Quick summary below (in $m). It's incredibly cheap....
Cash and marketable securities 175.3 As of Oct 31, 2011
Royal Gold 36.5 529k @ $69. Nasdaq listed (RGLD), precious metal mines
Alderon Resource 108.6 32,285k @ $3.3, iron-ore jr, venture listed (ADV.V)
Millrock Resources 2.9 7,932k @ $0.47, venture listed exploration specialists in Alaska (MRO.V)
JV w/ Cranberry Capital Early stage mineral exploration, book value $25m
Voisey Bay Royalty generating $4m+ a year, $10m in the books
NLRC Fully w/o, only refinery project in NA approved in years
Collection of Royalties free call option
17 exploration projects (12 JV) free call option
Worst case scenario valuation 323.3
# of shares 28.9
Current Price 11.2
Current Market Cap 323.6