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PLACER MINING LEASE <br /> THIS MINING LEASE (the"Lease"), is made in duplicate and effective this <br /> day of , 2018, by and between the City of Aurora, Colorado, acting by and <br /> through its Utilities Enterprise, whose address is: c/o Director of Utilities, 15151 E. <br /> Alameda Parkway, Suite 3600, Aurora, CO 80012, ("Lessor"), and Titan Au, Inc. <br /> whose address is: "d , Cosrtad�� "Lessee").���� �� ,���L4 <br /> WHEREAS, the State Board of Land Commissioners ("State Land Board") and <br /> Lessor have jointly solicited offers to select a gold exploration and mining company to <br /> responsibly and effectively develop gold and associated mineral resources owned by the respective entities in Lake County, Colorado; and <br /> WHEREAS, Lessee has been selected by the Lessor and the State Land Board <br /> for separate but related leases based on the Lessee's ability to meet the requirements <br /> outlined by both entities in the Solicitation of Offers, and <br /> WHEREAS, Lessee will execute a similar lease agreement with the State Land <br /> Board; and <br /> WHEREAS, Lessee understands that the Lessor and the State Land Board <br /> require a Mining Operations and a Reclamation Plan that wfil result in the logical and <br /> orderly development of mineral resources included in this Lease and a similar lease <br /> with the State Land Board; and <br /> WHEREAS, Lessee understands that plans for the Leased Premises at the time <br /> of the execution of this agreement include a water storage reservoir and associated <br /> structures, and that mineral development under this Lease must be completed in a <br /> timely manner as outlined to facilitate the construction of the reservoir. <br /> NOW THEREFORE, the Parties agree to the following terms and conditions: <br /> 1. LEASE, RENTAL, FEES. Lessor, for and in consideration of the sum of forty <br /> six thousand, eight hundred and ninety six Dollars ($46,896.00), <br /> receipt of which is hereby acknowledged as payment of the Fling fee in the <br /> amount of$100,.00, first year's rent in the amount of two thousand, eight <br /> hundred and forty-three dollars ( $2.843. 0 , and a bonus in the <br /> amount of eighteen thousand, nine hundred and fifty-three dollars <br /> $18,953.00 and in further consideration of Lessee's agreement to pay three <br /> Page 1 of 20 <br />