TCM a Gold Stock with LeverageTCM has 5.69 million ounces in the ground. Recovers 60%, so 3.4 million will be produced. Royal Gold gets 52% of this at $435 U.S. per ounce. That gives $740 million U.S. in value. The other 1.7 million ounces at today's price of $1274 gives $2.1 billion. So gold has (today) a future value of $2.84 billion U.S. Debt is $840 million, so $2 billion net. They produce copper at $1.41 U.S. per pound, if you don't count the gold. TCM has a market cap of $78 million U.S. TCM's is a great, levered, gold play. I think that is why the hedge-funds are in the stock. IMHO