As an investor new to Helium investing, this raises questions....

As an investor new to Helium investing, this raises questions. See chart below -> as much as I like the prospectiveness of the BNL assets, I do not like the size of royalties they will have to pay once they become a producer and bring in revenue. Using the 90% likely producing assets case below, the royalty payout rate (once they are producing) is 38.1%. I assume this is an offset to taxes?

Questions:

• Is this royalty commitment normal vs comparable producing businesses?
• Is this royalty net of tax or is tax added on to this? Or, are there tax credits for such?
• Is this business competitive overall with its cost structure relative to comparable businesses?
• Would this make the business more focused on fattening up the asset to sell it to a bigger player (with no intention to actually produce in the future)?

It is not necessarily a negative for the business to focus on fattening up for a sell, but I would be monitoring the business carefully for dilution and G&A expenses going forward to make sure they are taking the 'develop to sell' path in a shareholder-friendly manner.

Which way are they going?