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SAND, GRAVEL, AND ROCK MINING LEASE <br /> THIS LEASE is made and entered into on this j day of May 2024 by and between McClave <br /> Ranch INC, 30981 County Rd LL, McClave, CO 81057 hereinafter referred to as "Lessor" and <br /> Premium Pellets, LLC, 32625 County Rd 3.75, Lamar, CO 81052 hereinafter referred to the <br /> "Lessee". <br /> WITNESSETH: <br /> 1. WHEREAS, Lessor is the owner of certain real property located within Bent <br /> County Colorado : Legal description NW '/ SEC 35 TS 22S R49W Bent. <br /> and further owns certain mining right to said property; and <br /> WHEREAS, Lessee desires to provide labor and equipment to mine sand, gravel and rock <br /> off said property: and <br /> WHEREAS, the parties desire to enter into this lease to set forth the terms and <br /> conditions of said mining arrangement. <br /> NOW, THEREFORE, for and in consideration of the terms, conditions, covenants, and <br /> appointments herein contained, and for such other and further considerations, the receipt and <br /> sufficiency of which is herby acknowledged, the parties hereto stipulate and agree as follows: <br /> 2. RELATIONSHIP. The parties to this agreement intend that the relationship between <br /> them created by this lease is that of Lessor and Lessee. No agent, employee of the <br /> Lessee shall be or shall be deemed to be the agent, employee of the Lessor. The <br /> manner and means of conducting the work set forth herein are under the sole <br /> control of the lessee. The Lessee shall be solely and entirely responsible for its acts <br /> and for the acts of the lessee's agents, employees, and servants during the <br /> performance of the contract. <br /> 3. TERM. The term of this agreement shall be for a period of ten (10) years, beginning <br /> on the date of the execution of this lease. The next renewal term shall be referred to <br /> herein as the "Renewal". If at the end of the initial term, Lessee desires to renew the <br /> lease for an additional term, the parties stipulate and agree that the Lessee shall <br /> have a first right of refusal or option for renewal of this lease for an additional term. <br /> The length of the additional term and all other terms and conditions set forth herein <br /> shall be renegotiable at the time of renewal after the initial term. In the event the <br /> Lessee desires to renew or exercise its option the lease for an additional term, upon <br /> terms and conditions to be negotiated by the parties, the Lessee shall give the Lessor <br /> notice thirty (301 days before the end of the initial term of this lease of its intent to <br />