Skip to content

Royalty impact (NSR)

Work out what a net smelter return royalty costs per ounce and per year, and what it does to the margin.

Example numbers are loaded. Replace them with figures from the company's own filings.
Royalty per ounce
$39.60
1.98% of the metal price
Royalty per year
$2,376,000
Margin per ounce before royalty
$590
Margin per ounce after royalty
$550

How it works

A net smelter return (NSR) royalty pays the holder a percentage of the revenue from the metal, after smelting, refining and transport charges.

Enter those charges as a percent of revenue, or leave them at zero for a quick estimate. The royalty comes off the top, before any profit, so it matters more when margins are thin.

Reported AISC usually already includes royalties. To see the margin effect, enter a cost per ounce that excludes them, or the royalty is counted twice.

Royalty terms, including any right to buy part of a royalty back, are set out in the property agreements and summarized in the technical report.

For education only. Not investment advice. The results are only as good as the numbers entered; check every figure against the company's own filings. See the Disclaimer.

More tools

News release readerPaste a release, get the arithmetic.Dilution calculatorHow a financing changes what you own.Fully diluted share countWarrants, options and convertibles, added up.Cash runwayMonths of spending left before more money is needed.