Hey Kerry, thanks for replying. Let's go through each scenario and see if fnc will acheive their royalty plan.

Champion iron production: Iron ore play. Will this be viable once iron ore being produced at 50$ a ton hits the market by the big three players? (vale, rio bhp)

Lamelee iron production: Same boat as champion.

LaBlache TIO2 production: As noted in the recent coverage by Pope and company, Lablache is the second option for Argex to mine. Taken from Page 29 of report: Supply of suitable Ilmenite may be limited at desirable prices. Argex, however, can mitigate feedstock price risk by mining the Lac Brule property, which has suitable ore for the CTL process (and company intends to mine this first)

Blackhorse chromite production: Let's not even begin how long (if ever) the ROF farse will take to develop.

So that leaves us with the Magpie Deposit. If Mr. Smith and company can't get us shareholders a good deal with the Pangang Group, then I fear we will all be bag holders for a very long time.