Hi CashmeIt does look like the Net Smelter Royalty is based on...

Hi Cashme

It does look like the Net Smelter Royalty is based on 100% of the revenue. I tend to agree that SFR would prefer to buy MTR out of the exploration JV - I'd be surprised if they wanted to partner with the junior and negotiate everything through a JV.  A more likely option in my view would be for SFR to employ Hanna and some of the other key MOD management and exploration team - this way they can retain the in-country and specialist exploration knowledge.