Sandfire, page-55

Thanks RoyE - yeah it’s quite a bizarre method using brokers to determine value, I have never seen anything quite like it.

I think I messed up the calc slightly - should be $210m x 15% /70%*30% = $13.5m...I think

The 2% royalty on any revenue from Tshukudu exploration tenements appears to be on 100% of the revenue (not the 30% MTR share) is this how you read it? So if they found another T3 (30ktpa Cu is approx US$275m pa) then MTR would pick around US$5m per year of mine life in royalty?? Not a bad earn if true... obviously would depend on if anything economic was found but it’s a nice way to let them remain in any upside (whilst allowing for a relatively smooth takeover)