Code of Federal Regulations Title 43. Public Lands:  Interior § 43.3581.4–2 Rate of royalty;  investment determined

If the authorized officer finds the application sufficient to authorize the issuance of a lease, he/she shall establish a rate of royalty of not less than 5 percent or more than 12 1/2 percent of the value of the output of gold, silver or quicksilver at the mine and also shall establish the amount of investment required under the lease.