NSR
An NSR is what remains after the deductions
Exclusive BX Meridian memo on a gold net smelter return: the figure, the condition, and the instruction.
Royalties
Mining royalties, streams, and the cheque after the ounce.
Streams
A stream pays only if the ounces are delivered
Exclusive BX Meridian memo on a silver stream: the figure, the condition, and the instruction.
Lithium
A lithium royalty follows the price formula, not the headline grade
Exclusive BX Meridian memo on a spodumene royalty: the figure, the condition, and the instruction.
Copper
Copper payability is the royalty base
Exclusive BX Meridian memo on a copper royalty: the figure, the condition, and the instruction.
Closure
Closure costs can outlive the royalty cheque
Exclusive BX Meridian memo on a royalty on a depleting pit: the figure, the condition, and the instruction.
Buyback
A royalty buyback needs cash and a window
Exclusive BX Meridian memo on a royalty buyback: the figure, the condition, and the instruction.
Area
An area of interest can swallow the next discovery
Exclusive BX Meridian memo on an area-of-interest clause: the figure, the condition, and the instruction.
Audit
A royalty audit is a right, not a courtesy
Exclusive BX Meridian memo on a royalty audit right: the figure, the condition, and the instruction.
Tax
A cross-border royalty can be taxed before it arrives
Exclusive BX Meridian memo on a cross-border mining royalty: the figure, the condition, and the instruction.
Transfers
Selling a mine does not always sell the royalty away
Exclusive BX Meridian memo on a royalty that survives a sale: the figure, the condition, and the instruction.