Great reply. Two thumbs up!
In speaking with IR today, I got the following...
Smelter will be determined and won't be an issue. SFMI will get the best deal possible. As far as the 15% royalty pymt, it is indeed high. But the initial investors have put their money up front with no ROI until the mill starts its revenues. So they do get a higher %.
The cash from the mill will be as follows (this is after the $1 mil in debt and 10K$ per month to Gold Corp)
first 15% to Gold Corp
then 15% of remainder goes to share buyback
What is left will be split in thirds for:
1. payroll/legal/office expenses etc
2. Exploration
3. Cash on hand
B