Common use of Minimum Advance Royalty Clause in Contracts

Minimum Advance Royalty. The Minimum Advance Royalty shall be paid for so long as this Lease is in force and without regard to mining, production or sale of minerals on or from the claims. Lessee shall have no obligation to pay any Minimum Advance Royalty payments otherwise due if 1) Lessee terminates this Lease; or 2) if during the six (6) month period immediately preceding the date on which a Minimum Advance Royalty payment is otherwise due Lessee has paid to Lessor Production Royalty payments in an amount equal to or in excess of the Minimum Advance Royalty payment. All cumulative Minimum Advance Royalty payments paid by Lessee to Lessor under this Lease will be credited against any Production Royalty due Lessor under section B of this Article V and any Production Royalty due Lessor after purchase of the claims under Article XXVIII. Subject to the foregoing paragraphs of this section, Lessee shall pay to Lessor, as Minimum Advance Royalty payments, on or before the dates shown, the sums described below: October 1, 2005 $10,000 October 1, 2006 $15,000 February 1, 2007, 2008, 2009, 2010 $15,000 October 1, 2007, 2008, 2009, 2010 $15,000 October 1, 2011 $50,000 February 1, 2011 $50,000 Minimum Advance Royalty payments due from October 1, 2012 through February 1, 2018 shall be $50,000.00 increased by the greater of 25% or the percentage increase in the producer price index for the six (6) calendar years ending December 31, 2011, the base index date being December 31, 2005. Minimum advance royalty payments due from October 1, 2018 through February 1, 2025 shall be the February 1, 2018 payment, increased by the greater of 25% or the percentage increase in the producer price index for the six calendar years ending December 31, 2017, the base index being December 31, 2011. Mining Lease Independence Gold Range 061705

Minimum Advance Royalty. The Minimum Advance Royalty shall be paid for so long as this Lease is in force and without regard to mining, production or sale of minerals on or from the claims. Mining Lease Independence Gold Range 061705 Lessee shall have no obligation to pay any Minimum Advance Royalty payments otherwise due if 1) Lessee terminates this Lease; or 2) if during the six (6) month period immediately preceding the date on which a Minimum Advance Royalty payment is otherwise due Lessee has paid to Lessor Production Royalty payments in an amount equal to or in excess of the Minimum Advance Royalty payment. All cumulative Minimum Advance Royalty payments paid by Lessee to Lessor under this Lease will be credited against any Production Royalty due Lessor under section B of this Article V and any Production Royalty due Lessor after purchase of the claims under Article XXVIII. Subject to the foregoing paragraphs of this section, Lessee shall pay to Lessor, as Minimum Advance Royalty payments, on or before the dates shown, the sums described below: October 1, 2005 $10,000 October 1, 2006 $15,000 February 1, 2007, 2008, 2009, 2010 $15,000 October 1, 2007, 2008, 2009, 2010 $15,000 October 1, 2011 $50,000 February 1, 2011 $50,000 Minimum Advance Royalty payments due from October 1, 2012 through February 1, 2018 shall be $50,000.00 increased by the greater of 25% or the percentage increase in the producer price index for the six (6) calendar years ending December 31, 2011, the base index date being December 31, 2005. Minimum advance royalty payments due from October 1, 2018 through February 1, 2025 shall be the February 1, 2018 payment, increased by the greater of 25% or the percentage increase in the producer price index for the six calendar years ending December 31, 2017, the base index being December 31, 2011. Mining Lease Independence Gold Range 061705.

Minimum Advance Royalty. The Minimum Advance Royalty shall be paid for so long as this Lease is in force and without regard to mining, production or sale of minerals on or from the claims. Lessee shall have no obligation to pay any Minimum Advance Royalty payments otherwise due if 1) Lessee terminates this Lease; or 2) if during the six (6) month period immediately preceding the date on which a Minimum Advance Royalty payment is otherwise due Lessee has paid to Lessor Production Royalty payments in an amount equal to or in excess of the Minimum Advance Royalty payment. All cumulative Minimum Advance Royalty payments paid by Lessee to Lessor under this Lease will be credited against any Production Royalty due Lessor under section B of this Article V and any Production Royalty due Lessor after purchase of the claims under Article XXVIII. Subject to the foregoing paragraphs of this section, Lessee shall pay to Lessor, as Minimum Advance Royalty payments, on or before the dates shown, the sums described below: October 1, 2005 $10,000 October 1, 2006 $15,000 February 1, 2007, 2008, 2009, 2010 $15,000 October 1, 2007, 2008, 2009, 2010 $15,000 October 1, 2011 $50,000 February 1, 2011 $50,000 Minimum Advance Royalty payments due from October 1, 2012 through February 1, 2018 shall be $50,000.00 increased by the greater of 25% or the percentage increase in the producer price index for the six (6) calendar years ending December 31, 2011, the base index date being December 31, 2005. Minimum advance royalty payments due from October 1, 2018 through February 1, 2025 shall be the D/WLM/759956.1 February 1, 2018 payment, increased by the greater of 25% or the percentage increase in the producer price index for the six calendar years year ending December 31, 2017, the base index being December 31, 2011. Mining Lease Independence Gold Range 061705.