we drop the FS and get the 78% Liard holding, they back in for 75% they get back 58.5% of the Liard shares, leaving CUU with 19.5% plus the 1.6% we already own for a total of 21.1%

Sorry for the confusion, tonic1. the above calculation is our share of the liard 30%

30%x 21.1%= 6.33% of the mine.

70%x 25% = 17.5% our share of the mine less the liard holding.

17.5 + 6.33 = 23.8 I haven't made an allowance for royal gold's 3.5% net smelter return, but I assume that would reduce us to 23.35% of the mine.

the main point I wanted to make was tck gets back the same percentage of the indirect holding, the 78% liard shares, as they back in for.....chunky