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July 2020 DE-RO01-19LM70256 <br /> • <br /> (ii)multiplying the number of recoverable pounds of V205 per dry ton of ore in the lots so assayed by the price per <br /> pound of V205 established by DOE. <br /> (i) For ores that have been mined from the Property and delivered to a mill or other receiving station, but <br /> not assayed or fed to process,the Lessee shall estimate the value of said ores using standard industry practices and <br /> shall make royalty bid payments to DOE equal to or greater than 95 percent(95%)of the estimated value of the <br /> royalty bid payments due to DOE.Such royalty bid payments shall be treated as provisional payments with respect <br /> to said ores until such time that said ores are assayed or fed to process and the final royalty bid payments due to <br /> DOE are calculated and final royalty bid payments are made. <br /> (j) If price quotations for vanadium pentoxide become unavailable,DOE and the Lessee will negotiate to <br /> establish a method of determining an appropriate market price per pound of V205 to be used in determining that <br /> portion of the value per dry ton of ore attributable to vanadium.Pending agreement on such method,the last prices <br /> established by paragraph(g)(2)above shall be used in determining the portion of the value per dry ton of ore <br /> attributable to vanadium,for the purpose of computing royalties under this Lease.If the parties fail to reach <br /> • agreement on an applicable method,the matter shall constitute a dispute to be decided in accordance with <br /> Article XXVII,"DISPUTES,"of this Lease. <br /> (k) The parties hereto agree that if the Lessee is paid for any mineral constituent,other than uranium or <br /> vanadium,contained in ores mined from the Property,all amounts so paid shall be held in trust by the Lessee for <br /> DOE until the Lessee and DOE agree upon a base royalty to be paid to DOE with respect to the Lessee's sale of <br /> such constituent. <br /> (I) Consistent with Article XXIII,"DELIVERY OF PROPERTY,"the Lessee agrees,that within one <br /> hundred eighty(180)days following the expiration,relinquishment,or termination of this Lease as herein provided, <br /> all royalties associated with this Lease(annual royalty and bid royalty)shall become due and payable to DOE. For <br /> ores that have been mined from the Property,but not assayed or fed to process,the Lessee shall estimate the value of <br /> said ores using standard industry practices and shall make royalty bid payments to DOE equal to or greater than <br /> 95 percent(95%)of the estimated value of the royalty bid payments due to DOE.Such royalty bid payments shall be <br /> treated as provisional payments with respect to said ores until such time that said ores are assayed or fed to process <br /> and the final royalty bid payments due to DOE are calculated and royalty bid payments are made. <br /> • <br /> --B5— <br />