KWG - $18 Million for 1% royalty on their 30% holding in Big Daddy. August 2011

NOT - $22.5 Million Loan for a five-year period at a 7% interest rate with interest to be accrued and paid at the end of the loan term. Franco-Nevada will receive a 3% royalty over the Black Thor chromite deposit and a 2% royalty over all of Noront’s properties in the region(including 70% holding in Big Daddy) with the exception of the Eagle’s Nest high-grade nickel, copper, platinum and palladium project, which is excluded. March 2015

Who got the better deal???? Think if nothing else it may indicate the reluctance of major companies getting into the ROF until there is a clear path to production.