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May 26, 2023 <br />Andrew and Rebecca M Kagan <br />Kagan & Son, L.L.C. <br />555 Ernest Avenue <br />Westcliffe, CO 81252 <br />Re: South Pit - File No. <br />M-1994-114 Kagan & Son, <br />L.L.C. <br />Surety Increase (SI-1) <br />Dear Andrew and Rebecca M Kagan: <br />On May 26, 2023 the Division of Reclamation, Mining and Safety increased the current Financial <br />Warranty for this permit to $54,100.00, in accordance with Rule 4.2.1 of the Rules and Regulations. <br />This is an increase of $17,850.00. <br />The Division ordered amendment of the current Financial Warranty, or submittal of a new Financial <br />Warranty reflecting the increase, within 60 days from the date of this letter (May 26, 2023). <br />Please make arrangements with Sara M. Stevenson-Benn at the Division’s Denver office for submittal <br />of the financial warranty. Any other questions regarding completion, execution and/or submittal of <br />financial warranty forms should also be directed to Sara M. Stevenson-Benn by telephone at (303) <br />866-3567 (8148), or by email at Sara.stevenson-benn@state.co.us. <br />The Permittee for this site may be scheduled for a Formal Board Hearing for possible revocation of <br />the permit after July 25, 2023, if the amount of any increased Financial Warranty has not been <br />provided. <br />Bond Held: $36,250.00 <br />Prior Liability: $36,250.00 <br />Change in Liability: $17,850.00 <br />Revised Liability: $54,100.00 <br />Prior Permit Acreage: 32.90 <br />Change in Permit Acreage: 0.00