(1)  For the purpose of section 102(1) of the Act, the prescribed rate of royalty payable by a lessee in respect of a mineral specified in Schedule 1 is the rate specified in that Schedule.

(2)  For the purpose of section 102(1A) of the Act, the prescribed rate of royalty payable by a licensee in respect of a mineral specified in Schedule 1 is the rate specified in that Schedule.

(3)  For the purpose of sections 102(1) and (1A) of the Act, the prescribed rate of royalty payable by a lessee or a licensee in respect of a mineral not specified in Schedule 1 is that produced by:

where –

R is the royalty;

N is the yearly net sales of the mineral for the immediately preceding year;

P is the yearly profit as defined in regulation 8 , if any, for the immediately preceding year.

(4)  For the purpose of section 102(1C) of the Act, the prescribed maximum rate of royalty payable for a mineral not specified in Schedule 1 is equivalent to 5% of net sales.

(5)  If the value of the net sales of a mineral not specified in Schedule 1 is less than $100 000 for a year, the prescribed rate of royalty is 1.6% of net sales.

(6)  If the value of the net sales of a mineral not specified in Schedule 1 is at least $100 000 and less than $600 000 for a year –

(a) net sales royalty is to be assessed and paid on a quarterly basis; and

(b) profit royalty is to be assessed and paid on an annual basis.

(7)  For the purpose of subregulation (6)  –

net sales royalty means the component of the formula in subregulation (3) represented by:

profit royalty means the component of the formula in subregulation (3) represented by: