Yep, you can make the royal circlets all the way to legendary.
It should take you 5-10k ingots, total (counting only the lost ingots), to get to 120, if you are GM mining, are wearing gloves to go to 105, and are using a salvage bag to recycle. In my working out the skill gain guide, it only took me 9748 ingots last to failures, and the 1 lost every recycle per item, to go from 110 to 120.
Double that amount if not above 101.1 mining (or if not using the salvage bag), and triple if neither.