Iti Nerant

So this was a little difficult to interpret and the koala did that intentionally yesterday, this deal is difficult to interpret ~9MM ounces silver in reserve at FdN Forget time value and IRR for a second, spot silver today is $86/oz So LunR $LUNR.V just paid $670MM in stock for ~$775MM of silver in reserves (before considering recoveries etc) There is another ~2MM ounces in M&I and 5MM in inferred already on the books just to be fair It seems like Lundin Gold $LUG.TO got a great deal here But, Lundin Gold didn't need to do this? Didn't need cash for anything (quite clear since it's a share consideration after all) So this is sort of a "special dividend" of the silver reserves? But it also kind of acknowledges if you value LunR on NAV it's trading at a big premium? So Lundin Gold shareholders get a "silver special dividend" in LunR shares LunR shareholders get more trading liquidity such that the share price can find equilibrium and have currency to do more deals, and LunR gets a material cash flowing asset into the portfolio To be honest, both love this AND hate this for both sides of the deal. So probably will age well Now let's see LunR do a deal outside the Group's companies...

This is a huge bet on the silver price. $WPM doubling its exposure to Antamina. They paid $900M for the first stream with $GLEN.L in 2015; and they are paying $4.3B for a similar size stream with $BHP in 2026.