Document:

Exhibit 10.4

 

NPR ROYALTY AGREEMENT

 

THIS AGREEMENT made as of
the 1st day of October, 2007.

 

BETWEEN:

 

BETHANY
RESOURCES, LLC, a limited liability company under the laws of
Arizona (hereinafter referred to as the “Royaltyholder”)

 

- and -

 

BE
RESOURCES INC., a company incorporated under the laws of Colorado
(hereinafter referred to as the “Royaltypayor”)

 

WHEREAS the Royaltypayor has on this day
acquired a 100% interest in the Property (hereinafter defined);

 

AND WHEREAS part of the consideration for the
Property is the royalty provided for in this agreement (the “Royalty”);

 

AND WHEREAS capitalized words and expressions
shall have the meanings set forth in Article 3 of this agreement;

 

THIS AGREEMENT WITNESSES THAT, in
consideration of the premises and the respective covenants and agreements
hereinafter set forth in this agreement and other good and valuable
consideration (the receipt and sufficiency of which are hereby acknowledged),
the parties do covenant and agree with one another as follows:

 

ARTICLE 1  OBLIGATION

 

1.1                                 If the Royaltyholder becomes
entitled to any payments under this agreement, the Royaltypayor shall
calculate, as at the end of each calendar quarter subsequent to the Completion
Date, the Net Profits in accordance with generally accepted accounting
principles consistently applied in the United States (“GAAP”).

 

1.2                                 Subsequent to the Completion
Date, the Royaltypayor shall within 60 days of the end of each calendar
quarter in which the Royaltypayor is in receipt of any Gross Receipts:

 

(a)                                  deliver to the
Royaltyholder a statement indicating:

 

(i)                                     the Gross
Receipts during the calendar quarter;

 

(ii)                                  the deductions
therefrom made in the order itemized in §2.1 of this agreement;

 

(iii)                               the amount of
Net Profits remaining, if any; and

 

(iv)                              the amount of
those Net Profits, if any, to which the Royaltyholder is entitled; and

 

(b)                                 pay or cause to
be paid to the Royaltyholder that amount equal to 0.34% of the Net Profits, if
any.

 

1.3                                 If at any time after the
date of this agreement any party or an affiliate of any party (the “Acquiring Party”) stakes or otherwise
acquires, directly or indirectly, any right to or interest in any mining claim,
licence, lease, grant, concession, permit, patent, or other mineral property
(the “Acquired Properties”) located
wholly within three miles of the boundary of each mining lease and claim
comprising the Property (the “Area of
Interest”), the Acquired Properties shall be subject to the Royalty
and, notwithstanding any other provisions of this agreement, all amounts to be
calculated under this agreement shall relate to the Property and Acquired
Properties, and Exploration Costs shall include the costs of acquisition of the
Acquired Properties. Notwithstanding the foregoing, a particular Acquired
Property shall not be subject to the Royalty if the Acquired Property was
acquired from a

 

 

third party (and not through staking) and the
Acquired Property is already subject to a royalty interest other than to a
government entity.

 

1.4                                 The parties intend that the
Royalty, to the extent permissible under applicable laws, constitutes an
interest in the Property and, accordingly agree that the Royalty will run with
and be binding upon title to the Property and binding upon the successor in
title to the Property. Nothing herein is to be construed however to limit or
restrict the ability of the Royaltypayor to sell the Property or any portion
thereof at any time and in its complete discretion.

 

ARTICLE
2  NET PROFITS DEFINED

 

2.1                                 “Net Profits” means the Gross Receipts minus deductions
therefrom of (A) and (B), to the extent of but not exceeding the amount of
those Gross Receipts, where (A) is the Gross Royalty and (B) is the
then net unrecovered amounts of Costs, with Costs to be deducted in the
following order:

 

(a)                                  Marketing Costs;

 

(b)                                 Distribution
Costs;

 

(c)                                  Operating
Costs;

 

(d)                                 Taxes and
Royalties;

 

(e)                                  Interest Costs;

 

(f)                                    Capital Costs;
and

 

(g)                                 Exploration
Costs

 

2.2                                 For greater certainty, in
calculating Net Profits at any time, each of the classes of Costs shall
constitute a separate pool from which all Costs deducted on any previous
quarterly calculation shall be removed and to which Costs of those classes
recorded since the date of this agreement (in the case of the first quarterly
calculation) or since the date of the last quarterly calculation (in the case
of any calculation subsequent to the first quarterly calculation) shall be
added.

 

2.3                                 If the application of
credits to a pool of Costs results in a negative balance in that pool of Costs,
the amount of any negative balance from a Cost pool shall be applied to reduce
the balances then remaining in pools itemized in §2.1 of this agreement in the
order itemized.

 

ARTICLE
3  DEFINITIONS

 

3.1                                 In this agreement, including
the recitals hereof, the following words and expressions shall have the
following meanings, except where the context otherwise necessarily requires:

 

(a)                                  “Completion Date” means the date on which
the Royaltypayor determines that the project of preparing and equipping a Mine
for commercial production is complete;

 

(b)                                 “Costs” means all items of outlay and
expense whatsoever, both direct and indirect, with respect to the Property or
any Mine recorded by the Royaltypayor in accordance with GAAP, including
without limiting the generality of the foregoing:

 

(i)                                     “Capital Costs” which means:

 

(1)                                  all Costs of
preparing and equipping a Mine for commercial production which are recorded by
the Royaltypayor, and all Costs of obtaining financing and providing security;
and

 

(2)                                  subject to
§8.1, a charge of 3% of the Capital Costs referred to in §(1) in return
for its overhead functions which are not charged directly;

 

2

 

(ii)                                  “Distribution Costs” which means all Costs
of:

 

(1)                                  transporting
Products from a Mine or a concentrating plant to a smelter, refinery or other
place of delivery designated by the purchaser and, in the case of concentrates
tolled, of transporting the metal from a smelter to the place of delivery
designated by the purchaser;

 

(2)                                  handling,
warehousing and insuring the Products; and

 

(3)                                  in the case of
concentrates tolled, of smelting and refining, including any penalties thereon
or in connection therewith;

 

(iii)                               “Exploration Costs” which means:

 

(1)                                  all Costs of Exploration Operations recorded by the Royaltypayor
less any exploration tax credits received by the Royaltypayor; and

 

(2)                                  subject to
§8.1, a charge which shall not aggregate more than 5% of the Exploration Costs
referred to in §(1), reduced to 3% on amounts in excess of US $100,000 on any
single third party contract, in return for its overhead functions which are not
charged directly;

 

(iv)                              “Gross Royalty” which means that royalty of
1% payable to David Q. Tognoni pursuant to the Gross Royalty Agreement dated October 1,
2007 between BE Resources Inc. and David Q. Tognoni;

 

(v)                                 “Interest Costs” which means interest
computed quarterly and not in advance and being the aggregate of the interest
determined for each month in the quarter as follows:

 

(1)                                  the average of
the opening and closing monthly outstanding balances for each month of the net
unrecovered amounts of all Costs in the classes enumerated in §2.1 of this
agreement;

 

multiplied
by,

 

(2)                                  the Prime Rate
plus 2%;

 

multiplied
by,

 

(3)                                  the number of
days in the month;

 

divided
by,

 

(4)                                  the number of
days in the year.

 

These Interest Costs are in
lieu of an inclusion in Costs for the interest charged by third party project
lenders of Capital Costs and Operating Costs;

 

(vi)                              “Marketing Costs” which means such
reasonable charge for marketing of ores and concentrates sold or of
concentrates tolled as is consistent with generally accepted industry marketing
practices;

 

(vii)                           “Mining Costs” which means all costs related
to mining, milling, concentrating and recovering metals from the Property and
reclamation, rehabilitation and monitoring costs;

 

(viii)                        “Operating Costs” which means:

 

(1)                                  all Mining
Costs recorded by the Royaltypayor, including, without limiting the generality
of the foregoing, an amount to be established by the Royaltypayor in good faith
as representing the cost of rehabilitation which will have to be spent after
commercial production has terminated, it being agreed that the Royaltypayor may

 

3

 

charge a portion of that
cost to the royalty account over a reasonable period of time commencing with
commercial production; and

 

(2)                                  subject to
§8.1, a charge of 3% of the Operating Costs referred to in §(1) in return
for its overhead functions which are not charged directly; and

 

(ix)                                “Taxes and Royalties” which means all taxes
(other than income taxes), royalties (other than the Gross Royalty) or other
charges or imposts provided for pursuant to any law or legal obligation imposed
by any government if paid by the Royaltypayor;

 

(c)                                  “Exploration Operations” means every kind of
work done by the Royaltypayor and every kind of payment on or in respect of the
Property including, without limiting the generality of the foregoing,
investigating, prospecting, exploring, mapping, geological work, geochemical surveys,
geophysical surveys, grid preparation, developing, property maintenance,
preparing reports, estimates and studies, designing, equipping, improving,
surveying and construction costs;

 

(d)                                 “Gross Receipts” means the aggregate of all
receipts, revenues, recoveries or amounts received by or credited to the
Royaltypayor in connection with this agreement including, without limiting the
generality of the foregoing:

 

(i)                                     the receipts
from the sale of the Royaltypayor’s proportionate share of Products produced
from the Mine:

 

(ii)                                  all proceeds
received from the sale of any portion of the Property or assets at the end of
commercial production;

 

(iii)                               all insurance
recoveries (including amounts received to settle claims) in respect of loss of,
or damage to any Products subsequent to the Completion Date;

 

(iv)                              all amounts
received as compensation for the expropriation or forcible taking of any
portion of the Property;

 

(v)                                 the fair market
value, at the Property, of those assets, if any, that are transferred from the
Property for use by the Royaltypayor elsewhere subsequent to the Completion
Date; and

 

(vi)                              the amount of
any negative balance remaining after the reallocation of negative balances
pursuant to §2.3 of this agreement; to the extent that those receipts,
recoveries or amounts have not been applied by the Royaltypayor as a recovery
of any of the classes of Costs itemized in §2.1 of this agreement;

 

provided that where any
Products are sold to, or treated in, a smelter or refinery owned or controlled
by Royaltypayor, the pricing for that sale or treatment will be established by
Royaltypayor on an arms-length basis so as to be fairly competitive with
pricing, net of transportation, insurance, treatment charges and other related
costs, then available on world markets for product of like quantity and
quality;

 

(e)                                  “Mine” means the workings established and
assets acquired in order to bring the Property or a portion thereof into
commercial production, including, without limiting the generality of the
foregoing, development headings, plant and concentrator installations and all
infrastructure, plant, housing, airport, roads and other facilities;

 

(f)                                    “Prime Rate” means the weighted average of
the rates of interest for the period of calculation as stated by the Bank of
Montreal, Main Office, Toronto, Ontario, as being charged by it on United
States Dollar demand loans to its most creditworthy domestic commercial
customers;

 

4

 

(g)                                 “Products” shall mean ores, concentrates and
minerals mined from the Property, or solutions, concentrates or cathodes
retrieved through leaching or solution mining or solution
extraction/electrowinning or other processing of mineralized material mined
from the Property;

 

(h)                                 “Property” shall mean the mining leases and
claims in Socorro County and Sierra County, New Mexico set forth in
Schedule A and any of the Acquired Properties; and

 

(i)                                     “Trading Activities” shall have the meaning
set out in §6 of this agreement.

 

ARTICLE
4  ROYALTYPAYOR TO DETERMINE OPERATIONS

 

4.1                                 The Royaltypayor will have
complete discretion concerning the nature, timing and extent of all
exploration, development, mining and other operations conducted on or for the
benefit of the Property and may suspend operations and production on the
Property at any time it considers prudent or appropriate to do so. The
Royaltypayor will owe the Royaltyholder no duty to explore, develop or mine the
Property or to do so at any rate or in any manner other than that which the
Royaltypayor may determine in its sole and unfettered discretion. The
Royaltypayor may, but will not be obligated to treat, mill, heap leach, sort,
concentrate, refine, smelt or otherwise process, beneficiate or upgrade the
ores, concentrates and other products at sites located on or off the Property,
prior to sale, transfer or conveyance to a purchaser, user or consumer. The
Royaltypayor will not be liable for mineral values lost in processing under
sound practices and procedures, and no royalty will be due on any such lost
mineral values.

 

ARTICLE
5  COMMINGLING

 

5.1                                 Ores, concentrates and
derivatives mined or retrieved from the Property may be commingled with ores,
concentrates or derivatives mined or retrieved from other properties. All
determinations required for calculation of Net Profits, including without
limitation the amount of the metals contained in or recovered from ores,
solutions, concentrates or derivatives mined or retrieved from the Property,
the amount of the metals contained in or recovered from commingled ores,
solutions, concentrates or derivatives, gross revenues from the sale of
Products, and costs and expenses allocated to the Property or Products shall be
made in accordance with prudent weighing, sampling, assaying, engineering,
metallurgical and cost accounting practices.

 

ARTICLE
6  TRADING ACTIVITIES

 

6.1                                 The Royaltypayor may, but
need not, engage in forward sales, futures trading or commodity options
trading, and other price hedging, price protection and speculative arrangements
(“Trading Activities”) which may
involve the possible delivery of base or precious metals produced from the
Property. The parties acknowledge and agree that the Royaltyholder shall not be
entitled to participate in the proceeds or be obligated to share in any losses
generated by the Trading Activities.

 

6.2                                 The Royaltypayor may retain
any base or precious metals produced from the Property in which case the value
of such retained metals shall be added to the Gross Receipts. The value of such
metals shall be determined, in the case of gold or silver, by taking the
average London Bullion Brokers PM fixing price for the calendar quarter of
production or for other metals the average spot price of the New York
Commodities Exchange final daily spot price for the applicable metal for the
calendar quarter of production for the applicable metal.

 

ARTICLE
7  ADJUSTMENTS AND VERIFICATION

 

7.1                                 Payment of any Net Profits
by the Royaltypayor shall not prejudice the right of the Royaltypayor to adjust
the statement supporting the payment; provided, however, that all statements
presented to the Royaltyholder by the Royaltypayor for any quarter shall
conclusively be presumed to be true and

 

5

 

correct upon the expiration of 12 months
following the end of the quarter to which the statement relates, unless within
that 12 month period the Royaltypayor gives notice to the Royaltyholder
making claim on the Royaltyholder for an adjustment to the statement.

 

7.2                                 The Royaltypayor shall not
adjust any statement in favour of itself after the expiration of 12 months
following the end of the quarter to which the statement relates.

 

7.3                                 The Royaltyholder may from
time to time request reasonable supporting documentation for statements that
are within the period contemplated in §7.1 and the Royaltypayor, acting in good
faith, shall provide the same promptly to the Royaltyholder.

 

7.4                                 If the supporting
documentation and any discussion with the Royaltypayor do not resolve the
Royaltyholder’s concerns, the Royaltyholder shall be entitled upon notice to
the Royaltypayor to request from the Royaltypayor that mutually acceptable
auditors be requested to provide the Royaltyholder with their opinion that any
statement delivered pursuant to §1.2 of this agreement in respect of any
quarterly period falling within the 12 month period immediately preceding
the date of the Royaltyholder’s notice has been prepared in accordance with
this agreement. When giving any notice aforesaid, the Royaltyholder will
articulate the matter or matters of concern to it. Within 45 days from the
date the auditors are provided with the Royaltyholder’s notice, the auditors
shall provide a written statement to the parties setting forth the auditors’
opinion with respect the matter or matters of concern as described in the
Royaltyholder’s notice. The audit opinion provided by the auditors shall be
conclusive and legally binding upon the parties.

 

7.5                                 The time required for giving
the audit opinion contemplated in §7.4 of this agreement shall not extend the
time for the taking of exception to and making claim on the Royaltyholder for
adjustment as provided in §7.1 of this agreement.

 

7.6                                 The cost of the audit
opinion requested pursuant to §7.4 of this agreement shall be solely for the
account of the Royaltyholder unless the audit opinion reveals an error which is
adverse to the Royaltyholder of greater than 3% in which case the cost of the
audit opinion shall be solely for the account of the Royaltypayor.

 

7.7                                 The provisions of §7.4 are
intended to provide an effective mechanism for the Royaltyholder to resolve its
unresolved concerns regarding Net Profits accounting and not to effect a
regular audit of the Net Profits calculation.

 

ARTICLE
8  OVERHEAD CHARGES

 

8.1                                 The charges set out in
§3.1(b)(i)(2), 3.1(b)(iii)(2) and 3.1(b)(viii)(2) are intended as a
reimbursement of the costs for the time incurred by the Royaltypayor’s head
office management and support functions in respect of work on or in respect of
the financing, constructing and operating a Mine. It is intended that the
Royaltypayor shall not profit nor suffer loss by virtue of providing the
services. This charge shall not be subject to audit but may be reviewed, in
good faith, by the parties from time to time, at the instance of either party.

 

ARTICLE 9  BUYDOWN AND RIGHT OF FIRST REFUSAL

 

9.1                                 The Royaltypayor shall have
the right at any time by providing written notice to the Royaltyholder to
purchase up to one-half or some other lesser fraction of the Royalty at the
fair market value thereof (as of the last day of the last calendar quarter
prior to the date on which the written notice is sent by the Royaltyholder) as
determined by an independent business valuator retained by the Royaltypayor.
The purchase and sale of the Royalty interest under this section shall be
completed on that date which is 90 days following the date on which notice
is sent by the Royaltypayor.

 

6

 

9.2                                 The Royaltypayor shall have
a right of first refusal to acquire the Royalty. If the Royaltyholder wishes to
dispose of the Royalty or any portion thereof, the Royaltyholder must first
offer to sell it to the Royaltypayor for a price and on terms which the
Royaltyholder establishes including the financial value of any non cash
consideration specified. The Royaltyholder will provide the Royaltypayor with a
written notice setting out the terms of the proposed sale (the “Notice”) and the Royaltypayor will have
90 days following receipt of the Notice to advise the Royaltyholder if the
Royaltypayor wishes to acquire the offered interest. If the Royaltypayor does
not exercise its right of first refusal, the Royaltyholder shall then have
180 days to dispose of the Royalty or the specified portion thereof to a
third party for the same or greater price and on the same term or terms no more
favourable to the third party. The right of first refusal shall not apply to a
transfer by the Royaltyholder to affiliated corporations provided such a
corporation remains so for at least three years.

 

ARTICLE 10  GENERAL

 

10.1                           This agreement shall be
governed by and construed in accordance with the laws of the State of Colorado,
and each of the parties submits to the jurisdiction of the courts of the State
of Colorado for the resolution of any dispute or controversy arising in
connection herewith.

 

10.2                           Any notice or other
communication required or permitted to be given hereunder shall be in writing
and shall be: (i) delivered by courier, or (ii) sent by registered
mail (postage prepaid), unless there is a postal strike then in progress; or (iii) transmitted
by facsimile transmission (but only if a fax number is provided below for the
party in question), addressed or sent as follows:

 

(i)             if to the Royaltyholder:

 

BETHANY RESOURCES, LLC,

2802 North 25th Place

Phoenix, Arizona 85008

 

(ii)          if to the Royaltypayor:

 

107 Hackney Circle

Box 684

Elephant Butte, NM 87935

 

Attention:  David Q. Tognoni

Facsimile:  505-744-5801

 

(b)                                 any such notice
or other communication shall be deemed to have been given and received: (i) if
delivered by courier, on the day on which it is so delivered; (ii) if sent
by registered mail, on the 10th day after posting, but if there shall be
any intervening postal strike, then on the 10th day after the end of such
postal strike; and (iii) if transmitted by facsimile transmission, on the
next business day (in the city where the recipient of the facsimile
transmission resides) after the day of successful transmission.

 

(c)                                  any party may
at any time change its address for service from time to time by giving notice
to the other parties in accordance with this Section.

 

10.3                           Except as expressly provided
in this agreement, this agreement constitutes the entire agreement between the
parties with respect to the subject matter hereof and supersedes and replaces
all prior agreements, understandings, negotiations and discussions, whether
written or oral. There are no warranties, conditions or representations
(including any that may be implied by statute) and there is no agreement in
connection with such subject matter, except as specifically set forth or
referred to in this agreement.

 

7

 

10.4                           No amendment, modification
or waiver of any provision of this agreement shall be binding on any party
unless consented to in writing by such party. No waiver of any provision of
this agreement shall constitute a waiver of any other provision, nor shall any
waiver constitute a continuing waiver unless otherwise expressly provided.

 

10.5                           Time shall be of the essence
of this agreement.

 

10.6                           If any provision of this
agreement is determined to be invalid or unenforceable by an arbitrator or a
court of competent jurisdiction from which no further appeal lies or is taken,
that provision shall be deemed to be severed, and the remaining provisions of
this agreement shall not be affected thereby and shall remain valid and
enforceable.

 

10.7                           The Royaltyholder
acknowledges that it has had the opportunity to obtain legal representation in
connection with this agreement. Any rule of construction to the effect
that any ambiguity is to be resolved against the drafting party shall not be
applicable in the interpretation of this agreement. The parties further
acknowledge to each other that they have each entered into the transactions
herein contemplated voluntarily, and without duress or undue pressure from any
other party.

 

10.8                           This agreement shall enure
to the benefit of and shall be binding on and enforceable by the parties and,
where the context so permits, their respective successors and permitted
assigns. This agreement may not be assigned by the Royaltyholder without (a) the
prior written consent of the Royaltypayor, and (b) the execution by the
assignee of an agreement agreeing to be bound by and subject to the terms set
forth in this agreement.

 

If any day on or before which any action is
required to be taken under this agreement is not a Business Day, such action
shall be required to be taken on the next succeeding day that is a Business
Day. “Business Day” means any day
except Saturday, Sunday or a statutory holiday in the State of Colorado.

 

IN WITNESS WHEREOF the
parties have duly executed and delivered this agreement effective as of the
date first above written.

 

	
   

  	
  ROYALTYHOLDER:

  
	
   

  	
   

  
	
   

  	
  BETHANY RESOURCES, LLC

  
	
   

  	
   

  
	
   

  	
  Per:

  	
  /s/ ROBERT A. LUFKIN 

  
	
   

  	
   

  	
  Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  ROYALTYPAYOR:

  
	
   

  	
   

  
	
   

  	
  BE RESOURCES INC.

  
	
   

  	
   

  
	
   

  	
  Per:

  	
  /s/ DAVID TOGNONI 

  
	
   

  	
   

  	
  Authorized Signatory

  

 

8

 

SCHEDULE A

MINERAL INTERESTS

 

The mining leases include:

 

State of New Mexico lease
number HG 0059, HG 0060 and HG 0061

Mining lease dated January 2,
2004 between David Q. Tognoni as leasee, and Kenneth Alan Sullivan and Cherrill
L. Sullivan as lessor, as assigned by David Q. Tognoni to Great Western
Exploration, LLC on February 3, 2004 (the “Sullivan Lease”)

 

The mining claims include:

 

The following mining claims
located in Sections 3, 27 and 34, Township 10 South, Range 8 West,
N.M.P.M, Sierra County New Mexico:

 

	
  Claim Name

  	
   

  	
  NMMC

  	
   

  	
  Book

  	
   

  	
  Page

  	
   

  
	
  Bertrandite #34

  	
   

  	
  170506

  	
   

  	
  100

  	
   

  	
  2116

  	
   

  
	
  Bertrandite #35

  	
   

  	
  170507

  	
   

  	
  100

  	
   

  	
  2117

  	
   

  
	
  Bertrandite #54

  	
   

  	
  170602

  	
   

  	
  100

  	
   

  	
  3317

  	
   

  
	
  Bertrandite #65

  	
   

  	
  170792

  	
   

  	
  101

  	
   

  	
  625

  	
   

  
	
  Bertrandite #66

  	
   

  	
  170793

  	
   

  	
  101

  	
   

  	
  626

  	
   

  
	
  Bertrandite #67

  	
   

  	
  170794

  	
   

  	
  101

  	
   

  	
  627

  	
   

  

 

	
  Claim Name

  	
   

  	
  NMMC

  	
   

  	
  Book

  	
   

  	
  Page

  	
   

  
	
  Berts Clay #92

  	
   

  	
  173538

  	
   

  	
  105

  	
   

  	
  45

  	
   

  
	
  Berts Clay #93

  	
   

  	
  173539

  	
   

  	
  105

  	
   

  	
  44

  	
   

  

 

AND

 

The following mining claims
located in Sections 6, 13, 14, 15, 20, 21, 22, 24, 26, 27, 28, 33 and 34,
Township 9 South, Range 8 West, N.M.P.M., Socorro County, New Mexico:

 

	
  Claim Name

  	
   

  	
  NMMC

  	
   

  	
  Book

  	
   

  	
  Page

  	
   

  	
  Claim Name

  	
   

  	
  NMMC

  	
   

  	
  Book

  	
   

  	
  Page

  	
   

  
	
  Bert #1

  	
   

  	
  171160

  	
   

  	
  511

  	
   

  	
  783

  	
   

  	
  Bert #2

  	
   

  	
  171161

  	
   

  	
  511

  	
   

  	
  784

  	
   

  
	
  Bert #3

  	
   

  	
  171162

  	
   

  	
  511

  	
   

  	
  785

  	
   

  	
  Bert #4

  	
   

  	
  171163

  	
   

  	
  511

  	
   

  	
  786

  	
   

  
	
  Bert #5

  	
   

  	
  171164

  	
   

  	
  511

  	
   

  	
  787

  	
   

  	
  Bert #6

  	
   

  	
  171165

  	
   

  	
  511

  	
   

  	
  788

  	
   

  
	
  Bert #7

  	
   

  	
  171166

  	
   

  	
  511

  	
   

  	
  789

  	
   

  	
  Bert #8

  	
   

  	
  171167

  	
   

  	
  511

  	
   

  	
  790

  	
   

  
	
  Bert #9

  	
   

  	
  171168

  	
   

  	
  511

  	
   

  	
  791

  	
   

  	
  Bert #10

  	
   

  	
  171169

  	
   

  	
  511

  	
   

  	
  792

  	
   

  
	
  Bert #11

  	
   

  	
  171170

  	
   

  	
  511

  	
   

  	
  793

  	
   

  	
  Bert #12

  	
   

  	
  171171

  	
   

  	
  511

  	
   

  	
  794

  	
   

  

 

	
  Claim Name

  	
   

  	
  NMMC

  	
   

  	
  Book

  	
   

  	
  Page

  	
   

  	
  Claim Name

  	
   

  	
  NMMC

  	
   

  	
  Book

  	
   

  	
  Page

  	
   

  
	
  Special Clay #100

  	
   

  	
  171152

  	
   

  	
  511

  	
   

  	
  1938

  	
   

  	
  Special Clay #101

  	
   

  	
  171153

  	
   

  	
  511

  	
   

  	
  1939

  	
   

  
	
  Special Clay #102

  	
   

  	
  171154

  	
   

  	
  511

  	
   

  	
  1940

  	
   

  	
  Special Clay #103

  	
   

  	
  171155

  	
   

  	
  511

  	
   

  	
  1941

  	
   

  
	
  Special Clay #104

  	
   

  	
  171156

  	
   

  	
  511

  	
   

  	
  1942

  	
   

  	
  Special Clay #105

  	
   

  	
  171157

  	
   

  	
  511

  	
   

  	
  1943

  	
   

  
	
  Special Clay #106

  	
   

  	
  171158

  	
   

  	
  511

  	
   

  	
  1944

  	
   

  	
  Special Clay #107

  	
   

  	
  171159

  	
   

  	
  511

  	
   

  	
  1945

  	
   

  

 

9

 

	
  Claim Name

  	
   

  	
  NMMC

  	
   

  	
  Instrument #

  	
   

  	
  Claim Name

  	
   

  	
  NMMC

  	
   

  	
  Instrument #

  	
   

  
	
  Berts Clay #1

  	
   

  	
  173447

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #2

  	
   

  	
  173448

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #3

  	
   

  	
  173449

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #4

  	
   

  	
  173450

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #5

  	
   

  	
  173451

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #6

  	
   

  	
  173452

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #7

  	
   

  	
  173453

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #8

  	
   

  	
  173454

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #9

  	
   

  	
  173455

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #10

  	
   

  	
  173456

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #11

  	
   

  	
  173457

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #13

  	
   

  	
  173459

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #14

  	
   

  	
  173460

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #15

  	
   

  	
  173461

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #16

  	
   

  	
  173462

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #17

  	
   

  	
  173463

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #18

  	
   

  	
  173464

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #19

  	
   

  	
  173465

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #21

  	
   

  	
  173467

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #22

  	
   

  	
  173468

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #23

  	
   

  	
  173469

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #24

  	
   

  	
  173470

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #25

  	
   

  	
  173471

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #26

  	
   

  	
  173472

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #27

  	
   

  	
  173473

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #28

  	
   

  	
  173474

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #29

  	
   

  	
  173475

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #30

  	
   

  	
  173476

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #31

  	
   

  	
  173477

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #33

  	
   

  	
  173479

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #34

  	
   

  	
  173480

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #35

  	
   

  	
  173481

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #36

  	
   

  	
  173482

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #37

  	
   

  	
  173483

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #38

  	
   

  	
  173484

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #39

  	
   

  	
  173485

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #40

  	
   

  	
  173486

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #42

  	
   

  	
  173488

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #43

  	
   

  	
  173489

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #44

  	
   

  	
  173490

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #45

  	
   

  	
  173491

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #46

  	
   

  	
  173492

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #47

  	
   

  	
  173493

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #48

  	
   

  	
  173494

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #49

  	
   

  	
  173495

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #50

  	
   

  	
  173496

  	
   

  	
  200576333

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Claim Name

  	
   

  	
  NMMC

  	
   

  	
  Instrument #

  	
   

  	
  Claim Name

  	
   

  	
  NMMC

  	
   

  	
  Instrument #

  	
   

  
	
  Berts Clay #51

  	
   

  	
  173497

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #52

  	
   

  	
  173498

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #53

  	
   

  	
  173499

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #54

  	
   

  	
  173500

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #55

  	
   

  	
  173501

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #56

  	
   

  	
  173502

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #57

  	
   

  	
  173503

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #58

  	
   

  	
  173504

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #59

  	
   

  	
  173505

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #60

  	
   

  	
  173506

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #61

  	
   

  	
  173507

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #62

  	
   

  	
  173508

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #63

  	
   

  	
  173509

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #64

  	
   

  	
  173510

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #65

  	
   

  	
  173511

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #66

  	
   

  	
  173512

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #67

  	
   

  	
  173513

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #68

  	
   

  	
  173514

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #69

  	
   

  	
  173515

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #70

  	
   

  	
  173516

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #71

  	
   

  	
  173517

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #72

  	
   

  	
  173518

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #73

  	
   

  	
  173519

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #74

  	
   

  	
  173520

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #75

  	
   

  	
  173521

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #76

  	
   

  	
  173522

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #77

  	
   

  	
  173523

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #78

  	
   

  	
  173524

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #79

  	
   

  	
  173525

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #80

  	
   

  	
  173526

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #81

  	
   

  	
  173527

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #82

  	
   

  	
  173528

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #83

  	
   

  	
  173529

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #84

  	
   

  	
  173530

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #85

  	
   

  	
  173531

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #86

  	
   

  	
  173532

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #87

  	
   

  	
  173533

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #88

  	
   

  	
  173534

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #89

  	
   

  	
  173535

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #90

  	
   

  	
  173536

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #91

  	
   

  	
  173537

  	
   

  	
  200576333

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

10

 

	
  Claim Name

  	
   

  	
  NMMC

  	
   

  	
  Book

  	
   

  	
  Page

  	
   

  	
  Claim Name

  	
   

  	
  NMMC

  	
   

  	
  Book

  	
   

  	
  Page

  	
   

  
	
  Bertrandite #9

  	
   

  	
  170487

  	
   

  	
  508

  	
   

  	
  1583

  	
   

  	
  Bertrandite #30

  	
   

  	
  170468

  	
   

  	
  508

  	
   

  	
  1580

  	
   

  
	
  Bertrandite #10

  	
   

  	
  170486

  	
   

  	
  508

  	
   

  	
  1584

  	
   

  	
  Bertrandite #31

  	
   

  	
  170467

  	
   

  	
  508

  	
   

  	
  1581

  	
   

  
	
  Bertrandite #11

  	
   

  	
  170485

  	
   

  	
  508

  	
   

  	
  1585

  	
   

  	
  Bertrandite #39

  	
   

  	
  170511

  	
   

  	
  508

  	
   

  	
  5046

  	
   

  
	
  Bertrandite #12

  	
   

  	
  170484

  	
   

  	
  508

  	
   

  	
  1586

  	
   

  	
  Bertrandite #41

  	
   

  	
  170513

  	
   

  	
  508

  	
   

  	
  5048

  	
   

  
	
  Bertrandite #15

  	
   

  	
  170481

  	
   

  	
  508

  	
   

  	
  1567

  	
   

  	
  Bertrandite #45

  	
   

  	
  170515

  	
   

  	
  508

  	
   

  	
  5050

  	
   

  
	
  Bertrandite #18

  	
   

  	
  170478

  	
   

  	
  508

  	
   

  	
  1570

  	
   

  	
  Bertrandite #56

  	
   

  	
  170598

  	
   

  	
  509

  	
   

  	
  1692

  	
   

  
	
  Bertrandite #21

  	
   

  	
  169878

  	
   

  	
  504

  	
   

  	
  1845

  	
   

  	
  Bertrandite #57

  	
   

  	
  170597

  	
   

  	
  509

  	
   

  	
  1691

  	
   

  
	
  Bertrandite #22

  	
   

  	
  170475

  	
   

  	
  508

  	
   

  	
  1573

  	
   

  	
  Bertrandite #58

  	
   

  	
  170596

  	
   

  	
  509

  	
   

  	
  1690

  	
   

  
	
  Bertrandite #25

  	
   

  	
  170472

  	
   

  	
  508

  	
   

  	
  1576

  	
   

  	
  Bertrandite #59

  	
   

  	
  170595

  	
   

  	
  509

  	
   

  	
  1689

  	
   

  
	
  Bertrandite #26

  	
   

  	
  170471

  	
   

  	
  508

  	
   

  	
  1577

  	
   

  	
  Bertrandite #64

  	
   

  	
  170590

  	
   

  	
  509

  	
   

  	
  1684

  	
   

  
	
  Bertrandite #29

  	
   

  	
  170608

  	
   

  	
  509

  	
   

  	
  2469

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

11Exhibit 10.5

 

NPR ROYALTY AGREEMENT

 

THIS AGREEMENT made as of
the 1st day of October, 2007.

 

BETWEEN:

 

Stewart
Jackson (hereinafter referred to as the “Royaltyholder”)

 

—and—

 

BE
RESOURCES INC., a company incorporated under the laws of Colorado
(hereinafter referred to as the “Royaltypayor”)

 

WHEREAS the Royaltypayor has on this day
acquired a 100% interest in the Property (hereinafter defined);

 

AND WHEREAS part of the consideration for the
Property is the royalty provided for in this agreement (the “Royalty”);

 

AND WHEREAS capitalized words and expressions
shall have the meanings set forth in Article 3 of this agreement;

 

THIS AGREEMENT WITNESSES THAT, in
consideration of the premises and the respective covenants and agreements
hereinafter set forth in this agreement and other good and valuable
consideration (the receipt and sufficiency of which are hereby acknowledged),
the parties do covenant and agree with one another as follows:

 

ARTICLE
1  OBLIGATION

 

1.1                                 If the Royaltyholder becomes
entitled to any payments under this agreement, the Royaltypayor shall
calculate, as at the end of each calendar quarter subsequent to the Completion
Date, the Net Profits in accordance with generally accepted accounting
principles consistently applied in the United States (“GAAP”).

 

1.2                                 Subsequent to the Completion
Date, the Royaltypayor shall within 60 days of the end of each calendar
quarter in which the Royaltypayor is in receipt of any Gross Receipts:

 

(a)                                  deliver to the
Royaltyholder a statement indicating:

 

(i)                                     the Gross
Receipts during the calendar quarter;

 

(ii)                                  the deductions
therefrom made in the order itemized in §2.1 of this agreement;

 

(iii)                               the amount of
Net Profits remaining, if any; and

 

(iv)                              the amount of
those Net Profits, if any, to which the Royaltyholder is entitled; and

 

(b)                                 pay or cause to
be paid to the Royaltyholder that amount equal to 3.00% of the Net Profits, if
any.

 

1.3                                 If at any time after the
date of this agreement any party or an affiliate of any party (the “Acquiring Party”) stakes or otherwise
acquires, directly or indirectly, any right to or interest in any mining claim,
licence, lease, grant, concession, permit, patent, or other mineral property
(the “Acquired Properties”)
located wholly within three miles of the boundary of each mining lease and
claim comprising the Property (the “Area of
Interest”), the Acquired Properties shall be subject to the Royalty
and, notwithstanding any other provisions of this agreement, all amounts to be
calculated under this agreement shall relate to the Property and Acquired
Properties, and Exploration Costs shall include the costs of acquisition of the
Acquired Properties. Notwithstanding the foregoing, a particular Acquired
Property shall not be subject to the Royalty if the Acquired Property was
acquired from a third party (and not through staking) and the Acquired Property
is already subject to a royalty interest other than to a government entity.

 

 

1.4                                 The parties intend that the
Royalty, to the extent permissible under applicable laws, constitutes an interest
in the Property and, accordingly agree that the Royalty will run with and be
binding upon title to the Property and binding upon the successor in title to
the Property. Nothing herein is to be construed however to limit or restrict
the ability of the Royaltypayor to sell the Property or any portion thereof at
any time and in its complete discretion.

 

ARTICLE
2  NET PROFITS DEFINED

 

2.1                                 “Net Profits” means the Gross Receipts minus deductions
therefrom of (A) and (B), to the extent of but not exceeding the amount of
those Gross Receipts, where (A) is the Gross Royalty and (B) is the
then net unrecovered amounts of Costs, with Costs to be deducted in the
following order:

 

(a)                                  Marketing
Costs;

 

(b)                                 Distribution
Costs;

 

(c)                                  Operating
Costs;

 

(d)                                 Taxes and Royalties;

 

(e)                                  Interest Costs;

 

(f)                                    Capital Costs;
and

 

(g)                                 Exploration
Costs

 

2.2                                 For greater certainty, in
calculating Net Profits at any time, each of the classes of Costs shall
constitute a separate pool from which all Costs deducted on any previous quarterly
calculation shall be removed and to which Costs of those classes recorded since
the date of this agreement (in the case of the first quarterly calculation) or
since the date of the last quarterly calculation (in the case of any
calculation subsequent to the first quarterly calculation) shall be added.

 

2.3                                 If the application of
credits to a pool of Costs results in a negative balance in that pool of Costs,
the amount of any negative balance from a Cost pool shall be applied to reduce
the balances then remaining in pools itemized in §2.1 of this agreement in the
order itemized.

 

ARTICLE
3  DEFINITIONS

 

3.1                                 In this agreement, including
the recitals hereof, the following words and expressions shall have the
following meanings, except where the context otherwise necessarily requires:

 

(a)                                  “Completion Date” means the date on which
the Royaltypayor determines that the project of preparing and equipping a Mine
for commercial production is complete;

 

(b)                                 “Costs” means all items of outlay and
expense whatsoever, both direct and indirect, with respect to the Property or
any Mine recorded by the Royaltypayor in accordance with GAAP, including
without limiting the generality of the foregoing:

 

(i)                                     “Capital Costs” which means:

 

(1)                                  all Costs of
preparing and equipping a Mine for commercial production which are recorded by
the Royaltypayor, and all Costs of obtaining financing and providing security;
and

 

(2)                                  subject to
§8.1, a charge of 3% of the Capital Costs referred to in §(1) in return
for its overhead functions which are not charged directly;

 

2

 

(ii)                                  “Distribution Costs” which means all Costs
of:

 

(1)                                  transporting
Products from a Mine or a concentrating plant to a smelter, refinery or other
place of delivery designated by the purchaser and, in the case of concentrates
tolled, of transporting the metal from a smelter to the place of delivery
designated by the purchaser;

 

(2)                                  handling,
warehousing and insuring the Products; and

 

(3)                                  in the case of
concentrates tolled, of smelting and refining, including any penalties thereon
or in connection therewith;

 

(iii)                               “Exploration Costs” which means:

 

(1)                                  all Costs of Exploration Operations recorded by the
Royaltypayor less any exploration tax credits received by the Royaltypayor; and

 

(2)                                  subject to
§8.1, a charge which shall not aggregate more than 5% of the Exploration Costs
referred to in §(1), reduced to 3% on amounts in excess of US $100,000 on any
single third party contract, in return for its overhead functions which are not
charged directly;

 

(iv)                              “Gross Royalty” which means that royalty of
1% payable to David Q. Tognoni pursuant to the Gross Royalty Agreement dated October 1,
2007 between BE Resources Inc. and David Q. Tognoni;

 

(v)                                 “Interest Costs” which means interest
computed quarterly and not in advance and being the aggregate of the interest
determined for each month in the quarter as follows:

 

(1)                                  the average of
the opening and closing monthly outstanding balances for each month of the net
unrecovered amounts of all Costs in the classes enumerated in §2.1 of this
agreement;

 

multiplied
by,

 

(2)                                  the Prime Rate
plus 2%;

 

multiplied
by,

 

(3)                                  the number of
days in the month;

 

divided
by,

 

(4)                                  the number of
days in the year.

 

These Interest Costs are in
lieu of an inclusion in Costs for the interest charged by third party project
lenders of Capital Costs and Operating Costs;

 

(vi)                              “Marketing Costs” which means such
reasonable charge for marketing of ores and concentrates sold or of
concentrates tolled as is consistent with generally accepted industry marketing
practices;

 

(vii)                           “Mining Costs” which means all costs related
to mining, milling, concentrating and recovering metals from the Property and
reclamation, rehabilitation and monitoring costs;

 

(viii)                        “Operating Costs” which means:

 

(1)                                  all Mining
Costs recorded by the Royaltypayor, including, without limiting the generality
of the foregoing, an amount to be established by the Royaltypayor in good faith
as representing the cost of rehabilitation which will have to be spent after
commercial production has terminated, it being agreed that the Royaltypayor may

 

3

 

charge a portion of that
cost to the royalty account over a reasonable period of time commencing with
commercial production; and

 

(2)                                  subject to
§8.1, a charge of 3% of the Operating Costs referred to in §(1) in return
for its overhead functions which are not charged directly; and

 

(ix)                                “Taxes and Royalties” which means all taxes
(other than income taxes), royalties (other than the Gross Royalty) or other
charges or imposts provided for pursuant to any law or legal obligation imposed
by any government if paid by the Royaltypayor;

 

(c)                                  “Exploration Operations” means every kind of
work done by the Royaltypayor and every kind of payment on or in respect of the
Property including, without limiting the generality of the foregoing,
investigating, prospecting, exploring, mapping, geological work, geochemical
surveys, geophysical surveys, grid preparation, developing, property
maintenance, preparing reports, estimates and studies, designing, equipping,
improving, surveying and construction costs;

 

(d)                                 “Gross Receipts” means the aggregate of all
receipts, revenues, recoveries or amounts received by or credited to the
Royaltypayor in connection with this agreement including, without limiting the
generality of the foregoing:

 

(i)                                     the receipts
from the sale of the Royaltypayor’s proportionate share of Products produced
from the Mine:

 

(ii)                                  all proceeds
received from the sale of any portion of the Property or assets at the end of
commercial production;

 

(iii)                               all insurance
recoveries (including amounts received to settle claims) in respect of loss of,
or damage to any Products subsequent to the Completion Date;

 

(iv)                              all amounts received
as compensation for the expropriation or forcible taking of any portion of the
Property;

 

(v)                                 the fair market
value, at the Property, of those assets, if any, that are transferred from the
Property for use by the Royaltypayor elsewhere subsequent to the Completion
Date; and

 

(vi)                              the amount of
any negative balance remaining after the reallocation of negative balances
pursuant to §2.3 of this agreement; to the extent that those receipts,
recoveries or amounts have not been applied by the Royaltypayor as a recovery
of any of the classes of Costs itemized in §2.1 of this agreement;

 

provided that where any
Products are sold to, or treated in, a smelter or refinery owned or controlled
by Royaltypayor, the pricing for that sale or treatment will be established by
Royaltypayor on an arms-length basis so as to be fairly competitive with
pricing, net of transportation, insurance, treatment charges and other related
costs, then available on world markets for product of like quantity and
quality;

 

(e)                                  “Mine” means the workings established and
assets acquired in order to bring the Property or a portion thereof into
commercial production, including, without limiting the generality of the
foregoing, development headings, plant and concentrator installations and all infrastructure,
plant, housing, airport, roads and other facilities;

 

(f)                                    “Prime Rate” means the weighted average of
the rates of interest for the period of calculation as stated by the Bank of
Montreal, Main Office, Toronto, Ontario, as being charged by it on United
States Dollar demand loans to its most creditworthy domestic commercial
customers;

 

4

 

(g)                                 “Products” shall mean ores, concentrates and
minerals mined from the Property, or solutions, concentrates or cathodes
retrieved through leaching or solution mining or solution
extraction/electrowinning or other processing of mineralized material mined
from the Property;

 

(h)                                 “Property” shall mean the mining leases and
claims in Socorro County and Sierra County, New Mexico set forth in
Schedule A and any of the Acquired Properties; and

 

(i)                                     “Trading Activities” shall have the meaning
set out in §6 of this agreement.

 

ARTICLE
4  ROYALTYPAYOR TO DETERMINE OPERATIONS

 

4.1                                 The Royaltypayor will have
complete discretion concerning the nature, timing and extent of all
exploration, development, mining and other operations conducted on or for the
benefit of the Property and may suspend operations and production on the
Property at any time it considers prudent or appropriate to do so. The
Royaltypayor will owe the Royaltyholder no duty to explore, develop or mine the
Property or to do so at any rate or in any manner other than that which the
Royaltypayor may determine in its sole and unfettered discretion. The Royaltypayor
may, but will not be obligated to treat, mill, heap leach, sort, concentrate,
refine, smelt or otherwise process, beneficiate or upgrade the ores,
concentrates and other products at sites located on or off the Property, prior
to sale, transfer or conveyance to a purchaser, user or consumer. The
Royaltypayor will not be liable for mineral values lost in processing under
sound practices and procedures, and no royalty will be due on any such lost
mineral values.

 

ARTICLE
5  COMMINGLING

 

5.1                                 Ores, concentrates and
derivatives mined or retrieved from the Property may be commingled with ores,
concentrates or derivatives mined or retrieved from other properties. All
determinations required for calculation of Net Profits, including without
limitation the amount of the metals contained in or recovered from ores,
solutions, concentrates or derivatives mined or retrieved from the Property,
the amount of the metals contained in or recovered from commingled ores,
solutions, concentrates or derivatives, gross revenues from the sale of
Products, and costs and expenses allocated to the Property or Products shall be
made in accordance with prudent weighing, sampling, assaying, engineering,
metallurgical and cost accounting practices.

 

ARTICLE
6  TRADING ACTIVITIES

 

6.1                                 The Royaltypayor may, but
need not, engage in forward sales, futures trading or commodity options
trading, and other price hedging, price protection and speculative arrangements
(“Trading Activities”) which may
involve the possible delivery of base or precious metals produced from the
Property. The parties acknowledge and agree that the Royaltyholder shall not be
entitled to participate in the proceeds or be obligated to share in any losses
generated by the Trading Activities.

 

6.2                                 The Royaltypayor may retain
any base or precious metals produced from the Property in which case the value
of such retained metals shall be added to the Gross Receipts. The value of such
metals shall be determined, in the case of gold or silver, by taking the
average London Bullion Brokers PM fixing price for the calendar quarter of
production or for other metals the average spot price of the New York
Commodities Exchange final daily spot price for the applicable metal for the
calendar quarter of production for the applicable metal.

 

ARTICLE
7  ADJUSTMENTS AND VERIFICATION

 

7.1                                 Payment of any Net Profits
by the Royaltypayor shall not prejudice the right of the Royaltypayor to adjust
the statement supporting the payment; provided, however, that all statements
presented to the Royaltyholder by the Royaltypayor for any quarter shall
conclusively be presumed to be true and

 

5

 

correct upon the expiration of 12 months
following the end of the quarter to which the statement relates, unless within that
12 month period the Royaltypayor gives notice to the Royaltyholder making
claim on the Royaltyholder for an adjustment to the statement.

 

7.2                                 The Royaltypayor shall not
adjust any statement in favour of itself after the expiration of 12 months
following the end of the quarter to which the statement relates.

 

7.3                                 The Royaltyholder may from
time to time request reasonable supporting documentation for statements that
are within the period contemplated in §7.1 and the Royaltypayor, acting in good
faith, shall provide the same promptly to the Royaltyholder.

 

7.4                                 If the supporting
documentation and any discussion with the Royaltypayor do not resolve the
Royaltyholder’s concerns, the Royaltyholder shall be entitled upon notice to
the Royaltypayor to request from the Royaltypayor that mutually acceptable
auditors be requested to provide the Royaltyholder with their opinion that any
statement delivered pursuant to §1.2 of this agreement in respect of any
quarterly period falling within the 12 month period immediately preceding
the date of the Royaltyholder’s notice has been prepared in accordance with
this agreement. When giving any notice aforesaid, the Royaltyholder will
articulate the matter or matters of concern to it. Within 45 days from the
date the auditors are provided with the Royaltyholder’s notice, the auditors
shall provide a written statement to the parties setting forth the auditors’
opinion with respect the matter or matters of concern as described in the
Royaltyholder’s notice. The audit opinion provided by the auditors shall be
conclusive and legally binding upon the parties.

 

7.5                                 The time required for giving
the audit opinion contemplated in §7.4 of this agreement shall not extend the
time for the taking of exception to and making claim on the Royaltyholder for
adjustment as provided in §7.1 of this agreement.

 

7.6                                 The cost of the audit
opinion requested pursuant to §7.4 of this agreement shall be solely for the
account of the Royaltyholder unless the audit opinion reveals an error which is
adverse to the Royaltyholder of greater than 3% in which case the cost of the
audit opinion shall be solely for the account of the Royaltypayor.

 

7.7                                 The provisions of §7.4 are
intended to provide an effective mechanism for the Royaltyholder to resolve its
unresolved concerns regarding Net Profits accounting and not to effect a
regular audit of the Net Profits calculation.

 

ARTICLE
8  OVERHEAD CHARGES

 

8.1                                 The charges set out in
§3.1(b)(i)(2), 3.1(b)(iii)(2) and 3.1(b)(viii)(2) are intended as a
reimbursement of the costs for the time incurred by the Royaltypayor’s head
office management and support functions in respect of work on or in respect of
the financing, constructing and operating a Mine. It is intended that the
Royaltypayor shall not profit nor suffer loss by virtue of providing the
services. This charge shall not be subject to audit but may be reviewed, in
good faith, by the parties from time to time, at the instance of either party.

 

ARTICLE
9  BUYDOWN AND RIGHT OF FIRST REFUSAL

 

9.1                                 The Royaltypayor shall have
the right at any time by providing written notice to the Royaltyholder to
purchase up to one-half or some other lesser fraction of the Royalty at the
fair market value thereof (as of the last day of the last calendar quarter
prior to the date on which the written notice is sent by the Royaltyholder) as
determined by an independent business valuator retained by the Royaltypayor.
The purchase and sale of the Royalty interest under this section shall be
completed on that date which is 90 days following the date on which notice
is sent by the Royaltypayor.

 

6

 

9.2                                 The Royaltypayor shall have
a right of first refusal to acquire the Royalty. If the Royaltyholder wishes to
dispose of the Royalty or any portion thereof, the Royaltyholder must first
offer to sell it to the Royaltypayor for a price and on terms which the
Royaltyholder establishes including the financial value of any non cash
consideration specified. The Royaltyholder will provide the Royaltypayor with a
written notice setting out the terms of the proposed sale (the “Notice”) and the Royaltypayor will have
90 days following receipt of the Notice to advise the Royaltyholder if the
Royaltypayor wishes to acquire the offered interest. If the Royaltypayor does
not exercise its right of first refusal, the Royaltyholder shall then have
180 days to dispose of the Royalty or the specified portion thereof to a
third party for the same or greater price and on the same term or terms no more
favourable to the third party. The right of first refusal shall not apply to a
transfer by the Royaltyholder to affiliated corporations provided such a
corporation remains so for at least three years.

 

ARTICLE
10  GENERAL

 

10.1                           This agreement shall be
governed by and construed in accordance with the laws of the State of Colorado,
and each of the parties submits to the jurisdiction of the courts of the State
of Colorado for the resolution of any dispute or controversy arising in
connection herewith.

 

10.2                           Any notice or other communication
required or permitted to be given hereunder shall be in writing and shall be: (i) delivered
by courier, or (ii) sent by registered mail (postage prepaid), unless
there is a postal strike then in progress; or (iii) transmitted by
facsimile transmission (but only if a fax number is provided below for the
party in question), addressed or sent as follows:

 

(i)                                     if to the
Royaltyholder:

 

Stewart Jackson

PO Box 1085

Winterhaven, CA 92283

 

(ii)                                  if to the
Royaltypayor:

107 Hackney Circle

Box 684

Elephant Butte, NM

87935

 

Attention: David Q. Tognoni

Facsimile: 505-744-5801

 

(b)                                 any such notice
or other communication shall be deemed to have been given and received: (i) if
delivered by courier, on the day on which it is so delivered; (ii) if sent
by registered mail, on the 10th day after posting, but if there shall be
any intervening postal strike, then on the 10th day after the end of such
postal strike; and (iii) if transmitted by facsimile transmission, on the
next business day (in the city where the recipient of the facsimile
transmission resides) after the day of successful transmission.

 

(c)                                  any party may
at any time change its address for service from time to time by giving notice
to the other parties in accordance with this Section.

 

10.3                           Except as expressly provided
in this agreement, this agreement constitutes the entire agreement between the
parties with respect to the subject matter hereof and supersedes and replaces
all prior agreements, understandings, negotiations and discussions, whether
written or oral. There are no warranties, conditions or representations
(including any that may be implied by statute) and there is no agreement in
connection with such subject matter, except as specifically set forth or
referred to in this agreement.

 

7

 

10.4                           No amendment, modification
or waiver of any provision of this agreement shall be binding on any party
unless consented to in writing by such party. No waiver of any provision of
this agreement shall constitute a waiver of any other provision, nor shall any
waiver constitute a continuing waiver unless otherwise expressly provided.

 

10.5                           Time shall be of the essence
of this agreement.

 

10.6                           If any provision of this
agreement is determined to be invalid or unenforceable by an arbitrator or a
court of competent jurisdiction from which no further appeal lies or is taken,
that provision shall be deemed to be severed, and the remaining provisions of
this agreement shall not be affected thereby and shall remain valid and enforceable.

 

10.7                           The Royaltyholder
acknowledges that it has had the opportunity to obtain legal representation in
connection with this agreement. Any rule of construction to the effect
that any ambiguity is to be resolved against the drafting party shall not be
applicable in the interpretation of this agreement. The parties further
acknowledge to each other that they have each entered into the transactions
herein contemplated voluntarily, and without duress or undue pressure from any
other party.

 

10.8                           This agreement shall enure
to the benefit of and shall be binding on and enforceable by the parties and,
where the context so permits, their respective successors and permitted
assigns. This agreement may not be assigned by the Royaltyholder without (a) the
prior written consent of the Royaltypayor, and (b) the execution by the
assignee of an agreement agreeing to be bound by and subject to the terms set
forth in this agreement.

 

If any day on or before which any action is
required to be taken under this agreement is not a Business Day, such action
shall be required to be taken on the next succeeding day that is a Business
Day. “Business Day” means any day
except Saturday, Sunday or a statutory holiday in the State of Colorado.

 

IN WITNESS WHEREOF the
parties have duly executed and delivered this agreement effective as of the
date first above written.

 

	
   

  	
  ROYALTYHOLDER:

  
	
   

  	
   

  
	
   

  	
  Per:

  	
  /s/ STEWART JACKSON

  
	
   

  	
   

  	
  Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  ROYALTYPAYOR:

  
	
   

  	
   

  
	
   

  	
  BE RESOURCES INC.

  
	
   

  	
   

  
	
   

  	
  Per:

  	
  /s/ DAVID TOGNONI

  
	
   

  	
   

  	
  Authorized Signatory

  

 

8

 

SCHEDULE A

MINERAL INTERESTS

 

The mining leases include:

 

State of New Mexico lease
number HG 0059, HG 0060 and HG 0061

Mining lease dated January 2,
2004 between David Q. Tognoni as leasee, and Kenneth Alan Sullivan and Cherrill
L. Sullivan as lessor, as assigned by David Q. Tognoni to Great Western
Exploration, LLC on February 3, 2004 (the “Sullivan Lease”)

 

The mining claims include:

 

The following mining claims
located in Sections 3, 27 and 34, Township 10 South, Range 8 West,
N.M.P.M, Sierra County New Mexico:

 

	
  Claim Name

  	
   

  	
  NMMC

  	
   

  	
  Book

  	
   

  	
  Page

  	
   

  
	
  Bertrandite #34

  	
   

  	
  170506

  	
   

  	
  100

  	
   

  	
  2116

  	
   

  
	
  Bertrandite #35

  	
   

  	
  170507

  	
   

  	
  100

  	
   

  	
  2117

  	
   

  
	
  Bertrandite #54

  	
   

  	
  170602

  	
   

  	
  100

  	
   

  	
  3317

  	
   

  
	
  Bertrandite #65

  	
   

  	
  170792

  	
   

  	
  101

  	
   

  	
  625

  	
   

  
	
  Bertrandite #66

  	
   

  	
  170793

  	
   

  	
  101

  	
   

  	
  626

  	
   

  
	
  Bertrandite #67

  	
   

  	
  170794

  	
   

  	
  101

  	
   

  	
  627

  	
   

  

 

	
  Claim Name

  	
   

  	
  NMMC

  	
   

  	
  Book

  	
   

  	
  Page

  	
   

  
	
  Berts Clay #92

  	
   

  	
  173538

  	
   

  	
  105

  	
   

  	
  45

  	
   

  
	
  Berts Clay #93

  	
   

  	
  173539

  	
   

  	
  105

  	
   

  	
  44

  	
   

  

 

AND

 

The following mining claims
located in Sections 6, 13, 14, 15, 20, 21, 22, 24, 26, 27, 28, 33 and 34,
Township 9 South, Range 8 West, N.M.P.M., Socorro County, New Mexico:

 

	
  Claim Name

  	
   

  	
  NMMC

  	
   

  	
  Book

  	
   

  	
  Page

  	
   

  	
  Claim Name

  	
   

  	
  NMMC

  	
   

  	
  Book

  	
   

  	
  Page

  	
   

  
	
  Bert #1

  	
   

  	
  171160

  	
   

  	
  511

  	
   

  	
  783

  	
   

  	
  Bert #2

  	
   

  	
  171161

  	
   

  	
  511

  	
   

  	
  784

  	
   

  
	
  Bert #3

  	
   

  	
  171162

  	
   

  	
  511

  	
   

  	
  785

  	
   

  	
  Bert #4

  	
   

  	
  171163

  	
   

  	
  511

  	
   

  	
  786

  	
   

  
	
  Bert #5

  	
   

  	
  171164

  	
   

  	
  511

  	
   

  	
  787

  	
   

  	
  Bert #6

  	
   

  	
  171165

  	
   

  	
  511

  	
   

  	
  788

  	
   

  
	
  Bert #7

  	
   

  	
  171166

  	
   

  	
  511

  	
   

  	
  789

  	
   

  	
  Bert #8

  	
   

  	
  171167

  	
   

  	
  511

  	
   

  	
  790

  	
   

  
	
  Bert #9

  	
   

  	
  171168

  	
   

  	
  511

  	
   

  	
  791

  	
   

  	
  Bert #10

  	
   

  	
  171169

  	
   

  	
  511

  	
   

  	
  792

  	
   

  
	
  Bert #11

  	
   

  	
  171170

  	
   

  	
  511

  	
   

  	
  793

  	
   

  	
  Bert #12

  	
   

  	
  171171

  	
   

  	
  511

  	
   

  	
  794

  	
   

  

 

	
  Claim Name

  	
   

  	
  NMMC

  	
   

  	
  Book

  	
   

  	
  Page

  	
   

  	
  Claim Name

  	
   

  	
  NMMC

  	
   

  	
  Book

  	
   

  	
  Page

  	
   

  
	
  Special Clay #100

  	
   

  	
  171152

  	
   

  	
  511

  	
   

  	
  1938

  	
   

  	
  Special Clay #101

  	
   

  	
  171153

  	
   

  	
  511

  	
   

  	
  1939

  	
   

  
	
  Special Clay #102

  	
   

  	
  171154

  	
   

  	
  511

  	
   

  	
  1940

  	
   

  	
  Special Clay #103

  	
   

  	
  171155

  	
   

  	
  511

  	
   

  	
  1941

  	
   

  
	
  Special Clay #104

  	
   

  	
  171156

  	
   

  	
  511

  	
   

  	
  1942

  	
   

  	
  Special Clay #105

  	
   

  	
  171157

  	
   

  	
  511

  	
   

  	
  1943

  	
   

  
	
  Special Clay #106

  	
   

  	
  171158

  	
   

  	
  511

  	
   

  	
  1944

  	
   

  	
  Special Clay #107

  	
   

  	
  171159

  	
   

  	
  511

  	
   

  	
  1945

  	
   

  

 

9

 

	
  Claim Name

  	
   

  	
  NMMC

  	
   

  	
  Instrument #

  	
   

  	
  Claim Name

  	
   

  	
  NMMC

  	
   

  	
  Instrument #

  	
   

  
	
  Berts Clay #1

  	
   

  	
  173447

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #2

  	
   

  	
  173448

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #3

  	
   

  	
  173449

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #4

  	
   

  	
  173450

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #5

  	
   

  	
  173451

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #6

  	
   

  	
  173452

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #7

  	
   

  	
  173453

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #8

  	
   

  	
  173454

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #9

  	
   

  	
  173455

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #10

  	
   

  	
  173456

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #11

  	
   

  	
  173457

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #13

  	
   

  	
  173459

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #14

  	
   

  	
  173460

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #15

  	
   

  	
  173461

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #16

  	
   

  	
  173462

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #17

  	
   

  	
  173463

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #18

  	
   

  	
  173464

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #19

  	
   

  	
  173465

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #21

  	
   

  	
  173467

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #22

  	
   

  	
  173468

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #23

  	
   

  	
  173469

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #24

  	
   

  	
  173470

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #25

  	
   

  	
  173471

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #26

  	
   

  	
  173472

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #27

  	
   

  	
  173473

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #28

  	
   

  	
  173474

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #29

  	
   

  	
  173475

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #30

  	
   

  	
  173476

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #31

  	
   

  	
  173477

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #33

  	
   

  	
  173479

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #34

  	
   

  	
  173480

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #35

  	
   

  	
  173481

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #36

  	
   

  	
  173482

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #37

  	
   

  	
  173483

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #38

  	
   

  	
  173484

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #39

  	
   

  	
  173485

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #40

  	
   

  	
  173486

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #42

  	
   

  	
  173488

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #43

  	
   

  	
  173489

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #44

  	
   

  	
  173490

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #45

  	
   

  	
  173491

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #46

  	
   

  	
  173492

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #47

  	
   

  	
  173493

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #48

  	
   

  	
  173494

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #49

  	
   

  	
  173495

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #50

  	
   

  	
  173496

  	
   

  	
  200576333

  	
   

  

 

	
  Claim Name

  	
   

  	
  NMMC

  	
   

  	
  Instrument #

  	
   

  	
  Claim Name

  	
   

  	
  NMMC

  	
   

  	
  Instrument #

  	
   

  
	
  Berts Clay #51

  	
   

  	
  173497

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #52

  	
   

  	
  173498

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #53

  	
   

  	
  173499

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #54

  	
   

  	
  173500

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #55

  	
   

  	
  173501

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #56

  	
   

  	
  173502

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #57

  	
   

  	
  173503

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #58

  	
   

  	
  173504

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #59

  	
   

  	
  173505

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #60

  	
   

  	
  173506

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #61

  	
   

  	
  173507

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #62

  	
   

  	
  173508

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #63

  	
   

  	
  173509

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #64

  	
   

  	
  173510

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #65

  	
   

  	
  173511

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #66

  	
   

  	
  173512

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #67

  	
   

  	
  173513

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #68

  	
   

  	
  173514

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #69

  	
   

  	
  173515

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #70

  	
   

  	
  173516

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #71

  	
   

  	
  173517

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #72

  	
   

  	
  173518

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #73

  	
   

  	
  173519

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #74

  	
   

  	
  173520

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #75

  	
   

  	
  173521

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #76

  	
   

  	
  173522

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #77

  	
   

  	
  173523

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #78

  	
   

  	
  173524

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #79

  	
   

  	
  173525

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #80

  	
   

  	
  173526

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #81

  	
   

  	
  173527

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #82

  	
   

  	
  173528

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #83

  	
   

  	
  173529

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #84

  	
   

  	
  173530

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #85

  	
   

  	
  173531

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #86

  	
   

  	
  173532

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #87

  	
   

  	
  173533

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #88

  	
   

  	
  173534

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #89

  	
   

  	
  173535

  	
   

  	
  200576333

  	
   

  	
  Berts Clay #90

  	
   

  	
  173536

  	
   

  	
  200576333

  	
   

  
	
  Berts Clay #91

  	
   

  	
  173537

  	
   

  	
  200576333

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

10

 

	
  Claim Name

  	
   

  	
  NMMC

  	
   

  	
  Book

  	
   

  	
  Page

  	
   

  	
  Claim Name

  	
   

  	
  NMMC

  	
   

  	
  Book

  	
   

  	
  Page

  	
   

  
	
  Bertrandite #9

  	
   

  	
  170487

  	
   

  	
  508

  	
   

  	
  1583

  	
   

  	
  Bertrandite #30

  	
   

  	
  170468

  	
   

  	
  508

  	
   

  	
  1580

  	
   

  
	
  Bertrandite #10

  	
   

  	
  170486

  	
   

  	
  508

  	
   

  	
  1584

  	
   

  	
  Bertrandite #31

  	
   

  	
  170467

  	
   

  	
  508

  	
   

  	
  1581

  	
   

  
	
  Bertrandite #11

  	
   

  	
  170485

  	
   

  	
  508

  	
   

  	
  1585

  	
   

  	
  Bertrandite #39

  	
   

  	
  170511

  	
   

  	
  508

  	
   

  	
  5046

  	
   

  
	
  Bertrandite #12

  	
   

  	
  170484

  	
   

  	
  508

  	
   

  	
  1586

  	
   

  	
  Bertrandite #41

  	
   

  	
  170513

  	
   

  	
  508

  	
   

  	
  5048

  	
   

  
	
  Bertrandite #15

  	
   

  	
  170481

  	
   

  	
  508

  	
   

  	
  1567

  	
   

  	
  Bertrandite #45

  	
   

  	
  170515

  	
   

  	
  508

  	
   

  	
  5050

  	
   

  
	
  Bertrandite #18

  	
   

  	
  170478

  	
   

  	
  508

  	
   

  	
  1570

  	
   

  	
  Bertrandite #56

  	
   

  	
  170598

  	
   

  	
  509

  	
   

  	
  1692

  	
   

  
	
  Bertrandite #21

  	
   

  	
  169878

  	
   

  	
  504

  	
   

  	
  1845

  	
   

  	
  Bertrandite #57

  	
   

  	
  170597

  	
   

  	
  509

  	
   

  	
  1691

  	
   

  
	
  Bertrandite #22

  	
   

  	
  170475

  	
   

  	
  508

  	
   

  	
  1573

  	
   

  	
  Bertrandite #58

  	
   

  	
  170596

  	
   

  	
  509

  	
   

  	
  1690

  	
   

  
	
  Bertrandite #25

  	
   

  	
  170472

  	
   

  	
  508

  	
   

  	
  1576

  	
   

  	
  Bertrandite #59

  	
   

  	
  170595

  	
   

  	
  509

  	
   

  	
  1689

  	
   

  
	
  Bertrandite #26

  	
   

  	
  170471

  	
   

  	
  508

  	
   

  	
  1577

  	
   

  	
  Bertrandite #64

  	
   

  	
  170590

  	
   

  	
  509

  	
   

  	
  1684

  	
   

  
	
  Bertrandite #29

  	
   

  	
  170608

  	
   

  	
  509

  	
   

  	
  2469

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}]]