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Docusign Envelope ID.2AEFE7F6-AB44-417F-969E-AA4F283CF777 <br /> o•col , STATE OF COLORADO <br /> Ary - STATE BOARD OF LAND COMMISSIONERS <br /> (N of <br /> \* _ * , <br /> r876i PLANNING AND EXPLORATION LEASE <br /> LEASE NO. SM-116819 <br /> THIS PLANNING AND EXPLORATION LEASE dated 8/14/2024 ("Effective Date"), is made and entered <br /> into by and between the State of Colorado, acting by and through the State Board of Land <br /> Commissioners (the "Board"), whose address is 1127 Sherman Street, Suite 300, Denver, CO 80203 and <br /> MID-STATES MATERIALS, LLC (the "Lessee"), whose address is: <br /> MID-STATES MATERIALS, LLC <br /> 1800 NW BRICKYARD RD <br /> TOPEKA KS 66618 <br /> The Board and Lessee may collectively be referred to herein as the "Parties." <br /> 1. CONSIDERATION AND RENT - For and in consideration of this Lease, Lessee shall pay the Board <br /> the following amounts: <br /> An application fee in the amount of One Hundred and no/100 Dollars ($100.00); <br /> First year's rent in the amount of $3,200.00; <br /> $5.00 per acre annually, or $800.00 for the entirety of the Leased Land, whichever is greater, <br /> as rent ("Annual Rent") in advance of the Anniversary Date of this Lease so long as this Lease <br /> shall remain in effect. The "Anniversary Date" shall mean the date one-year after the Effective <br /> Date, and each subsequent one-year date thereafter during the Lease Term. <br /> The Parties acknowledge that the mutual promises and covenants contained in this Lease and <br /> other good and valuable consideration are sufficient and adequate to support this Lease. <br /> 2. LAND ACCESS AND PERMITTED USE - Lessee is granted access to the Leased Land for the Lease <br /> Term subject to the terms and conditions contained herein and only for the sole purpose of <br /> carrying on the following approved method(s) of exploration to determine the sand and gravel <br /> mining potential on the Leased Land: <br /> • Auger and/or sonic core drill holes, hand sampling, and/or geologic mapping disturbing <br /> a total of five acres or less <br /> (the "Approved Activities"). <br /> Lessee shall not engage in any activity on the Leased Land other than the Approved Activities. <br /> If Lessee wishes to engage in activities other than the Approved Activities in furtherance of <br /> exploration for sand and gravel on the Leased Lands, Lessee must receive advance, written <br /> approval from the Board for such other activties, which the Board may approve or deny in its <br /> sole and absolute discretion, and on such terms and conditions that the Board determines <br /> EP 116819 Page 1 of 14 Revised_DOL_20240701 <br />