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July 2020 DE—R001-19LM70256 <br /> URANIUM MINING LEASE <br /> UNITED STATES DEPARTMENT OF ENERGY <br /> THIS LEASE AGREEMENT,effective as of this 6th day of July,2020,by and between the UNITED STATES <br /> OF AMERICA(hereinafter"Government"),acting by and through the UNITED STATES DEPARTMENT OF <br /> ENERGY(hereinafter"DOE"),whose principal place of business for the purpose of this Lease is 2597 Legacy <br /> Way,Grand Junction,Colorado,81503 and Cotter Corporation whose principal place of business for the purpose <br /> of this Lease is 7800 East Dorado Place.Suite 210,Greenwood Villace,Colorado 80111 (hereinafter <br /> "Lessee"): WHEREAS,DOE represents that it is in possession of certain Government-owned uranium mining <br /> rights in Montrose County,Colorado,more particularly described as Lease Tract C-JD-B in Appendix A,which <br /> is attached hereto and incorporated herein(the'Property");and, <br /> WHEREAS,this Lease is authorized by Section 67 of the Atomic Energy Act of 1954,as amended and is issued <br /> pursuant to the provisions of DOE's regulations governing the issuance of leases for mining deposits of uranium in <br /> lands held by DOE(Title 10 Code of Federal Regulations Section 760.1 (10 C.F.R.§760.1). <br /> NOW,THEREFORE,in consideration of the mutual covenants herein,the parties do hereby agree as follows: <br /> • I. GRANT OF LEASE. <br /> For considerations hereinafter stated and performance by the Lessee of the terms and conditions <br /> hereinafter provided,DOE does hereby lease the Property("Property"),as described in Appendix A,which is <br /> attached hereto and incorporated herein,to the Lessee,for the purposes of exploring for,developing,mining,and <br /> removing deposits of uranium,vanadium,and associated minerals,with reasonable due diligence,skill and care as <br /> required to achieve and maintain production of uranium,vanadium and associated minerals at rates consistent with <br /> good and safe mining practices and with market conditions.The rights hereby granted are limited to exploration, <br /> development,mining,and removal of ore from within the vertical planes of the boundary lines of the Property,and <br /> the Lessee shall have no right to extend its workings beyond such vertical planes.Access to the Property is not <br /> guaranteed by the Government.The Lessee shall be responsible for securing such access with the owner. <br /> 11. TERM.This Lease shall remain in effect for a period of ten(10)years from the Effective Date,except as <br /> it may be sooner relinquished or cancelled pursuant to other provisions of this Lease.Near the end of that 10-year <br /> period,DOE will reevaluate this Lease to determine whether the Lease should continue. <br /> • <br /> - 1- <br />