Austin Gold Corp
For the period ended Mar 31, 2024. Filed May 9, 2024.
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Mar 31, 2024 · Filed May 9, 2024
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Contents
EX-99.1 · 12. COMMITMENTS
12. 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 and every six months thereafter | $15,000 |
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%.
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