Common use of Payments and Statements Clause in Contracts

Payments and Statements. The Net Smelter Returns Royalty shall become due and payable quarterly on the last day of the month following the last day of the calendar quarter in which the same accrued. Net Smelter Returns Royalty payments shall be accompanied by a statement showing in reasonable detail the quantities and grades of the refined metals, dore, concentrates, or other mineral products produced and sold by the Operator in the preceding calendar quarter; the proceeds of sale on which the royalty is due; costs, and other deductions; and other pertinent information in sufficient detail to explain the calculation of the Royalty payment. An annual report shall be prepared with estimates of anticipated production from and estimated remaining reserves on the Properties for the succeeding calendar year. If requested in writing, the Operator shall provide the Royalty Holder, at Royalty Holder’s expense, with such data or reports regarding mineral resources that are subject to the Net Smelter Returns Royalty as may be reasonably required by the Royalty Holder to comply with the requirements of National Instrument 43-101 of the Canadian Securities Administrators (“NI 43-101”), but no officer or employee of the Operator or any of its Affiliates shall be required to act as a “qualified person” (as that term is defined in NI 43-101) of Royalty Holder in respect of any publicly disclosed information. No representation or warranty is made by the Operator with respect to the accuracy of the conclusions drawn by the Royalty Holder with respect to such reports. For the purposes of this section, the Royalty Holder shall be required to take advantage of any exemptions from the filing requirements of NI 43-101.