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L/\L•.V I ivy, VVI I <br /> The State Land Board and the Lessee, by their signatures below, agree to the terms of this <br /> Lease. <br /> LESSEE: <br /> ZEPHYR GOLD USA LTD. <br /> By: Date: May 31, 2019 _ <br /> David Fe derbdf,President <br /> STATE LAND BOARD: <br /> STATE OF COLORADO ACTING BY AND THROUGH <br /> THE STATE BOARD OF LAND COMMISSIONERS <br /> By: 0.A."-":"-"--‘"" Li. Date: AAMI 3) , 2015 <br /> Christel Koranda, Minerals Director <br /> of L_A_N)'%11 <br /> moo; - -.= _ <br /> . r <br /> %wN / <br /> 4hbtoRAi5O <br /> Page 18 of 18 <br />