Earn-In. Subject to Newmont's right, pursuant to paragraph 10, to terminate this Letter Agreement and the Agreement at any time and be relieved of all obligations hereunder and thereunder, Newmont will earn up to a 65% undivided interest in the Property pursuant to the following conditions (the "Earn-in"):
Earn-In. Phase 1: Newmont Goldcorp to make a non-refundable A$1.5 Million payment within 20 business days of signing the Agreement; Newmont Goldcorp can earn a 51% interest in the Project by spending A$6 Million on exploration on the Project over a period of four years; Newmont Goldcorp may withdraw during Phase 1 after spending a minimum A$2.5 Million; Newmont Goldcorp will be manager of the Project. Phase 2: Newmont Goldcorp may elect to increase its interest in the Project to 70% by: o making an additional cash payment of A$1 Million within 20 business days of electing to proceed to Phase 2; and o spending an additional A$6 Million on exploration within three years from electing to commence Phase 2; or o defining a JORC resource of over 500koz. Figure 2 - Field mapping by Prodigy Gold on the Tobruk Project Joint Venture Joint venture commences after Newmont Goldcorp earns a 51% interest in the Project (completion of Phase 1); Newmont Goldcorp may then elect to earn an additional 19% interest in the Project to increase its aggregate interest to 70%, triggering the Phase 2 earn-in (refer to previous section). Funding of the Joint Venture by Prodigy Gold Upon the earlier of: Newmont Goldcorp earning a 70% interest in the Project; or Newmont Goldcorp electing to cease sole funding exploration expenditure after earning and acquiring a 51% interest in the Project, Prodigy Gold must co-fund all future exploration and development or dilute its interest in the Project and convert to a 1.5% net smelter return royalty if its interest falls below 10%. Newmont Goldcorp can reduce the royalty to 1.0% by making a cash payment of $1M within 30 days of Prodigy Gold’s interest being reduced to 10%.
Earn-In. (a) The Parties agree that provided that XXX.xxx's Gross Sales in the first full fiscal year exceed [*], XXX.xxx shall issue and deliver to TSA upon TSA's demand therefor, [*] shares of XXX.xxx common stock.
Earn-In. Cyprus shall earn a sixty percent (60%) Participating Interest in the Property upon completion of the Exploration Expenditures set forth in Section 5.3 (a) and payments set forth under Section 5.3 (b) (i) and (ii). Except as provided for in Section 6.2, subsequent to Cyprus earning sixty percent (60%) interest in the Property, all expenditures for the benefit of the Property shall be contributed by the Parties in accordance to their Participating Interest. Immediately upon Cyprus satisfying its Earn-In requirements under Section 5.3 (a) and 5.3 (b) (i) and (ii), ICMC shall execute and deliver to Cyprus such documents that are necessary to transfer an appropriate percentage of interest in ICMC's interest in and to the Property to Cyprus.
Earn-In. The Option Agreement is fully completed and neither IAMGOLD nor any of its Affiliates have any interest in the Project or Projectco and the Governance Agreement is no longer in effect.
Earn-In. 3.1 On and from the Effective Date, APM shall be entitled to earn a 50% (fifty percent) Participating Interest in the Block 5 Project on the following basis:
Earn-In. FSD shall earn a forty percent (40%) Participating Interest in the Venture upon completion of the Exploration Expenditures and payments set forth under Section 5.2. If FSD expends the $425,000 commitment in Section 5.2 prior to the end of year four, made payments to IDO totaling $190,000 prior to May 31, 2002 pursuant to Section 5.3.1, and issued 950,000 shares of unrestricted, registered common stock of FSD pursuant to Section 5.3.2 prior to the end of year four, it will be deemed to have earned its Participating Interest at that time. Except as provided for in Section 6.2, subsequent to FSD earning a forty percent (40%) interest in the Venture, all expenditures for the benefit of the Properties shall be contributed by the Parties in accordance to their Participating Interest. Immediately upon FSD satisfying its Earn-In requirements under Sections 5.2 and 5.3, IDO shall execute and deliver to FSD such documents as are listed in Exhibit F that are necessary to transfer IDO's interest in and to the Properties to the Venture. FSD shall issue and deliver to IDO the balance of the 950,000 -12- shares of FSD common stock not previously issued pursuant to Section 5.3.2 at the time FSD has earned its Participating Interest.
Earn-In. ICMC shall earn a fifty-five percent (55%) Participating Interest in the Venture upon completion of the Exploration Expenditures and payment set forth under Section 5.2. If ICMC expends the $2,100,000 commitment in Section 5.2 prior to the end of year five, it will be deemed to have earned its Participating Interest at that time. Except as provided for in Section 6.2, subsequent to ICMC earning a fifty-five percent (55%) interest in the Venture, all expenditures for the benefit of the Properties shall be contributed by the Parties in accordance to their Participating Interest. Immediately upon ICMC satisfying its Earn-In requirements under Section 5.2, CCA shall execute and deliver to ICMC such documents as are listed in Exhibit H that are necessary to transfer CCA's interest in and to the Properties to the Venture. ICMC shall issue and deliver to CCA the balance of the 500,000 shares of ICMC common stock not previously issued pursuant to Section 5.3.2 at the time ICMC has earned its Participating Interest.
Earn-In. “Earn-in” means, (i) the Initial Contribution to be made by ANGLOGOLD over the 4 year period commencing with the Effective Date of this Agreement and terminating on the fourth anniversary thereof in order for ANGLOGOLD to acquire its Participating Interest in the Joint Venture as provided in Section 2.7(b)., and (ii) RIMFIRE’S conveyance of the Property to the Joint Venture.
Earn-In. (a) During the Option Period, USA Rare Earth must (unless the Parties otherwise agree in writing):
