Common use of Inventories and Stockpiles Clause in Contracts

Inventories and Stockpiles. Lessee shall include in all monthly statements a description of the quantity and quality of any gold or silver dore that has been retained as inventory for more than ninety (90) days. Owner shall have thirty (30) calendar days after receipt of the statement to either: (a) elect that the dore be deemed sold, with Gross Value to be determined as provided in Sections 1.2.1(b) with respect to gold, and 1.2.2(b) with respect to silver, as of such thirtieth (30th) day utilizing the mine weights and assays for such dore and utilizing a reasonable recovery rate for refined metal and reasonable deemed charges for all deductions specified in Section 1.8 above, or (b) elect to wait until such time as Royalties otherwise would become payable pursuant to sections 1.2.1(b) and 1.2.2(b). The failure of Owner to respond within such time shall be deemed to be an election to use the methods described in Sections 1.2.1(b) and 1.2.2(b). No Net Smelter Returns Royalty shall be due with respect to stockpiles of ores or concentrates unless and until such ores or concentrates are actually sold.

Inventories and Stockpiles. Lessee Grantee shall include in all monthly statements a description of the quantity and quality of any gold or silver dore that has been retained as inventory for more than ninety (90) days. Owner Grantor shall have thirty (30) calendar days after receipt of the statement to either: either (a) elect that the dore be deemed sold, with Gross Value to be determined as provided in Sections 1.2.1(b) 1.2.1(1), with respect to gold, and 1.2.2(b) ), with respect to silver, as of such thirtieth (30th) day utilizing the mine weights and assays for such dore and utilizing a reasonable recovery rate for refined metal and reasonable deemed charges for all deductions specified in Section 1.8 1.6 above, or (b13) elect to wait until such time as Royalties royalties otherwise would become payable pursuant to sections Sections 1.2.1(b) and 1.2.2(b). The failure of Owner Grantor to respond within such time shall be deemed to be an election to use the methods described in Sections 1.2.1(b) and 1.2.2(b). No Net Smelter Returns Royalty royalty shall be due with respect to stockpiles of ores or concentrates unless and until such ores or concentrates are actually sold.

Inventories and Stockpiles. Lessee Company shall include in all monthly statements a description of the quantity and quality of any gold or silver dore Dore that has been retained as inventory for more than ninety (90) days. Owner shall have thirty (30) calendar days after receipt of the statement to either: (a) elect that the dore be deemed sold, with Gross Value to be determined as provided in Sections 1.2.1(b) 1.2.1 (b), with respect to gold, and 1.2.2(b) ), with respect to silver, as of such thirtieth (30th) day utilizing the mine weights and assays for such dore and utilizing a reasonable recovery rate for refined metal and reasonable deemed charges for all deductions specified in Section 1.8 1.6 above, or (b) elect to wait until such time as Royalties royalties otherwise would become payable pursuant to sections 1.2.1(bSections 1.2.l(b) and 1.2.2(bl.2.2(b). The failure of Owner to respond within such time shall be deemed to be an election to use the methods described in Sections 1.2.1(b) and 1.2.2(b). No Net Smelter Returns Royalty royalty shall be due with respect to stockpiles of ores or concentrates unless and until such ores or concentrates are actually sold.

Inventories and Stockpiles. Lessee MAX shall include in all monthly quarterly statements a description of the quantity and quality of any gold or silver dore that has been retained as inventory for more than ninety (90) days. Owner NNR shall have thirty (30) calendar days after receipt of the statement to either: (a) elect that the dore be deemed sold, with Gross Value to be determined as provided in Sections 1.2.1(b) 1.3.1(b), with respect to gold, and 1.2.2(b) 1.3.2(b), with respect to silver, as of such thirtieth (30th) day utilizing the mine weights and assays for such dore and utilizing a reasonable recovery rate for refined metal and reasonable deemed charges for all deductions specified in Section 1.8 1.10 above, or (b) elect to wait until such time as Royalties the royalty payment otherwise would become payable pursuant to sections 1.2.1(bSections 1.3.1(b) and 1.2.2(b1.3.2(b). The NNR’s failure of Owner to respond within such time shall be deemed to be an election to use the methods described in Sections 1.2.1(b1.3.1(b) and 1.2.2(b1.3.2(b). No Net Smelter Returns Royalty royalty payments shall be due with respect to stockpiles of ores or concentrates unless and until such ores or concentrates are actually sold.

Inventories and Stockpiles. Lessee shall include in all monthly statements a description of the quantity and quality of any gold or silver dore that has been retained as inventory for more than ninety (90) days. Owner : Lessor shall have thirty (30) calendar days after receipt of the statement to either: either (a) elect that the dore be deemed sold, with Gross Value to be determined as provided in Sections 1.2.1(b) ), with respect to gold, and 1.2.2(b) ), with respect to silver, as of such thirtieth (30th) day utilizing the mine weights and assays for such dore and utilizing a reasonable recovery rate for refined metal and reasonable deemed charges for all any deductions specified in Section 1.8 abovethe Lease, or (b) elect to wait until such time as Royalties royalties otherwise would become payable pursuant to sections Sections 1.2.1(b) and 1.2.2(b). The failure of Owner to respond within such time shall be deemed to be an election to use the methods described in Sections 1.2.1(b1.2.l(b) and 1.2.2(b). No Net Smelter Returns Royalty shall be due with respect to stockpiles of ores or concentrates unless and until such ores or concentrates are actually sold.l.2.2

Inventories and Stockpiles. Lessee shall include in all monthly statements a description of the quantity and quality of any gold or and silver dore that has been retained as inventory for more than ninety (90) days. Owner shall have thirty (30) calendar days after receipt of the statement to either: (a) elect that the dore be deemed sold, sold with Gross Value to be determined as provided in Sections 1.2.1(b) 1.2.1 (b), with respect to gold, and 1.2.2(b) 1.2.2 (b), with respect to silver, as of such thirtieth (30th) day utilizing the mine weights and assays for such dore and utilizing a reasonable recovery rate for refined metal and reasonable deemed charges for all deductions specified in Section 1.8 abovewhich Lessee is authorized to take, or (b) elect to wait until such time as Royalties the royalty payment otherwise would become payable pursuant to sections 1.2.1(b1.2.1 (b) and 1.2.2(b1.2.2 (b). The Lessee’s failure of Owner to respond within such time shall be deemed to be an election to use the methods described in Sections 1.2.1(b1.2.1 (b) and 1.2.2(b1.2.2. (b). No Net Smelter Returns Royalty shall be due with respect to stockpiles of ores or concentrates unless and until such ores or concentrates are actually sold.