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Leone Sand & Gravel LLC <br />SAND AND GRAVEL LEASE <br />THIS SAND AND GRAVEL LEASE (the "Lease") is entered into as of July 15, <br />2015 (the "Effective Date") between John Biber and Terri Thomas (the "Lessor") and <br />LEONE SAND AND GRAVEL, LLC, a Colorado limited liability company <br />(the "Lessee"): <br />Premises <br />1. The Lessor is the owner of certain real property described on <br />Exhibit A attached hereto (the "Premises"). <br />2. The Lessor intends to lease to the Lessee, and the Lessee intends to <br />lease from the Lessor, the Premises, subject to the provisions and conditions set forth <br />herein so that the Lessee may conduct sand and gravel mining operations on the Premises. <br />Provisions Of Lease <br />3. Legal Effect. For good and valuable consideration, the parties to this <br />Lease hereby agree to the terms and provisions set forth herein. <br />4. Rights Granted/Premises. Subject to the terms and conditions of this <br />Lease, the Lessor hereby leases the Premises and grants to the Lessee: <br />a. The exclusive right to explore for, extract by mining, <br />excavate, process, stockpile, remove and sell sand, gravel, overburden and related <br />materials, including, without limitation, gold, which can be recovered by surface mining <br />operations from the Premises; <br />b. The non-exclusive right to use any water or water rights <br />owned by the Lessor and appurtenant to, historically used on, located on, underlying or <br />otherwise associated with, the Premises in connection with the Lessee's operations. <br />C. The right to place and store a fuel and oil storage facility on <br />the Premises, provided that the installation, operation and maintenance of such storage <br />facility complies with all applicable laws. <br />5. Term. The Term of this Lease shall commence at 12:01 a.m. on the <br />Effective Date. Unless otherwise terminated or extended as provided herein, this Lease <br />shall terminate upon the completion of (a) the extraction by the Lessee of all sand and <br />gravel from the Premises that can be removed in an economically efficient manner within <br />ten (10) years after the Effective Date and (b) the receipt by the Lessee of a letter from the <br />appropriate authorities of the State of Colorado confirming that the Lessee has completed <br />all of its reclamation obligations. The period from the commencement of this Lease until <br />its termination shall hereinafter be referred to as the "Term". <br />