Debt, Equity, Royalty..makes no difference whatsoever...The obsession over "dilution" here and elsewhere is ridiculous. It costs X to get the mine built. You either pay now or pay later, either with stock or interest bearing debt. It doesn't matter. With debt you have interest..just like carrying a balance on your credit card. With equity you're one and done and can use future cash flow to buy back stock or pay a dividend. It doesn't matter! Royalty is the worst path unless there are terms favorable to buy it back down the road.
Forget about this will you? Get the money, build the mine, ramp it up, we all get rich. I don't want to owe anyone anything. Sell shares now and get this thing going. Buy back shares later with the massive FCF. The only thing that matters or should matter to you is getting this thing built and cranking out the ounces. Full stop.