Ann: Acquisition of Gekogold Pty Ltd, page-7

Well my calculations are as follows:

130,000oz mine according to tsol (first post for this announcement)

Royalty on first 25,000ozs is 10%.
25,000 ozs sell at $AUD1,500 = $37,500,000
Royalty 10% = $AUD3.75m to BNR

Royalty on 105,000 ozs (130k less first 25k) is 4%
105,000ozs sell for $AUD1,500 = 157,500,000
Royalty 4% = $AUD6.3m to BNR

Total royalty to BNR = $AUD10.05m based on gold price of $AUD1,500.

Pretty good in my eyes.

Gold price at $1,580 at moment - so $10.586m royalty.

BNR 179m shares = 5.6c per share.