JBL gets all the profits but pays the royalty to MWX which you left out. Also they have to buy the waste because someone has to pay all the people who travel around the state buying the waste and hauling it to Mamphis and there will be other opex like staff. The more vaulable it gets the more the guys with it will want for it to sell it to JBL.
I think the plant is supposed to make about $15M per year so the royalty will effectively be on that. We will find out the % after it goes into production but it might take all year for the expansion.
Barrick is the world's largest gold producer at 5.5M oz per year, with a $24B market cap. JBL might produce even more since they want to own the space, so lots of room for the gross royalty to be $1B.
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