MMI General Discussion, page-16

Haven’t got it at hand but you can do the calcs and see the company is paying ~14% in royalties which is 10% state and a few private royalties tallying the remainder. Nebari then have the 1% on top which moves higher next year if not repurchased. So Regal is buying one of the private royalties off the owner (Metro is NOT selling another royalty). From what I understand the figures quoted for the royalty are not accurate and there’s some nuance with it wrt to a production cap (royalty only paid on the first [x] tonnes).