosed exactly, but indicated possibly as low as 1/3 of the cost to enrich as is centrifugal) then the royaly would be around the 12% end (again exactly how this is determined has not been disclosed).

With current lower margins and growth in a new economic age, it is hard to see how a GLE could afford a 12% royalty. There are ways, including gov't subsidies of course, and if U prices keep rising dramatically then margins are higher anyway.

Still, my personal preference with all the current dealings would be for SLX to reduce the royalty a bit, but also take a modest owwnership stake in GLE and possibly even have an equity arrangement with the other partners of GLE in exchange for that lower ongoing royalty.

Just musing over thoughts and hoping for some details fairly soon.