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EXECUTION COPY Appendix A <br /> a co STATE OF COLORADO <br /> LT .( '�CrIA .1 STATE BOARD OF LAND COMMISSIONERS <br /> ,„ t= '-, pl <br /> * ''' �� <br /> '.**1876* MINING LEASE NO. 112413 <br /> THIS MINING LEASE (the "Lease"), is entered into this j5jday of June,, 2019 , (the "Effective Date") <br /> by and between the State of Colorado, acting through its STATE BOARD OF LAND COMMISSIONERS, <br /> located at 1127 Sherman Street, Suite 300, Denver, CO 80203 ("Lessor"), and Zephyr Gold USA Ltd.. <br /> whose address is 1959 Upper Water Street, Suite 1300, Purdy's Wharf Tower 1, Halifax NS B3J 3N2 <br /> Canada ("Lessee") (with Lessor and Lessee collectively being the, "Parties"). <br /> 1. LEASE. RENTAL. FEES -- Lessor, for and in consideration of the sum of Two Thousand Four Hundred <br /> Twenty Dollars ($ 2,420.00), receipt of which is hereby acknowledged as payment of the filing fee in <br /> the amount of Five Hundred Dollars ($ 500.00), first year's rent in the amount of One Thousand Nine <br /> Hundred Twenty Dollars ($ 1.920.001, and in further consideration of Lessee's agreement to pay <br /> Three Dollars ($ 3.00,) per acre annually as rental in advance of the anniversary date of this Lease so <br /> long as this Lease shall remain in effect; and in further consideration of the terms, conditions and <br /> agreements herein and of the payments of annual rentals and royalties reserved herein, to be kept and <br /> performed by Lessee, its successors and assigns, does hereby lease to Lessee the right and privilege of <br /> exploring and prospecting for and developing, mining , and removing gold ("Gold")and silver. courser. <br /> zinc and lead (individually. "Other Mineral" and collectively "Other Minerals") (with Gold and <br /> Other Minerals collectively being "Minerals") from the Leased Premises, situated in the County of <br /> Fremont, State of Colorado as described below. Lessee may extract Minerals using only underground <br /> mining methods and surface mining is prohibited under this Lease. <br /> 2. LEASED PREMISES <br /> ACRES SUBDIVISION SEC.TWP.RGE. PATENTS <br /> 640 ALL 16-T19S-R71W None <br /> FUND: SCHOOL <br /> containing 640 mineral acres, more or less, together with the right to use up to one (1)acre of <br /> the surface estate, in accordance with the Exploration Plan and the Mining and Operation Plan as set <br /> forth in Paragraphs 8 and 16 of this Lease, as may be reasonably required for safety features such as <br /> ventilation shafts, reasonable ingress and egress as may be reasonably necessary in the exploration, <br /> mining and removal of Minerals; subject, however, to all existing easements and rights-of-way of third <br /> parties, and the rights of surface lessees and surface patentees, and further subject to Lessor's <br /> approval and the terms, conditions and agreements set out in this Lease (the "Leased Premises"). The <br /> above-mentioned rights may be exercised in connection with mining on other or adjacent lands only <br /> when mining on such lands is carried on in conjunction with the actual mining on the Leased Premises. <br /> 3. RESERVATIONS TO STATE -- Reserving, however, to Lessor: <br /> a). All rights, privileges and uses of every kind and nature not specifically granted to Lessee by this <br /> Lease. <br /> b). The right to use or lease the Leased Premises or any part thereof at any time for any purpose, <br /> including the right to explore and prospect the Leased Premises, which use and leasing of the <br />