PQ set the two companies up the way they are for a reason. GHDC was the royalty company that PQ owned mostly by himself- he had intended to keep it private. SFMI was the company that was to do the work. At some point PQ would turn over the reins to SFMI to someone else, and sit back and collect the royalties from GHDC which wouldn't require much to run (unless it became more active). But he evidently was persuaded to take GHDC public. I think both companies will do well, and I have about equal numbers of shares of both. Theoretically, SFMI should have about 5-6 times as much revenue (85% vs 15%), but SFMI will also have most of the expenses. The eventual relative values of the companies will depend to a great extent on the expenses of mining WEM- assuming nothing else changes, such as one of the companies acquiring other properties. But also remember that SFMI can avoid royalties to GHDC (but not to PQ) by going through the Sinker.