trf has dream territory, page-20

That's fair to pay 20% of operating costs once the project is producing.

It looks a very robust project. No point producing if it is operating at a loss!

Remember TRF should be getting more than 20% of the project's revenue - quite possibly a LOT MORE if by products like gold prove significant.

Plus of course there will be TRF's significant holding in IronClad.

One thing I have not seen mentioned here.

TRF look like they are getting a $2 million dollars Management fee over the next two years from IronClad.

Now that will prove handy = about 4 cents per TRF share.