A little more than 50% of the capex for Mount Milligan has been supplied by Royal Gold. If you include the original mine cost for TCM and add a bit of accumuting interest then Royal Gold may have chipped in 35% of the total overall cost.
Royal Gold is in deeply into this. This royalty accounts for close to 33% of their NAV. This is way more than a diversified royalty company likes to commit to one asset but they got in one step at a time.
The jurisdiction is excellent. BC is as good as it gets subsequent to getting a permit.
Life is easier for royalty companies but it is not entirely a bowl of cherries. The Royal Gold share price has been down by 50% from a few years ago so they are subject to ups and downs just like real miners.
Mount Milligan should add about $100m to $125m to Royal Gold revenue per year at current metal prices. This will significantly boost its scale as they try to play "catch-up" with Franco Nevada