Common use of For Precious Metals Clause in Contracts

For Precious Metals. Net Smelter Returns, in the case of Precious Metals, shall be determined by multiplying (i) the Monthly Production by (ii) for gold, the average of the London Bullion Market, Afternoon Fix, spot prices for the calendar month of the Monthly Production; for all other Precious Metals, the average of the New York Commodities Exchange final daily spot prices for the calendar month of the Monthly Production, and subtracting from the product of (i) and (ii) only the following if actually incurred and paid by Operator: (a) charges imposed by the Payor for refining bullion from Beneficiated Precious Metals contained in such production; (b) penalty substance, assaying, and sampling charges imposed by the Payor for refining Beneficiated Precious Metals contained in such production; (c) the net amount of mining and severance taxes assessed directly on the production of Precious Metals, but excluding without limitation all such taxes paid directly by Franco and any and all taxes based upon either (i) the net or gross income of the Operator or (ii) the value of the Property, the privilege of doing business, and other similarly based taxes; (d) all reasonable transportation costs to a smelter, mint or refinery including, without restricting the generality of the foregoing, any and all costs of insurance in respect thereto; and (e) costs and expenses of marketing, if any. In the event the refining of bullion from the Beneficiated Precious Metals contained in such production is carried out in custom toll facilities owned or controlled, in whole or in part, by Operator, which facilities were not constructed for the purpose of refining Precious Metals or Other Minerals, then charges, costs and penalties for such refining shall mean the amount Operator would have incurred if such refining were carried out at facilities not owned or controlled by Operator then offering comparable services for comparable products on prevailing terms, but in no event greater than actual costs incurred by Operator with respect to such refining. In the event Operator receives insurance proceeds for loss of production, Operator shall pay to Franco the Royalty percentage of the gross amount of any such insurance proceeds which are received by Operator for such loss of production.

For Precious Metals. Net Smelter Returns, in the case of gold, silver, and platinum group metals ("Precious Metals"), shall be determined by multiplying (i) the gross number of xxxx ounces of Precious Metals contained in the 5. production from the Property during the preceding calendar month ("Monthly Production Production") delivered to the smelter, refiner, processor, purchaser or other recipient of such production, or an insurer as a result of casualty to such production (collectively, "Payor"), by (ii) for gold, the average of the London Bullion Market, Afternoon Fix, spot prices for the preceding calendar month of (the Monthly Production; "Applicable Spot Price") and for all other Precious Metals, the average of the New York Commodities Exchange final daily spot prices for the preceding calendar month of for the Monthly Productionparticular Minerals for which the price is being determined, and subtracting from the product of (i) and (ii) only the following if actually incurred and paid by Operator: incurred: (a1) charges imposed by the Payor for refining bullion from dore or concentrates of Precious Metals ("Beneficiated Precious Metals") produced by SEABRIDGE's final mill or other final processing plant; however, charges imposed by the Payor for smelting or refining of raw or crushed ore containing Precious Metals contained or other preliminarily processed Precious Metals shall not be subtracted in such production; determining Net Smelter Returns; (b2) penalty substance, assaying, and sampling charges imposed by the Payor for refining Beneficiated Precious Metals contained in such production; ; and (c3) the net amount of mining charges and severance taxes assessed directly on the production of Precious Metals, but excluding without limitation all such taxes paid directly by Franco and any and all taxes based upon either (i) the net or gross income of the Operator or (ii) the value of the Property, the privilege of doing business, and other similarly based taxes; (d) all reasonable transportation costs to a smelter, mint or refinery including, without restricting the generality of the foregoing, any and all costs of insurance in respect thereto; and (e) costs and expenses of marketingcosts, if any, for transportation and insurance of Beneficiated Precious Metals from SEABRIDGE's final mill or other final processing plant to places where such Beneficiated Precious Metals are smelted, refined and/or sold or otherwise disposed of. In the event the refining of bullion from the Beneficiated Precious Metals contained in such production is carried out in custom toll facilities owned or controlled, in whole or in part, by OperatorSEABRIDGE, which facilities were not constructed solely for the purpose of refining Beneficiated Precious Metals or Other MineralsMinerals from the Property, then charges, costs and penalties for such refining shall mean the amount Operator SEABRIDGE would have incurred if such refining were carried out at facilities not owned or controlled by Operator SEABRIDGE then offering comparable services for comparable products on prevailing terms, but in no event greater than actual costs incurred by Operator SEABRIDGE with respect to such refining. In the event Operator SEABRIDGE receives insurance proceeds for loss of productionproduction of Precious Metals, Operator SEABRIDGE shall pay to Franco SELLERS the Production Royalty percentage of the gross amount of any such insurance proceeds which are received by Operator SEABRIDGE for such loss of production.

For Precious Metals. Net Smelter Returns, in the case of gold, silver, and platinum group metals ("Precious Metals"), shall be determined by multiplying (i) the gross number of xxxx ounces of Precious Metals contained in the production from the Property ("Monthly Production Production") delivered to the smelter, refiner, processor, purchaser or other recipient of such production, or an insurer as a result of casualty to such production (collectively, "Payor") during the preceding calendar month, by (ii) for gold, the average of the London Bullion Market, Afternoon Fix, spot prices for the preceding calendar month of the Monthly Production; and for all other Precious Metals, the average of the New York Commodities Exchange final daily spot prices for the preceding calendar month of for the Monthly Productionparticular Mineral for which the price is being determined, and subtracting from the product of (i) and (ii) only the following if actually incurred and paid by Operatorincurred: (aA) charges imposed by the Payor for refining bullion from dore or concentrates of Precious Metals ("Beneficiated Precious Metals") produced by Grantor's final mill or other final processing plant; however, charges imposed by the Payor for smelting or refining of raw or crushed ore containing Precious Metals contained or other preliminarily processed Precious Metals shall not be subtracted in such productiondetermining Net Smelter Returns; (bB) penalty substance, assaying, and sampling charges imposed by the Payor for refining Beneficiated Precious Metals contained in such production; (c) the net amount of mining and severance taxes assessed directly on the production of Precious Metals, but excluding without limitation all such taxes paid directly by Franco and any and all taxes based upon either (i) the net or gross income of the Operator or (ii) the value of the Property, the privilege of doing business, and other similarly based taxes; (d) all reasonable transportation costs to a smelter, mint or refinery including, without restricting the generality of the foregoing, any and all costs of insurance in respect thereto; and (eC) costs charges and expenses of marketingcosts, if any. , for transportation and insurance of Beneficiated Precious Metals from Grantor's mill or other final processing plant to places where such Beneficiated Precious Metals are smelted, refined and/or sold or otherwise disposed of; and In the event the refining of bullion from the Beneficiated Precious Metals contained in such production is carried out in custom toll facilities owned or controlled, in whole or in part, by OperatorGrantor, which facilities were not constructed for the purpose of refining Beneficiated Precious Metals or Other Mineralsother Minerals from the Property, then charges, costs and penalties for such refining shall mean the amount Operator Grantor would have incurred if such refining were carried out at facilities not owned or controlled by Operator Grantor then offering comparable services for comparable products on prevailing terms, but in no event greater than actual costs incurred by Operator Grantor with respect to such refining. In the event Operator Grantor receives insurance proceeds for loss of production, Operator Grantor shall pay to Franco Newmont the Royalty percentage of the gross amount of any such insurance proceeds which are received by Operator Grantor for such loss of production.

For Precious Metals. Net Smelter Returns, in the case of Precious Metals, shall be determined by multiplying (i) the gross number of xxxx ounces of Precious Metals recovered from the production from the Property (“Monthly Production Production”) delivered to the smelter, refiner, processor, purchaser or other recipient of such production (collectively,“Payor”) during the preceding calendar month, by (ii) for gold, the average of the London Bullion Market, Afternoon Fix, spot prices for the preceding calendar month of the Monthly Production; month, and for all other Precious Metals, the average of the New York Commodities Mercantile Exchange final daily spot prices for the preceding calendar month of for the Monthly Productionparticular Mineral for which the price is being determined, and subtracting from the product of (i) and (ii) only the following if actually incurred and paid by Operatorincurred: (ai) charges imposed by the Payor for refining bullion from doré or concentrates of Precious Metals (“Beneficiated Precious Metals”) produced by Grantor’s final mill or other final processing plant; however, charges imposed by the Payor for smelting or refining of raw or crushed ore containing Precious Metals contained or other preliminarily processed Precious Metals shall not be subtracted in such productiondetermining Net Smelter Returns; (bii) penalty substance, assaying, and sampling charges imposed by the Payor for refining Beneficiated Precious Metals contained in such production; (c) the net amount of mining and severance taxes assessed directly on the production of Precious Metals, but excluding without limitation all such taxes paid directly by Franco and any and all taxes based upon either (i) the net or gross income of the Operator or (ii) the value of the Property, the privilege of doing business, and other similarly based taxes; (d) all reasonable transportation costs to a smelter, mint or refinery including, without restricting the generality of the foregoing, any and all costs of insurance in respect thereto; and (eiii) costs charges and expenses of marketingcosts, if any, for transportation and insurance of Beneficiated Precious Metals from Newmont’s mill or other final processing plant to places where such Beneficiated Precious Metals are smelted, refined and/or sold or otherwise disposed of. In the event the refining of bullion from the Beneficiated Precious Metals contained in such production is carried out in custom toll facilities owned or controlled, in whole or in part, by OperatorGrantor, which facilities were not constructed for the purpose of refining Beneficiated Precious Metals or Other Mineralsother Minerals from the Property, then charges, costs and penalties for such refining shall mean the amount Operator Grantor would have incurred if such refining were carried out at facilities not owned or controlled by Operator Grantor then offering comparable services for comparable products on prevailing terms, but in no event greater than actual costs incurred by Operator Grantor with respect to such refining. In the event Operator Grantor receives insurance proceeds for loss of production, Operator Grantor shall pay to Franco Newmont the Royalty percentage of the gross amount of any such insurance proceeds which that are received by Operator Grantor for such loss of production.