RE:RE:RE:RE:RE:39..................Agreed.
Another angle that I was considering last week, after the last time Matt was on his soap-box about share dilution:
This isn't a junior minining company. I say this because it doesn't have (much) more share issuance (and probable dilution) per project in the future (after purchase).
Each project purchase is financially fully funded (other than G&A to maintain the mining licences).
No drilling required. No mine development to fund.
A $20-30M junior will still have to rase $100M-1B+ more to build up a mine, with cost overhauls diluting the shares. That isn't the case here. FM doesn't have to spend a cent more in drilling/development. That's where the JV or sale and retention of royalty/stream part of the model takes over.
Once the 20M oz are purchased, then it's total overhead for the next 5-10 years is very predictable & very limited, similar to a streaming/royalty company. It's a way closer a business model to a holding company morphing into a royalty company, as it matures, than the jr. miners, which it's continuously compared to. Just another perspective/angle to look at.
>DM