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27/08/25
06:20
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Originally posted by ICSIDaficionado:
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In previous cases led by Tim, litigation outcomes for shareholders have sometimes come with meaningful trade-offs — settlements involved steep discounts and significant fees, which limited the net benefit for equity holders. The Montero case is a good example: a win on paper, but arguably a Pyrrhic victory for shareholders.That said, every case is different. With Panthera, the focus should be on the intrinsic value of the asset. After India seized it, the project was auctioned: $120M upfront plus a 62.5% royalty (versus a typical 3% in India). The Indian Geological Survey estimates about 8 million ounces of gold in the deposit. At $3,000 per ounce, that equates to ~$24B gross value, with India capturing $15B through royalties.In other words, the market has already marked the asset: bidders put real money on the table. No need to anchor valuations on sunk costs — the numbers speak for themselves.
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Crazy this Indian project: A 62.5% royalty.