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MINERAL PROPERTY OPTION AGREEMENT This mineral property option agreement (the Agreement) is dated for reference August 6, 2020 BETWEEN: TRACTION EXPLORATION INC., a company incorporated under the

How to fill out mineral property option agreement

How to fill out mineral property option agreement

1. Gather all necessary information such as details of the property, owner information, terms and conditions.
2. Consult with a legal professional to ensure the agreement complies with all relevant laws and regulations.
3. Clearly outline the option period, payment terms, and any conditions for exercising the option.
4. Include provisions for how the option can be terminated or extended.
5. Specify any obligations of the parties involved, such as maintaining the property and conducting exploration activities.
6. Have all parties involved review and sign the agreement to make it legally binding.

Who needs mineral property option agreement?

1. Individuals or companies looking to secure the option to explore and potentially develop a mineral property.
2. Property owners looking to grant an option to others for exploring and mining on their property.

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What is mineral property option agreement?

A mineral property option agreement is a legal contract that grants one party the right, but not the obligation, to purchase or lease a mineral property from another party within a specified time frame, often in exchange for an upfront payment or option fee.

Who is required to file mineral property option agreement?

Individuals or companies involved in the exploration or development of mineral properties, particularly those who have entered into an option agreement with the property owner, are typically required to file a mineral property option agreement.

How to fill out mineral property option agreement?

To fill out a mineral property option agreement, parties must include pertinent details such as the names and addresses of both parties, a description of the mineral property, terms of the option, payment details, duration of the agreement, and any specific conditions that must be fulfilled.

What is the purpose of mineral property option agreement?

The purpose of a mineral property option agreement is to secure the right to explore or extract minerals from a property while allowing the involved parties to negotiate terms and conditions without committing to immediate purchase.

What information must be reported on mineral property option agreement?

Information that must be reported on a mineral property option agreement typically includes the identities of the parties, the property location and legal description, option fees, payment schedule, duration of the option, rights granted, and any obligations of the parties.