ROYALTY INTEREST. If any party is diluted to a ten percent (10%) or lower participating interest, that party will be deemed to have waived the opportunity to participate in future work programs, whether in exploration, development or production, and to have converted its participating interest to a two percent (2%) Net Smelter Return, to be determined and paid as set out in Schedule “B” hereto.
Appears in 3 contracts
Samples: Option and Joint Venture Agreement (Lake Victoria Mining Company, Inc.), Option and Joint Venture Agreement (Lake Victoria Mining Company, Inc.), Option and Joint Venture Agreement (Lake Victoria Mining Company, Inc.)
ROYALTY INTEREST. If any party is diluted to a ten percent (10%) or lower participating interest, that party will be deemed to have waived the opportunity to participate in future work programs, whether in exploration, development or production, and to have converted its participating interest to a two percent (2%) Net Smelter Return, to be determined and paid as set out in Schedule “BD” hereto.
Appears in 1 contract
Samples: Option and Joint Venture Agreement (Lake Victoria Mining Company, Inc.)
