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Ms. Katie Todt <br /> February 9, 2026 <br /> Page 5 of 9 <br /> boundary is the most appropriate method of determining the depletions at the site (see <br /> attached map). <br /> The monthly depletions were lagged back to Corske Creek. The following table shows both <br /> the lagged and unlagged depletions for the SWSP period of May 2025-April 2026 on a monthly <br /> basis: <br /> Month May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Total <br /> Depletions (AF) 9.09 5.12 4.97 4.09 3.81 3.01 0.86 0.13 0.05 0.59 1.33 3.38 36.43 <br /> Lagged 5.65 5.25 4.75 4.35 4.04 3.55 2.26 1.28 0.84 0.88 1.22 2.34 36.41 <br /> Depletions (AF) <br /> Replacements <br /> Titan has obtained a lease for 37 acre-feet of fully consumable water from the Pueblo Board <br /> of Water Works ("PBWW") for the contract period of May 1, 2025 through April 30, 2030. <br /> Titan will use this leased water as the source of replacement water for the SWSP operations <br /> at the Box Creek Placer site. A copy of the lease and its amendment has been provided and <br /> is attached to this letter. The water may be released from any of PBWW's sources, including <br /> releases of stored water from Clear Creek Reservoir, Turquoise Reservoir, or Twin Lakes <br /> Reservoir, or from direct flow transmountain water rights, but will not include any <br /> Fryi ngpan-Arkansas Project Water. The Applicant is responsible for transit losses from the <br /> place of delivery to the point where replacement water is owed. <br /> Conditions of Approval <br /> Pursuant to section 37-92-308(4)(a)(IV)(A), the State Engineer has determined that the <br /> operation and administration of this SWSP will replace all out-of-priority depletions in time, <br /> location, and amount and will otherwise prevent injury to other water rights and decreed <br /> conditional water rights, including water quality and continuity to meet the requirements of <br />