I was aware of the state royalties, It was a good exercise tonight to get a rough back of the envelope idea; NCZ will easily make a couple hundred million on the silver from the tailings deposit, which is what their current market cap is at the moment. And NCZ still have another 20 million ounces of silver in their In-situ deposits.
Also, silver is entering a bull cycle and these numbers are based on current silver spot and exchange rates.