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Mr. Peter Hays, DRMS <br /> December 19,2019 <br /> to remove the Climax Ten Mile Water Rights and Williams Fork Pump Station as collateral for the <br /> financial warranty, and therefore has not updated those valuations. <br /> 5. Withdrawal of Certain Collateralized Assets: As we indicated on November 7th, Henderson intends <br /> to withdraw as collateral for the financial warranty certain assets; these are the Williams Fork Pump <br /> Station and the Climax Ten Mile Water Rights. We will need to work with the Division to cancel the <br /> associated Promissory Notes, and to also get releases for the Deeds of Trust for the Williams Fork <br /> Pump Station and the Climax Ten Mile Water Rights, so those Deeds of Trust can be recorded as <br /> no longer operative. To replace the value of those Deeds of Trust, we will likely provide a Letter of <br /> Credit from Credit Agricole (New York). <br /> If you have any questions, please feel free to contact me at (720) 942-3255. <br /> Sincerely, <br /> Miguel Hamarat <br /> Environmental Manager <br /> Climax Molybdenum Company <br /> Henderson Operations <br /> cc (via email): <br /> Jeff Fugate (AG's Office) <br /> Russ Means (DRMS) <br /> Jared Ebert(DRMS) <br /> Sheila Deely (Freeport) <br /> Jim Sanderson (RCA) <br /> Enclosures: <br /> 1. Incidental Water Rights Valuation <br /> 2. Skylark Ranch Water Rights Valuation <br /> 3. Certificate of Insurance for Williams Fork Pump Station <br /> Page 2 <br />