Many own both so those who do would take the offer of .26 with much thought. Then say NO and merge to own a majority of a resource. Why sell at .26 and hold your KWG for the 1% NSR. Sell the whole thing or none. Now is there 66% that own both. Kwg will get bought eventualy as Cliffs won't leave that royalty and 28% of the best resource out there swingin in the breeze. They will attempt to get it for pennies and that my friend will upset many locals, enough to sink the project so long that Cliffs will have to sell to someone and go away. Long memories in FN populations.