Do remember to use a salvage bag, and mining gloves to put you to 101.1 mining or higher during training.
Example numbers
Circlets/Royal Circlets:
100 Mining: 3 of 6 ingots returned. (66.0% of your ingots, truncated/rounded down to whole ingots only, per item)
100 Mining with Salvage bag: 4 of 6 ingots returned (66.0% of your ingots, rounded down per item, plus the bonus 1 ingot per item)
101.1 mining without using salvage bag: 4 of 6 ingots returned (67.32% (or more, if higher than 101.1) of your ingots returned, rounded down; the rounding causes 101.0 to be no different from GM)
101.1+ Mining with Salvage bag: 5 of 6 ingots returned (67.32%+ ingot return, plus the 1 bonus ingot for using the bag).
These rounding issues make it to where it is best to make only items that use multiples of 3 ingots per items, and use studded or ringmail mining gloves with GM real mining, making items in the Salvage bag, and recycling with it.
As I noted above (And possibly in my skill guides for training Blacksmithing), above 110, and especially as you get close to 120, you'll sometimes go several bags/several tools without even a single 0.1 gain - then suddenly get 2, 3, 4 or more from one single tool. It's that broken, Streak-prone RNG at work - much like how you can go 1-2 gargoyle pickaxes without an elemental spawning, then get 2-5 in 10 swings (and I tell you, getting 5 shadow iron elementals in 9 swings of a 10 swing "target relative (ore)" macro can be a hell of a rush - which quickly led me to delete that UO Assist macro and go back to a simple "last object, last target" UO macro, since I was mining exclusively in Ilshenar at the time).