How much are we worth?

Finally some developments at Sandstone. MDI (owner of the old mill) will take out AME (owner of the more interesting tenements), if successful all tenements will be held by a single entity again. They will have a large resource base but defined resources are at a very steep dip, deep and low grade. So new discoveries will make the difference plus upgrading the mill (currently not suited for non-oxidized harder rock).
Combined market caps plus mill upgrade alone is A$30m.

If you assume a 10% net margin Troy's 2% royalty equates to a 20% stake without possibility of dilution and with no risk attached. 20% of a project the market is valuing at 30m is 6m. And AME+MDI are not exactly expensive.

Troy on the other hand has operations that will pay off bank and trade debt within a year. You get 30% of Casposo (optioned to Austral at US$7m) plus the 2% royalty (A$6m) plus A$30m in deferred tax assets not on the balance sheet (but will be once OC is developed) plus OC, with a guesstimate resource of ca. half a million ounces at one of the highest grades in the world, plus Smarts underground plus Goldstar with an already defined multi-km strike target plus huge upside at Gem Creek with multiple km-long anomaly targets for less than 50m? What's wrong here? And I forgot the iron ore royalty in Brazil.