New Found Gold Corp V.NFG

What the royalty Purchase buyback tells us

[ChrisXXX]

I find most bullish that Nfg bought back royalty.
I calculated what was it worth for nfg. What is the underlying asset value and how  it tranlates into ounces 

 3,000,000 / 0.006 x 166 / 3327 = 25 Mio. Oz
Exactly the number nozz came up with 

• Pursuant to the Royalty Purchase Agreements, the Company will purchase, in aggregate, 0.6% of the Vendors’ 1.6% net smelter returns royalty on the Company’s Golden Bullet property (the “Royalty Interests”). New Found granted the Vendors the Royalty Interests under a Mining Option Agreement dated as of November 11, 2016 (the “Original Agreement”).
• Under the terms of the Royalty Purchase Agreements, as consideration for the Royalty Interests, New Found will pay $650,000 cash consideration and issue 100,000 common shares in the capital of the Company (the “Common Shares”) to each Vendor, for an aggregate cash consideration of $1,950,000 and aggregate share consideration of 300,000 Common Shares.

[ChrisXXX]

Sorry the royalty refers to Queensway south. So the numbers suggest that nfg is convinced there are at least 25 mio oz in queensway south. In qw north has to be even more