NSR..."A percentage of the metal miners (without allowance for...

NSR...

"

1. A percentage of the metal miners (without allowance for recovery). The one in our agreement (I think).
2. The original Net Smelter Return Royalty is 'the net income received by the owner of the mine facility from the sale of the mine's metallic and non-metallic products'.

Then there's the derivative of no 1. As a cutoff grade in determining mining boundaries (usually pit shell) for geologic purposes."

1. is wrong
derivative of 1 is wrong
2 is roughly right and is used as a cut-off grade in polymetallics as well as the measure from which the Trident royalty will be calculated

NSR cut-off - is there enough value from the metals in this lump of rock to cover its costs of treatment and admin?

NSR = (value of metals out the mine gate) - (costs outside the gate)

NSR = (diluted grades x mill recoveries x metal prices) - (concentrate transport and handling + smelter metal deductions + smelter payabilities + smelting and refining costs + smelter penalties + royalties)