2023-02-24_PERMIT FILE - M2022013 (7)

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Page 14 6.4.12 EXHIBIT L - Reclamation Costs Starting out in the initial projected 5 years of Operations, and incrementally thereafter, necessary warranty can be estimated and adjusted in incremental Units based upon the projected Life of the Operation. Essentially, a 28-33± year Life of Operations assumes a rate of extraction of approximately 8.0± acres per year. Considering the Mining-Regrading Schedule included as Table E-1 in Exhibit E, and the general development concept shown on Exhibit L: Financial Warranty Map, Raptor estimates for the initial 5-year period, development of an initial 40-acre excavation and development of a "Core" area in the Center Section of Central Field will result in creation of approximately 6,200-foot of external perimeter pit wall. No reclamation or lining is anticipated in the initial 5-year period. Raptor estimates for Financial Warranty purposes an approximately 4,020-foot wall excavated at 2H:1 V and a 2,180-foot wall at 1.25:1 V slopes. It is important to note that the financial warranty estimates the closure cost of the operation at the end of the expected first 5-year period. It is assumed in this initial estimate that no reclamation activities (regrading, lining, topsoiling) will take place. The cost estimate then reflects reclaiming the projected excavation at that point in time. The actual extents and shape of the excavation may change, and actual progress will be addressed in the annual reports. Raptor will update this Exhibit L, the reclamation cost estimate, and any other exhibits as required for purposes of determining financial warranty prior to disturbance reaching the limits projected in the initial 5 years of Operations as described in this Exhibit and shown conceptually on Exhibit map C-2 and L. In the following breakdown of components for estimating reclamation cost, factoring of the 5-year projected disturbance against the final pits is used where appropriate to obtain a reasonable estimate of work required. Various approaches to obtain the necessary quantities exist, but Raptor believes the approaches and quantities are reasonable and alternate approaches would be no more certain as to the accuracy obtained. This is simply due to the variable nature of the deposit and the need to field fit the excavation to ensure safety in the conditions encountered. DEWATERING: Raptor assumes that the pit would be in an unlined state and if operations had ceased, would recharge to static water level requiring dewatering of the pit to allow reclamation operations to be completed. 100 hp. 4,500 gal./min. pump x (up to) 3 pumps @ 24 hours/day VARRA COMPANIES, INC. TWO RIVERS SAND GRAVEL AND RESERVOIR PROJECT MARCH 2O22 A REGULAR IMPACT[1121 CONSTRUCTION PERMIT APPLICATION-COLORADO DIVISION OF RECLAMATION MINING&SAFETY OFFICE OF MINED LAND RECLAMATION