Common use of Conditions for Transfer of Title and Subsequent Limitations Clause in Contracts

Conditions for Transfer of Title and Subsequent Limitations. (1) At such time as the NECA has completed the payments and stock transfers specified in subsections a and b of this Section 3, and has completed the expenditures for Work specified in subsection f of Section 4, the Property shall be transferred to NECA by Quitclaim Deed. (2) Concurrently with the transfer of title to NECA, NECA shall convey a “Net Value Royalty” on production of Vanadium & Uranium and other minerals from the Property measured by three percent (3.0%) of the gross proceeds received by the NECA from the sale or other disposition of Vanadium & Uranium or other Vanadium & Uranium compounds less (i) transportation of the product from the place of treatment to the purchaser, (ii) all handling and insurance charges associated with the transportation, and (iii) any taxes associated with the sale or disposition of the product (excluding any income taxes of NECA). The Net Value Royalty shall be divided between GeoXplor and First Liberty Power Corp. (the transferor of rights in the Property under a prior Agreement), two and one-half percent (2.5%) to GeoXplor and one-half percent (0.5%) to First Liberty Power Corp. NECA shall have the further right to purchase up to two percent (2%) of the Net Value Royalty from GeoXplor, in whole percentage points, for One Million Dollars ($1,000,000) for each one percent (1%). (3) If NECA, its assignee or a joint venture including NECA, (i) delivers to its Board of Directors or applicable other management a feasibility study recommending mining of Vanadium & Uranium carbonate or other Vanadium & Uranium compound from the Property and such Board of management authorizes implementation of a mining plan, or (ii) sells, options, assigns, disposes or otherwise alienates all or a portion of its interest in the Property, NECA shall pay GeoXplor an additional bonus of Five Hundred Thousand Dollars ($500,000) in cash or shares of NECA. The election to obtain cash or shares of NECA shall be at the sole election of GeoXplor.

Conditions for Transfer of Title and Subsequent Limitations. (1) At such time as the NECA First Liberty has completed the payments and stock transfers specified in subsections a and b of this Section 32, and has completed the expenditures for Work specified in subsection f of Section 4, the Property Properties shall be transferred to NECA First Liberty by Quitclaim Deed. (2) Concurrently with the transfer of title to NECAFirst Liberty, NECA First Liberty shall convey to GeoXplor a “Net Value Royalty” on production of Vanadium & Uranium lithium carbonate and other lithium minerals from the Property Properties measured by three five percent (3.05%) of the gross proceeds received by the NECA First Liberty from the sale or other disposition of Vanadium & Uranium lithium carbonate or other Vanadium & Uranium lithium compounds less (i) transportation of the product from the place of treatment to the purchaser, (ii) all handling and insurance charges associated with the transportation, and (iii) any taxes associated with the sale or disposition of the product (excluding any income taxes of NECAFirst Liberty). The Net Value Royalty shall be divided between GeoXplor and First Liberty Power Corp. (the transferor of rights in the Property under a prior Agreement), two and one-half percent (2.5%) to GeoXplor and one-half percent (0.5%) to First Liberty Power Corp. NECA shall have the further right to purchase up to two four percent (24%) of the Net Value Royalty from GeoXplorRoyalty, in whole percentage points, for One Million Dollars ($1,000,000) for each one percent (1%). (3) If NECAFirst Liberty, its assignee or a joint venture including NECAFirst Liberty, (i) delivers to its Board of Directors or applicable other management a feasibility study recommending mining of Vanadium & Uranium lithium carbonate or other Vanadium & Uranium lithium compound from the Property Properties and such Board of management authorizes implementation of a mining plan, or (ii) sells, options, assigns, disposes or otherwise alienates all or a portion of its interest in the PropertyProperties, NECA First Liberty shall pay GeoXplor an additional bonus of Five Hundred Thousand Dollars ($500,000) in cash or shares Shares of NECAFirst Liberty. The election to obtain cash or shares of NECA First Liberty shall be at the sole election of GeoXplor.

Conditions for Transfer of Title and Subsequent Limitations. (1) At such time as the NECA ALM has completed the payments and stock transfers specified in subsections a and b of this Section 3, and has completed the expenditures for Work specified in subsection f of Section 4, the Property shall be transferred to NECA ALM by Quitclaim Deed. (2) Concurrently with the transfer of title to NECAALM, NECA ALM shall convey to GeoXplor a “Net Value Royalty” on production of Vanadium & Uranium lithium carbonate and other lithium minerals from the Property measured by three percent (3.03%) of the gross proceeds received by the NECA ALM from the sale or other disposition of Vanadium & Uranium lithium carbonate or other Vanadium & Uranium lithium compounds less (i) transportation of the product from the place of treatment to the purchaser, (ii) all handling and insurance charges associated with the transportation, and (iii) any taxes associated with the sale or disposition of the product (excluding any income taxes of NECAALM). The Net Value Royalty shall be divided between GeoXplor and First Liberty Power Corp. (the transferor of rights in the Property under a prior Agreement), two and one-half percent (2.5%) to GeoXplor and one-half percent (0.5%) to First Liberty Power Corp. NECA ALM shall have the further right to purchase up to two percent (2%) of the Net Value Royalty from GeoXplorRoyalty, in whole percentage points, for One Million Dollars ($1,000,000) for each one percent (1%), which right shall be exercised, if at all, within fifty (50) years from and after the conveyance to GeoXplor. (3) If NECAALM, its assignee or a joint venture including NECAALM, (i) delivers to its Board of Directors or applicable other management a feasibility study recommending mining of Vanadium & Uranium lithium carbonate or other Vanadium & Uranium lithium compound from the Property and such Board of management authorizes implementation of a mining plan, or (ii) sells, options, assigns, disposes or otherwise alienates all or a portion of its interest in the Property, NECA ALM shall pay GeoXplor an additional bonus of Five Hundred Thousand Dollars ($500,000) in cash or shares of NECAALM. The election to obtain cash or shares of NECA ALM shall be at the sole election of GeoXplor.