On August 4, 2025, ECRC entered into a Project Sub-Agreement (the “DoW Agreement”) with Advanced Technology International, an entity acting on behalf of the Defense Industrial Base Consortium under the authority of the U.S. Department of War (“DoW”). The DoW Agreement commenced upon full execution and has an initial term through December 30, 2028, with an option to extend the term for an additional five-year period through December 30, 2033. Subject to the terms and conditions of the DoW Agreement, ECRC is entitled to receive up to an aggregate of approximately $10.0 million of reimbursement payments from the DoW upon the achievement of certain project milestones. These milestones include, among other matters, the completion of new drilling operations at the Elk Creek Project to support the conversion of a portion of the current indicated mineral resources into measured mineral resources and the subsequent conversion of a portion of the current probable mineral reserves into proven mineral reserves, the production of samples of scandium metal and aluminum-scandium master alloys, and the completion of a new feasibility study for the Elk Creek Project. Reductions to exploration expenditures for reimbursement under the DoW Agreement will be recognized based on management’s assessment regarding the achievement of milestones set forth in the DoW Agreement. Since inception of the DoW Agreement, the Company recognized a total of $1,963 as a reduction to exploration expenditures. As of June 30, 2026, the Company’s deferred reimbursements balance is $6,177.