Stipulated Value

Stipulated Value. Means the selling price of the Mineral credited to the account of Payor by a smelter, refiner or other bona fide first hand purchaser during any Calendar Quarter, that is, the credited number of ounces of gold or of the applicable measurement unit of volume for any other Mineral other than gold, multiplied by the Gold Average Price or the Non-Auriferous Mineral Average Price, depending on the relevant Mineral, for that Calendar Quarter.