2. Mineral Interest Commitments

The Company holds leases pertaining to land parcels adjacent to its South Mountain patented and unpatented mining claims. The details of these leases are as follows:

Lowry Lease:

On October 24, 2008, the Company executed a lease agreement with William and Nita Lowry for a duration of 6 years, encompassing 376 acres at a rate of $20 per acre. Following the passing of the original lessors, the lease was inherited by Michael Lowry, their son. On October 24, 2025, the Company entered into an extension of the lease agreement with Michael for an additional 21-year term through October 24, 2046. Under the amended agreement, annual lease payments are $40 per acre for the first seven-year period, $50 per acre for the second seven-year period, and $60 per acre for the final seven-year period.

Looten Lease:

On June 2, 2025, the Company executed a lease agreement with Kevin and Jo Looten for an initial term of 7 years, encompassing 18 acres at a rate of $30 per acre. The lease includes an option to extend for an additional 10 years at a revised rate of $40 per acre.

Lequerica & Sons Lease:

On August 22, 2025, the Company executed a lease agreement with Lequerica & Sons, Inc. covering 432 acres for an initial term of seven years at an annual rental rate of $30 per acre. The lease includes an option to extend for an additional seven years at a revised rate of $40 per acre. The agreement contains a right of first refusal in favor of the Company with respect to the underlying property in the event of a proposed sale by the lessor.

The leases have no work requirements. It is the current intention of the Company to engage in negotiations for new leases with the current landowners upon the expiration of the existing lease agreements. The negotiations may involve modifications to terms, rates, or other conditions as mutually agreed upon by the parties involved.

Idaho State Mineral Lease:

In March 2026, the Company was awarded mineral lease rights on approximately 3,500 acres of Idaho state land through a competitive auction process and submitted a winning bid of $210,000. In connection with the proposed lease, the Company also paid 2026 lease rent of $10,495 and a minimum annual royalty of $10,000.

As of March 31, 2026, the lease was subject to final approval by the Idaho State Land Board and had not yet been formally executed. Upon execution, the lease is expected to have a 20-year term and require ongoing annual lease payments and minimum royalty obligations to maintain the lease in good standing.

Unpatented Mining Claims:

The Company holds unpatented mining claims in the Trout Creek area in Nevada and the South Mountain Project in Idaho. The number of claims at the South Mountain Project increased significantly during 2025 as a result of additional claim staking activities.

The claim fees are paid on these unpatented claims annually as follows: