Gross Overriding Royalty definition

Gross Overriding Royalty means 2% of the Net Smelter Returns from all ores mined from the Properties and having a precious metal or combination of precious metals as the contained element of greatest economic value, and all dore, concentrates and other mineral products, metals or minerals which are derived therefrom prior to their sale (referred to in this section as the “Products”), where Net Smelter Returns equals the Gross Proceeds from sales of such Products less Allowable Deductions, where:
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Gross Overriding Royalty or “GOR” means a 5% assignable gross overriding royalty on all amounts received, directly or indirectly, by Vesta that can be attributed to the Mogul Interest, the Barisan Interest and the UHC Initial Interest;
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Gross Overriding Royalty has the meaning ascribed to that term in Schedule “A”;
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Examples of Gross Overriding Royalty in a sentence

  • The Company has a 100% ownership interest in the property, subject to a 0.875% Gross Overriding Royalty held by Commander Resources Ltd.

  • The Columbus Property is subject to a 1% Gross Overriding Royalty (GORR) payable to the vendor; however, the GORR is subject to a buyback in favour of the Company whereby it may acquire, at any time, one-half of the GORR (0.5%) for $1,000,000.

  • The Kootenay Property is subject to a 2.0% NSR royalty and a 24% Gross Overriding Royalty (“GOR”) on gemstones produced from the Kootenay Property.

  • The Company reserves a 4% Gross Overriding Royalty for diamonds and a 2% Net Smelter Royalty for other minerals.

  • In addition, a 1% Gross Overriding Royalty has been granted to the vendors, of which ½% can be purchased from the vendors for $1,000,000.


More Definitions of Gross Overriding Royalty

Gross Overriding Royalty means 2% of the Net Sales Returns from all diamonds mined or recovered from the Properties (referred to in this section as “Diamonds”), where Net Sales Returns equals the Gross Proceeds less Allowable Deductions, where:
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Gross Overriding Royalty means:
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Gross Overriding Royalty means 2.5% of NAGR's interest in the Precious Net Smelter Returns from all ores mined from the Properties and having a precious metal or combination of precious metals as the contained element of greatest economic value, and all dor , concentrates and other mineral products, metals or minerals which are derived therefrom prior to their sale (the "Precious Products"), where Precious Net Smelter Returns equals the Xxxxxxxx Xxxxx Proceeds from sales of such Precious Products less Precious Allowable Deductions, where:
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Gross Overriding Royalty has the meaning ascribed to it and is to be calculated in the manner as set forth in Appendix "I" to this Agreement;
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Gross Overriding Royalty. (“XXXX”)”
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Gross Overriding Royalty. (as defined and paid in accordance with Schedule “B” which is made a part hereof, and the right to receive such payments is hereinafter referred to collectively as the “Royalty”).
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Gross Overriding Royalty means 2.5 % of NAGR's interest in the Diamond Net Sales Returns from all diamonds mined from any of the Properties ("Diamonds"), where Diamond Net Sales Returns equals the Diamond Gross Proceeds less Diamond Allowable Deductions, where:
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