This is just simple back of the envelope stuff

Assuming that MinRes will stick with 35mtpa, I get the total royalty value just around $495m using NPV8

My last calculation used 16mtpa because I divided the 500mt reserve by 30 years which works out to be 16mtpa. So I inadvertently underpriced RHI by mistake.

Also the above assuming that MinRes will want to get a head start on Onslow as much as they can even if the reserve is less than 30 years..

The above calculation does not include dividends, expenditure spending on exploration and other projects. I've also not included any potential ramp up (say 35 to 50 mtpa) which will add more upside.

[held]