News: NCZ New Century Resources Seeks Trading Halt, page-52

I was hoping that this conversation about silver would just go away so let's kill it now.
NCZ received $2.04mil in net smelter receipts for silver in the March20 quarter and from this paid $1.77mil in silver royalties to Varde so kept the grand sum of $270k.
It is important to note that Varde are paid 30% of PAYABLE silver, that is before treatment charges that come in the form of free metal calculated as 3 ozs per kt of concentrate. This charge works out at 59.2% of PAYABLE silver.
So again Varde's royalty is worked out before the treatment charge. In the end, Varde gets 86.75% of the net smelter receipts for silver and NCZ gets 13.25%.
It's petty cash that NCZ currently earns from the silver content but at least it's paying part of Varde's finance charges - if they hadn't of got that then they would be charging a higher interest charge.
Varde's first facility limits their take of their silver royalty to $US5mil that should be reached by March next year but in the second facility the 10% royalty seems never-ending.