Cetainly the buying out of the NSR from Nemis is important and points to a perceived value of deposit but not the numbers you throw out.

" $1,635,000 for the 1% indicates that they feel that the KWG share exceeds $163,500,000."

Better to state that KWG assumes potentially higher than $163,500,000 in chromite after deducting costs to get to smelter. Could consider this even more impressive as 'insitu' deposit must therefor be valued much higher, well over $200 million?

Next you state "That same deal allows the royalty holder (unconfirmed to be RN) the ability to buy 30M shares at 10 cents within a five year period. Those numbers are mindboggling... $4,635,000 for a 1% royalty,"

Well not really, there likely is a value to those long term options but considering the current share price an option to buy at 10 cents isn't worth a terrible lot and they do have to be paid for and are not 'free'. Stick with the $1,635,000 number and if you must value the options perhaps a current value of a hundred thousand or so would be more prudent.