Phase-I Earn-in Sample Clauses

Phase-I Earn-in. Solitario shall provide written notice to Newmont within 30 days or as soon as practical after Solitario has expended US$400,000 in Exploration Expenditures on and for the direct benefit of an Alliance Property, which includes at least 1,200 meters of core drilling or 2,500 meters of reverse circulation drilling, or a proportionally equivalent combination of core and reverse circulation drilling (the "Solitario Minimum Expenditure"), which notice shall include an accounting of Solitario's Exploration Expenditures on and for the direct benefit of such Alliance Property and copies of all factual data not previously provided to Newmont. For a term (the "JV Option Term") commencing on the date Newmont receives the preceding notice and data from Solitario, and thereafter until 60 days following Solitario's completion and delivery to Newmont of a Bankable Feasibility Study, as described in Exhibit A, covering such Alliance Property, Newmont may elect the Joint Venture Option by notifying Solitario in writing of such election. The property subject to the Joint Venture shall be the Alliance Property on which such expenditures and/or Bankable Feasibility Study has been completed, together with all other contiguous Alliance Property and a 2-kilometer area of interest (the "Joint Venture Property"). As its initial contribution to the Joint Venture, Newmont would (i) fund all Joint Venture expenditures until it has spent an amount equal to 200% of Solitario's Exploration Expenditures spent during the Exploration Expenditure Period and 250% of Solitario's Exploration Expenditures, if any, spent by Solitario after the Exploration Expenditure Period on and for the direct benefit of the Alliance Property from the Effective Date to the date Newmont elects the Joint Venture Option ("Solitario's Initial Alliance Property Exploration Expenditures"), and (ii) upon completion of the preceding work by Newmont, contribute to the Joint Venture the net smelter returns royalty Newmont was granted in the Royalty Deed with respect to the Joint Venture Property ("Phase-I Earn-in"). Newmont would have complete discretion to determine the location and extent of work to be performed while making the expenditures for Phase-I Earn-in and would pursue such expenditures and work with reasonable diligence. Subject to extension for periods of Force Majeure as set out below, the maximum time period available to Newmont to complete its Phase-I Earn-in is two-times the period of time Solitario use...
Sample 1
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Phase-I Earn-in. As its Initial Contribution and subject to NEWMONT’s right of withdrawal as set forth in Section 11.3, NEWMONT shall: (i) pay MIRANDA USA within 30 days of the Effective Date US$30,000; and (ii) contribute Exploration Expenditures totaling Two Million Five Hundred Thousand Dollars (US$2,500,000) (“Phase-I Earn-In”) in accordance with the following schedule: On or before December 31, 2005 US$300,000 US$300,000 From January 1, 2006 until December 31, 2006 US$350,000 US$650,000 From January 1, 2007 until December 31, 2007 US$450,000 US$1,100,000 From January 1, 2008 until December 31, 2008 US$650,000 US$1,750,000 From January 1, 2009 until December 31, 2009 US$750,000 US$2,500,000 (upon completion, Phase-1 Earn-In of NEWMONT’s Initial Contribution shall have been met) *** ***
Sample 1
Phase-I Earn-in. Royal may make further contributions in an amount up to an additional Five Million Dollars ($5,000,000) (the “Phase I Earn In Contributions”) for an aggregate Percentage Interest of up to ten percent (10%). If Royal makes Phase I Earn In Contributions of less than Five Million Dollars ($5,000,000), then, for each One Million Dollars ($1,000,000) in Phase I Earn In Contributions, Royal will earn an incremental two percent (2.0%) Percentage Interest.
Sample 1

Related to Phase-I Earn-in

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