If they spin a company just for the SC royalties, those shares would have a good value even before the mine is in production.  Those that don't want to wait any longer could sell their shares immediately for a good price as they would not be discounted 8% per year anymore... even 5% would be too high!

Imagine a 20M dividend every year... discounted 1%-3% per year.  Only this royalty would be worth at least $0.50 per share today.

20M, 25 years, discounted at 3% = NPV (3%): 350M

20M, 25 years, discounted at 1% = NPV (1%): 440M

...and I'm only using 25 years to remain conservative.

MoneyK