Rox's conservative and credible Scoping Study, page-43

I suggest you check the 2020 annual report,
Financial Statement, Note 12b,"
Repayment of the amount loaned to VMC, under this arrangement will be repayable "Soley from"
- the sale of part of JV, or leases to a third party, including VMCs share from proceeds of gold production.
The loan is interest free, and VMC ARE, free carried to production (Not to decision to mine)
Not only that, but if RXL wants their money repaid, RXL will have to dig up the
gold to pay it self back.
VMC is not stumping up one cent and will still end up owning 30% of the venture.
So it appears VMC BoD were a bit smarter than the Jenious deal maker, I take
my hat off to VMC,
The free carry should have been to decision to mine, then VMC be given the choice,
to put up the money to maintain its 30% or reduce its position to NSR.