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the Steve Level portal. This permit limit was imposed to ensure that the mine pool <br /> did not communicate with Ralston Creek. <br /> 11. Based on the anticipated rate of refill, the Division expects that the mine pool <br /> will refill and, without operation of the water treatment facility, will exceed the <br /> permit limit sometime in June of 2024. <br /> 12. On February 15, 2023, the Division received verbal notification from CLL <br /> that it would not be able to fulfill its obligations under permit No. M-1977-300 to <br /> operate the on-site water treatment facility at the Schwartzwalder Mine due to <br /> financial circumstances and lack of funds. Additionally, CLL notified the Division <br /> that due to its financial circumstances it would be unable to cover the premium <br /> costs and maintain its financial warranty with The Hanover Insurance Company. <br /> 13. In subsequent calls between the Division and CLL, CLL stated that it lacked <br /> sufficient funds to bring the water treatment facility back on-line by the end of May <br /> 2023, as required by the permit. <br /> 14. In May 2023, the Division, CLL and Hanover executed a Memorandum of <br /> Understanding (MOU) related to interim funding to maintain compliance with the <br /> permit. The MOU outlined a series of undertakings by which funding was made <br /> available to CLL for continued compliance with surface reclamation obligations and <br /> operation of the water treatment plant during 2023 season and by which the Parties <br /> would "work in good faith to establish a mutually acceptable funding source and <br /> structure to complete any remaining surface reclamation and to perform long- term <br /> water treatment and monitoring in accordance with the permit on or before January <br /> 31, 2024.". <br /> 15. The Parties were able to implement the terms of the MOU to secure funding <br /> to perform continued surface reclamation and maintain operation of the water <br /> treatment facility for the 2023 season. The water treatment operations continued <br /> through the summer of 2023 and ceased as planned on or around October 27, 2023. <br /> The start of surface reclamation work was delayed by high water in Ralston Creek <br /> but commenced when water levels receded and CLL continues to diligently perform <br /> surface reclamation work as of the date of this Agreement. <br /> 16. On October 25, 2023, the Division met with CLL and was informed that the <br /> funding made available for the operation of the water treatment plant was <br /> exhausted and that CLL is not able to secure additional funding for the continued <br /> operation of the water treatment plant in 2024. CLL stated and confirmed it does <br /> not presently have the financial capacity to perform its obligations under the <br /> permit. <br /> Schwartzwalder Mine/M-1977-300 3 <br />