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// PAGE 5 <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 />to be completed. The reservoir volume for P125B for the 5-year condition was calculated a 3D computer- <br />aided design (CAD) program using the stage-storage curves for the static water surface elevations (WSELs) <br />listed in Table 1. Determination of static WSELs for each pit is detailed in Exhibit D – Extraction Plan. <br />Table 4. Initial Dewatering Cost Estimate <br />Pit Reservoir Vol (WSEL = 4,782’) [gal] Unit Discharge Cost [$] Total Job Cost [$] <br />P125B 73,884,623 $0.000107 $7,906 <br /> <br />Following initial dewatering, a 30-day dewatering need was assumed for completion of lining and regrading. <br />A 30-day continuous dewatering volume was calculated based on the individual pit inflow estimate provided <br />in the AWES Dewatering Estimate memo dated October 28, 2024 (attached as an addendum). As Pit P125B <br />will not be fully extracted at the 5-year mark, inflow was reduced proportionally to the length of pit wall that <br />will be exposed at year 5. <br />Table 5. 30-Day Continuous Dewatering Cost Estimate <br />Pit Inflow [MGD] Pit wall length [ft] Pit wall length exposed [ft] % of Tot Inflow Inflow over 30 days [gal] <br />P125B 0.56 5,963 5,290 88.71 14,903,907 <br /> <br />Unit Cost: $0.000107 <br />Total Job Cost: $1,595 <br /> <br />The total dewatering cost (initial plus continuous) is estimated at $9,500. <br /> <br />During dewatering, the basins will be lined or otherwise segregated from the area groundwater, to liberate the <br />water otherwise retained to supplement loss from evaporation in the unlined state. <br />Liner <br /> <br />At the 5-year mark, liner will have been keyed into the base of the Pit P125B side walls at depths greater than <br />30 feet and installed up to 25 feet bgs, as detailed in Exhibit E – Reclamation Plan. Pit P125_S1 will be <br />completely backfilled and Pit P125A will be regraded, lined, and backfilled. Liner installation was separated into <br />four stages for the purposes of cost estimation: grading the slope under the liner, hauling liner material to the <br />pit area, mixing material for the liner, and compacting the liner. <br /> <br />The surface required to be regraded was assumed to be from either the base of the pit where no interim liner <br />exists, or above the existing base liner where installed, to the top of the pit wall, at a thickness of 1 foot. Liner <br />material was assumed to be installed at a thickness of 4 feet on the slope with a 4-foot-by-4-foot keyway <br />where applicable to a height of 5 feet bgs. Half of the liner material was estimated to require mixing; all the liner <br />material was assumed to require compaction. <br /> <br /> <br />Surface areas for wall to be regraded and liner installation were measured based on the above-described <br />mining plan, further detailed in Exhibit D – Extraction Plan, for the 5-year mining condition surface in a 3D <br />CAD program. P125B pit bottom elevations 30 feet bgs or shallower were measured to determine remaining <br />keyway length to be installed; these sections are indicated on Exhibit L – Financial Warranty Map. As material