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NUVEMCO, LLC <br /> (b)explanation as to why the Operator has not recommenced operations or begun <br /> reclamation; <br /> The short answer is two-fold. First, all the pieces required to recommence operations <br /> are not yet in place. Second, in our opinion, reclamation is not the best option for this <br /> site and is not an option whose time has come or whose time (10 years) has run out. <br /> As to recommencing operations, the four pillars are permits, licenses, commercial <br /> agreements, and commodity prices. We need to maintain the existing DRMS permit to <br /> complete the October Ore Pile Reclamation Permit activities, subject to any technical <br /> revisions that may arise and be required in the future. We have executed one of the <br /> two commercial agreements we need. Application have been submitted and <br /> negotiations are in process to obtain the remainder of what is required. We do need <br /> more time to complete, which a second 5 year TC would provide. <br /> The last pillar is worthy of separate discussion. The spot and long term price of uranium <br /> have increased recently. The U.S. Department of Energy and the Biden Administration <br /> have been clear that nuclear power is essential to meeting energy, carbon, and climate <br /> goals of 2035 and 2050 Net Zero plans. There is much more we would be happy to <br /> share, but the outlook for the two energy minerals involved here, uranium and <br /> vanadium, is favorable. <br /> (c)demonstration of continued commitment to conduct mining operations at the site by <br /> the end of the second five(5)year period; <br /> Nuvemco has been working to recommence site level operations. We have been <br /> working on advancing enabling technology since 2011. This technology has shown at <br /> lab scale the ability to deliver improved economics and environmental footprint. Good <br /> for mining and good for the environment, not unlike the policy of Colorado. <br /> We believe the results of DRMS Inspections demonstrate a continuing commitment. <br /> No violations noted. Since 2008. <br /> The sums expended to maintain claims, meet (and exceed) regulatory requirements is <br /> not an inexpensive proposition. <br /> Beyond financial, we have been actively involved in securing community commitment <br /> with our key commercial partner. There are many who support the efforts at the <br /> October Ore Pile Reclamation. We have provided our personal commitments to this <br /> project. We are looking forward to MLRB support and are committed to achieving the <br /> best possible outcome at this site,which we see as a return to active status before the <br /> expiration of Temporary Cessation, conducting limited impact permitted operations, <br /> and completing reclamation at this site. <br /> 212 E. Main Street,Naturita,Colorado,81422 <br />