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• July 2020 DE—RO01-19LM70256 <br /> provided that an appropriate extension of such twenty(20)day period shall be granted by DOE for any undue delay <br /> in the mail which causes a delay in delivery to the Lessee of payment for such lots of ore.Such royalty bid payments <br /> shall be treated as provisional payments with respect to any lot of ore for which DOE requests an umpire assay and <br /> an appropriate adjustment shall be made in the first royalty bid payment following finalization of payment to the <br /> Lessee for such ore. <br /> (t) Royalty bid payments due to DOE shall be deemed to have been made when received at the DOE Office <br /> of Legacy Management in Grand Junction,Colorado. <br /> (g) DOE shall establish the prices for uranium and vanadium that shall be used to calculate the fair-market <br /> value of lease-tract ores.These prices shall be established on a quarterly basis,on or before the twentieth(20th)day <br /> after the end of the previous calendar quarter(in January,April,July,and October)and shall remain in effect during <br /> the calendar quarter in which they are established.DOE shall establish these prices as follows: <br /> (I) DOE shall monitor,record,and track the spot-market and long-term-market prices for <br /> uranium(quoted as dollars per pound U,Og),as reported weekly in U: Weekly.DOE will then(i)automatically <br /> • calculate the monthly and quarterly arithmetic average prices for uranium(both spot-market and long-term-market), <br /> and(ii)automatically calculate a quarterly weighted-average price for uranium by applying the appropriate purchase <br /> contract percentages to the respective quarterly average prices.DOE shall also monitor,record,and track the Total <br /> Purchased(Weighted-Average Price)for uranium as reported annually by the U.S.Energy Information <br /> Administration in Table Slb.,"Weighted-Average Price of Uranium Purchased by Owners and Operators of <br /> U.S.Civilian Nuclear Power Reactors(Quoted as Dollars per Pound U308 Equivalent)."DOE will then <br /> automatically calculate the arithmetic average between the quarterly weighted-average price for uranium and the <br /> Total Purchased(Weighted-Average Price)for uranium.The resulting figure is reported as the annualized quarterly <br /> weighted-average price for uranium. <br /> (2) DOE shall also monitor,record,and track the market price of vanadium(quoted as dollars per <br /> pound V203)as reported weekly in Metal Bulletin(Non-Ferrous Primary Metals,Noble Alloys and Ores,Vanadium <br /> pentoxide).DOE will then(i)automatically calculate the monthly and quarterly arithmetic average prices for <br /> vanadium.and(ii)automatically apply an adjustment factor of one-half(0.5)to each quarterly arithmetic average <br /> price for vanadium.The resulting figure is reported as the adjusted quarterly average price for vanadium. <br /> • <br /> —B2— <br />