Morien announces receipt of the first royalty payment from the Donkin mine

Morien royalty and milestone payment

Morien owns a gross production royalty of 2% on the first 500 000 t of coal sales per calendar quarter (excluding the initial 10 000 t of coal produced and sold from Donkin) and 4% on any coal sales from quarterly tonnage above 500 000 t (Royalty). The Royalty is payable to Morien on a quarterly basis over the anticipated 30 plus year mine life.

Morien is entitled to receive its third and final milestone payment of US$1.5 million from Kameron on the earlier of first commercial sale of export coal from Donkin and the third anniversary of the closing of the transaction ( 27 February, 2018).