The government of Mexico requires payment of mining taxes on each concession and also requires a minimum work commitment to be carried out in order to keep the mining concessions in good standing. Annually, the payment for mining taxes is approximately $135,000 and the minimum work commitment is approximately $951,000. Such amounts are subject to annual inflation adjustments. As of June 30, 2026 and December 31, 2025, the Company had satisfied these commitments.

During 2024, the Company entered into a contract with a law firm for advisory services related to land matters. Under the terms of the contract, the law firm will be paid a success fee for the successful execution of land access agreements with individual parcel holders and an ejido. The maximum success fee is $305,000 plus VAT.

On June 22, 2026 the Company entered into an agreement with Fresnillo plc (“Fresnillo”), pursuant to which we have agreed to sell and issue, and Fresnillo has agreed to purchase, at a purchase price per share equal to $12.00 per share (the “IPO Price”), a number of shares of our common stock such that, after giving effect to this offering, Fresnillo would beneficially own up to 5.0% of our issued and outstanding shares of common stock, subject to a maximum aggregate purchase price of $110 million (the “Fresnillo Concurrent Placement”. The agreement set a closing date of 30 days after the effective date of our IPO filing registration statement.