Earn-in. Subject to Newmont's right, pursuant to paragraph 10, to terminate this Letter Agreement and the Agreement at any time and be relieved of all obligations hereunder and thereunder, Newmont will earn up to a 65% undivided interest in the Property pursuant to the following conditions (the "Earn-in"):
a) Phase I Earn-in.. Newmont will earn a 51% undivided interest in the Property by: (i) completing a minimum of 2,500 meters of drilling within the Property, on or before the first anniversary of the Effective Date, that shall include at least 300 meters of drilling within the Polet concession, as per the Polet Option to Purchase Agreement (the "Drilling Commitment"); and (ii) spending a cumulative total of US$7,000,000 in exploration on the Property (which includes the cost of the Drilling Commitment as well as the Polet Option Payments), on or before the fourth anniversary of the Effective Date (the "Expenditures"), according to the following schedule: Due Date On or by the second anniversary of the Effective Date On or by the third anniversary of the Effective Date On or by the fourth anniversary of the Effective Date Cumulative total US$1,250,000 US$3,000,000 US$7,000,000 Newmont shall be responsible for conducting exploration at its sole cost and discretion. If the Drilling Commitment is delayed by surface rights owners and/or local communities and/or the lack of approval of the required environmental permits, the Phase I Earn-in may be extended at Newmont's sole option, for a period of up to one year. Excess amounts spent during any given year may be credited towards expenditure requirements in subsequent years. Newmont's expenditures shall include, without limitation: all exploration expenses made in the Property including any expenses incurred toward ascertaining the existence, location, quantity, quality or commercial value of mineral deposits in, under, upon or which may be produced from the Property including, without limitation, expenses for sampling and assaying, geochemical analysis, geophysical surveys, drilling, metallurgical and engineering work, reclamation, Property maintenance fees and salaries or fees paid for work on the Property.
Earn-in. 3.1 On and from the Effective Date, APM shall be entitled to earn a 50% (fifty percent) Participating Interest in the Block 5 Project on the following basis:
3.1.1 APM shall, within 3 (three) Business Days of the Effective Date, pay to Al Xxxxxx Mining the Initial Expenditure in full; and
3.1.2 APM shall proceed with the Exploration Activities and, at the end of the Exploration Period and upon completion of the BFS, APM will be granted a 50% (fifty percent) Participating Interest in the Block 5 Project / JV.
3.2 When APM has earned a 50% (fifty percent) Participating Interest in the Block 5 Project / JV during the Exploration. Period, APM shall, within 30 Business Days of the last day of the Exploration Period, acquire a 50% (fifty percent) Participating Interest in the shareholding in Al Xxxxxx Mining at no additional cost save for those incurred in connection with increasing the capitalisation of Al Xxxxxx Mining in accordance with Omani laws. Al Xxxxxx Mining shall provide reasonable assistance in respect of the regulatory and administrative arrangements in connection with the issue and offer of new shares in Al Xxxxxx Mining.
3.3 Following the acquisition by APM of a 50% (fifty percent) Participating Interest in the Block 5 Project / JV, and in respect of the contribution by APM of any Sunken Costs:
3.3.1 Sunken Costs, shall be regarded as loans by APM to Al Xxxxxx Mining (the "Anti Loans") which will be repaid in two annual instalments respectively on the first and second anniversary of the first day of the. Mining Period from any annual profits generated by Al Xxxxxx Mining and before the payment of any dividends to the Parties.
3.3.2 If for any reason any Sunken Costs remain outstanding after repayment of the APM Loans as contemplated by Clause 3.3.1, such outstanding amount shall be paid in three equal annual instalments on the third, fourth and fifth anniversary of the first day of the Mining. Period from any annual profits generated by Al Xxxxxx Mining. If such profits in any year exceed the annual instalment payable in that year, the excess amount shall be paid to the Parties as dividends in proportion to their respective shareholding in Al Xxxxxx Mining.
3.3.3 At any time during the Mining Period the Parties may discuss and agree in good faith an alternative structure to that reflected in Clauses 3.3.1 and 3.3.2 where, among other things, the profitability of the Block 5 Project / Al Xxxxxx Mining so reasonably warrants.
3.4 It is agreed that a...
Earn-in. (a) The Parties agree that provided that XXX.xxx's Gross Sales in the first full fiscal year exceed [*], XXX.xxx shall issue and deliver to TSA upon TSA's demand therefor, [*] shares of XXX.xxx common stock.
(b) The Parties further agree that XXX.xxx shall issue and deliver shares of XXX.xxx common stock to TSA in the following amounts promptly upon the achievement of either the Land Based Goal or the E-Commerce Goal for the year indicated. Land Based E-Commerce Number of Year Goal Goal Shares 2000 $[*] N/A [*] 2001 $[*] $[*] [*] 2002 $[*] $[*] [*] 2003 $[*] $[*] [*]
Earn-in. Cyprus shall earn a sixty percent (60%) Participating Interest in the Property upon completion of the Exploration Expenditures set forth in Section 5.3 (a) and payments set forth under Section 5.3 (b) (i) and (ii). Except as provided for in Section 6.2, subsequent to Cyprus earning sixty percent (60%) interest in the Property, all expenditures for the benefit of the Property shall be contributed by the Parties in accordance to their Participating Interest. Immediately upon Cyprus satisfying its Earn-In requirements under Section 5.3 (a) and 5.3 (b) (i) and (ii), ICMC shall execute and deliver to Cyprus such documents that are necessary to transfer an appropriate percentage of interest in ICMC's interest in and to the Property to Cyprus.
Earn-in. The parties agree that CRVV has exercised its option to acquire the License, and that the purchase price and obligations for the License shall be as follows: 1) CRVV and its joint venture partners, if any, shall assume all funding and development relating to the License as outlined in the report by CME & Company, dated September 30, 1999, and attached hereto as Exhibit A;
Earn-in. Rosemont hereby grants to KC and KC hereby agrees to earn into a 20% Earned Interest, free and clear of all Encumbrances other than the Permitted Encumbrances (the “Earn-In”).
Earn-in. (a) The Parties agree that provided that TSA.com"s Gross Sales in the first full fiscal year exceed [*], TSA.xxx xxxll issue and deliver to TSA upon TSA"s demand therefor, [*] xxxxes of TSA.com common stock.
(b) The Parties further agree txxx XXX.com shall issue and deliver shares of TSA.com common stock to TSX xx xxe following amounts promptly upon txx xxxxevement of either the Land Based Goal or the E-Commerce Goal for the year indicated. Land Based E-Commerce Number of Year Goal Goal Shares 2000 $[*] N/A [*] 2001 $[*] $[*] [*] 2002 $[*] $[*] [*] 2003 $[*] $[*] [*]
Earn-in. (a) During the Option Period, USA Rare Earth must (unless the Parties otherwise agree in writing):
Earn-in. ICMC shall earn a fifty-five percent (55%) Participating Interest in the Venture upon completion of the Exploration Expenditures and payment set forth under Section 5.2. If ICMC expends the $2,100,000 commitment in Section 5.2 prior to the end of year five, it will be deemed to have earned its Participating Interest at that time. Except as provided for in Section 6.2, subsequent to ICMC earning a fifty-five percent (55%) interest in the Venture, all expenditures for the benefit of the Properties shall be contributed by the Parties in accordance to their Participating Interest. Immediately upon ICMC satisfying its Earn-In requirements under Section 5.2, CCA shall execute and deliver to ICMC such documents as are listed in Exhibit H that are necessary to transfer CCA's interest in and to the Properties to the Venture. ICMC shall issue and deliver to CCA the balance of the 500,000 shares of ICMC common stock not previously issued pursuant to Section 5.3.2 at the time ICMC has earned its Participating Interest.
Earn-in. If the Optionee wishes to exercise its Option and acquire an Interest of 75% in the Project, the Optionee must incur the following Expenditures and Option payments totaling US$3,000,000 by each of the dates specified (or such longer times as may be permitted by Article 7) and notify the Optionor thereof: 1.April 30, 2008 US$500,000 US$500,000 2.April 30, 2009 US$500,000 US$1,000,000 3.April 30, 2010 US $500,000 US$2,650,000
