Ann: RVR hits 86m @ 2.3% Zn Eq from surface at Cougartown, page-84

Whether or not RVR was in the wrong in relation to the royalty, I can't say for sure, who knows what the exact conversations that were had in the background.

There would be pretty much no argument to say whatever the case was, it was handled poorly. Both sides could and should have done better. Basically, RVR had to pay out the total estimated royalties' "up front" - downside is that it came out/is coming out of current cash reserves/loan (should be able to pay it back in a year or so - 2mil a quarter I believe?) Upside is there is no future royalties to pay to TCM so should be better cashflow in future (among other potential upsides as well - discover more ore, better prices, etc)

Please correct me if I'm wrong with any of this, was just a quick scribble from memory.