Exploration Budget definition

Exploration Budget and “Exploration Program” shall mean any relevant budget and program, as the case may be, pertaining to such phase (or part thereof) approved by the Board from time to time

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Exploration Budget means, with respect to Exploration to be conducted pursuant to an Exploration License issued pursuant to this Agreement, the budget approved by the Government pursuant to the Exploration Regulations.

Exploration Budget means a description in reasonable detail of operations to be conducted and objectives to be accomplished by the Company for a given period with respect to the Exploration Phase, together with a detailed estimate of all operating and capital costs to be incurred by, the Company, together with a funding plan (if relevant) including any proposed Additional Funding required by the Company with respect to such operations;

Examples of Exploration Budget in a sentence

• All activities of the Business shall be conducted and expenses shall be incurred consistent with the Exploration Budget and all subsequently approved Budgets, except to the extent set forth in Section 5.12.

• GRC shall provide HLM with periodic reports within ten (10) days after the end of each Expenditure Period summarizing: (a) the status of Exploration activities; (b) expenditures under the Exploration Budget; (c) the results of any Exploration activities conducted during the reporting period; and (d) such other information as HLM may reasonably request.

• On the basis of the adopted Budget (other than the Exploration Budget, which shall be fully funded by Hawthorne as set forth in the Contribution Agreement), and subject to the provisions of Section 3.4, the Operator shall submit to each Member at least fifteen (15) days before the last day of each calendar quarter a billing for estimated cash requirements for the next calendar quarter (a “Contribution Notice”).

• At (a) the first meeting of the Board to consider the first proposed Budget following completion of the Exploration Budget, and (b) on or before December 1st of each calendar year thereafter, at a meeting of the Board, the Designees shall submit in writing to the Board whether such Designees (i) approve the proposed Budget, (ii) propose modifications to the proposed Budget, or (iii) reject the proposed Budget.

• The Exploration Budget shall govern the allocation and expenditure of funds for Exploration activities.

• GRC has previously provided the Exploration Budget to the Company, which Exploration Budget has been approved by the Company and the Members.

• Any such Expenditure Request may also include the entire amount of payments or other expenses to be made under any contract to be entered into by GRC as Operator on behalf of the Company for the conduct of any Exploration activities outlined in the Exploration Budget, for the duration of any such contract.

• HLM acknowledges and agrees that, pursuant to the Exploration Budget, the HLM Contribution could be required to be made in full as soon as two years after the Effective Date.

• Simultaneous with the execution of this Contribution Agreement, GRC shall provide to HLM an Expenditure Request consisting of an itemized statement of Company operating expenses under the Exploration Budget for the next sixty (60)-day period.

• Not later than (a) ninety (90) days after completion of the HLM Contribution and completion of the Exploration Budget, and (b) November 1st of each calendar year thereafter, the Operator shall prepare a proposed Budget for the succeeding calendar year or longer such period approved by the Board, and submit that proposed Budget to the Board for its review and approval.

More Definitions of Exploration Budget

Exploration Budget means a description in reasonable detail of operations to be conducted and objectives to be accomplished by the Company for a given period with respect to the Exploration Phase, together with a detailed estimate of all operating and capital costs to be incurred by, the Company, together with a funding plan (if relevant) including any proposed Additional Funding required by the Company with respect to such operations; “Exploration Drilling Stage” has the meaning given to it in Clause 7.3.4 (Exploration Stages); “Exploration License Applications” means applications for Exploration Licenses to explore for all of the metals set forth in Schedule 7 (Metals) in and on the Ma’aden Land, including those which as at the Effective Date have been applied for by Ma’aden as set out in 0 of Schedule 6 (Ma’aden Land Area); “Exploration License” means a document issued by MIMR which constitutes approval to conduct a detailed activity leading to the discovery of deposits, using geological, geophysical or geochemical methods, different types of drilling or any other appropriate method in any location to determine the presence, extensions, quantities, types and mining viability of such deposits and includes:

Exploration Budget means the Forty Million Dollar ($40,000,000) Exploration budget previously provided by GRC and approved by the Company, as the same may be amended from time to time in accordance with this Contribution Agreement. ​ ​ ​

Exploration Budget means the itemized estimate of all Exploration Expenditures to be incurred in carrying out a specific Exploration Campaign, prepared approved in accordance with Section 4.5.

Exploration Budget means the initial Budget adopted by the Members as described in the Contribution Agreement.

Exploration Budget means an estimate of expenditures to be made by Coastal for exploration operations contemplated hereunder to accomplish the Work Program for each particular period.