NOTE 5 – NOTES RECEIVABLE

Notes receivable as of March 31, 2026 and December 31, 2025 consisted of the following:

McCoy Elkhorn Coal LLC

On January 1, 2025, the Company and McCoy Elkhorn Coal LLC agreed to convert certain accrued fees due from McCoy Elkhorn Coal to the Company under a Promissory Note and Overriding Royalty Agreement to a promissory note with a principal amount of $50,662. The promissory note holds a 0% interest rate for the first 12 months, and then thereafter the interest rate is fixed at an annual 4.26% for the remainder of the term, which matures on January 1, 2027. The note has one balloon payment due at the end of the note term.

On January 1, 2025, the Company and McCoy Elkhorn Coal LLC agreed to convert certain accrued fees due from McCoy Elkhorn Coal to the Company under a General Indemnity and Supplemental Fee Agreement to a promissory note with a principal amount of $48,714. The promissory note holds a 9.39% annual interest rate and matures on January 1, 2027. The note has one balloon payment due at the end of the note term.

Perry County Resources LLC

On January 1, 2025, the Company and Perry County Resources LLC agreed to convert certain accrued fees due from Perry County Resources to the Company under a Sales Agreement to a promissory note with a principal amount of $95,000. The promissory note holds a 0% interest rate for the first 12 months, and then thereafter the interest rate is fixed at annual 4.26% for the remainder of the term, which matures on January 1, 2027. The note has one balloon payment due at the end of the note term.

T. R. Mining & Equipment Ltd.

On February 2, 2024, February 29, 2024, April 4, 2024, May 7, 2024, and June 14, 2024, the Company invested the amount of $10,000 each into T.R. Mining & Equipment Ltd. in the form of Promissory Notes and a royalty payable to the Company on all products and materials sold from the permit over the life of the permitted resource. On February 10, 2025 an additional $3,500 was invested. On April 16, 2025, an additional $15,030 was invested. The Promissory Notes hold a 10.0% annual interest rate, compounded monthly, and matured on December 31, 2025. The Royalty Agreement provides the Company with a perpetual royalty of 10.0% of all sales of ores that are mined and sold from the permitted resource. The operator is a related entity and is described more in Note 11.