1) Coeur (CDE) spends $8m earning into 51% of the Joaquin project in Argentina.2) It then pays U$60m to the optionee, Mirasol (MRZ.v, which is a well run company by the way), for the other 49% that it doesn't own. Half cash half shares.3) Four years later, it sells Joaquin for U$25m (cash and shares) to Pan American Silver (PAA.to) (PAAS)4) The above doesn't take into account the money CDE has wasted on Joquin in the meantime in exploration costs and land carrying costs.5) IKN half-expects CDE to carry the 2% NSR it's left holding on the property at U$35m and pretend it hasn't lost money.
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How the market thinks CDE is worth over $2Bn in market cap is beyond my ken.