Thats true too an extent Tonga, however using that logic then...

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.