Monthly Calculations and Payments. Net Smelter Returns Royalties shall be determined on a calendar month basis. Net Smelter Returns Royalties shall be paid on or before the last business day of the calendar month immediately following the last day of the calendar month in which same accrued, but in any event Owner shall be paid no less frequently than when Lessee is paid. Precious Metals and Other Minerals will be deemed to have been sold or otherwise disposed of at the time refined production from the Property is delivered, made available, or credited to Lessee by a mint or refiner. The price used for calculating the Net Smelter Royalty on Precious Metals and Other Minerals shall be determined in accordance with Standard Practices and in accordance with this Agreement and Exhibit B.
Appears in 6 contracts
Samples: Purchase Agreement, Purchase Agreement (Brilliant Sands Inc), Exploration and Mining Lease and Option to Purchase Agreement (Idaho North Resources Corp.)
