Austin Gold Corp
For the period ended Dec 31, 2023. Filed Mar 4, 2024.
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Dec 31, 2023 · Filed Mar 4, 2024
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Contents
EX-99.1 · 18. COMMITMENTS
18. COMMITMENTS
The Company executed an introductory agent agreement with BMR (the "BMR Agreement"). Under the BMR Agreement, should a mineral property recommended by BMR be acquired by the Company, the Company shall pay an introductory agent fee as follows:
| Within 15 days of acquisition | $5,000 |
|---|---|
| 6 months after acquisition | $5,000 |
| 12 months after acquisition | $5,000 |
| 18 months after acquisition | $5,000 |
| 24 months after acquisition | $7,500 |
| 30 months after acquisition | $7,500 |
| 36 months after acquisition | $10,000 |
| 42 months after acquisition | $10,000 |
| 48 months after acquisition | $15,000 |
| and every six months thereafter | |
If commercial production is achieved on a property recommended by BMR, the Company shall pay a 0.5% net smelter return royalty on all mineral interests acquired within the area of influence of the mineral property. Introductory agent fees and net smelter return royalty payments totaling $1,000,000 paid by the Company will reduce the net smelter return royalty by 50% to 0.25%.
The BMR Agreement was in effect for the Miller Project, as of February 1, 2021, until the mineral lease agreement was terminated on December 18, 2023. The Company paid a total of $35,000 in introductory agent fees to BMR during that period.
AUSTIN GOLD CORP.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the years ended December 31, 2023, 2022 and 2021Expressed in United States dollars, except for share data
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