found this re royalty., page-10

Talk of takeover is rather premature and a bit of a stretch. In my opinion a more likely outcome is that CVY exercises its last right of refusal to purchases the 2% net smelter royalty for $2m CVY shares and that this 2% net smelter royalty is either retained by CVY or on sold to the mystery buyer. In selling this royalty to the mystery buyer for more than $2m in stock, CVY effectively raises capital at a premium to the share price calculated in the royalty claw back agreement. In my opinion, the excitement in the stock is due to the ability of investors to impute a value on the cameron project based on a 3% net smelter royalty being currently valued by the market at $5.1m and not takeover speculation. Previously the market suspected this project was uneconomic. The royalty value validates the project. How things have changed!

Marxist