"...would we be correct in assuming royalty income is many years down the road?"

Cash flow from production at NPSP should begin within weeks to a few months following the start of production, maybe earlier if Genesis can soon produce an offtake agreement - a type of foward sale on some part of production. I would guess they are working on this at present, but only they would know.

Having said this, there is no confirmed discovery of ore grade material as yet. USGS estimates that 1 in 3 pipes in the region are mineralized, so there is no guarantee that the first pipe/pipes drilled will be economic, although I think we can safely assume that there will be production within these claims at some point, and with luck, sooner than later.

BTW, those 1-in-3 chances should be better for NPSP than in the region generally. LBSR was first in the staking rush into the area, holds more claims than all the others put together, and used the most knowledgable professional to help them with their selections. Everyone else got the leftovers, and some are producting now.

VP