Document:

Filed by Automated Filing Services Inc. (604) 609-0244 -  Explortex Energy Inc. - Exhibit 10.1

EXHIBIT 10.1 

LOAN AGREEMENT 

Made effective October 05, 2007 

BETWEEN 

CHRIS R. COOPER, an individual resident in Vancouver,
British Columbia 

(hereinafter referred to as the "Lender") 

- and - 

EXPLORTEX ENERGY INC., a corporation having an office in
Vancouver, British Columbia 

(hereinafter referred to as the "Debtor")

WHEREAS the Lender has agreed to lend certain amounts to
the Debtor, subject to and in accordance with the terms of this Loan Agreement;

NOW THEREFORE THIS AGREEMENT WITNESSES that in
consideration of the covenants and agreements herein contained the Lender and
the Debtor agree as follows: 

	1. 	
      Definitions

	 	 	 
		
      For the purposes of this Loan Agreement, unless there is
      something in the subject matter or context inconsistent
  therewith:

	 	 	 
		(a) 	
      "Event of Default" means any of the events specified in
      Section 7;

	 	 	 
		(b) 	
      "Indebtedness" means the Principal and all interest
      payable thereon;

	 	 	 
		(c) 	
      "GSA" means a general security agreement granting a
      security interest to the Lender in all of the present and after acquired
      property of the Debtor; and

	 	 	 
		(d) 	
      "Loan Documents" means this Loan Agreement, the GSA, each
      Note (as defined hereafter), and each other security or other document
      issued in connection herewith.

	2. 	
      Principal Amount

	 	 	 
		
      The Lender has agreed to advance to the Debtor funds in
      the aggregate amount of Thrity Thousand United States Dollars
      (US$30,000.00) (the "Principal"), available by one advance made October 5,
      2007. The obligation of the Debtor to repay the advance by the Lender is
      evidenced by a promissory note in substantially the form of Schedule A
      hereto made by the Debtor and payable to the order of the Lender on demand
      (the "Note").

	 	 	 
		
      The Lender shall have no obligation to make any advances
      hereunder unless the Lender is satisfied that:

	 	 	 
		(a) 	
      all representations and warranties in the Loan Documents
      are true and accurate in all respects;

	 	 	 
		(b) 	
      the Debtor is in compliance with all covenants contained
      in the Loan Documents;

	 	 	 
		(c) 	
      the Debtor is capable of repaying all advances and other
      amounts owing hereunder upon demand.

- 2 - 

	3. 	
      Interest

	 	 	 	 
		
      Interest shall accrue on the Principal amount immediately
      upon the advance of funds at the rate of one-half of one percent (1/2 %)
      per month.

	 	 	 	 
		(a) 	
      Such interest shall accrue on a daily basis and shall be
      calculated monthly in arrears in respect of the immediately preceding
      calendar month based on the actual number of days elapsed and shall accrue
      and be payable at the same rate both before and after demand, default and
      judgment, with interest accruing and payable on overdue interest at the
      same rate.

	 	 	 	 
		(b) 	
      If payment of the Principal becomes payable in accordance
      with Section 4, all accrued and unpaid interest shall also be payable on
      the date for payment of the Principal. If payment of the Principal is
      demanded hereunder, all accrued and unpaid Interest shall also be payable
      on the date for payment of the Principal so demanded.

	 	 	 	 
		(c) 	
      All payments made by the Corporation to the Holder
      hereunder shall be applied in the following order:

	 	 	 	 
			(i) 	
      to amounts due hereunder as interest on overdue
      amounts;

	 	 	 	 
			(ii) 	
      to amounts due hereunder as Interest;

	 	 	 	 
			(iii) 	
      to amounts due hereunder as Principal.

	 	 	 	 
	4. 	
      Repayment Terms

	 	 	 	 
		
      The Loan is for a period of six months. Principal plus
      Interest is due and payable on April 5, 2008. The Debtor hereby promises
      to pay to the Lender the entire amount of the Indebtedness on demand,
      which may be made at any time whether or not an Event of Default has
      occurred. In addition, the Debtor shall repay to the Lender all amounts
      owing hereunder by no later than April 5, 2008.

	 	 	 	 
	5. 	
      Representations and Warranties

	 	 	 	 
		
      The Debtor represents and warrants to the Lender at the
      date hereof and while any Indebtedness is outstanding hereunder as
      follows:

	 	 	 	 
		(a) 	
      The Debtor is duly incorporated and organized, validly
      existing and in good standing under the laws of Alberta, and is duly
      qualified to do business in such jurisdiction and in all other
      jurisdictions in which the nature of its business or the location of its
      property requires such qualification. The Debtor has the requisite power
      and authority to enter into this Loan Agreement and the Notes and to
      perform its obligations hereunder and thereunder.

	 	 	 	 
		(b) 	
      This Loan Agreement has been, and the Loan Documents will
      be, duly authorized, executed and delivered by the Debtor and constitute
      valid and binding obligations of the Debtor, enforceable against the
      Debtor in accordance with their respective terms.

	 	 	 	 
		(c) 	
      This Loan Documents will not violate any provision of the
      Debtor's organizational documents, or any contract, agreement, law,
      regulation, order or judgment to which the Debtor is subject.

	 	 	 	 
		(d) 	
      The Debtor's execution and delivery of the Loan Documents
      do not require the consent or approval of any other person or
    entity.

- 3 - 

	6. 	
      Payment of Indebtedness

	 	 	 	 
		
      The Debtor covenants that it will pay the Indebtedness in
      accordance with the terms and conditions of the Loan Documents.

	 	 	 	 
	7. 	
      Security Interest

	 	 	 	 
		
      As security for all advances under this Loan Agreement,
      the Debtor hereby grants to the Lender a security interest in all of the
      Debtor's present and after acquired property. The Debtor hereby agrees
      that it will, upon request by the Lender, grant in favor of the Lender a
      GSA and such other security as the Lender may request, in form and
      substance satisfactory to the Lender. In addition, the Debtor will, upon
      request by the Lender, cause any or all of its subsidiaries (now owned or
      hereafter acquired) to provide a guarantee in favor of the Lender in
      respect of the Debtor's obligations to the Lender as provided for in this
      Loan Agreement (including in respect of the Indebtedness) and any
      associated security.

	 	 	 	 
	8. 	
      Events of Default

	 	 	 	 
		
      The Debtor shall be in default under this Loan Agreement
      upon the occurrence of any of the following:

	 	 	 	 
		(a) 	
      if the Debtor fails to pay all or any part of the
      Indebtedness when it becomes due and payable;

	 	 	 	 
		(b) 	
      if the Debtor fails to observe or perform any other
      covenant or obligation under any of the Loan Documents or if any
      representation or warranty thereunder proves to be untrue or
    incorrect;

	 	 	 	 
		(c) 	
      if an order is made, or a resolution passed for the
      winding-up of the Debtor;

	 	 	 	 
		(d) 	
      if under the Bankruptcy and Insolvency Act (Canada) or
      any other bankruptcy, insolvency or analogous laws:

	 	 	 	 
			(i) 	
      the Debtor makes a general assignment for the benefit of
      creditors, files or presents a petition, makes a proposal or commits any
      act of bankruptcy; or

	 	 	 	 
			(ii) 	
      the Debtor is insolvent or declared bankrupt;

	 	 	 	 
		(e) 	
      if any execution, sequestration, seizure, restraint or
      any process of any court becomes enforceable against the Debtor, or a
      distress or comparable process of any court is levied upon any property of
      the Debtor, and in each case the same is not discharged within thirty (30)
      days.

	 	 	 	 
	9. 	
      Indebtedness Due and Rights and Remedies

	 	 	 	 
		
      Upon the occurrence of any Event of Default, the Lender,
      in its sole discretion, may do any one or more of the following: (i)
      declare all Indebtedness immediately due and payable without demand,
      protest, notice of protest, notice of default, presentment for payment or
      further notice of any kind; and/or (ii) proceed to enforce such other and
      additional rights and remedies as the Lender may have hereunder, or under
      any other agreements with the Debtor or as may be provided by
  law.

- 4 - 

	10. 	
      Waiver of Default

	 	 
		
      The Lender may at any time waive any Event of Default
      which may have occurred, provided that no such waiver shall extend to or
      be taken in any manner whatsoever to affect any subsequent Event of
      Default or the rights or remedies resulting therefrom.

	 	 
	11. 	
      Enurement

	 	 
		
      This Loan Agreement shall enure to the benefit of and be
      binding upon the Lender and its successors and assigns, and shall be
      binding upon the Debtor and its successors and assigns.

	 	 
	12. 	
      Applicable Law

	 	 
		
      This Loan Agreement shall be construed and enforceable
      under and in accordance with the laws of the Province of British Columbia
      and the Debtor hereby attorns to the jurisdictions of the Courts of the
      Province of British Columbia.

	 	 
	13. 	
      Notice

	 	 
		
      Without affecting any other method of giving notice, any
      notice required or permitted to be given hereunder to the Debtor shall be
      conclusively deemed to have been received by the Debtor on the date
      following the sending of the same by prepaid courier to the Debtor's
      address set forth below:

Explortex Energy Inc. 
#2410, 650
West Georgia Street 
Vancouver BC V6B 4N7 

	14. 	
      Time of Essence

	 	 
		
      Time shall be of the essence of this Loan
    Agreement.

IN WITNESS WHEREOF the parties have executed this Loan
Agreement to be effective the date first written above. 

	  	 	/s/ Chris R. Cooper 
	 	 	 
	  	 	CHRIS R. COOPER 
	  	 	  
	 	 	 
	  	 	EXPLORTEX ENERGY INC. 
	 	 	 
	/s/ D. Barry Lee 	 	/s/ Chris Cooper 
	  	 Per: 	
	WITNESS 	 	Chris Cooper, President

SCHEDULE "A" 
to the Loan Agreement between Chris R.
Cooper ("Lender") and 
Explortex Energy Inc. ("Debtor") made effective
October 5, 2007 

PROMISSORY NOTE 

PROMISSORY NOTE 

FOR VALUE RECEIVED, Explortex Energy Inc. (the
"Corporation") hereby acknowledges itself indebted and promises to pay to
Chris R. Cooper (together with all assignees of Chris R. Cooper, the
"Holder") the principal amount of Thirty Thousand United States Dollars
(US$30,000) (such amount, or the then outstanding portion of such amount, being
the "Principal"), together with Interest (as hereinafter defined)
thereon, in lawful money of the United States of America, on the following terms
and conditions: 

	1. 	
      At any time and from time to time all or any part of the
      Principal, together with any accrued but unpaid Interest thereon, shall be
      repaid by the Corporation to the Holder ON DEMAND by the Holder, without
      any notice being given to the Corporation.

	 	 	 	 
	2. 	
      This promissory note is issued pursuant to a Loan
      Agreement made effective October 5, 2007 by and between the Corporation
      and the Holder (the "Loan Agreement'), and is subject to all of the
      terms and conditions thereof.

	 	 	 	 
	3. 	
      Interest on the Principal, and payments of amounts due
      hereunder, shall be calculated and paid as follows:

	 	 	 	 
		(a) 	
      the Corporation shall pay to the Holder interest on the
      Principal at the rate of one-half of one percent (1/2 %) per month
      (hereinafter "Interest"), in accordance with
      the terms and conditions as prescribed by the Loan Agreement, and with
      those herein.

	 	 	 	 
		(b) 	
      All payments made by the Corporation to the Holder
      hereunder shall be applied in the following order:

	 	 	 	 
			(i) 	
      to amounts due hereunder as interest on overdue
      amounts;

	 	 	 	 
			(ii) 	
      to amounts due hereunder as Interest;

	 	 	 	 
			(iii) 	
      to amounts due hereunder as Principal.

	 	 	 	 
	4. 	
      Upon the commencement by or against the Corporation of
      any voluntary or involuntary bankruptcy, insolvency or receivership
      proceedings or the making by the Corporation of a general assignment for
      the benefit of its creditors, the Principal or unpaid portion thereof,
      together with any unpaid Interest accrued to the date of payment, shall,
      at the option of the Holder, become immediately due and payable on demand
      without notice.

	 	 	 	 
	5. 	
      Upon the indebtedness evidenced by this promissory note
      being paid in full, the Holder shall mark it "Paid in Full" and shall
      return it to the Corporation.

	 	 	 	 
	6. 	
      The Corporation, together with all persons who become
      liable hereon:

	 	 	 	 
		(a) 	
      severally waive presentment for payment, demand, protest,
      notice of protest and notice of dishonour;

	 	 	 	 
		(b) 	
      agree and consent that the time for payment of this note
      or any payment hereunder may be extended or this note may be renewed from
      time to time by the Holder without notice and without otherwise reducing,
      waiving, ending or otherwise affecting the liabilities of all parties;
      and

		(c) 	
      acknowledge that Holder will not be liable for or
      prejudiced by failure to collect or for lack of diligence in bringing suit
      on this note or any such renewal or extension.

	 	 	 
	7. 	
      This promissory note shall be governed by and construed
      in accordance with the laws of the Province of British Columbia and laws
      of Canada applicable therein.

DATED and effective as of October 5,
2007. 

	 	EXPLORTEX ENERGY
      INC. 
	 	 
	 	 	/s/ Chris Cooper 
	 	 Per: 	
	 	 	Chris Cooper, PresidentFiled by Automated Filing Services Inc. (604)609-0244 Skyflyer Inc. - Exhibit 10-1

PURCHASE AGREEMENT

THIS AGREEMENT dated as of the 3rd day of October,
2007.

BETWEEN:

AMERICAN YELLOWCAKE RESOURCES INC., of 

    8275 S. Eastern Avenue, Suite 200 

  Las Vegas, NV 89123USA

(hereinafter called the “Vendor”)

AND:

SKYFLYER INC., of #205 - 1480 Gulf Road

  Point Roberts, WA 98281

(hereinafter called the “Purchaser”)

WHEREAS:

A.           The
  Vendor is the beneficial owner of the property described in Schedule “A”
  hereto (the “Property”); 

B.           The
  Vendor wishes to sell an undivided 100% interest in and to the Property to the
  Purchaser and the Purchaser wishes to acquire such interest pursuant to the
  terms and  conditions hereinafter set out; 

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration
  of the premises and of the mutual covenants and agreements hereinafter contained,
  the parties hereto agree as follows:

-2-

VENDOR’S REPRESENTATIONS AND WARRANTIES

	1. 	The Vendor represents and warrants to the
      Purchaser that: 

	 	(a) 	
      It is the beneficial owner of an undivided l00% interest
      in and to the Property;

	 	 	
       

	 	(b) 	
      The claims comprising the Property have been, to the best
      of the information and belief of the Vendor, properly located and staked
      and recorded in compliance with the laws of the jurisdiction in which they
      are situate, are accurately described in Schedule “A” and are valid and
      subsisting mineral claims as at the date of this Agreement;

	 	 	
       

	 	(c) 	
      The Property is in good standing under all applicable
      laws and regulations, all assessment work required to be performed and
      filed has been performed and filed, all taxes and other payments have been
      paid and all filings have been made;

	 	 	
       

	 	(d) 	
      The Property is free and clear of any encumbrances, liens
      or charges and neither the Vendor nor, to the best of the Vendor’s
      knowledge, any of its predecessors in interest or title, have done
      anything whereby the Property may be encumbered;

	 	 	
       

	 	(e) 	
      It has the right to enter into this Agreement and to deal
      with the Property in accordance with the terms of this Agreement, there
      are no disputes over the title to the Property, and no other party has any
      interest in the Property or the production therefrom or any right to
      acquire any such interest; and

	 	 	 
	 	(f) 	
      It is a company duly organized, validly existing and in
      good standing under the laws of its jurisdiction of incorporation,
      amalgamation or continuation.

-3-

PURCHASER’S REPRESENTATIONS AND WARRANTIES

	2. 	The Purchaser represents and warrants to the
      Vendor that: 

	 	(a) 	
      it has been duly incorporated, amalgamated or continued
      and validly exists as a corporation in good standing under the laws of its
      jurisdiction of incorporation, amalgamation or continuation;

	 	 	
       

	 	(b) 	
      it has duly obtained all corporate authorizations for the
      execution of this Agreement and for the performance of this Agreement by
      it, and the consummation of the transactions herein contemplated will not
      conflict with or result in any breach of any covenants or agreements
      contained in, or constitute a default under, or result in the creation of
      any encumbrance under the provisions of the Articles or the constating
      documents of the Purchaser or any shareholders’ or directors’ resolution,
      indenture, agreement or other instrument whatsoever to which the Purchaser
      is a party or by which it is bound or to which it or the Property may be
      subject;

	 	 	
       

	 	(d) 	
      no proceedings are pending for, and the Purchaser is
      unaware of any basis for the institution of any proceedings leading to,
      the dissolution or winding up of the Purchaser or the placing of the
      Purchaser in bankruptcy or subject to any other laws governing the affairs
      of insolvent corporations;

-4-

SURVIVAL OF REPRESENTATIONS AND WARRANTIES

3.           The
  representations and warranties in this Agreement shall survive the closing of
  this transaction and shall apply to all assignments, conveyances, transfers
  and documents delivered in connection with this Agreement and there shall not
  be any merger of any representations and warranties in such assignments, conveyances,
  transfers or documents notwithstanding any rule of law, equity or statute to
  the contrary and all such rules are hereby waived. The Vendor shall have the
  right to waive any representation and warranty made by the Purchaser in the
  Vendor’s favour without prejudice to any of its rights with respect to
  any other breach by the Purchaser and the Purchaser shall have the same right
  with respect to any of the Vendor’s representations in the Purchaser’s
  favour.

PURCHASE AND SALE

4.           The
  Vendor hereby sells and assigns and the Purchaser hereby purchases an undivided
  100% interest in and to the Property for the sum of $200,000 (the “Purchase
  Price”)  payable within 10 days of the date of this Agreement.

ROYALTY

	5. 	
      (a)               
      
	The Purchaser shall pay to the Vendor a royalty equal to 3% or 15% (as
      the case may be) of Net Smelter Returns (the “Royalty”) on the
      terms and conditions as set out in Schedule “B”.
	 	 	 
		(b) 	
      Installments of the Royalty payable shall be paid by the
      Purchaser to the Vendor immediately upon the receipt by the Purchaser of
      the payment from the smelter, refinery or other place of treatment of the
      proceeds of sale of the minerals, ore, concentrates or other product from
      the Property.

-5-

	 	(c) 	
      Within 120 days after the end of each fiscal year,
      commencing with the year in which production from the Property occurs, the
      accounts of the Purchaser relating to operations on the Property and the
      statement of operations, which shall include the statement of calculation
      of Royalty for the year last completed, shall be audited by the auditors
      of the Purchaser at its expense. The Vendor shall have 45 days after
      receipt of such statements to question the accuracy thereof in writing
      and, failing such objection, the statements shall be deemed to be correct
      and unimpeachable thereafter.

	 	 	
       

	 	(d) 	
      If such audited financial statements disclose any
      overpayment of Royalty by the Purchaser during the fiscal year, the amount
      of the overpayment shall be deducted from future installments of Royalty
      payable.

	 	 	
       

	 	(e) 	
      If such audited financial statements disclose any
      underpayment of Royalty by the Purchaser during the year, the amount
      thereof shall be paid to the Vendor forthwith after determination
      thereof.

	 	 	
       

	 	(f) 	
      The Purchaser agrees to maintain for each mining
      operation on the Property, up-to-date and complete records relating to the
      production and sale of minerals, ore, bullion and other product from the
      Property, including accounts, records, statements and returns relating to
      treatment and smelting arrangements of such product, and the Vendor or its
      agents shall have the right at all reasonable times, including for a
      period of 12 months following the expiration or termination of this
      Agreement, to inspect such records, statements and returns and make copies
      thereof at its own expense for the purpose of verifying the amount of
      Royalty payments to be made by the Purchaser to the Vendor pursuant
      hereto. The Vendor shall have the right to have such accounts audited by
      independent auditors at its own expense once each fiscal
  year.

-6-

RECORDING OF AGREEMENT

 6.           The
  Vendor shall be entitled to record this Agreement or a memorandum in respect
  of this Agreement against the title to the Property. 

FURTHER ASSURANCES

7.           Concurrently
  with the payment of the Purchase Price the Vendor shall execute or cause to
  be executed a Transfer of Mineral Dispositions or such other documents as the
  Purchaser may reasonable require transferring a 100% interest subject to the
  Royalty in and to the Property to the Purchaser which the Purchaser shall be
  at liberty to record forthwith. The parties shall execute all further documents
  or assurances as may be required to carry out the full intent of this Agreement.

NOTICE

8.            Each
  notice, demand or other communication required or permitted to be given under
  this Agreement shall be in writing and shall be delivered, telegraphed or telecopied 
  to such party at the address for such party specified above. The date of receipt
  of such notice, demand or other communication shall be the date of delivery
  thereof if delivered or telegraphed or, if given by telecopier, shall be deemed
  conclusively to be the next business day. Either party may at any time and from
  time to time notify the other party in writing of a change of address and the
  new address to which notice shall be given to it thereafter until further change.

-7-

PAYMENT

9.           All
  references to monies hereunder will be in United States funds. All payments
  to be made to any party hereunder may be made by check mailed or delivered to
  such party to its  address for notice purposes as provided herein,or for
  the account of such party at such bank in the United States or Canada as such
  party may designate from time to time by written notice. Such bank will be deemed
  the agent of the designating party for the purpose of receiving, collecting
  and receipting such payment.

CONTRACT WORK ON PROPERTY

10.           The
  Purchaser shall employ Dahrouge Geological Consultants Ltd. at their customary
  rates to perform any work on the Property unless they shall decline or be unavailable
  to perform such services.

PERIMITER 

11.           For
  the purposes of this Agreement and the Royalty, the Property shall include any
  additional claims staked by the Purchaser, or on behalf of the Purchaser, within
  100 kilometers of the claims described in Schedule “A”. 

GENDER

12.          
  Wherever the singular or neuter are used herein the same shall be deemed to
  include the plural, feminine or masculine.

-8-

ASSIGNMENT

13.           The
  Purchaser shall not sell, transfer or assign any interest in the Property without
  the prior consent of the Vendor.

ENUREMENT

14.           This
  Agreement shall enure to the benefit of and be binding upon the parties hereto
  and their respective successors and permitted assigns. 

INDEPENDENT LEGAL ADVICE

15.           This
  Agreement has been prepared by O’Neill Law Group PLLC acting on behalf
  of the Vendor only and the Purchaser acknowledges that it has been advised to
  obtain independent legal advice. 

-9-

COUNTERPART EXECUTION

16.           This
  Agreement may be executed in several parts in the same form and such parts as
  so executed shall together constitute one original agreement, and such parts,
  if more than one, shall be read together and construed as if all the signing
  parties hereto had executed one copy of this Agreement. 

IN WITNESS WHEREOF this Agreement has been executed by
the parties hereto as of the day and year first above written.

AMERICAN YELLOWCAKE RESOURCES INC.

	per: 	/s/ Mark A. Reynolds 	 
	 	 	 
	  	Mark A. Reynolds, President 	 

SKYFLYER INC.

	per: 	/s/ John Boschert 	 
	 	 	 
	  	John Boschert, Secretary 	 

SCHEDULE “A”

THE PROPERTY

	  	Mining 	  	  	  	  
	Claim Nos. 	District 	Location 	Area (ha) 	Map Sheet 	Record Date 
	 	 	 	 	 	 
	S-110851 & S-110862 	La Ronge 	56°25'N, 107°10'W 	9600 	074B06 	July 24, 2007 

SCHEDULE “B”

NET SMELTER RETURNS

	1. 	For the purposes of this Agreement the
      following words and phrases shall have the following meanings, namely:
  
	

	 	(a) 	“Commencement of Commercial Production” means:
    

	 		(i) 	
      if a mill is located on the Property, the last day of a
      period of 40 consecutive days in which, for not less than 30 days, the
      mill processed ore from the Property at 60% of its rated concentrating
      capacity; or

	 	 	 	 
	 		(ii) 	
      if a mill is not located on the Property, the last day of
      a period of 30 consecutive days during which ore has been shipped from the
      Property on a reasonably regular basis for the purpose of earning
      revenues,

	 	 	 	 
	 		
      but any period of time during which ore or concentrate is
      shipped from the Property for testing purposes or during which milling
      operations are undertaken as initial tune-up, shall not be taken into
      account in determining the date of Commencement of Commercial
      Production.

	 	 	 	 
	 	(b) 	
      “Net Smelter Returns” shall mean the gross proceeds
      received by the Purchaser in any year from the sale of Product from the
      mining operation on the Property, less successively:

	 	 	 	 
	 		(i) 	
      the cost of transportation of such Product to a smelter
      or other place of treatment, and

	 	 	 	 
	 		(ii) 	
      smelter and treatment charges;

	 	 	 	 
	 	(c) 	
      “Ore” shall mean any material containing a mineral or
      minerals of commercial economic value mined from the Property;
  and

	 	 	 	 
	 	(d) 	
      “Product” shall mean Ore mined from the Property and any
      concentrates or other materials or products derived therefrom, but if any
      such Ore, concentrates or other materials or products are further treated
      as part of the mining operation in respect of the Property, such Ore,
      concentrates or other materials or products shall not be considered to be
      “Product” until after they have been so
treated.

2.           For the purposes
  of calculating the amount of Royalty payable to the Vendor hereunder, if, after
  the Commencement of Commercial Production, the Purchaser sells any 

2

Product to one of its subsidiaries or affiliates, and if the
  sale price of such Product is not negotiated on an arm’s-length basis,
  the Purchaser shall for the purposes of calculating Net Smelter Returns only
  and notwithstanding the actual amount of such sale price, add to the proceeds
  from the sale of such Product an amount which would be sufficient to make such
  sale price represent a reasonable net sale price for such Product as if negotiated
  at arm’s length and after taking into account all pertinent circumstances
  including, without limitation, then current market conditions relating to Ore,
  concentrates or products similar to such Product. 

3.           The Purchaser shall
  by notice inform the Vendor of the quantum of such reasonable net sale price
  and, if the Vendor does not object thereto, within 60 days after receipt of
  such notice, said quantum shall be final and binding for the purposes of this
  Agreement. 

4.           The Purchaser may
  remove reasonable quantities of Ore and rock from the Property for the purpose
  of bulk sampling and of testing, and there shall be no Royalty payable to the
  Vendor with respect thereto unless revenues are derived therefrom. 

5.           The Purchaser shall
  have the right to commingle with ores from the Property, ore produced from other
  properties, provided that prior to such commingling, the Purchaser shall adopt
  and employ reasonable practices and procedures for weighing, determination of
  moisture content, sampling and assaying, as well as utilize reasonable accurate
  recovery factors in order to determine the amounts of products derived from,
  or attributable to Ore mined and produced from the Property. The Purchaser shall
  maintain accurate records of the results of such sampling, weighing and analysis
  as pertaining to ore mined and produced from the Property. 

Increase in Royalty

The parties agree that during any period that the price of
Uranium, as quoted by Kitco Metals or the New York Mercantile Exchange, shall
exceed $100 per pound, the Royalty shall be increased to 15% of net smelter
returns as calculated above.

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