Common use of ROYALTY IN KIND Clause in Contracts

ROYALTY IN KIND. GRANTEE may elect to receive its Royalty on Precious Metals from the Properties "in cash" or "in kind" as refined bullion. The elections may be exercised once per year on a calendar year basis during the life of production from the Properties. Notice of election to receive the following year's Royalty for Precious Metals “in cash” or “in kind” shall be made in writing by GRANTEE and delivered to GRANTOR on or before November 1 of each year. In the event no written election is made, the Royalty for Precious Metals will continue to be paid to GRANTEE as it is then being paid. As of the Effective Date of this Agreement, GRANTEE elects to receive its Royalty on Precious Metals “in kind”. Royalties on Other Minerals shall not be payable "in kind". (i) If GRANTEE elects to receive its Royalty for Precious Metals in "in kind", GRANTEE shall open a bullion storage account at each refinery or mint designated by GRANTOR as a possible recipient of refined bullion in which GRANTEE owns an interest. GRANTEE shall be solely responsible for all costs and liabilities associated with maintenance of such account or accounts, and GRANTOR shall not be required to bear any additional expense with respect to such "in-kind" payments. (ii) Royalty will be paid by the deposit of refined bullion into GRANTEE’s account. On or before the 25th day of each calendar month following a calendar month during which production and sale or other disposition occurred, GRANTOR shall deliver written instructions to the mint or refinery, with a copy to GRANTEE directing the mint or refinery to deliver refined bullion due to GRANTEE in respect of the Royalty, by crediting to GRANTEE's account the number of ounces of refined bullion for which Royalty is due; provided, however, that the words "other disposition" as used in this Agreement shall not include processing, milling, beneficiation or refining losses of Precious Metals. The number of ounces of refined bullion to be credited will be based upon GRANTEE’s share of the previous month's production and sale or other disposition as calculated pursuant to the commingling provisions of Section 1.9. (iii) Royalty payable “in kind” on silver or platinum group metals shall be converted to the gold equivalent of such silver or platinum group metals by using the average monthly spot prices for Precious Metals described in Section 1.2. (iv) Title to refined bullion delivered to GRANTEE under this Agreement shall pass to GRANTEE at the time such bullion is credited to GRANTEE at the mint or refinery.

ROYALTY IN KIND. GRANTEE Each of NEWMONT and TOTAL may elect to receive its Production Royalty on Precious Metals from the Properties Property "in cash" or "in kind" as refined bullion. The elections may be exercised once per year on a calendar year basis during the life of production from the PropertiesProperty. Notice of election to receive the following year's Production Royalty for Precious Metals “in cash” cash or “"in kind” " shall be made in writing by GRANTEE each of NEWMONT and TOTAL and delivered to GRANTOR SEABRIDGE on or before November 1 of each year. In the event no written election is made, the Production Royalty for Precious Metals will continue to be paid to GRANTEE NEWMONT and/or TOTAL, as the case may be, as it is then being paid. As of the Effective Date date of this Agreement, GRANTEE NEWMONT elects to receive its Production Royalty on Precious Metals “"in kind”" and TOTAL elects to receive its Production Royalty on Precious Metals "in cash". Royalties on Other Minerals shall not be payable "in kind". (i1) If GRANTEE elects NEWMONT and/or TOTAL elect to receive its Production Royalty for Precious Metals in "in kind", GRANTEE NEWMONT and/or TOTAL, as the case may be, shall open a bullion storage account at each refinery or mint designated by GRANTOR SEABRIDGE as a possible recipient of refined bullion in which GRANTEE SELLERS owns an interest. GRANTEE NEWMONT and/or TOTAL, as the case may be, shall be solely responsible for all costs and liabilities associated with maintenance of such account or accounts, and GRANTOR SEABRIDGE shall not be required to bear any additional expense with respect to such "in-kind" payments. (ii2) Production Royalty will be paid by the deposit of refined bullion into GRANTEE’s NEWMONT and/or TOTAL's account, as the case may be. On or before the 25th day of each calendar month following a calendar month during which production and sale or other disposition occurred, GRANTOR shall deliver written instructions to the mint or refinery, with a copy to GRANTEE directing the mint or refinery to deliver refined bullion due to GRANTEE in respect of the Royalty, by crediting to GRANTEE's account the number of ounces of refined bullion for which Royalty is due; provided, however, that the words "other disposition" as used in this Agreement shall not include processing, milling, beneficiation or refining losses of Precious Metals. The number of ounces of refined bullion to be credited will be based upon GRANTEE’s share of the previous month's production and sale or other disposition as calculated pursuant to the commingling provisions of Section 1.9. which (iii3) Production Royalty payable “"in kind” " on silver or platinum group metals shall be converted to the gold equivalent of such silver or platinum group metals by using the average monthly spot prices for Precious Metals described in Section 1.2. section 9(a) hereof. (iv4) Title to refined bullion delivered to GRANTEE NEWIVIONT and/or TOTAL, as the case may be, under this Agreement shall pass to GRANTEE NEWMONT and/or TOTAL, as the case may be, at the time such bullion is credited to GRANTEE NEWMONT and/or TOTAL's account, as the case may be, at the mint or refinery. (5) NEWMONT and/or TOTAL, as the case may be, agree(s) to hold harmless SEABRIDGE from any liability imposed as a result of the election of NEWMONT and/or TOTAL, as the case may be, to receive Production Royalty "in kind" and from any losses incurred as a result of NEWMONT and/or TOTAL's, as the case may be, trading and hedging activities. NEWMONT and/or TOTAL, as the case may be, assumes all responsibility for any shortages which occur as a result of NEWMONT and/or TOTAL's, as the case may be, anticipation of credits to its account in advance of an actual deposit or credit to its account by a refiner or mint. (6) When royalties are paid in "in kind", they will not reflect the costs deductible in calculating "Net Smelter Returns" under this Agreement. Within thirty (30) days of the receipt of a statement showing charges incurred by SEABRIDGE for transportation, smelting or other deductible costs, NEWMONT and/or TOTAL, as the case may be, shall remit to SEABRIDGE full payment for such charges. If NEWMONT and/or TOTAL, as the case may be, does not pay such charges when due, SEABRIDGE shall have the right, at its election, with SELLERS's consent, such consent not to be unreasonably withheld, to deduct the gold equivalent of such charges from the ounces of gold bullion to be credited to NEWMONT and/or TOTAL, as the case may be, in the following month.

ROYALTY IN KIND. GRANTEE Each of NEWMONT and TOTAL may elect to receive its Production Royalty on Precious Metals from the Properties Property "in cash" or "in kind" as refined bullion. The elections may be exercised once per year on a calendar year basis during the life of production from the PropertiesProperty. Notice of election to receive the following year's Production Royalty for Precious Metals “in cash” cash or “"in kind” " shall be made in writing by GRANTEE each of NEWMONT and TOTAL and delivered to GRANTOR SEABRIDGE on or before November 1 of each year. In the event no written election is made, the Production Royalty for Precious Metals will continue to be paid to GRANTEE NEWMONT and/or TOTAL, as the case may be, as it is then being paid. As of the Effective Date date of this Agreement, GRANTEE NEWMONT elects to receive its Production Royalty on Precious Metals “"in kind”" and TOTAL elects to receive its Production Royalty on Precious Metals "in cash". Royalties on Other Minerals shall not be payable "in kind". (i1) If GRANTEE elects NEWMONT and/or TOTAL elect to receive its Production Royalty for Precious Metals in "in kind", GRANTEE NEWMONT and/or TOTAL, as the case may be, shall open a bullion storage account at each refinery or mint designated by GRANTOR SEABRIDGE as a possible recipient of refined bullion in which GRANTEE SELLERS owns an interest. GRANTEE NEWMONT and/or TOTAL, as the case may be, shall be solely responsible for all costs and liabilities associated with maintenance of such account or accounts, and GRANTOR SEABRIDGE shall not be required to bear any additional expense with respect to such "in-kind" payments. (ii2) Production Royalty will be paid by the deposit of refined bullion into GRANTEE’s NEWMONT and/or TOTAL's account, as the case may be. On or before the 25th day of each calendar month following a calendar month during which production and sale or other disposition occurred, GRANTOR SEABRIDGE shall deliver written instructions to the mint or refinery, with a copy to GRANTEE NEWMONT and/or TOTAL, as the case may be, directing the mint or refinery to deliver refined bullion due to GRANTEE NEWMONT and/or TOTAL, as the case may be, in respect of the Production Royalty, by crediting to GRANTEENEWMONT and/or TOTAL's account account, as the case may be, the number of ounces of refined bullion for which Production Royalty is due; provided, however, that the words "other disposition" as used in this Agreement shall not include processing, milling, beneficiation or refining losses of Precious Metals. The number of ounces of refined bullion to be credited will be based upon GRANTEE’s NEWMONT and/or TOTAL's, as the case may be, share of the previous month's production and sale or other disposition as calculated pursuant to the commingling provisions of Section 1.9. section 9(f) hereof. (iii3) Production Royalty payable “"in kind” " on silver or platinum group metals shall be converted to the gold equivalent of such silver or platinum group metals by using the average monthly spot prices for Precious Metals described in Section 1.2. section 9(a) hereof. (iv4) Title to refined bullion delivered to GRANTEE NEWMONT and/or TOTAL, as the case may be, under this Agreement shall pass to GRANTEE NEWMONT and/or TOTAL, as the case may be, at the time such bullion is credited to GRANTEE NEWMONT and/or TOTAL's account, as the case may be, at the mint or refinery. (5) NEWMONT and/or TOTAL, as the case may be, agree(s) to hold harmless SEABRIDGE from any liability imposed as a result of the election of NEWMONT and/or TOTAL, as the case may be, to receive Production Royalty "in kind" and from any losses incurred as a result of NEWMONT and/or TOTAL's, as the case may be, trading and hedging activities. NEWMONT and/or TOTAL, as the case may be, assumes all responsibility for any shortages which occur as a result of NEWMONT and/or TOTAL's, as the case may be, anticipation of credits to its account in advance of an actual deposit or credit to its account by a refiner or mint. (6) When royalties are paid in "in kind", they will not reflect the costs deductible in calculating "Net Smelter Returns" under this Agreement. Within thirty (30) days of the receipt of a statement showing charges incurred by SEABRIDGE for transportation, smelting or other deductible costs, NEWMONT and/or TOTAL, as the case may be, shall remit to SEABRIDGE full payment for such charges. If NEWMONT and/or TOTAL, as the case may be, does not pay such charges when due, SEABRIDGE shall have the right, at its election, with SELLERS's consent, such consent not to be unreasonably withheld, to deduct the gold equivalent of such charges from the ounces of gold bullion to be credited to NEWMONT and/or TOTAL, as the case may be, in the following month.

ROYALTY IN KIND. GRANTEE Newmont may elect to receive its Production Royalty on payment for Precious Metals from the Properties Property "in cash" or "in kind" as refined bullion. The elections election may be exercised once per year on a calendar year basis during the life of production from the PropertiesProperty. Notice of election to receive the following year's Production Royalty payments for Precious Metals “in cash” cash or “in kind” kind shall be made in writing by GRANTEE Newmont and delivered to GRANTOR Grantor on or before November 1 of each year. In the event no written election is made, the Production Royalty payments for Precious Metals will continue to be paid to GRANTEE as it is they are then being paid. As of the Effective Date date of this AgreementDeed, GRANTEE Newmont elects to receive its Production Royalty payments on Precious Metals “in kind”cash. Royalties Production Royalty payments on Other Minerals shall not be payable "in kind". (iA) If GRANTEE Newmont elects to receive its Production Royalty payments for Precious Metals in "in kind", GRANTEE Newmont shall open a bullion storage account at each refinery or mint designated by GRANTOR Grantor as a possible recipient of refined bullion in which GRANTEE Newmont owns an interest. GRANTEE Newmont shall be solely responsible for all costs and liabilities associated with maintenance of such account or accounts, and GRANTOR Grantor shall not be required to bear any additional expense with respect to such "in-kind" kind payments. (iiB) Grantor shall pay in kind Production Royalty will be paid payments to Newmont by causing the Payor to deposit of refined bullion into GRANTEE’s Newmont's account. On or before the 25th day of each calendar month following a calendar month during which production and sale or other disposition occurredDisposition of the applicable Precious Metals, GRANTOR Grantor shall deliver written instructions to the mint or refinery, with a copy to GRANTEE Newmont, directing the mint or refinery to deliver refined bullion due to GRANTEE in respect of the RoyaltyNewmont, by crediting to GRANTEENewmont's account the number of ounces of refined bullion for which the Production Royalty is due; provided, however, that the words "other disposition" as used in this Agreement shall not include processing, milling, beneficiation or refining losses of Precious MetalsMetals shall not be included in such calculation. The number of ounces of refined bullion to be credited will be based upon GRANTEE’s Newmont's share of the previous month's production and sale or other disposition applicable Monthly Production of Precious Metals as calculated pursuant to the commingling provisions of Section 1.9. 4(d) hereof. (iiiC) A Production Royalty payable “in kind” kind on silver or platinum group metals shall be converted to the gold equivalent of such silver or platinum group metals by using the average monthly spot prices for Precious Metals described in Section 1.2. 3(a). (ivD) Title to refined bullion delivered to GRANTEE Newmont under this Agreement Deed shall pass to GRANTEE Newmont at the time such bullion is credited to GRANTEE Newmont's account at the mint or refinery. (E) Newmont assumes all responsibility for Newmont’s trading and hedging activities, including any shortages which occur as a result of Newmont's anticipation of credits to its account in advance of an actual deposit or credit to its account by a refiner or mint. (F) When a Production Royalty is paid in kind, it will not reflect the costs deductible in calculating Net Smelter Returns under this Deed. Within 15 days after the receipt of a statement showing charges incurred by Grantor for transportation, smelting or other deductible costs, Newmont shall remit to Grantor full payment for such charges.

ROYALTY IN KIND. GRANTEE TOTAL may elect to receive its Production Royalty on Precious Metals from the Properties Property "in cash" or "in kind" as refined bullion. The elections may be exercised once per year on a calendar year basis during the life of production from the PropertiesProperty. Notice of election to receive the following year's Production Royalty for Precious Metals “in cash” cash or “"in kind” " shall be made in writing by GRANTEE TOTAL and delivered to GRANTOR BUYER on or before November 1 of each year. In the event no written election is made, the Production Royalty for Precious Metals will continue to be paid to GRANTEE TOTAL as it is then being paid. As of the Effective Date date of this Agreement, GRANTEE TOTAL elects to receive its Production Royalty on Precious Metals “"in kind”cash". Royalties on Other Minerals shall not be payable "in kind". (i1) If GRANTEE TOTAL elects to receive its Production Royalty for Precious Metals in "in kind", GRANTEE TOTAL shall open a bullion storage account at each refinery or mint designated by GRANTOR BUYER as a possible recipient of refined bullion in which GRANTEE TOTAL owns an interest. GRANTEE TOTAL shall be solely responsible for all costs and liabilities associated with maintenance of such account or accounts, and GRANTOR BUYER shall not be required to bear any additional expense with respect to such "in-kind" payments. (ii2) Production Royalty will be paid by the deposit of refined bullion into GRANTEE’s TOTAL's account. On or before the 25th day of each calendar month following a calendar month during which production and sale or other disposition occurred, GRANTOR BUYER shall deliver written instructions to the mint or refinery, with a copy to GRANTEE TOTAL directing the mint or refinery to deliver refined bullion due to GRANTEE TOTAL in respect of the Production Royalty, by crediting to GRANTEETOTAL's account the number of ounces of refined bullion for which Production Royalty is due; provided, however, that the words "other disposition" as used in this Agreement shall not include processing, milling, beneficiation or refining losses of Precious Metals. The number of ounces of refined bullion to be credited will be based upon GRANTEE’s TOTAL's share of the previous month's production and sale or other disposition as calculated pursuant to the commingling provisions of Section 1.9. section 9(f) hereof. (iii3) Production Royalty payable “"in kind” " on silver or platinum group metals shall be converted to the gold equivalent of such silver or platinum group metals by using the average monthly spot prices for Precious Metals described in Section 1.2. section 9(a) hereof. (iv4) Title to refined bullion delivered to GRANTEE TOTAL under this Agreement shall pass to GRANTEE TOTAL at the time such bullion is credited to GRANTEE TOTAL at the mint or refinery. (5) TOTAL agrees to hold harmless BUYER from any liability imposed as a result of the election of TOTAL to receive Production Royalty "in kind" and from any losses incurred as a result of TOTAL's trading and hedging activities. TOTAL assumes all responsibility for any shortages which occur as a result of TOTAL's anticipation of credits to its account in advance of an actual deposit or credit to its account by a refiner or mint. (6) When royalties are paid in "in kind", they will not reflect the costs deductible in calculating "Net Smelter Returns" under this Agreement. Within thirty (30) days of the receipt of a statement showing charges incurred by BUYER for transportation, smelting or other deductible costs, TOTAL shall remit to BUYER full payment for such charges. If TOTAL does not pay such charges when due, BUYER shall have the right, at its election, with TOTAL's consent, such consent not to be unreasonably withheld, to deduct the gold equivalent of such charges from the ounces of gold bullion to be credited to TOTAL in the following month.

ROYALTY IN KIND. GRANTEE NEWMONT may elect to receive its Production Royalty on Precious Metals from the Properties Property "in cash" or "in kind" as refined bullion. The elections may be exercised once per year on a calendar year basis during the life of production from the PropertiesProperty. Notice of election to receive the following year's Production Royalty for Precious Metals “in cash” cash or “"in kind” " shall be made in writing by GRANTEE NEWMONT and delivered to GRANTOR BUYER on or before November 1 of each year. In the event no written election is made, the Production Royalty for Precious Metals will continue to be paid to GRANTEE NEWMONT as it is then being paid. As of the Effective Date date of this Agreement, GRANTEE NEWMONT elects to receive its Production Royalty on Precious Metals “"in kind”". Royalties on Other Minerals shall not be payable "in kind". (i1) If GRANTEE NEWMONT elects to receive its Production Royalty for Precious Metals in "in kind", GRANTEE NEWMONT shall open a bullion storage account at each refinery or mint designated by GRANTOR BUYER as a possible recipient of refined bullion in which GRANTEE NEWMONT owns an interest. GRANTEE NEWMONT shall be solely responsible for all costs and liabilities associated with maintenance of such account or accounts, and GRANTOR BUYER shall not be required to bear any additional expense with respect to such "in-kind" payments. (ii2) Production Royalty will be paid by the deposit of refined bullion into GRANTEE’s NEWMONT's account. On or before the 25th day of each calendar month following a calendar month during which production and sale or other disposition occurred, GRANTOR BUYER shall deliver written instructions to the mint or refinery, with a copy to GRANTEE NEWMONT directing the mint or refinery to deliver refined bullion due to GRANTEE NEWMONT in respect of the Production Royalty, by crediting to GRANTEENEWMONT's account the number of ounces of refined bullion for which Production Royalty is due; provided, however, that the words "other disposition" as used in this Agreement shall not include processing, milling, beneficiation or refining losses of Precious Metals. The number of ounces of refined bullion to be credited will be based upon GRANTEE’s NEWMONT's share of the previous month's production and sale or other disposition as calculated pursuant to the commingling provisions of Section 1.9. section 9(f) hereof. (iii3) Production Royalty payable “"in kind” " on silver or platinum group metals shall be converted to the gold equivalent of such silver or platinum group metals by using the average monthly spot prices for Precious Metals described in Section 1.2. section 9(a) hereof. (iv4) Title to refined bullion delivered to GRANTEE NEWMONT under this Agreement shall pass to GRANTEE NEWMONT at the time such bullion is credited to GRANTEE NEWMONT at the mint or refinery. (5) NEWMONT agrees to hold harmless BUYER from any liability imposed as a result of the election of NEWMONT to receive Production Royalty "in kind" and from any losses incurred as a result of NEWMONT's trading and hedging activities. NEWMONT assumes all responsibility for any shortages which occur as a result of NEWMONT's anticipation of credits to its account in advance of an actual deposit or credit to its account by a refiner or mint. (6) When royalties are paid in "in kind", they will not reflect the costs deductible in calculating "Net Smelter Returns" under this Agreement. Within thirty (30) days of the receipt of a statement showing charges incurred by BUYER for transportation, smelting or other deductible costs, NEWMONT shall remit to BUYER full payment for such charges. If NEWMONT does not pay such charges when due, BUYER shall have the right, at its election, with NEWMONT's consent, such consent not to be unreasonably withheld, to deduct the gold equivalent of such charges from the ounces of gold bullion to be credited to NEWMONT in the following month.

ROYALTY IN KIND. GRANTEE TOTAL may elect to receive its Production Royalty on Precious Metals from the Properties Property "in cash" or "in kind" as refined bullion. The elections may be exercised once per year on a calendar year basis during the life of production from the PropertiesProperty. Notice of election to receive the following year's Production Royalty for Precious Metals “in cash” cash or “"in kind” " shall be made in writing by GRANTEE TOTAL and delivered to GRANTOR BUYER on or before November 1 of each year. In the event no written election is made, the Production Royalty for Precious Metals will continue to be paid to GRANTEE TOTAL as it is its then being paid. As of the Effective Date date of this Agreement, GRANTEE TOTAL elects to receive its Production Royalty on Precious Metals “"in kind”". Royalties on Other Minerals shall not be payable "in kind". (i1) If GRANTEE TOTAL elects to receive its Production Royalty for Precious Metals in "in kind", GRANTEE TOTAL shall open a bullion storage account at each refinery or mint designated by GRANTOR BUYER as a possible recipient of refined bullion in which GRANTEE TOTAL owns an interest. GRANTEE TOTAL shall be solely responsible for all costs and liabilities associated with maintenance of such account or accounts, and GRANTOR BUYER shall not be required to bear any additional expense with respect to such "in-kind" payments. (ii2) Production Royalty will be paid by the deposit of refined bullion into GRANTEE’s TOTAL's account. On or before the 25th day of each calendar month following a calendar month during which production and sale or other disposition occurred, GRANTOR BUYER shall deliver written instructions to the mint or refinery, with a copy to GRANTEE TOTAL directing the mint or refinery to deliver refined bullion due to GRANTEE TOTAL in respect of the Production Royalty, by crediting to GRANTEETOTAL's account the number of ounces of refined bullion for which Production Royalty is due; provided, however, that the words "other disposition" as used in this Agreement shall not include processing, milling, beneficiation or refining losses of Precious Metals. The number of ounces of refined bullion to be credited will be based upon GRANTEE’s TOTAL's share of the previous month's production and sale or other disposition as calculated pursuant to the commingling provisions of Section 1.9. section 9(f) hereof. (iii3) Production Royalty payable “"in kind” " on silver or platinum group metals shall be converted to the gold equivalent of such silver or platinum group metals by using the average monthly spot prices for Precious Metals described in Section 1.2. section 9(a) hereof. (iv4) Title to refined bullion delivered to GRANTEE TOTAL under this Agreement shall pass to GRANTEE TOTAL at the time such bullion is credited to GRANTEE TOTAL at the mint or refinery. (5) TOTAL agrees to hold harmless BUYER from any liability imposed as a result of the election of TOTAL to receive Production Royalty "in kind" and from any losses incurred as a result of TOTAL's trading and hedging activities. TOTAL assumes all responsibility for any shortages which occur as a result of TOTAL's anticipation of credits to its account in advance of an actual deposit or credit to its account by a refiner or mint. (6) When royalties are paid in "in kind", they will not reflect the costs deductible in calculating "Net Smelter Returns" under this Agreement. Within thirty (30) days of the receipt of a statement showing charges incurred by BUYER for transportation, smelting or other deductible costs, TOTAL shall remit to BUYER full payment for such charges. If TOTAL does not pay such charges when due, BUYER shall have the right, at its election, with TOTAL's consent, such consent not to be unreasonably withheld, to deduct the gold equivalent of such charges from the ounces of gold bullion to be credited to TOTAL in the following month.

ROYALTY IN KIND. GRANTEE Newmont may elect to receive its Royalty on Precious Metals from the Properties Property "in cash" or "in kind" as refined bullion. The elections election may be exercised once per year on a calendar year basis during the life of production from the PropertiesProperty. Notice of election to receive the following year's years Royalty for Precious Metals “in cash” cash or “in kind” kind shall be made in writing by GRANTEE Newmont and delivered to GRANTOR Grantor on or before November 1 of each year. In the event no written election is made, the Royalty for Precious Metals will continue to be paid to GRANTEE as it is then being paid. As of the Effective Date date of this AgreementDeed, GRANTEE Newmont elects to receive its Royalty on Precious Metals “"in kind”. cash." Royalties on Other Minerals shall not be payable "in kind". (iA) If GRANTEE Newmont elects to receive its Royalty for Precious Metals in "in kind", GRANTEE Newmont shall open a bullion storage account at each refinery or mint designated by GRANTOR Grantor as a possible recipient of refined bullion in which GRANTEE Newmont owns an interest. GRANTEE Newmont shall be solely responsible for all costs and liabilities associated with maintenance of such account or accounts, and GRANTOR Grantor shall not be required to bear any additional expense with respect to such "in-kind" kind payments. (iiB) Royalty will be paid by the deposit of refined bullion into GRANTEE’s Newmonts account. On or before the 25th day of each calendar month following a calendar month during which production and sale or other disposition occurred, GRANTOR Grantor shall deliver written instructions to the mint or refinery, with a copy to GRANTEE Newmont, directing the mint or refinery to deliver refined bullion due to GRANTEE Newmont in respect of the Royalty, by crediting to GRANTEE's Newmonts account the number of ounces of refined bullion for which Royalty is due; provided, however, that the words "other disposition" as used in this Agreement Deed shall not include processing, milling, beneficiation or refining losses of Precious Metals. The number of ounces of refined bullion to be credited will be based upon GRANTEE’s Newmonts share of the previous month's months production and sale or other disposition as calculated pursuant to the commingling provisions of Section 1.9. 4(d) hereof. (iiiC) Royalty payable “in kind” kind on silver or platinum group metals shall be converted to the gold equivalent of such silver or platinum group metals by using the average monthly spot prices for Precious Metals described in Section 1.2. 3(a). (ivD) Title to refined bullion delivered to GRANTEE Newmont under this Agreement Deed shall pass to GRANTEE Newmont at the time such bullion is credited to GRANTEE Newmonts account at the mint or refinery. (E) Newmont agrees to hold harmless Grantor from any liability imposed as a result of the election of Newmont to receive Royalty in kind and from any losses incurred as a result of Newmonts trading and hedging activities. Newmont assumes all responsibility for any shortages which occur as a result of Newmonts anticipation of credits to its account in advance of an actual deposit or credit to its account by a refiner or mint. (F) When royalties are paid in kind, they will not reflect the costs deductible in calculating "Net Smelter Returns" under this Deed. Within 15 days of the receipt of a statement showing charges incurred by Grantor for transportation, smelting or other deductible costs, Newmont shall remit to Grantor full payment for such charges. If Newmont does not pay such charges when due, Grantor shall have the right, at its election, to deduct the gold equivalent of such charges from the ounces of gold bullion to be credited to Newmont in the following month.

ROYALTY IN KIND. GRANTEE NEWMONT may elect to receive its Production Royalty on Precious Metals from the Properties Property "in cash" or "in kind" as refined bullion. The elections may be exercised once per year on a calendar year basis during the life of production from the PropertiesProperty. Notice of election to receive the following year's Production Royalty for Precious Metals “in cash” cash or “"in kind” " shall be made in writing by GRANTEE NEWMONT and delivered to GRANTOR BUYER on or before November 1 of each year. In the event no written election is made, the Production Royalty for Precious Metals will continue to be paid to GRANTEE NEWMONT as it is its then being paid. As of the Effective Date date of this Agreement, GRANTEE NEWMONT elects to receive its Production Royalty on Precious Metals “"in kind”". Royalties on Other Minerals shall not be payable "in kind". (i1) If GRANTEE NEWMONT elects to receive its Production Royalty for Precious Metals in "in kind", GRANTEE NEWMONT shall open a bullion storage account at each refinery or mint designated by GRANTOR BUYER as a possible recipient of refined bullion in which GRANTEE NEWMONT owns an interest. GRANTEE NEWMONT shall be solely responsible for all costs and liabilities associated with maintenance of such account or accounts, and GRANTOR BUYER shall not be required to bear any additional expense with respect to such "in-kind" payments. (ii2) Production Royalty will be paid by the deposit of refined bullion into GRANTEE’s NEWMONT's account. On or before the 25th day of each calendar month following a calendar month during which production and sale or other disposition occurred, GRANTOR BUYER shall deliver written instructions to the mint or refinery, with a copy to GRANTEE NEWMONT directing the mint or refinery to deliver refined bullion due to GRANTEE NEWMONT in respect of the Production Royalty, by crediting to GRANTEENEWMONT's account the number of ounces of refined bullion for which Production Royalty is due; provided, however, that the words "other disposition" as used in this Agreement shall not include processing, milling, beneficiation or refining losses of Precious Metals. The number of ounces of refined bullion to be credited will be based upon GRANTEE’s NEWMONT's share of the previous month's production and sale or other disposition as calculated pursuant to the commingling provisions of Section 1.9. section 9(f) hereof. (iii3) Production Royalty payable “"in kind” " on silver or platinum group metals shall be converted to the gold equivalent of such silver or platinum group metals by using the average monthly spot prices for Precious Metals described in Section 1.2. section 9(a) hereof. (iv4) Title to refined bullion delivered to GRANTEE NEWMONT under this Agreement shall pass to GRANTEE NEWMONT at the time such bullion is credited to GRANTEE NEWMONT at the mint or refinery. (5) NEWMONT agrees to hold harmless BUYER from any liability imposed as a result of the election of NEWMONT to receive Production Royalty "in kind" and from any losses incurred as a result of NEWMONT's trading and hedging activities. NEWMONT assumes all responsibility for any shortages which occur as a result of NEWMONT's anticipation of credits to its account in advance of an actual deposit or credit to its account by a refiner or mint. (6) When royalties are paid in "in kind", they will not reflect the costs deductible in calculating "Net Smelter Returns" under this Agreement. Within thirty (30) days of the receipt of a statement showing charges incurred by BUYER for transportation, smelting or other deductible costs, NEWMONT shall remit to BUYER full payment for such charges. If NEWMONT does not pay such charges when due, BUYER shall have the right, at its election, with NEWMONT's consent, such consent not to be unreasonably withheld, to deduct the gold equivalent of such charges from the ounces of gold bullion to be credited to NEWMONT in the following month.

ROYALTY IN KIND. GRANTEE Newmont may elect to receive its Production Royalty on payment for Precious Metals from the Properties "Property “in cash" ” or "“in kind" ” as refined bullion. The elections election may be exercised once per year on a calendar year basis during the life of production from the PropertiesProperty. Notice of election to receive the following year's ’s Production Royalty payments for Precious Metals “in cash” cash or “in kind” kind shall be made in writing by GRANTEE Newmont and delivered to GRANTOR Grantor on or before November 1 of each year. In the event no written election is made, the Production Royalty payments for Precious Metals will continue to be paid to GRANTEE as it is they are then being paid. As of the Effective Date date of this AgreementDeed, GRANTEE Newmont elects to receive its Production Royalty payments on Precious Metals “in kind”cash. Royalties Production Royalty payments on Other Minerals shall not be payable "in kind". (iA) If GRANTEE Newmont elects to receive its Production Royalty payments for Precious Metals in "in kind", GRANTEE Newmont shall open a bullion storage account at each refinery or mint designated by GRANTOR Grantor as a possible recipient of refined bullion in which GRANTEE Newmont owns an interest. GRANTEE Newmont shall be solely responsible for all costs and liabilities associated with maintenance of such account or accounts, and GRANTOR Grantor shall not be required to bear any additional expense with respect to such "in-kind" kind payments. (iiB) Grantor shall pay in kind Production Royalty will be paid payments to Newmont by causing the Payor to deposit of refined bullion into GRANTEENewmont’s account. On or before the 25th day of each calendar month following a calendar month during which production and sale or other disposition occurredDisposition of the applicable Precious Metals, GRANTOR Grantor shall deliver written instructions to the mint or refinery, with a copy to GRANTEE Newmont, directing the mint or refinery to deliver refined bullion due to GRANTEE in respect of the RoyaltyNewmont, by crediting to GRANTEE's Newmont’s account the number of ounces of refined bullion for which the Production Royalty is due; provided, however, that the words "other disposition" as used in this Agreement shall not include processing, milling, beneficiation or refining losses of Precious MetalsMetals shall not be included in such calculation. The number of ounces of refined bullion to be credited will be based upon GRANTEENewmont’s share of the previous month's production and sale or other disposition applicable Monthly Production of Precious Metals as calculated pursuant to the commingling provisions of Section 1.9. 4(d) hereof. (iiiC) A Production Royalty payable “in kind” kind on silver or platinum group metals shall be converted to the gold equivalent of such silver or platinum group metals by using the average monthly spot prices for Precious Metals described in Section 1.2. 3(a). (ivD) Title to refined bullion delivered to GRANTEE Newmont under this Agreement Deed shall pass to GRANTEE Newmont at the time such bullion is credited to GRANTEE Newmont’s account at the mint or refinery. (E) Newmont assumes all responsibility for Newmont’s trading and hedging activities, including any shortages which occur as a result of Newmont’s anticipation of credits to its account in advance of an actual deposit or credit to its account by a refiner or mint. (F) When a Production Royalty is paid in kind, it will not reflect the costs deductible in calculating Net Smelter Returns under this Deed. Within 15 days after the receipt of a statement showing charges incurred by Grantor for transportation, smelting or other deductible costs, Newmont shall remit to Grantor full payment for such charges.

ROYALTY IN KIND. GRANTEE Newmont may elect to receive its Royalty on Precious Metals from the Properties "Property “in cash" ” or "“in kind" ” as refined bullion. The elections election may be exercised once per year on a calendar year basis during the life of production from the PropertiesProperty. Notice of election to receive the following year's ’s Royalty for Precious Metals “in cash” cash or “in kind” kind shall be made in writing by GRANTEE Newmont and delivered to GRANTOR Grantor on or before November 1 of each year. In the event no written election is made, the Royalty for Precious Metals will continue to be paid to GRANTEE as it is then being paid. As of the Effective Date date of this AgreementDeed, GRANTEE Newmont elects to receive its Royalty on Precious Metals “in kind”. cash.” Royalties on Other Minerals shall not be payable "in kind". (iA) If GRANTEE Newmont elects to receive its Royalty for Precious Metals in "in kind", GRANTEE Newmont shall open a bullion storage account at each refinery or mint designated by GRANTOR Grantor as a possible recipient of refined bullion in which GRANTEE Newmont owns an interest. GRANTEE Newmont shall be solely responsible for all costs and liabilities associated with maintenance of such account or accounts, and GRANTOR Grantor shall not be required to bear any additional expense with respect to such "in-kind" kind payments. (iiB) Royalty will be paid by the deposit of refined bullion into GRANTEENewmont’s account. On or before the 25th day of each calendar month following a calendar month during which production and sale or other disposition occurred, GRANTOR Grantor shall deliver written instructions to the mint or refinery, with a copy to GRANTEE Newmont, directing the mint or refinery to deliver refined bullion due to GRANTEE Newmont in respect of the Royalty, by crediting to GRANTEE's Newmont’s account the number of ounces of refined bullion for which Royalty is due; provided, however, that the words "“other disposition" ” as used in this Agreement Deed shall not include processing, milling, beneficiation or refining losses of Precious Metals. The number of ounces of refined bullion to be credited will be based upon GRANTEENewmont’s share of the previous month's ’s production and sale or other disposition as calculated pursuant to the commingling provisions of Section 1.9. 4(d) hereof (iiiC) Royalty payable “in kind” kind on silver or platinum group metals shall be converted to the gold equivalent of such silver or platinum group metals by using the average monthly spot prices for Precious Metals described in Section 1.2. 2(a). (ivD) Title to refined bullion delivered to GRANTEE Newmont under this Agreement Deed shall pass to GRANTEE Newmont at the time such bullion is credited to GRANTEE Newmont’s account at the mint or refinery. (E) Newmont agrees to hold harmless Grantor from any liability imposed as a result of the election of Newmont to receive Royalty in kind and from any losses incurred as a result of Newmont’s trading and hedging activities. Newmont assumes all responsibility for any shortages which occur as a result of Newmont’s anticipation of credits to its account in advance of an actual deposit or credit to its account by a refiner or mint. (F) When royalties are paid in kind, they will not reflect the costs deductible in calculating “Net Smelter Returns” under this Deed. Within 15 days of the receipt of a statement showing charges incurred by Grantor for transportation, smelting or other deductible costs, Newmont shall remit to Grantor full payment for such charges. If Newmont does not pay such charges when due, Grantor shall have the right, at its election, to deduct the gold or silver equivalent of such charges from the ounces of gold or silver bullion to be credited to Newmont in the following month.

ROYALTY IN KIND. GRANTEE Each of NEWMONT and TOTAL may elect to receive its Production Royalty on Precious Metals from the Properties Property "in cash" or "in kind" as refined bullion. The elections may be exercised once per year on a calendar year basis during the life of production from the PropertiesProperty. Notice of election to receive the following year's Production Royalty for Precious Metals “in cash” cash or “"in kind” " shall be made in writing by GRANTEE each of NEWMONT and TOTAL and delivered to GRANTOR SEABRIDGE on or before November 1 of each year. In the event no written election is made, the Production Royalty for Precious Metals will continue to be paid to GRANTEE NEWMONT and/or TOTAL, as the case may be, as it is then being paid. As of the Effective Date date of this Agreement, GRANTEE NEWMONT elects to receive its Production Royalty on Precious Metals “"in kind”" and TOTAL elects to receive its Production Royalty on Precious Metals "in cash". Royalties on Other Minerals shall not be payable "in kind". (i1) If GRANTEE elects NEWMONT and/or TOTAL elect to receive its Production Royalty for Precious Metals in "in kind", GRANTEE NEWMONT and/or TOTAL, as the case may be, shall open a bullion storage account at each refinery or mint designated by GRANTOR SEABRIDGE as a possible recipient of refined bullion in which GRANTEE SELLERS owns an interest. GRANTEE NEWMONT and/or TOTAL, as the case may be, shall be solely responsible for all costs and liabilities associated with maintenance of such account or accounts, and GRANTOR SEABRIDGE shall not be required to bear any additional expense with respect to such "in-kind" payments. (ii2) Production Royalty will be paid by the deposit of refined bullion into GRANTEE’s NEWMONT and/or TOTAL's account, as the case may be. On or before the 25th day of each calendar month following a calendar month during which production and sale or other disposition occurred, GRANTOR shall deliver written instructions to the mint or refinery, with a copy to GRANTEE directing the mint or refinery to deliver refined bullion due to GRANTEE in respect of the Royalty, by crediting to GRANTEE's account the number of ounces of refined bullion for which Royalty is due; provided, however, that the words "other disposition" as used in this Agreement shall not include processing, milling, beneficiation or refining losses of Precious Metals. The number of ounces of refined bullion to be credited will be based upon GRANTEE’s share of the previous month's production and sale or other disposition as calculated pursuant to the commingling provisions of Section 1.9. which (iii3) Production Royalty payable “"in kind” " on silver or platinum group metals shall be converted to the gold equivalent of such silver or platinum group metals by using the average monthly spot prices for Precious Metals described in Section 1.2. section 9(a) hereof. (iv4) Title to refined bullion delivered to GRANTEE NEWMONT and/or TOTAL, as the case may be, under this Agreement shall pass to GRANTEE NEWMONT and/or TOTAL, as the case may be, at the time such bullion is credited to GRANTEE NEWMONT and/or TOTAL's account, as the case may be, at the mint or refinery. (5) NEWMONT and/or TOTAL, as the case may be, agree(s) to hold harmless SEABRIDGE from any liability imposed as a result of the election of NEWMONT and/or TOTAL, as the case may be, to receive Production Royalty "in kind" and from any losses incurred as a result of NEWMONT and/or TOTAL's, as the case may be, trading and hedging activities. NEWMONT and/or TOTAL, as the case may be, assumes all responsibility for any shortages which occur as a result of NEWMONT and/or TOTAL's, as the case may be, anticipation of credits to its account in advance of an actual deposit or credit to its account by a refiner or mint. (6) When royalties are paid in "in kind", they will not reflect the costs deductible in calculating "Net Smelter Returns" under this Agreement. Within thirty (30) days of the receipt of a statement showing charges incurred by SEABRIDGE for transportation, smelting or other deductible costs, NEWMONT and/or TOTAL, as the case may be, shall remit to SEABRIDGE full payment for such charges. If NEWMONT and/or TOTAL, as the case may be, does not pay such charges when due, SEABRIDGE shall have the right, at its election, with SELLERS's consent, such consent not to be unreasonably withheld, to deduct the gold equivalent of such charges from the ounces of gold bullion to be credited to NEWMONT and/or TOTAL, as the case may be, in the following month.

ROYALTY IN KIND. GRANTEE Newmont may elect to receive its Royalty on Precious Metals from the Properties Property "in cash" or "in kind" as refined bullion. The elections election may be exercised once per year on a each calendar year basis during the life of production from the PropertiesProperty. Notice of election to receive the following year's Royalty for Precious Metals “in cash” cash or “in kind” kind shall be made in writing by GRANTEE Newmont and delivered to GRANTOR Grantor on or before November 1 of each year. In the event no written election is made, the Royalty for Precious Metals will continue to be paid to GRANTEE as it is then being paid. As of the Effective Date date of this AgreementDeed, GRANTEE Newmont elects to receive its Royalty on Precious Metals “"in kind”. cash." Royalties on Other Minerals shall not be payable "only in kind"cash. (iA) If GRANTEE Newmont elects to receive its Royalty for Precious Metals in "in kind", GRANTEE Newmont shall open a bullion storage account at each refinery or mint designated by GRANTOR Grantor as a possible recipient of refined bullion in which GRANTEE Newmont owns an interest. GRANTEE Newmont shall be solely responsible for all costs and liabilities associated with maintenance of such account or accounts, and GRANTOR Grantor shall not be required to bear any additional expense with respect to such "in-kind" kind payments. (iiB) Royalty will shall be paid by the deposit of refined bullion into GRANTEE’s Newmont's account. On or before the 25th day of each calendar month following a calendar month during which production and sale or other disposition occurred, GRANTOR Grantor shall deliver written instructions to the mint or refinery, with a copy to GRANTEE Newmont, directing the mint or refinery to deliver refined bullion due to GRANTEE Newmont in respect of the Royalty, by crediting to GRANTEENewmont's account the number of ounces of refined bullion for which Royalty is due; provided, however, that the words "other disposition" as used in this Agreement Deed shall not include processing, milling, beneficiation or refining losses of Precious Metals. The number of ounces of refined bullion to be credited will be based upon GRANTEE’s Newmont's share of the previous month's production and sale or other disposition as calculated pursuant to the commingling provisions of Section 1.9. 4(d) hereof. (iiiC) Royalty payable “in kind” kind on silver or platinum group metals shall be converted to the gold equivalent of such silver or platinum group metals by using the average monthly spot prices for Precious Metals described in Section 1.2. 3(a). (ivD) Title to refined bullion delivered to GRANTEE Newmont under this Agreement Deed shall pass to GRANTEE Newmont at the time such bullion is credited to GRANTEE Newmont's account at the mint or refinery. (E) Newmont agrees to hold harmless Grantor from any liability imposed as a result of the election of Newmont to receive Royalty in kind and from any losses incurred as a result of Newmont's trading and hedging activities. Newmont assumes all responsibility for any shortages which occur as a result of Newmont's anticipation of credits to its account in advance of an actual deposit or credit to its account by a refiner or mint. (F) When royalties are paid in kind, they will not reflect the costs deductible in calculating "Net Smelter Returns" under this Deed. Within 15 days of the receipt of a statement showing charges incurred by Grantor for transportation, smelting or other deductible costs, Newmont shall remit to Grantor full payment for such charges. If Newmont does not pay such charges when due, Grantor shall have the right, at its election, to deduct the gold equivalent of such charges from the ounces of gold bullion to be credited to Newmont in the following month.

ROYALTY IN KIND. GRANTEE Newmont may elect to receive its Royalty on Precious Metals from the Properties Property "in cash" or "in kind" as refined bullion. The elections election may be exercised once per year on a calendar year basis during the life of production from the PropertiesProperty. Notice of election to receive the following year's Royalty for Precious Metals “in cash” cash or “in kind” kind shall be made in writing by GRANTEE Newmont and delivered to GRANTOR Grantor on or before November 1 of each year. In the event no written election is made, the Royalty for Precious Metals will continue to be paid to GRANTEE as it is then being paid. As of the Effective Date date of this AgreementDeed, GRANTEE Newmont elects to receive its Royalty on Precious Metals “"in kind”. cash." Royalties on Other Minerals shall not be payable "in kind". (iA) If GRANTEE Newmont elects to receive its Royalty for Precious Metals in "in kind", GRANTEE Newmont shall open a bullion storage account at each refinery or mint designated by GRANTOR Grantor as a possible recipient of refined bullion in which GRANTEE Newmont owns an interest. GRANTEE Newmont shall be solely responsible for all costs and liabilities associated with maintenance of such account or accounts, and GRANTOR Grantor shall not be required to bear any additional expense with respect to such "in-kind" kind payments. (iiB) Royalty will be paid by the deposit of refined bullion into GRANTEE’s Newmont's account. On or before the 25th day of each calendar month following a calendar month during which production and sale or other disposition occurred, GRANTOR Grantor shall deliver written instructions to the mint or refinery, with a copy to GRANTEE Newmont, directing the mint or refinery to deliver refined bullion due to GRANTEE Newmont in respect of the Royalty, by crediting to GRANTEENewmont's account the number of ounces of refined bullion for which Royalty is due; providedPROVIDED, howeverHOWEVER, that the words "other disposition" as used in this Agreement Deed shall not include processing, milling, beneficiation or refining losses of Precious Metals. The number of ounces of refined bullion to be credited will be based upon GRANTEE’s Newmont's share of the previous month's production and sale or other disposition as calculated pursuant to the commingling provisions of Section 1.9. 2(f) hereof. (iiiC) Royalty payable “in kind” kind on silver or platinum group metals shall be converted to the gold equivalent of such silver or platinum group metals by using the average monthly spot prices for Precious Metals described in Section 1.2. 2(a). (ivD) Title to refined bullion delivered to GRANTEE Newmont under this Agreement Deed shall pass to GRANTEE Newmont at the time such bullion is credited to GRANTEE Newmont's account at the mint or refinery. (E) Newmont agrees to hold harmless Grantor from any liability imposed as a result of the election of Newmont to receive Royalty in kind and from any losses incurred as a result of Newmont's trading and hedging activities. Newmont assumes all responsibility for any shortages which occur as a result of Newmont's anticipation of credits to its account in advance of an actual deposit or credit to its account by a refiner or mint. (F) When royalties are paid in kind, they will not reflect the costs deductible in calculating "Net Smelter Returns" under this Deed. Within 15 days of the receipt of a statement showing charges incurred by Grantor for transportation, smelting or other deductible costs, Newmont shall remit to Grantor full payment for such charges. If Newmont does not pay such charges when due, Grantor shall have the right, at its election, to deduct the gold equivalent of such charges from the ounces of gold bullion to be credited to Newmont in the following month.