Franco-Nevada Argonaut has closed the sale of a 2% net smelter return royalty on the Magino Project and surrounding land package to Franco-Nevada Corporation ("Franco Nevada") for US$52.5 million.
If Franco-Nevada paid US$52.5 for 2% royalty on the Magino project, that puts a value of US$2.625B or CDN$3.6B.
What am I missing here? FN obviously wants to make a profit from this investment which means Magino is much bigger than $3.6B!!!??