At various times the ratio of copper tp gold which will be produced will vary.  The revenue from each commodity will also vary as the copper and gold prices will move up and down at different amounts.

But broadly (if I recollect correctly);


              Ave  Annual production    Price     Tot revenue

Gold                 195,000                $1,400       $273m

Copper             81m pounds         $3.37         $273m (intentionally tweaked per pound price)

Total                                                                $546m


The royalty will pay out $950 net for 52.25%   for $96.8m.   This amount is pure profit for Royal as soon as they get capital returned.

This amount is 18% of total mine revenue.

So, for example if the operation had an 18% return on sales (ROS) this would normally be quite ok.  But in this case 100% of net profits would go to Royal Gold and exactly zero per cent to TCM shareholders.  This illustration merely points out that Mount Milligan will be "tight" or barely break even at current commodity prices after royalty payments.

$2,000 gold and $5 copper would see TCM shareholders capture the lions share of profits

This note concretizes something I addressed before