RE: RE: Earnings MachineNeed to be an accountant to figure out exact NAV but there's no need to be exact.
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We know there's 190 million in cash.
We know there's 33 million ADV shares.
We know there's 530,000 Royal Gold Shares.
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The above is worth more than the current market cap. What are we getting for free?
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Millions of Millrock shares and warrants.
About 13 million in shares of various resource companies purchased by Paul Van Eeden
The Voisey's Bay royalty (producing $4 to $6 million a year for 20 to 30 years)
The Paladin 2% uranium royalty on 120 million plus pounds of uranium
The Alderon 3% royalty (which could be worth a billion in total revenue if things go right)
Numerous additional minor royalties from Millrock, Viking Gold, Rare Earth Elements, etc.
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And this is certainly not part of NAV but there's the possibility of discovery upside from a exploration team that has had major successes finding and developing assets in the past. I'm most excited by current work funded by Cliffs, I think both Saglek iron ore and Newfoundland awaruite/chromite turn into formal joint venture projects.