And it would all be a waste of time and effort. The biggest reason would be that the NSR is not based in any way on their net income or eventual profit from the operation.

A 1% NSR is simple to value once a production schedule is in place, but at this point it is only hypothetical. This subject has already been tossed around on the KWG forum quite extensively, and my memory may be faltering here a bit, but my recollection is as follows;

For a railroad to operate anywhere near efficient, it would have to see a minimum of 3 100 car trains a week, or some other similar combination totalling 30,000 tons. This means a mining operation would have to produce the same to be there. A 30,000 tpw figure would mean 1.5 m tons/year.

Other calculations said that 1.5 m tons of 40% chrome would yield approximately 1.5b per year in gross revenue form this. A simple calculation of 1% NSR tells us that the revenue from this would be 15 mill/year, or 1.88 cents /year/share. You cannot price in any more than 20 years of future income, and likely only should use a 10 year figure, which tells us that the NSR is worth a minimum of 18.8 cents/ share.

Clear as mud to me

Best regards

K