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contaminants, if any, before disposal and will be disposed of in a manner under state regulatory <br /> requirements. For this reason, we anticipate returning processed water, to original source, with lesser <br /> concentrations of contaminants, if any. <br /> Upon completion of PHASE 2: <br /> The entire closed loop system will either be commissioned to full service for beneficiation of ore, <br /> e.g.,gold and silver,or disassembled in its entirety,the process area being returned to its original,as found, <br /> condition. <br /> Financial Warranty: <br /> As we have recently completed the Succession of Operator Permit process, we have recently <br /> validated our current Reclamation Bond for the Division of Reclamation, Mining, and Safety. We <br /> acknowledge future Technical Revisions related to the Milling Circuit may require additional bonding and <br /> we are prepared to meet any additional requirements arising from future Technical Revisions.A significant <br /> amount of the equipment required to complete Phase 1 and Phase 2 has already been procured. <br /> Additional capital requirements to complete Phase 1 and Phase 2 are relatively modest and have been <br /> accounted for in our funding and budgeting process. At the end of Phase 2, we are expecting to produce <br /> a saleable concentrate. Potential buyers of the concentrate have been identified with terms and conditions <br /> of a potential buyer contract to be met by the end of Phase 2. <br /> Final Reclamation: <br /> We are anticipating any future proposed changes to the Milling Circuit should be viewed as a <br /> reduction in the operating footprint as opposed to an expansion. As an example, we are anticipating the <br /> removal of the Rod Mill. Further, if chemical processing is required in the future,we believe the chemical <br /> processing profile would be significantly less than permitted today. To that end, we anticipate being able <br /> to meet the requirements of the Final Reclamation plan within the current permit. As to the life of the <br /> mine,we are still evaluating the life of mine economics,notionally, we do see the life of mine being several <br /> years. <br /> Thank for you your consideration and hopefully our staged development and scaling plan will be received <br /> favorably. <br /> Sincerely, <br /> Sturges Karban <br /> CEO Thorin Resources LLC <br /> Managing Director, FAFO Holding LLC <br />