Although they appear to have 10 royalties, the ones for Victoria Gold and Metanor (Bachelor Lake) are the most valuable. The first one Eagle Gold of Victoria Gold, is representing 80% of all their assets. Victoria Gold still needs to get their permits, needs to arrange some $400+ million financing and then still has to start building the mine. That is three years down the road, and probably 4-5. Thats a lot of uncertainty and almost no diversification in the total portfolio, thus in my opinion, fairly priced with a small discount to its NAV.