Has anyone tried to figure out the value of KWG's NSR yet? I don't recall seeing anything. I think that we have enough information here to make a reasonable stab at it.

1. First, use the fact that Cliffs has suggested that XX% of their future bottom line in a few years will come from chromite. I don't remember that percentage offhand, and I'm on a poor internet connection, so I won't go digging for it now. But in essence, if we know that something like 29% of their bottom line will be from chromite, and we know what their bottom line is right now (and can assume that it will remain constant or increase slightly each year for the next few years, if they have a stable history), then we can assume what the chromite will contribute in a single year, at net.

2. Take that single year value, and then assume that it remains constant for several years in the future, and also assume that you can come up with a discount rate. Then take a simple NPV, to see what the net present value of the net smelter royalty stream might be.

3. Divide that by the number of shares.

As mentioned, I'm working in a bush camp right now with a sporadic and very slow internet connection, so I'm not going to tackle this little project myself. But maybe someone out there with a bit of accounting background could take a stab at it?