From tonnage to monthly revenue — each step is measured or publicly quoted.
Operations & Revenue Calculation
Figures below come from actual August 2026 operating records, not projections. Revenue is computed the same way every month and can be reconciled.
104
t / month
actual shipments (4 × 26 t)
actual shipments (4 × 26 t)
2,129
g / month
gold equivalent
gold equivalent
20.47
g / t
assayed grade
assayed grade
120k
USD / month
surplus per line
surplus per line
How revenue is calculated
From tonnage to monthly revenue — each step is a measured figure or a public quote, with no estimates.
| Step | Calculation | Result | Note |
|---|---|---|---|
| F1 | Monthly gold = tonnage × grade 104 t × 20.47 g/t | 2,128.88 g | Tonnage from weighbridge; grade from assay batch |
| F2 | Ounces = gold ÷ 31.1035 2,128.88 ÷ 31.1035 | 68.4450 oz | Standard troy-ounce conversion |
| F3 | Monthly revenue = oz × price × factor 68.4450 × 4,490 × 0.9 | $276,587 | Price at monthly range; low 4,300 → $264,882, high 4,680 → $288,290 |
| F4 | Annualized = monthly × 12 | $3,319,039 | Basis for the annual payout pool |
On the 0.9 factor: when concentrate is priced on contained metal, the buyer deducts smelting, refining and trading charges. 0.9 is the raw-material supply factor — revenue is booked at 90% of theoretical gold value. It is a conservative basis, not a profit figure.
Monthly P&L split (one line)
| Item | Amount | Share | Note |
|---|---|---|---|
| Monthly GMV | $276,587 | 100% | Per F3 |
| Less: on-site operating cost | −$156,587 | 56.6% | Local labour, power, consumables, transport (excl. depreciation) |
| = Operating surplus | $120,000 | 43.4% | Balance after all the above on-site costs |
| of which: payout pool 6.5% | $17,978 | 15.0% | Levied on revenue; 15.0% of surplus |
| Available for redemption | $102,022 | 36.9% | 36.9% of GMV, for redemption and capital recovery |
Data caveats: (1) August is a single month of actual data, not a steady-state annual level; (2) gold price uses that month’s range and moves with the market; (3) 20.47 g/t is the assayed grade of one batch and varies by batch; (4) assays issued by Zhaoyuan, including associated silver and copper.