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<br /> .0 colo . STATE OF COLORAIDO �
<br /> STATE BOARD OF LAND COMMISSIONERS"
<br /> 1876 MINING LEASE NO. 110324
<br /> This Mining Lease (the "Lease"), is made in duplicate and entered into this 12`h day of May, 2016, by
<br /> and between the STATE OF COLORADO, acting by and through the STATE BOARD OF LAND COMMISSIONERS,
<br /> located at 1127 Sherman Street, Suite 300, Denver, CO 80203 ("Lessor"), and AuPt INDUSTRIES, LLC, whose
<br /> address is P.O. Box 1424, Edwards CO 81632, ("Lessee"):
<br /> WITNESSETH: Lessor, for and in consideration of the sum of Seven hundred forty three and no/100
<br /> Dollars ( 743.00), receipt of which is hereby acknowledged as payment of the filing fee in the amount of
<br /> $500,00, first year's rent in the amount of Two hundred forty three and no/100 Dollars (S243.00), and a bonus
<br /> in the amount of zero and no/100 Dollars ( 0.00 , and in further consideration of Lessee's agreement to pay
<br /> Three and no/100 Dollars ($ 3.00) per acre or fraction thereof annually as rental in advance of the anniversary
<br /> date of this tease so long as said lease shall remain in effect; and in further consideration of the terms,
<br /> conditions and agreements herein and of the payment of royalties reserved herein, to be kept and performed
<br /> by Lessee, its successors and assigns, does hereby lease to Lessee the right and privilege of exploring and
<br /> prospecting for, developing, and mining of and taking of Gold, titanium, zircon, garnet and rare earth
<br /> minerals ("Minerals") from the lands herein described, situated in the County of Moffat, State of Colorado, to
<br /> wit:
<br /> ACRES SUBDIVISION SEC-TWP-RGE w, :=- PATENTS
<br /> 80.91 FR PT Lot 4, E2 Lot 5, Lot 9 - j4W (6t P None
<br /> FUND: School
<br /> Containing 80.91 acres, more or less, (the "Leased Premises vn'f1� e right to use as much
<br /> of the surface as may be reasonably required, including the right to reas a ingress and egress; the
<br /> right to make excavations, stockpiles, and other improvements as may be reasonably necessary in the
<br /> mining and removal of said Minerals; subject, however, to all existing easements and rights-of-way of
<br /> third parties, as detailed on Exhibit A to this agreement, and the rights of surface lessees and surface
<br /> owners, and further subject to the terms, conditions and agreements set out in this Lease. 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 at mining on the Leased Premises.
<br /> The benefits, terms, and obligations of this Lease sh d to and be binding upon the heirs,
<br /> executors, administrators, successors, or assigns of the r parties hereto.
<br /> RESERVING, however, to Lessor:
<br /> A. All rights and privileges of every kind and nature, except as are herein specifically granted.
<br /> B. The right to use or lease said premises or any part thereof at any time for any purpose,
<br /> including the right to explore and prospect said premises, which use and leasing of said
<br /> premises shall be for purposes other than and not inconsistent with the rights and privileges
<br /> herein specifically granted.
<br /> C. The right to dispose of or lease the surface where Lessor is the surface owner.
<br /> D. The right at all times during the life of this lease to go upon said premises and every part
<br /> thereof for the purpose of inspecting said premises, and the books of accounts and records of
<br /> mineral workings therein, and of ascertaining whether or not said Lessee and those holding
<br /> 110324 Revised 512016
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