Purely off the back of an envelope:Earning forecast is ranged...

Purely off the back of an envelope:

Earning forecast is ranged $20 mill - $75 mill.

This is based on pricing assumption ranged $90 USD - $110 USD.

So - making lots of assumptions - we earn:

$20 mill if the ore sells for $90 USD p/t.

$75 mill if the ore sells for $110 USD p/t.

Assuming the royalty to price remains fairly consistent when prices are higher, the earnings could be $130 mill p/a at $130 USD p/t.

The iron ore contract price is a bit higher than $130 USD at the moment so I don't think it's insane to project those type of numbers although best to assume the lower numbers and be pleasantly surprised by any upside.