RE:RE:RE:RE:RE:Everything is lining up Gentlemen, if memory serves, the NSR(s) in question should not apply/affect TUO at all. It was not actually drawn up as 1.02% & 0.51% on the entire property. It was actually 2% (& 1.0%) on AMK's 51% of the Treaty Creek property. So while the math is the same when applied to the entire depsosit: i.e. 2% x 0.51 = 1.02% for example. The NSR is paid from AMK's portion of the ownership.
AMK would have to deduct 2% from their 51% portion. Teuton would be unaffected. Once the deal was struck with Tudor, Tudor assumed AMK's proportional responsibilities. Teuton is again unaffected. I.e. the third party NSR is not deducted from Teuton's 20% ownership position, only from AMK's 20% and 31% of Tudors ownership.
However, Teuton's own 0.98%/0.49% NSR does apply to the entire property.
I could be wrong, only going from memory here. Anyone can look back at the MDAs and Sedar documents. However, I do caution that much of the material even in the most recent MDAs are historical, and superseded by newer agreements.