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• July 2020 DE—RO01—I9LM70256 <br /> (3) Paragraphs(g)(1)and(gX2)can be summarized by the following three equations: <br /> U =(QWA TPWA)/2 (1) <br /> where: <br /> U = Annualized Quarterly Weighted-Average Price for Uranium <br /> QWA = Quarterly Weighted-Average Price for Uranium <br /> TPWA = Total Purchased(Weighted-Average Price)for Uranium <br /> QWA ' QSM* PSM * QL'IM*PLTM (2) <br /> where: <br /> QSM = Quarterly Arithmetic Average Price for the Uranium Spot Market <br /> PsM = Purchase Contract Percentage for the Uranium Spot Market <br /> QLt i = Quarterly Arithmetic Average Price for the Uranium Long-Term Market <br /> PLTM = Purchase Contract Percentage for the Uranium Long-Term Market <br /> V=QWA*0.5 (3) <br /> where: <br /> • V = Annualized Quarterly Weighted-Average Price for Vanadium <br /> QwA Quarterly Weighted-Average Price for Vanadium <br /> (h) The Lessee shall be notified by DOE of these prices(annualized quarterly weighted-average price for <br /> uranium and adjusted quarterly average price for vanadium)in writing by email or by correspondence.The Lessee <br /> shall use these prices to calculate the fair-market value of the ore in dollars per dry ton(calculated to the nearest cent <br /> ($0.011), for all lots of such ore assayed during any calendar month.This fair-market value shall be determined by. <br /> (1) Computing the number of recoverable pounds of contained U208 and V2O5 per dry ton of ore <br /> in the lots so assayed by(i)multiplying the total number of pounds of U3O8 and V2O5,respectively,contained in the <br /> lots of ore so assayed during such calendar month,by factors of 0.96 and 0.79,respectively(the average milling <br /> facility's recovery rates for U3Oe and V2O5,respectively,as acknowledged by DOE);and,(ii)dividing each of the <br /> resulting numbers by the total number of dry tons of ore contained in the lots so assayed during such calendar <br /> month,and carrying the results to three decimal places for U3O1 and two decimal places for V2O5;and <br /> (2) Adding together the dollar amounts obtained by(I)multiplying the number of recoverable <br /> pounds of U3Oa per dry ton of ore in the lots so assayed by the price per pound of U3Os established by DOE;and, <br /> • <br /> —B4— <br />