I don't know where you get your royalty figures or whether they're right.
I would have thought that they would be paying 2.5% on Net Smelter Return - so last quarter NSR was around $50mil so if they double production from 6mtpa to 12mtpa then that should increase to $100mil/qtr or $400mil/pa so the royalty cost would be $10mil/pa.
But happy to see your calculations.
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