Mercenary Geologist opines on Ely Gold Royalties (ELY.V)

My previous alert on Ely Gold Royalties (ELY.V; ELYGF.OTCQB) was two months ago when the stock was trading in the low- to mid-20 cent range (Mercenary Musing, July 22, 2019). My premise at the time was that a re-rating was commencing as the company transitioned into a junior royalty company from its previous business model as solely a Nevada-based prospect generator.