Just found this in part of a quite in depth review.

'Back in Quebec, Agnico-Eagle is spending $135-million to build the Goldex mine, which will produce 170,000 ounces a year starting in 2008'

So 5% net smelter would equal 8,500 ounces of gold and lets say $500 an ounce to arrive at $4,250,000 yearly for perhaps the 10 year projected life of mine. Reserves are for roughly 2 million oz over 10 years.

The only discount from the 5% NSR is relating to the fact that concentrate is shipped to outside smelters and this cost is deducted from the final price in figuring out the 5%. Nothing like 20% even 10% would be a lot.

Basically you have a company with tiny market cap and a large revenue stream starting next year.