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// PAGE 2 <br />EXHIBIT L <br /> <br /> <br />Raptor Materials, LLC Cogburn Sand, Gravel, and Reservoir Project February 2025 <br />A Regular Impact (112) Construction Permit Application – Colorado Division of Reclamation Mining and Safety, Office of Mined Land Reclamation <br />SUBTOTAL DIRECT COSTS: $250,069 <br />Table 2. Reclamation Indirect Cost Summary <br />Item Percentage of [Cost/Hours] Cost <br />INDIRECT COSTS – OVERHEAD AND PROFIT <br />Liability Insurance 2.02% [DC] $5,051 <br />Performance Bond 1.05% [DC] $2,626 <br />Job Superintendent 50% [Total Job Hours]* $20,969 <br />Profit 10% [DC] $25,007 <br />INDIRECT COSTS – LEGAL, ENGINEERING, PROJECT MANAGEMENT <br />Financial Warranty Processing <br />(legal) N/A $500 <br />Engineering/contract/bid 6% [DC + O&P] $18,223 <br />Reclamation Mgmt/Admin 4.5% [DC + O&P] $13,668 <br />SUBTOTAL INDIRECT COSTS: $86,004 <br />*Job hours for this project are estimated at 558 hrs, with a superintendent hourly rate of $75.13, based on the September 2024 <br />DRMS Cost Estimate for the P124 Two Rivers (M2022-013) project <br /> <br />The Grand Total Financial Warranty Amount – $336,114 – is pending DRMS review and their cost estimate, <br />including expenses for the State of Colorado Mobilization and Demobilization and other Indirect Cost <br />determinations by the Division. <br /> <br />For future reference, the ultimate project dimensions that will be used at the end of the current projected Life <br />of Mine are summarized in Table 3. <br />Table 3. Total Proposed Affected Lands and Reclaimed Features Measurements <br />Entity Pit P125_S1 Pit P125A Pit P125B Combined <br />Extraction – finished basin (Acres) 10.4 22.1 38.3 70.8 <br />Static Water Area – surface (Acres) N/A 13.5 32.0 45.5 <br />Static Water Area – elevation (ft.) N/A 4,785 4,782 - <br />Basin Lands Above Static Water Level <br />(Acres) N/A 8.6 6.3 14.9 <br />Basin Area Volume (cu.yds.) N/A 493,483 556,797 1,050,281 <br />Static Water Level Volume (Gallons) N/A 99,670,836 112,458,593 212,129,430 <br /> Static Water Level Volume (Acre Feet) N/A 305.9 345.1 651.0 <br /> <br />NOTE: All lands within the 196.4± acre permit area are considered as affected lands under C.R.S. 34-32.5- <br />103(1) respective of this permit application and any subsequent permit revisions or amendments to the <br />permit as originally approved. Previously affected ground prior to the onset of Operations under this permit