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 Leases:

In March 2026, the Company was awarded mineral lease rights on 3,675 acres of Idaho state land through a competitive auction process with a winning bid of $210,000. In connection with the lease, the Company paid initial annual rent of $10,495 and a minimum annual royalty of $10,000.

During July 2026, the Company entered into a second mineral lease covering 3,462 acres of Idaho state land. In connection with this lease, the Company paid initial annual rent of $17,310 and a minimum annual royalty of $10,000.

Both leases have 20-year terms, with annual rental and minimum royalty periods running from March through February, and require annual payments to maintain the leases in good standing.

In September 2026, the Company received credits totaling $14,227 from the State of Idaho to prorate the 2026 rent and minimum royalty payments on both leases. The credits will be applied against the 2027 payments and are included in prepaid expenses and other assets at September 30, 2026.

Mineral Exploration License:

In July 2026, the Company entered into a Mineral Exploration License Agreement with the owners of the patented U.S. Standard and Lady Luck claims at the South Mountain Project. The license has an initial term of 10 years and may be extended for an additional 10 years if certain conditions are met. The Company paid a one-time license fee of $15,000, which will be credited against the purchase price if the Company subsequently acquires the property.

Unpatented Mining Claims:

The Company holds unpatented mining claims in the Trout Creek area in Nevada and the South Mountain Project in Idaho.

The 2026 claim fees on these unpatented claims are as follows: