Net Smelter Returns

Net Smelter Returns. The net smelter returns from the production of Minerals from the Property as calculated and determined in accordance with Exhibit B

Net Smelter Returns. Means the net smelter returns from the production of Minerals from the Property as calculated and determined in accordance with Exhibit 1 to the conveyance to be executed and delivered in accordance with Section 5.4.

Net Smelter Returns. (the "NSR") means the net smelter returns from the production of Minerals from the Property as calculated and determined in accordance with Section 4 and 4.2, and Exhibit B attached to the Deed.

Net Smelter Returns. Means the net proceeds actually paid from the sale of minerals mined and removed from the Property, after deduction of the following: (i) smelting costs, treatment charges and penalties including, but not being limited to, metal losses, penalties for impurities and charges for refining, selling and handling by the smelter, refinery or other purchaser; provided, however, in the case of leaching operations or other solution mining or beneficiation techniques, where the metal being... treated is precipitated or otherwise directly derived from such leach solution, all processing and recovery costs incurred by the Optionee, beyond the point at which the metal being treated is in solution, shall be considered as treatment charges; (ii) costs of handling, transporting and insuring ores, minerals and other materials or concentrates from the Property or from a concentrator, whether situated on or off the Property, to a smelter, refinery or other place of treatment; and (iii) ad valorem taxes and taxes based upon production, but not income taxes; View More

Net Smelter Returns. ("NSR") as used in the Agreement shall mean the net proceeds received by Spartan from the sale or other disposition of Products from the Property after deductions from the Sales Price for all of the following (unless already allowed for in the Sales Price): i. Custom smelting and refining costs, treatment charges and penalties including, but without being limited to, metal losses, penalties for impurities and charges or deductions for refining, selling, transportation from smelter to... refinery and from refinery to market; provided, however, in the case of heap or dump leaching operations, all processing and recovery costs incurred by Spartan beyond the point at which the metal being treated is in solution shall be considered as treatment charges (it being agreed and understood, however, that such processing and recovery costs shall not include the cost of mining, crushing, dump preparation, distribution of leach solutions or other mining and preparation costs up to the point at which the metal goes into solution); 13 ii. Assaying and sampling charges imposed by the smelter or refinery (adjusted for any credits for silver and other metals allowed by the smelter or refinery) or otherwise incurred by Spartan for the purposes of selling Products; iii. Cost of transporting (including, without limitation, security and insurance costs) mineral product from the mine site to a smelter, refiner or other place of treatment; and iv. The amount of taxes (other than taxes measured by income), excise, duties and charges levied by a government or a governmental authority and payable by Spartan as a result of the production and/or sale by it of those Products. If any of the foregoing matters for which deductions are allowed are performed by Spartan or an Affiliate, then charges and costs for such services shall not exceed rates charged by independent third parties unrelated to Spartan offering comparable services for comparable products on prevailing terms. View More

Net Smelter Returns. Attributable to any particular Calendar Quarter, means the Stipulated Value for that Calendar Quarter of all Minerals that are credited to the account of Payor by a smelter, refiner or other bona fide first hand purchaser during that Calendar Quarter, less the following costs and expenses ("Deductions"): (i) all charges and costs, if any, for loading and transporting Minerals (with respect to which the Royalty is paid) to a smelter, refiner, or first hand purchaser, together with all costs of... insuring such Minerals in transit; (ii) all charges, costs and penalties, if any, for treating, processing, smelting and refining of such Minerals; (iii) all charges, costs and commissions, if any, of selling such Minerals; and (iv) sales, or other similar or related payment, tax or fee payable by the Payor or any operator or manager of THE CONCESSIONS subject to the Royalty, if any, based directly upon and actually assessed against the value or quantity of Minerals shipped, but excluding any and all of the following payments, taxes, and fees: (1) those based upon the net or gross income received by Payor or any operator or manager of THE CONCESSIONS subject to royalty, that is, income tax and value added tax (VAT) for the account and responsibility of Payor; (2) those based upon the value of THE CONCESSIONS subject to the Royalty, the privilege of doing business, or other similarly based payments, taxes or fees; (3) those not based directly upon and actually assessed against the value or quantity of Minerals extracted from THE CONCESSIONS and shipped; and (4) those payable to the operator of THE CONCESSIONS subject to Royalty based directly upon and actually assessed against the value or quantity of Minerals shipped. In the event that smelting and/or refining are carried out in facilities owned or controlled by Payor or a Payor's Affiliate, then charges, costs and penalties for such operations, including without limitation for loading, transportation and associated insurance, shall mean the amount that Payor or the Payor's Affiliate would have paid if such operations were carried out at facilities not owned or controlled by Payor or the Payor's Affiliate then offering comparable services for comparable products on prevailing market terms. View More