Common use of Definition of Net Smelter Returns Clause in Contracts

Definition of Net Smelter Returns. During the term of this Agreement, Lessee shall pay to Lessor, as a land owner's Production Royalty, a percentage of the Net Smelter Returns (as defined below) from the sale of any Valuable Minerals, Ore, and Product mined and sold from the Property. "Net Smelter Returns" are defined as the gross revenues actually received by the Lessee from the sales of any Valuable Minerals extracted and produced from the Property less the following charges: 1. All costs to Lessee of weighing, sampling, determining moisture content and packaging such material and of loading and transporting it to the point of sale, including insurance and in-transit security costs. 2. All smelter costs and all charges and penalties imposed by the smelter, refinery, or purchaser. 3. Marketing costs and commissions. 4. Not withstanding the foregoing, for purposes of determining the royalty payable to Lessor on any gold and/or silver produced from the Property, the price attributed to such gold and/or silver shall be the price per ounce of gold and/or silver on which the royalty is to be paid (as the case may be) as quoted on the London Metals Exchange at the PM fix on the day prior to the date of final settlement from the smelter, refinery or other buyer of the gold and/or silver on which the royalty is to be paid (the "Quoted Price"). For purposes of determining the gross revenues, in the event the Lessee elects not to sell any portion of the gold and/or silver mined from the Property, but instead elects to have the final product of any such gold and/or silver credited to be held for its account with any smelter, refiner, or broker, such gold and/or silver shall be deemed to have been sold at the Quoted Price on the day such gold and/or silver is actually credited to or placed in Lessee's account. The percentage for this Production Royalty shall be four per cent (4%). 5. Lessor shall be paid the Production Royalty quarterly by certified check by the Lessee.

Definition of Net Smelter Returns. During the term of this AgreementLease, Lessee shall pay to Lessor, as a land owner's landowner’s Production Royalty, a percentage of the Net Smelter Returns (as defined below) from the sale of any Valuable Minerals, Ore, and Product mined and sold from the Property. "“Net Smelter Returns" ” are defined as the gross revenues actually received by the Lessee from the sales of any Valuable Minerals extracted and produced from the Property less the following charges: 1. a. All costs to Lessee of weighing, sampling, determining moisture content and packaging such refined material and of loading and transporting it to the point of sale, including insurance and in-transit security costs. 2. b. All smelter costs and all charges and penalties imposed by the smelter, refinery, refinery or purchaser. 3. c. Marketing costs and commissions. 4. d. Not withstanding the foregoing, for purposes of determining the royalty payable to Lessor on any gold and/or silver produced from the Property, the price attributed to such gold and/or silver shall be the price per ounce of gold and/or silver on which the royalty is to be paid (as the case may be) as quoted on the London Metals Exchange at the PM fix on the day prior to the date of final settlement from the smelter, refinery or other buyer of the gold and/or silver on which the royalty is to be paid (the "“Quoted Price"”). For purposes of determining the gross revenues, in the event the Lessee elects not to sell any portion of the gold and/or silver mined from the Property, but instead elects to have the final product of any such gold and/or silver credited to be held for its account with any smelter, refiner, refiner or broker, such gold and/or silver shall be deemed to have been sold at the Quoted Price on the day such gold and/or silver is actually credited to or placed in Lessee's ’s account. The percentage to be paid to Lessor from production from the Property (unpatented claims as defined in Exhibit “A” and all area of interest) for this Production Royalty shall be four per cent three and one-half percent (43.5%)) Net Smelter Return. 5. Lessor e. Lessors shall be paid the Production Royalty quarterly by certified check by the LesseeLessee or operator of the mine.

Definition of Net Smelter Returns. During the term of this AgreementLease, Lessee shall pay to Lessor, as a land ownerlandowner's Production Royalty, a percentage of the Net Smelter Returns (as defined below) from the sale of any Valuable Minerals, Ore, and Product mined and sold from the Property. "Net Smelter Returns" are defined as the gross revenues actually received by the Lessee from the sales of any Valuable Minerals extracted and produced from the Property less the following charges: 1. a. All costs to Lessee of weighing, sampling, determining moisture content and packaging such refined material and of loading and transporting it to the point of sale, including insurance and in-transit security costs. 2. b. All smelter costs and all charges and penalties imposed by the smelter, refinery, refinery or purchaser. 3. c. Marketing costs and commissions. 4. d. Not withstanding the foregoing, for purposes of determining the royalty payable to Lessor on any gold and/or silver produced from the Property, the price attributed to such gold and/or silver shall be the price per ounce of gold and/or silver on which the royalty is to be paid (as the case may be) as quoted on the London Metals Exchange at the PM fix on the day prior to the date of final settlement from the smelter, refinery or other buyer of the gold and/or silver on which the royalty is to be paid (the "Quoted Price"). For purposes of determining the gross revenues, in the event the Lessee elects not to sell any portion of the gold and/or silver mined from the Property, but instead elects to have the final product of any such gold and/or silver credited to be held for its account with any smelter, refiner, refiner or broker, such gold and/or silver shall be deemed to have been sold at the Quoted Price on the day such gold and/or silver is actually credited to or placed in Lessee's account. The percentage to be paid to Lessor from production from the Property (unpatented claims as defined in Exhibit "A" and all area of interest) for this Production Royalty shall be four per cent three and one-half percent (43.5%)) Net Smelter Return. 5. Lessor e. Lessors shall be paid the Production Royalty quarterly by certified check by the Lessee.Lessee or operator of the mine

Definition of Net Smelter Returns. During the term of this AgreementLease, Lessee shall pay to Lessor, as a land owner's landowner’s Production Royalty, a percentage of the Net Smelter Returns (as defined below) from the sale of any Valuable Minerals, Ore, and Product mined and sold from the Property. "“Net Smelter Returns" ” are defined as the gross revenues actually received by the Lessee from the sales of any Valuable Minerals extracted and produced from the Property less the following charges: 1. a. All costs to Lessee of weighing, sampling, determining moisture content and packaging such refined material and of loading and transporting it to the point of sale, including insurance and in-transit security costs. 2. b. All smelter costs and all charges and penalties imposed by the smelter, refinery, refinery or purchaser. 3. c. Marketing costs and commissions. 4. d. Not withstanding the foregoing, for purposes of determining the royalty payable to Lessor on any gold and/or silver produced from the Property, the price attributed to such gold and/or silver shall be the price per ounce of gold and/or silver on which the royalty is to be paid (as the case may be) as quoted on the London Metals Exchange at the PM fix on the day prior to the date of final settlement from the smelter, refinery or other buyer of the gold and/or silver on which the royalty is to be paid (the "“Quoted Price"”). For purposes of determining the gross revenues, in the event the Lessee elects not to sell any portion of the gold and/or silver mined from the Property, but instead elects to have the final product of any such gold and/or silver credited to be held for its account with any smelter, refiner, refiner or broker, such gold and/or silver shall be deemed to have been sold at the Quoted Price on the day such gold and/or silver is actually credited to or placed in Lessee's ’s account. The percentage for this Production Royalty shall be four per cent (4%). 5. Lessor e. Lessors shall be paid the Production Royalty quarterly by certified check by the LesseeLessee or operator of the mine.