Production Royalty. Payor shall pay in cash to the Beneficiary a Royalty equal to the percentage established in Clause Second of the Contract on the Net Smelter Returns obtained from the Minerals extracted, recovered and sold directly coming from THE CONCESSIONS subject to Royalty, during each Calendar Quarter, based upon the Gold Average Price or the Non-Auriferous Mineral Average Price, depending on the relevant Mineral, for the pertinent Calendar Quarter. Payor shall have no obligation to pay any Royalty whatsoever on Non-Commercial Production. 3.
