Materialg. What hogwash. Royal gets 52% of the gold from Mt. Milligan for $435 per ounce.......not for free. They also put up $850 million of the 1.5 billion to build it. No mine makes 15% or 16% profit.......this may be true, but Royal Gold is making a bet on the future price of gold. If gold goes to $3000 an ounce, TCM and Royal Gold both do very well. If gold goes to $800.......maybe not.