palta-1 reporting., page-18

Thats true too an extent Tonga, however using that logic then you would apply little value to almost any stake in Palta, and i dont think that is accurate. No doubt these projects have huge lead in times however in the event of a discovery the royalty could be monetised well before development. It is a revenue royalty, no need to commit to expenses etc.
I dont hold however i think the royalty interest here is not well understood by the market and is certainly the sleeper in the pack.