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WATER LEASE AGREEMENT <br /> This AGREEMENT is made and entered into effective as of the �_day of <br /> 2019(hereinafter called "Effective Date"), by and between the Board of Water <br /> Works of Pueblo, Colorado(hereinafter called"Pueblo Water")and Titan Au, Inc., a Colorado <br /> Corporation(hereinafter called"Lessee"); <br /> RECITALS <br /> WHEREAS,the water use that is the subject of the Agreement is of a type not normally <br /> within any regular rate schedule fixed by Pueblo Water; and the parties mutually agree that the <br /> terms for the lease of water for the purpose hereinafter set forth should be the subject of this <br /> special Agreement; <br /> WHEREAS, Lessee desires to procure raw water from Pueblo Water for replacement of <br /> depletions resulting from its gold mining operation in Lake County, Colorado; <br /> WHEREAS, Pueblo Water desires to supply raw water to Lessee for its use for this <br /> purpose; and, <br /> NOW, THEREFORE, for and in consideration of the mutual promises herein contained <br /> and the payments to be made hereunder,the parties hereto agree as follows: <br /> AGREEMENT <br /> 1. Term of Agreement. This Agreement will be in force for a period of 3 years <br /> commencing May 1,2019 and terminating April 30,2022. Each twelve month period, beginning <br /> with the commencement date stated above in this paragraph, is treated as a Contract Year under <br /> the terms of this Agreement. <br /> 2. Quantity. In accordance with the terms hereof, Pueblo Water will make available for <br /> delivery to Lessee 10 acre-feet of water during each Contract Year.This is the quantity of water <br /> to be paid for and made available for delivery under this Agreement for each Contract Year. <br /> 3. Delivery of Raw Water. The water to be delivered hereunder is raw water that has not <br /> been treated to make it suitable for any particular use.Any treatment of the water delivered <br /> hereunder to make it suitable for Lessee's use is the responsibility of Lessee. <br /> 4. Delivery of Consumable Water. Pueblo Water agrees to deliver to Lessee <br /> transmountain water or other water that is considered totally consumable or suitable for <br /> augmentation and replacement purposes under Colorado law, including but not limited to, <br /> reusable return flows from transmountain water or other fully consumable water. Once delivered <br /> to Lessee, all water not fully consumed by Lessee's use remains the property of Pueblo Water. <br /> Page 1 of 7 <br /> C� <br />