If you don't mind, please let me make a correction on your calculation. Champion earned in 65% (not 82.5%) from Fermont properties. The remaining 35% is retained by FNC and Sheridan (17.5% each). Pursuant to the agreement, FNC and Sheridan retain a 3% NSR(Net Smelter Returns) royalty, one third of which may be purchased by Champion for $3-million. So 1.5% NSR royalty by FNC is worth of $4.5-million.

"don't you just love the fact that Chm at 2.75 the market cap is 221M for 82.5% fermont - so fermont is worth 221/.825 = 268M. It should be calculated AS 221/.65= 340M."