Net Smelter Return Royalty Clause Samples
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Net Smelter Return Royalty. 5.1 There is hereby reserved to the Owners out of the transfer of the Claims to the Optionee and, subject to the exercise of the Option by the Optionee, the Owners will be entitled to receive and the Optionee will pay to the Owners, a royalty equal to TWO (2%) PERCENT of the net smelter returns from all Products, calculated and paid in accordance with Schedule "C".
5.2 For and in consideration of payment of the sum of ONE ($1.00) DOLLAR by the Optionee to the Owners on the execution of this agreement (the receipt and sufficiency of which are hereby acknowledged by the Owners), the Optionee will have, and the Owners hereby give and grant to the Optionee, the option (the "NSR Call Option") to purchase from the Owners, at any time after the date hereof, all of the right, title and interest of the Owners in and to one-half (being 1% percent) of the Royalty, for a total consideration of ONE MILLION ($1,000,000) DOLLARS (the "NSR Call Option Price"). The Optionee may exercise the NSR Call Option at any time during the period commencing on the Acceptance Date and ending on the day which is TWENTY (20) years after the Acceptance Date, by delivering notice to that effect to the Owners. The closing of purchase and sale will occur on the sixty-first (61st) day following the date of receipt of such notice and, on closing, the Optionee will deliver a certified cheque or bank draft in payment of the full NSR Call Option Price and the Owners will, at the expense of the Optionee, do or cause to be done all such acts, execute and deliver all such instruments, deeds or agreements and give all such further assurances as may be reasonably necessary to give effect to the exercise of the NSR Call Option and the transfer to the Optionee of all of the right, title and interest of the Owners in and to one-half, being one (1%) percent, of the Royalty.
5.3 From and after the exercise of the NSR Call Option, the Royalty herein reserved to the Owners will be reduced to one (1%) percent and the Optionee will pay such reduced Royalty to the Owners.
Net Smelter Return Royalty. (a) The Corporation will grant to the Executive a net smelter returns royalty (“NSR”) equal to:
(i) one (1%) percent over all prospects generated by the Executive which are acquired, by way of staking (each a “Staked Prospect”), for the beneficial ownership of the Corporation or any of its affiliates; and
(ii) one half (1/2%) percent over all prospects generated by the Executive which are acquired, by way of lease (each a “Leased Prospect”), for the beneficial ownership of the Corporation or any of its affiliates, provided that:
(A) such Leased Prospect carries a maximum NSR of four (4%) percent to the underlying owner/lessee; and
(B) such Leased Prospect is not adjacent to any claims from which the Executive is otherwise is entitled to receive or participate in a NSR or other royalty interest.
(b) The Corporation will have the right to purchase, at any time, the one half (1/2%) percent NSR contemplated in subsection 18(a)(ii) in respect of any Leased Prospect for a purchase price of $500,000 per Leased Prospect.
(c) Any NSR granted by the Corporation to the Executive in respect of a Staked Prospect or Leased Prospect (each a “Prospect”) shall be owned in perpetuity for the benefit of the Executive, his heirs, executors, administrators or assigns, and will carry through any change or transfer of ownership of the Prospect. The Corporation shall notify the Executive of its intent to drop a Prospect or any claim or lease comprised therein at least 30 days prior to any applicable annual claim filing and/or required lease payment.
Net Smelter Return Royalty. For the purposes of this Agreement the term "Net Smelter Returns" shall mean the actual proceeds received from any independent custom smelter, mill, mint or other purchaser for the sale of all minerals, metals or concentrates extracted and derived from the ore mined from the Property after deducting therefrom all charges and penalties for smelting and refining and the cost of transportation (to the mill or smelter and thereafter to the mint), insurance premiums, sampling and assaying charges incurred after the minerals, metals or concentrates have left the Property and all appropriate mint charges.
Net Smelter Return Royalty. As of the date hereof, in connection with the transactions contemplated under the Stock Purchase Agreement, Bolsa does hereby grant convey, remise, release, and forever quitclaim unto ▇▇▇▇▇▇▇, its successors and assigns, a production royalty of three percent (3%) of the Net Smelter Returns (as herein defined) from all Crude Ores and Concentrates mined or otherwise recovered and removed from the Initial Bolsa Real Property Assets (the "Bolsa NSR"). The Bolsa NSR shall be determined as follows:
Net Smelter Return Royalty. The transfer of the Property by the Optionor is subject to the Optionor retaining the NSR with respect to the production from the Property having the following attributes:
Net Smelter Return Royalty. Pacifico shall be entitled to a Net Smelter Return Royalty equal to 3% (three percent) of the Net Smelter Returns for the entire life of the operations in Ecuador or 30 years, whichever comes later. "Net Smelter Returns" means the proceeds received from any smelter or other purchaser from the sale of any ores, concentrates or minerals produced from operations in Ecuador after deducting from such proceeds the following charges only to the extent that they are not deducted by the smelter or other purchaser in computing the proceeds: (i) the cost of transportation of the ores, concentrates or minerals from the property to such smelter or other purchaser, including related transport; (ii) smelting and refining charges including penalties; (iii) marketing costs. The Net Smelter Return Royalty shall be calculated and paid to Pacifico on a quarterly basis within forty-five (45) days after the end of each fiscal quarter. Spirit shall have the right to buy-back 1% of the Net Smelter Return Royalty held by Pacifico for $1,000,000 USD in cash.
Net Smelter Return Royalty. Section 2)b of the Assignment Agreement is replaced in its entirety with the following:
Net Smelter Return Royalty. For good and valuable consideration, the receipt and sufficiency whereof being hereby acknowledged, the Owner does hereby issue and grant to the Royalty Holder, and agrees to pay to the Royalty Holder, the Royalty all on the terms and conditions specified in this Agreement.
Net Smelter Return Royalty. 2.1 The Royalty payable to the Optionor pursuant to Article 7 of the Option Agreement to which this Schedule is attached will be equal to 2.0% of the net smelter return (the “Net Smelter Return”).
2.2 The Net Smelter Return shall be the net amount of money received from the sale of ore, or ore concentrates or other products, from the Property to a smelter or other ore buyer after deduction of smelter and/or refining charges, ore treatment charges, penalties and any and all charges made by the purchaser of ore or concentrates, less any and all transportation costs which may be incurred in connection with the transportation of ore or concentrates, less all umpire charges which the Optionee may be required to pay.
Net Smelter Return Royalty. (a) MPA shall pay DMSL a quarterly production royalty equivalent to the following:
1. 00 % of the net smelter returns (“NSR”) from gold, silver and other minerals produced and sold from the Mining Concessions described in Appendices A and C attached to the Termination and Purchase Agreement, being the San ▇▇▇▇ Concessions and the San ▇▇▇▇▇▇ Group Concessions.
2. 00 % or 3.00 % of the NSR from gold, silver and other minerals produced and sold from the Mining Concessions described on Appendix C attached hereto, being the ▇▇▇▇▇▇ Concessions, depending upon the average spot market gold price, as announced by the London Bullion Houses (Second Fixing), during the relevant calendar quarter according to the following schedule: $499.99 or less 2.00 % $500.00 and above 3.00 % For the purposes of the NSR set out herein, NSR shall be determined by multiplying (A) the gross number of ▇▇▇▇ ounces of gold and silver contained in production (and for minerals other than gold and silver, the gross amount of the particular mineral contained in production) from the applicable Mining Concessions and delivered to the smelter, refiner, processor, purchaser or other recipient of such production during the calendar quarter (B) by the sales price for such gross amount determined in accordance with subsections (b), (c) and (e) below, less, but only to the extent actually incurred and borne by the entity operating the mine or mines on the Mining Concessions (the “Operator”):
(i) all actual charges and costs, including insurance, for transportation of gold, silver or other minerals from the Operator’s processing facilities at or near the Mining Concessions to the place of sale, whether transported by the Operator or a third party;
(ii) all actual charges, costs, deductions, and penalties for treatment, smelting and refining the gold, silver or other minerals (including any umpire charges) after said gold, silver or other minerals leave the Operator’s processing facility at or near the Mining Concessions. For example, if the Operator produces a gold and/or silver concentrate at its processing facility, it shall be entitled to deduct all charges, costs, deductions, and penalties incurred by it in smelting and refining that concentrate into a final product for sale. If the Operator produces a gold and/or silver dore at its processing facility, which requires further refining, it shall be entitled to deduct all charges, costs, deductions, and penalties incurred by it in such further refin...