I am admittedly quite mistake-prone with math so check my figures but I think there is a misconception that Liard adds value somehow on top of our 25%, whereas by the time the Liard shares are paid out we actually get less than 25% profit.

Liard owns 30% of Net Proceeds Interest in SC, and that reduces Teck/CUU's overall interest. Out of that 30% we own collectively 78%, the rest is held privately with Royal Gold owning a percentage. On top of the 78% that we own with Teck, broken down 25%/75%, we also own directly 1.47% of Liard.

Here are my figures although they might confuse more than help.

We therefore own, when the Liard shares kick in:

19.5% of Liard (30%) through the deal with Teck,

1.47% of Liard (30%) bought directly,

25% of the non-Liard ownership of SC (so 25% of 70%)

All these figures work out to,

5.85% for our share of Liard with Teck,

1.47% for our non-Teck Liard shares,

17.5% for the non-Liard ownership of SC.

24.82% in Total SC profit