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<br /> GRAVEL PROPERTY LEASE
<br /> This GRAVEL PROPERTY LEASE (this"Lease"),dated this 29' day of January, 2 18,
<br /> (hereinafter referred to as the"Lease"),by and between ELY RANCH,LLC,a Colorado limited
<br /> liability company ("Lessor"), whose address is 74475 County Road 129,Slater, CO 81653, and
<br /> FLYING TRIANGLE RANCH, LLC, a Colorado limited liability company ("Company"),
<br /> whose address is 12602 Highway 26,Riverton,WY 82501.
<br /> RECITALS
<br /> In consideration of the sum of Ten Dollars($10)paid by the Company to Lessor,the receipt
<br /> and sufficiency of which is hereby acknowledged by Lessor, and on and subject to the terms and
<br /> conditions provided in this Lease, Lessor hereby leases, lets and demises to the Company the
<br /> Materials as defined herein,in,on and under the real property situate in Moffat County,Colorado,
<br /> and described in Exhibit A attached hereto and made a part of this Lease(hereinafter referred to as
<br /> the"Property',and the exclusive right to sample,drill,and test for,develop,thine,quarry,extract,
<br /> process,convey,sell,use and remove them during the Term of this Lease,along with the right to
<br /> locate and operate and /or sublease aggregate, asphalt and concrete plants and with associated
<br /> easements as provided herein.
<br /> 1. Definitions.
<br /> a_ Lease Year shall mean a period of one year beginning on the date the Term
<br /> of this Lease commences,as set forth in Section 2,below,or on any annual anniversary thereof.
<br /> b. Materials shall mean stone,sand and gravel and any overburden,and valuable
<br /> solid minerals, other than hydrocarbon minerals such as coal, oil, gas and associated liquid
<br /> hydrocarbons, that are removed incident to sand and gravel operations hereunder and which are
<br /> saleable and recoverable from the Property in the course of such operations.
<br /> C. Plant shall mean a portable and/or fixed facititq for processing, storing,
<br /> washing,sorting,handling loading and shipping of Materials,along with ancillary facilities,and shall
<br /> also mean a concrete or asphalt batch plant
<br /> 2. Term. The Terra of this Lease shall be an initial period of seventeen years and six
<br /> months commencing on January 29,2018 ("Term").
<br /> 3. Operations.
<br /> a. The Company shall•conduct its operations en the Property in a prudent and
<br /> workmanlike manner and in accordance with good and accepted mining and business practices and
<br /> in compliance with all applicable federal, state and local laws, rules and regulations and all.
<br /> applicable permits.The timing,nature,manner and extent ofmining operations,processing and sales
<br /> shall be within the sole discretion of the Company,and the Company shall not be required to mine,
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