https://mineral-rite.com/investor-relations/
Q: We know that you engaged a QP for Skull Valley — so what’s the status of the lease renewal?
A: In response to recent shareholder inquiries, the Company is providing the following update regarding the status of the Skull Valley lease renewal.
The Arizona State Land Department’s online portal reflects that the renewal application has progressed through the State of Arizona’s formal review process and has completed all substantive review stages, including:
• Section Processing: Completed
• Departmental Review: Completed
• Appraisal: Completed
• Commissioner Approval: Completed
The portal reflects that the renewal is currently in the final administrative processing stage, consisting of routine internal steps prior to issuance of final lease documentation.
With respect to required financial assurances, the Company confirms that required insurance coverage has been bound and the reclamation bond has been obtained, satisfying the State’s bonding and financial assurance requirements. In addition, the Company’s Minimum Annual Guarantee (MAG) payable to the State has been accepted, consistent with final changes requested by the State in connection with the Mine Development Plan.
While the Company has not yet received fully executed lease contracts, the State’s portal now reflects a lease status showing associated lease and MAG invoices. Based on this status and the Company’s communications with the Arizona State Land Department, the Company believes the renewal is nearing completion.
The Company will continue to respond to shareholder questions and provide additional updates as final documentation is issued.