Net Smelter Return Royalty. For the purposes of this Agreement the term "Net Smelter Returns" shall mean the actual proceeds received from any independent custom smelter, mill, mint or other purchaser for the sale of all minerals, metals or concentrates extracted and derived from the ore mined from the Property after deducting therefrom all charges and penalties for smelting and refining and the cost of transportation (to the mill or smelter and thereafter to the mint), insurance premiums, sampling and assaying charges incurred after the minerals, metals or concentrates have left the Property and all appropriate mint charges.
Net Smelter Return Royalty. The transfer of the Property by the Optionor is subject to the Optionor retaining the NSR with respect to the production from the Property having the following attributes:
Net Smelter Return Royalty. For good and valuable consideration, the receipt and sufficiency whereof being hereby acknowledged, the Owner does hereby issue and grant to the Royalty Holder, and agrees to pay to the Royalty Holder, the Royalty all on the terms and conditions specified in this Agreement.
Net Smelter Return Royalty. Pacifico shall be entitled to a Net Smelter Return Royalty equal to 3% (three percent) of the Net Smelter Returns for the entire life of the operations in Ecuador or 30 years, whichever comes later. "Net Smelter Returns" means the proceeds received from any smelter or other purchaser from the sale of any ores, concentrates or minerals produced from operations in Ecuador after deducting from such proceeds the following charges only to the extent that they are not deducted by the smelter or other purchaser in computing the proceeds: (i) the cost of transportation of the ores, concentrates or minerals from the property to such smelter or other purchaser, including related transport; (ii) smelting and refining charges including penalties; (iii) marketing costs. The Net Smelter Return Royalty shall be calculated and paid to Pacifico on a quarterly basis within forty-five (45) days after the end of each fiscal quarter. Spirit shall have the right to buy-back 1% of the Net Smelter Return Royalty held by Pacifico for $1,000,000 USD in cash.
Net Smelter Return Royalty. Section 2)b of the Assignment Agreement is replaced in its entirety with the following:
Net Smelter Return Royalty. (a) The Corporation will grant to the Executive a net smelter returns royalty (“NSR”) equal to:
(i) one (1%) percent over all prospects generated by the Executive which are acquired, by way of staking (each a “Staked Prospect”), for the beneficial ownership of the Corporation or any of its affiliates; and
(ii) one half (1/2%) percent over all prospects generated by the Executive which are acquired, by way of lease (each a “Leased Prospect”), for the beneficial ownership of the Corporation or any of its affiliates, provided that:
(A) such Leased Prospect carries a maximum NSR of four (4%) percent to the underlying owner/lessee; and
(B) such Leased Prospect is not adjacent to any claims from which the Executive is otherwise is entitled to receive or participate in a NSR or other royalty interest.
(b) The Corporation will have the right to purchase, at any time, the one half (1/2%) percent NSR contemplated in subsection 18(a)(ii) in respect of any Leased Prospect for a purchase price of $500,000 per Leased Prospect.
(c) Any NSR granted by the Corporation to the Executive in respect of a Staked Prospect or Leased Prospect (each a “Prospect”) shall be owned in perpetuity for the benefit of the Executive, his heirs, executors, administrators or assigns, and will carry through any change or transfer of ownership of the Prospect. The Corporation shall notify the Executive of its intent to drop a Prospect or any claim or lease comprised therein at least 30 days prior to any applicable annual claim filing and/or required lease payment.
Net Smelter Return Royalty. (a) If the Option is exercised, the Optionor shall be entitled to receive the Net Smelter Return Royalty from the Optionee, payable from the date of the Commencement of Commercial Production, calculated and paid in accordance with Schedule "B" attached hereto, provided that if the Optionor exercises its Back-in Right in accordance with Section 14 hereof, the Optionor's right to receive the Net Smelter Return Royalty shall terminate.
(b) The Net Smelter Return Royalty shall be payable by the Optionee in Canadian Dollars and shall be paid quarterly in arrears within sixty (60) days of the end of the quarter to which it relates.
(c) To the extent permitted by the applicable law, the Net Smelter Return Royalty shall run with, attach to, and bind the land underlying the Property. Upon becoming entitled to the Net Smelter Return Royalty, and subject to the Optionor's exercise of the Back-in Right, nothing contained in this Agreement shall be construed as conferring on the Optionor any right to or interest in the Property, except the right to receive the Net Smelter Return Royalty as and when due.
(d) All payments of the Net Smelter Return Royalty to the Optionor shall be deemed final and in full satisfaction of all obligations of the Optionee in respect thereof if such payments or the calculation thereof are not disputed by the Optionor within sixty (60) days after receipt of the Net Smelter Return Royalty payment and statement.
(e) Unless the Optionor has exercised its Back-in Right, any decision regarding the Commencement of Commercial Production shall be at the sole discretion of the Optionee, and the Optionee shall be under no obligation, and nothing in this Agreement shall be construed as creating an obligation upon the Optionee, to place the Property into production and, in the event the Property is placed into production and operated as a mine, the Optionee shall have the unfettered right to suspend or curtail any such operation as it in its sole discretion may determine.
Net Smelter Return Royalty. (a) There shall accrue for each Quarter following the date of the Commencement of Commercial Production an amount in dollars equal to two (2%) percent of the Net Sales Revenue. Each sum so accrued shall be payable by the Optionee to the Optionor in accordance with the provisions of paragraph 2 below.
(b) The Optionee shall, as soon as practicable after the end of each Quarter following the date of Commencement of Commercial Production and in any event within thirty (30) business days, determine the Net Smelter Return Royalty for the previous Quarter in accordance with this Section 1(a) and shall deliver to the Optionor promptly thereafter a statement (the "NET SMELTER RETURN STATEMENT") showing such Net Smelter Return Royalty and setting out in detail its calculations of such Net Smelter Return Royalty.
(c) If the amount of Net Smelter Returns is not ascertainable for a calendar quarter, it shall be estimated as nearly as possible at the time for payment and an adjustment shall be made at the end of each calendar year. Within ninety (90) days following the end of each calendar year, commencing with the year in which the date of the Commencement of Commercial Production falls, the Optionee shall deliver a statement of the Net Smelter Returns for the year duly certified as correct by an independent Chartered Accountant appointed by the Optionee for such purposes. The Optionor shall have the right within a period of three (3) months from receipt of such certified statement to conduct an independent audit at its own cost and expense, the right to review the Optionee's books and records relating thereto and an opportunity to discuss issues raised with the independent Chartered Accountant. The Optionee shall immediately pay to the Optionor any additional Net Smelter Return Royalty found by such independent audit to be payable in respect of the previous calendar year. In the event such audit indicates that the Optionee's statements were more than five (5%) percent different than that assessed by the independent audit, then the cost of such independent audit shall be borne by the Optionee.
(d) If any portion of the Product extracted and derived from the Property are sold to a purchaser owned or controlled by the Optionee or treated by a smelter owned or controlled by the Optionee, the actual proceeds received shall be deemed to be an amount equal to what could be obtained from a purchaser or a smelter not so owned or controlled in respect of Product of like qualit...
Net Smelter Return Royalty. In addition to the annual payments provided for in section 4.1, if the Premises are placed into commercial production, Gentor agrees to pay to Owner a royalty of Two Percent (2%) from all ores, minerals, or other products removed from the Premises and sold or processed by Gentor (the "Net Smelter Return"). The amount of the Net Smelter Return from the proceeds received from production shall be determined at the end of each calendar quarter after the Effective Date. Payments of the Net Smelter Return as determined hereunder shall be made within thirty (30) days after the end of each calendar quarter for which such Net Smelter Return is determined to be payable or the date on which Gentor receives a smelter or refinery statement for production during such calendar quarter, whichever date is later. Hartmut W. & Xxxx X. Baxxxx 2705 Lorraxxx Xxxxx Xxxxxxxx, MT 59803 Gentor shall be obligated to deliver only one (1) check or payment for the Net Smelter Return, and Gentor shall have no responsibility for disbursement or distribution of any such payment after receipt by Owner. At the time of making such payment, Gentor shall deliver to Owner a statement showing the amount of Net Smelter Return due and the manner in which it was determined and shall submit to Owner data reasonably necessary to enable Owner to verify the determination.
Net Smelter Return Royalty. (a) MPA shall pay DMSL a quarterly production royalty equivalent to the following:
1. 00 % of the net smelter returns (“NSR”) from gold, silver and other minerals produced and sold from the Mining Concessions described in Appendices A and C attached to the Termination and Purchase Agreement, being the San Xxxx Concessions and the San Xxxxxx Group Concessions.
2. 00 % or 3.00 % of the NSR from gold, silver and other minerals produced and sold from the Mining Concessions described on Appendix C attached hereto, being the Xxxxxx Concessions, depending upon the average spot market gold price, as announced by the London Bullion Houses (Second Fixing), during the relevant calendar quarter according to the following schedule: $499.99 or less 2.00 % $500.00 and above 3.00 % For the purposes of the NSR set out herein, NSR shall be determined by multiplying (A) the gross number of xxxx ounces of gold and silver contained in production (and for minerals other than gold and silver, the gross amount of the particular mineral contained in production) from the applicable Mining Concessions and delivered to the smelter, refiner, processor, purchaser or other recipient of such production during the calendar quarter (B) by the sales price for such gross amount determined in accordance with subsections (b), (c) and (e) below, less, but only to the extent actually incurred and borne by the entity operating the mine or mines on the Mining Concessions (the “Operator”):
(i) all actual charges and costs, including insurance, for transportation of gold, silver or other minerals from the Operator’s processing facilities at or near the Mining Concessions to the place of sale, whether transported by the Operator or a third party;
(ii) all actual charges, costs, deductions, and penalties for treatment, smelting and refining the gold, silver or other minerals (including any umpire charges) after said gold, silver or other minerals leave the Operator’s processing facility at or near the Mining Concessions. For example, if the Operator produces a gold and/or silver concentrate at its processing facility, it shall be entitled to deduct all charges, costs, deductions, and penalties incurred by it in smelting and refining that concentrate into a final product for sale. If the Operator produces a gold and/or silver dore at its processing facility, which requires further refining, it shall be entitled to deduct all charges, costs, deductions, and penalties incurred by it in such further refin...
