via Investopedia - Asset - Based Financing

Considering the asset decline in the Bloomberg graph of GBN,V's balance sheet, the asset under decline is probably the pay streak of Supergene-enriched ore from the EP Mine adjacent to the undeveloped Komis deposit.

The costs associated with mining this deposit are probably only those of depreciation and depletion, which is assumed to be balance sheet assets, while the cost of revenue covers the operational assumptions, some $40m. per year.

Conclusion: The Royal Canadian Mint is the counterparty in a Revenue-Based financing, and Sprott's Physical ETF is the capital provider in an Asset-Based Financing.

http://www.investopedia.com/terms/a/assetbasedfinance.asp

-F6