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AV K. 4. 1UO I1:')b N1 <br />F I" <br />Schedule "B" <br />• Net Smelter Retxrm Royalty <br />For the purposes of Section 6.3 of the Agreement: <br />"Not Smelter Returns" means the proceeds received by Global from any smelter or other <br />purchaser from the sale of any Products produced from the Properties after deducting from such <br />proceeds the following charges only to the extent that they are not deducted by the smelter or <br />other purchaser in computing the proceeds: <br />(i) the cost of transportation of the Products from the Properties to such smelter or <br />other purchaser, Including related transport; <br />(ii) smelting and refining charges including penalties; <br />(iii) marketing costs. <br />"Commencement of Commercial Production" means the 15!` day after a mill has processed the <br />first mineral products from the Properties. <br />Payment of the NSR will be made quarterly within 30 days after the end of each yearly quarter <br />based upon a year commencing on the 1st day of lanuary and expiring on the 31st day of <br />December in any year in which Commercial Production ocgurs. Within 60 days after the end of <br />• each year for which the NSR is payable, the records relating to the calculation of the NSR for <br />such year will be audited by Global and any adjustments in the payment of the NSR will be mado <br />forthwith after completion of the audit. All payments of thcNSR for a year will be deemed final <br />and in full satisfaction of all obligations of Olobal in aspect thereof if such payments or <br />calculations thereof are not disputed by the Property Owners within 60 days after r=ipt by the <br />Property Owners of the said audit statement. Global will maintain accurate records relevant to the <br />determination of Net Smelter Reports and the Property Ownwe, or their authorized agent, shall be <br />permitted the right to examine such records at all reasonable times. <br />•