What royalties are there?  I think there is a 3% one to Royal Gold or whatever they are called now.

I don't really consider the Liard shares as very significant because the joint venture owns something like 85% of the shares.  

Too bad we can't use the spot price for molybdenum as it currently about $19 a pound.  I would thought  that the gold price used would be higher than $1,400 as we haven't been anywhere near that low in awhile. But it wouldn't be alot higher.