“…Porphyry deposits, the world's most important source of Cu, Au and Mo, are generally associated with continental or oceanic arc magmas of intermediate to felsic composition (Burnham, 1979;Richards, 2003;Cooke et al, 2005;Sillitoe, 2010). Processes that control the formation of porphyry mineralization include: the metal endowment of the primitive magma (McInnes et al, 1999;Mungall, 2002;Richards, 2011a;Audétat and Simon, 2012); the oxidation state during magmatic evolution (Candela, 1992;Richards, 2003Richards, , 2015Sillitoe, 2010); the water content of the magma (Burnham, 1979;Candela, 1992;Richards, 2003Richards, , 2011bRichards, , 2012; the timing of sulfide saturation relative to volatile exsolution (Richards, 2003;Cocker et al, 2015;Hao et al, 2017;Lowczak et al, 2018); the metal content of the magma at the time of volatile exsolution (Jenner et al, 2010;Park et al, 2015); and the efficiency of the hydrothermal fluid, released by the magma, to dissolve, transport, and precipitate ore metals (Cline and Bodnar, 1991;Candela and Piccoli, 2005;Wilkinson, 2013). In this paper, we focus on the petrogenesis and evolution of porphyry magma systems, emphasizing the relative timing of sulfide and volatile saturation and their roles in determining magma fertility.…”