Document:

Exhibit 10.2

 

NPR ROYALTY AGREEMENT

 

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

 

BETWEEN:

 

GREAT
WESTERN EXPLORATION, LLC, a limited liability company
under the laws of Colorado (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 from the Royaltyholder 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 15.98% 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 charge a portion of
that cost to the royalty account over a reasonable period of time commencing
with commercial production; and

 

3

 

(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;

 

(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

 

4

 

(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
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.

 

5

 

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.

 

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 

 

6

 

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:

 

Great Western
Exploration, LLC

2008 Meander Road

Windsor, CO 80550

 

(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.

 

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 

 

7

 

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:

  
	
   

  	
   

  	
   

  
	
   

  	
  GREAT WESTERN EXPLORATION, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  Per:

  	
  /s/ DAVID TOGNONI

  
	
   

  	
   

  	
  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 10.3

 

NPR ROYALTY AGREEMENT

 

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

 

BETWEEN:

 

SOUTH WEST
EXPLORATION, LLC, a limited liability company under the laws
of Colorado (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 0.68% 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:

 

SOUTH WEST
EXPLORATION, LLC,

2008 Meander Road

Windsor, CO 80550

 

(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:

  
	
   

  	
   

  
	
   

  	
  SOUTH WEST EXPLORATION, 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

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

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"}]]