Posting Freak
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I'd estimate 40m in materials (at a minimum) and a bigger amount in fatigue potions, but you can earn a lot back if you're doing accessory crafting, I got some 5-10m earrings pretty often, and a set or two worth 100m+. You pay more upfront for the ores to make half earrings but it pays off.
If you just want easy levels, forging arrows is quicker cause you can hold more at a time.
Posting Freak
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If you want to do it cheaper, make tons of mining mules. Mine and smelt the ore as much as possible till you hit the 200 a day limit. Then transfer the plates/crystals to your main blacksmith. Craft till you reach the limit. If you do this early in the day you could replete it (as you lose 10/20 fatigue an hour). you could also smelt the ores on your blacksmith but i find that a waste. I think bronze and adamatium are some of the best to mine as you can just make lots of arrow, arrows use the least materials. If you have the mesos buy the potion that restores 30 fatigue. Once you get to lv10 blacksmithing unlearn it and repeat.