Common use of Calculation of Net Value Clause in Contracts

Calculation of Net Value. Net Value shall be determined on a calendar month basis (except the first month, which shall be calculated based upon Gross Value and costs, charges and expenses incurred with respect to the month in which the Agreement date occurs, pro-rated based upon the number of days remaining in such month as of the Agreement date). Production Royalty shall be paid on the tenth business day following the last day of the calendar quarter in which the same accrued. At the time of payment of Production Royalty, Miranda shall deliver to Lessor a statement showing, in reasonable detail, the quantities and grades of the refined Precious Metals, dor´e, concentrates, Other Products or ores and minerals produced and sold or deemed to be sold by Miranda in the preceding quarter; the Average Monthly Price determined, as herein provided, for refined Precious Metals and Other Products on which the Production Royalty is due; costs and other deductions; and other pertinent information, in reasonable detail, to explain the calculation of Production Royalty payment with respect to each month in such quarter. Payment to Lessor shall be made in cash or by check, or upon 48 hours prior written notice from Lessor, by wire transfer to the account specified by Lessor in such notice. In the event a Production Royalty payment is not due for any quarter, Miranda shall not be required to provide Lessor with any statement hereunder. Such quarterly statement shall also list the quantity and quality of any Precious Metals dor´e in inventory, if any, for more than ninety (90) days. No Production Royalty shall be due with respect to ores and minerals, Precious Metals or Other Products mined from the Property or stockpiles of the same unless and until the same are actually sold or deemed sold as expressly set for the above.

Calculation of Net Value. Net Value shall be determined on a calendar month basis (except the first month, which shall be calculated based upon Gross Value and costs, charges and expenses incurred with respect to the month in which the Agreement date occurs, pro-rated based upon the number of days remaining in such month as of the Agreement date). Production Royalty shall be paid on the tenth business day following the last day of the calendar quarter in which the same accrued. At the time of payment of Production Royalty, Miranda shall deliver to Lessor a statement showing, in reasonable detail, the quantities and grades of the refined Precious Metals, dor´edore, concentrates, Other Products or ores and minerals produced and sold or deemed to be sold by Miranda in the preceding quarter; the Average Monthly Price determined, as herein provided, for refined Precious Metals and Other Products on which the Production Royalty is due; costs and other deductions; and other pertinent information, in reasonable detail, to explain the calculation of Production Royalty payment with respect to each month in such quarter. Payment to Lessor shall be made in cash or by check, or upon 48 hours prior written notice from Lessor, by wire transfer to the account specified by Lessor in such notice. In the event a Production Royalty payment is not due for any quarter, Miranda shall not be required to provide Lessor with any statement hereunder. Such quarterly statement shall also list the quantity and quality of any Precious Metals dor´e dore in inventory, if any, for more than ninety (90) days. No Production Royalty shall be due with respect to ores and minerals, Precious Metals or Other Products mined from the Property or stockpiles of the same unless and until the same are actually sold or deemed sold as expressly set for the above.

Calculation of Net Value. Net Value shall be determined on a calendar month basis (except the first month, which shall be calculated based upon Gross Value and costs, charges and expenses incurred with respect to the month in which the Agreement date occurs, pro-rated based upon the number of days remaining in such month as of the Agreement date). Production Royalty shall be paid on the tenth business day following the last day of the calendar quarter in which the same accrued. At the time of payment of Production Royalty, Miranda shall deliver to Lessor a statement showing, in reasonable detail, the quantities and grades of the refined Precious Metals, dor´edoré, concentrates, Other Products or ores and minerals produced and sold or deemed to be sold by Miranda in the preceding quarter; the Average Monthly Price determined, as herein provided, for refined Precious Metals and Other Products on which the Production Royalty is due; costs and other deductions; and other pertinent information, in reasonable detail, to explain the calculation of Production Royalty payment with respect to each month in such quarter. Payment to Lessor shall be made in cash or by check, or upon 48 hours prior written notice from Lessor, by wire transfer to the account specified by Lessor in such notice. In the event a Production Royalty payment is not due for any quarter, Miranda shall not be required to provide Lessor with any statement hereunder. Such quarterly statement shall also list the quantity and quality of any Precious Metals dor´e doré in inventory, if any, for more than ninety (90) days. No Production Royalty shall be due with respect to ores and minerals, Precious Metals or Other Products mined from the Property or stockpiles of the same unless and until the same are actually sold or deemed sold as expressly set for the above.

Calculation of Net Value. Net Value shall be determined on a calendar month basis (except the first month, which shall be calculated based upon Gross Value and costs, charges and expenses incurred with respect to the month in which the Agreement date occurs, pro-rated prorated based upon the number of days remaining in such month as of the Agreement date). Production Royalty shall be paid on the tenth business day following the last day of the calendar quarter in which the same accrued. At the time of payment of Production Royalty, Miranda shall deliver to Lessor a statement showing, in reasonable detail, the quantities and grades of the refined Precious Metals, dor´edoré, concentrates, Other Products or ores and minerals produced and sold or deemed to be sold by Miranda in the preceding quarter; the Average Monthly Price determined, as herein provided, for refined Precious Metals and Other Products on which the Production Royalty is due; costs and other deductions; and other pertinent information, in reasonable detail, to explain the calculation of Production Royalty payment with respect to each month in such quarter. Payment to Lessor shall be made in cash or by check, or upon 48 hours prior written notice from Lessor, by wire transfer to the account specified by Lessor in such notice. In the event a Production Royalty payment is not due for any quarter, Miranda shall not be required to provide Lessor with any statement hereunder. Such quarterly statement shall also list the quantity and quality of any Precious Metals dor´e doré in inventory, if any, for more than ninety (90) days. No Production Royalty shall be due with respect to ores and minerals, Precious Metals or Other Products mined from the Property or stockpiles of the same unless and until the same are actually sold or deemed sold as expressly set for the above.