NAV at current gold price pre-tax is 1,3 billion (0% discount rate)

NAV at current gold price after tax is about 850 million (0% discount rate)

Victoria will have to sell probably 20-30% of the production (depending on which type of NAV and discount rate is used)  to get the $160 m trough royaly deal at an NAV multiple of 1. This is not so good imo, hopefully they use more debt.