Item 1. Business
Item
1. Business.
Overview
of Our Company
We
operate as a U.S. based renewable energy company focused on the extraction, refinement and distribution of technical minerals in an environmentally
responsible manner. We formerly developed, marketed and distributed various self-serve electronic kiosks and mall/airport co-branded
islands throughout North America. Due to the nationwide shutdown related to the Covid-19 pandemic, we spent a portion of 2020 restructuring
and retiring certain corporate debt and obligations, and focusing on implementing a new operational direction.
Through
the corporate reorganization and repositioning process, we found a unique opportunity to acquire mining claims that historically reported
high levels of lithium and other tech minerals. We hired and affiliated ourselves with industry veterans that bring decades of experience,
credibility and relationships.
On
November 5, 2021, we acquired the rights to 102 federal mining claims located in the Lisbon Valley of Utah for $100,000 plus the
future payment of royalties based on a percentage of the net revenue from the sale of lithium produced from a portion of the mining property.
The acquisition was driven by historical mineral data from seven existing wells with brine aquifer access. We have not yet commenced
any mining operations, and we are an exploration stage issuer, as defined in SEC Regulation S-K Item 1300 (“Regulation S-K 1300”).
An independent third-party technical report indicated that further investment and development in the claims was warranted, although no
determination has been made whether we have any reserves of minerals. Similarly, no determination has been made whether mineralization
could be economically and legally produced or extracted. We have no mineral reserves as defined by Regulation S-K 1300 and have had no
mining revenue to date.
In
July 2023, we acquired and staked additional lithium mining claims adjacent to our Lisbon Valley Project in Utah. The new claims
have been registered with the Bureau of Land Management (BLM). We now own a total of 743 placer claims over 14,320 acres, comprised of
the 102 original claims held and the 641 new claims.
Our
Growth Strategy
Our
strategic goal is to become a producer of lithium in the United States. We believe that a strategy of employing advanced brine extractive
technology methodologies for selective mineral extraction is the most cost-effective and environmentally friendly approach currently
available. We believe that this approach is environmentally friendly because we would not deconstruct land structures which leave dirty
tailings, but rather we would extract the desired minerals and metals from subsurface brines that re-inject the brines back down into
the aquafer to maintain pressure after lithium extraction. We plan, as part of our sustainability goals within our overall environmental,
social and governance (“ESG”) strategy, to develop sustainable production operations. Our plan is to develop our projects
and strategic equity investments on a measured timeline to provide the potential for both near-term cash flow and long-term value maximization.
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We
have been executing the necessary steps to determine analytical results from our technical report, which should provide current results,
analytical, geotech modeling, aquifer modeling, recharge, flows and depth. We have engaged RESPEC Company LLC as our geotech, engineering
and resource management partner to assist in the exploration of the Lisbon Valley brine extraction project. Leveraging its expertise,
we will focus on several initiatives, which include the following:
●
advancement
of geotech, engineering, geology and fieldwork to complete technical reports on the Lisbon Valley Project;
●
understanding
Lisbon Valley brines, on and around owned leases;
●
develop
a well plan to re-enter, sample and test the “Superior Well,” that has a historical lithium concentration of 340 ppm
(parts per million);
●
enter
other prospective plugged and abandoned wells, taking brine samples and performing hydrological testing at each identified high potential
zone to evaluate the properties of the clastic formation;
●
as
information is advanced, prepare technical reports following the Regulation S-K 1300 Standards of Disclosure for Mineral Projects,
initially a Preliminary Economic Assessment (PEA) and longer term, a Preliminary Feasibility Study (PFS);
●
test
the collected brines for lithium, but also for previously identified high value elements such as cobalt, manganese, magnesium, and
suites of metals in the alkaline earth metals, transition metals, and halogens group; and
●
based
on the results of the Superior well, develop area resource estimates.
The
Lisbon Valley of Utah also provides many added benefits:
●
historically
rich industrial and natural resource extraction area;
●
a
developed infrastructure including high voltage electrical, proximity to major roadways and rail spurs; and
●
state
and local agency support through the Utah Division of Oil, Gas and Mining (UDOGM) and the Trust Land Administration (SITLA).
We
will also look to expand our holdings in the Lisbon Valley area with the acquisition of additional mineral claims and joint venture opportunities.
We continue to explore and evaluate opportunities to further expand our resource base and production capacity through the possible acquisition
of properties and projects in other areas of the United States, as well as in South America, particularly Argentina.
As
part of our strategy for growth, our projects and strategic investments will be developed on a measured timeline, and we will evaluate
all opportunities to further expand our resource base and production capacity. We understand that our timelines are subject to a variety
of risks and variables, including, without limitation, obtaining permits, approvals and funding. We are also focused on the implementation
of direct lithium extraction (DLE) technologies, which we believe have the potential to significantly increase the supply of lithium
from our brine projects, similar to the impact which shale did for oil.
To
achieve our goal of becoming a producer of lithium, we will rely on our competitive strengths and experienced management team to explore
and consider all opportunities to generate revenue and increase our projects, properties and assets, as well as all potential funding
options. Some opportunities for growth may be in the form of (i) strategic partnerships, (ii) off-take agreements, (iii) diversification
of projects and properties, (iv) acquisitions of companies and technologies, and (v) participation in related commercial development
activities.
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The
Lithium Market
Lithium
is on the list of the 35 minerals considered critical to the economic and national security of the United States, as first published
by the U.S. Department of the Interior on May 18, 2018. In June 2021, the U.S. Department of Energy published a report
titled “National Blueprint for Lithium Batteries 2021-2030” (the “NBLB Report”) which was developed by the Federal
Consortium for Advanced Batteries (“FCAB”), a collaboration by the U.S. Departments of Energy, Defense, Commerce, and State.
According to the Report, one of the main goals of this U.S. government effort is to “secure U.S. access to raw materials for lithium
batteries.” In the NBLB Report, Jennifer M. Granholm, the U.S. Secretary of Energy, states: “Lithium-based batteries
power our daily lives from consumer electronics to national defense. They enable electrification of the transportation sector and provide
stationary grid storage, critical to developing the clean-energy economy.”
The
NBLB Report summarizes the U.S. government’s views on the need for lithium and the expected growth of the lithium battery market
as follows:
●
“A
robust, secure, domestic industrial base for lithium-based batteries requires access to a reliable supply of raw, refined, and
processed material inputs…”
●
“The
worldwide lithium battery market is expected to grow by a factor of 5 to 10 in the next decade.”
The
growth in electric vehicles (“EVs”) will provide the greatest needs for lithium-based batteries. The NBLB Report states:
“Bloomberg projects worldwide sales of 56 million passenger electric vehicles in 2040, of which 17% (about 9.6 million EVs) will
be in the U.S. market.” Source: NBLB Report (defined above). Original Source: Bloomberg NEF Long-Term Electric Vehicle Outlook
2019.
In
a February 2021 report, Canalys, a global technology market analyst firm, states that global sales of EVs in 2020
increased by 39% year on year to 3.1 million units. This compares with a sales decline of 14% of the total passenger car market
in 2020. Canalys forecasts that the number of EVs sold will rise to 30 million in 2028 and EVs will represent nearly half of all passenger
cars sold globally by 2030.
Bloomberg’s
Long-Term Electric Vehicle Outlook 2021 report states: “The outlook for EV adoption is getting much brighter, due to a combination
of more policy support, further improvements in battery density and cost, more charging infrastructure being built, and rising commitments
from automakers. Passenger EV sales are set to increase sharply in the next few years, rising from 3.1 million in 2020 to 14 million
in 2025. Globally, this represents around 16% of passenger vehicle sales in 2025, but some countries achieve much higher shares. In Germany,
for example, EVs represent nearly 40% of total sales by 2025, while China — the world’s largest auto market — hits
25%.”
Regarding
the lithium battery growth derived from grid storage demands, the NBLB Report states: “In addition to the EV market, grid
storage uses of advanced batteries are also anticipated to grow, with Bloomberg projecting total global deployment to reach over 1,095
GW by 2040, growing substantially from 9 GW in 2018;” and “Bloomberg forecasts 3.2 million EV sales in the U.S.
for 2028, and over 200 GW of lithium-ion battery-based grid storage deployed globally by 2028. With an average EV battery capacity of
100 kWh, 320 GWh of domestic lithium-ion battery production capacity will be needed just to meet passenger EV demand.
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On
August 25, 2022, the Washington Post published an article titled “Did California just kill the gas-powered car?” and
with the sub-heading “California’s decision to ban the sales of combustion engine cars is the latest victory in the transition
to electric vehicles.” A particularly relevant passage from this article reads as follows:
“…the transition from gas-powered, internal combustion
engine vehicles to electric vehicles no longer feels niche, or speculative. It feels inevitable. And this week, another profound development:
California, which already leads the nation with 18 percent of new cars sold electric, is expected to approve a regulation to ban
the sales of new gas-only powered vehicles by 2035. In addition to EVs, only a limited number of plug-in hybrids will be allowed
to be sold. This is a big deal: California’s car market is only slightly smaller than those of France, Italy and Britain — and
while many countries have promised to phase out sales of gas cars by such-and-such date, few have concrete regulations like California.
Sixteen states have traditionally followed California’s lead in setting its own independent fuel standards — they
could soon follow.”
Although
no assurances can be given, these recent developments, if left unchallenged, may potentially increase demand for lithium in the U.S.,
as well as globally. Benchmark Mineral Intelligence, a global consulting firm specializing in the battery supply chain market, in a September
6, 2022 report, predicted that:
●
demand
for lithium-ion batteries is set to grow six-fold by 2032 as global automakers scale up production of EVs; and
●
to
meet the world’s lithium requirements would require 74 new lithium mines with an average size of 45,000 tonnes by 2035.
While
these figures are robust relative to historical data, there can be no guarantee that ultimate consumer adoption for EVs and plug-in-hybrid
vehicles (PHEV) will drive lithium demand as predicted.
Lithium
Brine Deposits and Direct Lithium Extraction
Lithium
is mined from three different deposit types: lithium brine deposits, pegmatite lithium deposits (also referred to as “hard
rock”), and sedimentary lithium deposits (also referred to as clay deposits). Brine deposits are the most common, accounting for
more than half of the world’s known lithium reserves. All our projects are in brine deposits.
As
described by the U.S. Geological Survey, lithium brine deposits are accumulations of saline groundwater that are enriched in dissolved
lithium. All producing lithium brine deposits share a number of first-order characteristics: (1) arid climate, (2) closed basin
containing a playa or salar, (3) tectonically driving subsidence, (4) associated igneous or geothermal activity, (5) suitable
lithium source-rocks, and (6) one or more adequate aquifers. South American countries Chile and Argentina are where the majority
of the lithium produced from brines originates, as well as Nevada, to a much smaller extent.
It
is anticipated that we will use a direct lithium extraction (“DLE”), and reinjection of the processed brine back into the
subsurface, rather than using evaporation ponds to recover the lithium and other potential mineral from brines, should the project advance
to the production stage. This method has been gaining favor in the lithium industry over the last several years because it does
not involve the use of evaporation ponds. DLE uses a much smaller footprint than evaporation ponds and is therefore more acceptable from
an environmental standpoint. As yet, we have not done any testing for the possibility of using DLE and will not be able to do any testing
until samples of brine are acquired from the target formations.
DLE
technologies precipitate lithium out of brine using filters, membranes, ceramic beads, or other equipment, which is often housed in a
small warehouse, significantly shrinking the environmental footprint of evaporation ponds used to produce commercial quantities of lithium
traditionally. In a DLE operation, brine is pumped to a processing unit where an adsorption, resin or membrane material is used to extract
only the lithium from the brine, while spent brine can be reinjected into the basin aquifers. The more rapid production time frame and
possible brine reinjection into the aquifer is a key environmental differentiator between the DLE process and traditional lithium process
that uses evaporation ponds.
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While
there may still be challenges around scalability, water consumption, and the possible dilutive effects of brine reinjection, over the
past decade many DLE technologies have arisen to separate lithium from brine. DLE has the potential to significantly impact the lithium
industry, with implementation on the extraction of lithium brines potentially having a dramatic positive impact on production, capacity,
timing, and environmental impact. Similar to the impact shale exploration had on the oil industry, DLE has the potential to significantly
increase the supply of lithium from brine projects, nearly doubling lithium production/yield (taking recoveries from 40-60% to 70-90%+)
and improving project returns. DLE should also offer lower perceived environmental risk and yield significant environmental benefits
when compared to traditional brine ponds, offering sustainability benefits and ESG credentials. It is estimated that approximately 12%
of the world’s lithium supply in 2019 was produced using DLE technology. DLE technologies are broadly grouped into three main categories:
adsorption, ion exchange and solvent extraction.
●
Adsorption
physically absorbs LiCl molecules onto the surface of a sorbent from a lithium loaded solution. The lithium is then stripped from
the surface of the sorbent with water.
●
Ion
exchange takes lithium ions from the solution and replaces them with a different positively charged cation that is contained in the
sorbent material. An acidic (or basic) solution is required to strip the lithium from the material and regenerate the sorbent material.
●
Solvent
extraction removes lithium ions from solution by contacting the solution with an immiscible fluid (i.e., oil or kerosene) that contains
an extractant that attaches to lithium ions and brings them into the immiscible fluid. The lithium is then stripped from the fluid
with water or chemical treatment.
Our
identification as an “environmentally friendly” business is evidenced by our commitment to deploy direct lithium extraction
rather than the typical extraction techniques of hard-rock mining or underground brine water. Unlike those traditional methods for producing
lithium, DLE uses filters, membranes, or resin materials to extract the mineral from brine water, resulting in:
●
usage
of less water;
●
recycling
of the majority of the brine water used;
●
consumption
of less fossil fuels;
●
reduction
in the need for additional processing and alternative mining sources; and
●
leaving
a smaller environmental footprint.
Traditionally,
lithium produced from brine water is stored in evaporation ponds. As the water evaporates, the other elements of the brine such as magnesium
or calcium precipitate out, leaving the brine more concentrated to produce lithium carbonate. The evaporation process can take 9-18 months
depending on the type of project and weather conditions. With DLE, that process can be shortened to days or even hours. DLE also reduces
the amount of land required for the pond evaporation process, while the potential to reinject the remaining brine water after the process
further reduces the environmental impact.
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Our
Market Opportunity
Our
Lisbon Valley Project (the “Project”) is located in San Juan County, Utah, approximately 35 miles southeast of the city of
Moab, part of an area known as the Paradox Basin. The Project consists of 743 placer mining claims staked on U. S. government land administered
by the BLM covering 14,300 acres, part of a semi-contiguous group named the LVL Group. The below map shows the approximate location of
our claims:
6
The
maps above are referenced with Professional Land Survey System (PLSS) and a latitude/longitude reference coordinate, accurate to 50 feet.
Our
placer claims are plotted on the figures above, which is a Public Land Survey System (PLSS) map using Salt Lake City Prime Meridian.
The claims are located in Southeast Utah in sections 17-18, 20-22, 25-29, 33-35 of Township 30 South and Range 25 East; sections 1, 3,
4, 8-15 of Township 31 South and Range 25 East; sections 31 of Township 30 South and Range 26 East and sections 5-9, 17 and 18 of Township
31 South and Range 26 East. The latitude and longitude of the southeast corner of Section 36, Township 30 South, 25 East is noted on
the figure is accurate to +/- 50 feet.
There
is a network of dirt and paved roads within the claims area, which service the oil and gas wells and the Lisbon Valley Copper Mine. Two
existing natural gas pipelines traverse the claims. Power is supplied to the copper mine, also within the claim area, for use in their
electrowinning copper recovery process. Nine wellbores (8 oil and gas and 1 potash) are available for re-entry and nearby water rights
and private land are available for sale or lease.
Moab,
Utah, the nearest population center to the property, is a city of 5,336 persons (2020 Census). It is located in a relatively remote portion
of Utah but is easily accessed by U. S. Highway 191. Highway 191 intersects with Interstate 70 about 30 miles (48 kilometers) north of
Moab, at Crescent Junction. Moab is a tourist destination and has numerous motels and restaurants. Moab would also be the nearest source
of labor in the region.
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The
region has a history of mining, primarily uranium and vanadium that dates back as far as 1881. The Lisbon Valley Copper Mine is in the
heart of the Lisbon Valley and is currently producing copper cathode. An all-weather road and electric power supply the mine. A few gravel
roads cross the property. Oil and gas drilling and production, along with ranching have made the area relatively accessible.
There
has been no exploration or drilling conducted on the property by us or our predecessors other than the gathering and assimilation of
data from all available sources. It will be necessary for us to re-enter an oil and gas well or to drill a new well to obtain brine samples
for analysis and metallurgical testing. Permits for such operations will be required from the BLM and the UDOGM. We are in the process
of permitting two appraisal wells.
We
believe there is abundant evidence from oil, gas and potash wells drilled in the Paradox Basin indicating a probability of identifying
and producing super saturated brines from beneath the Project. The geology of the area of the Project and of the Paradox Basin as a whole
is complex, although zones have been targeted and proven and they are mappable within and beyond the claims area. It is not likely that
the same zones vary significantly in terms of reservoir quality and thickness as evidenced by log analysis; however, these parameters
have not been confirmed by actual testing by us.
We
have not calculated mineral and resource estimation and has no revenue being generated from the subject property. The only way to determine
if the lithium enriched brines exist and can be economically produced from the target zones is to drill exploration wells to produce
and test brine from the targeted zones. We through our wholly owned operating company Mountain Sage Minerals, LLC intends to drill two
appraisal wells on the subject property to evaluate reservoir properties (porosity, permeability and pressure), flow rates and in situ
mineral concentrations. Information from the two wells will be used to assess the resource potential and devise a detailed development
plan.
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The subsurface data collected from the two wells will be used to refine our proprietary subsurface model. The development model
will include a proprietary 3D seismic survey to refine the subsurface model and delineate reservoir(s) continuity below the subject property
and allow the team to select optimal spacing of future well locations and the network of production and injection wells required to fully
develop potential mineral (brine) resources. Based on a substantial number of studies with lithium analyses from the Paradox Basin, we
believe there is a substantial indication that lithium mineralization in brines occurs beneath the Project.
We
have retained a third-party consulting firm to assist with drilling, completion and review of test results for the two appraisal wells.
Any extracted brines should be tested to determine lithium and other important mineral concentrations and to prove the economic viability
of a pilot and permanent production program. We have identified an appraisal and development program that is proprietary. This information
will be disclosed in an advanced technical report after the appraisal wells are drilled and individual zones are identified and fully
evaluated. Cost estimates and authority for expenditures for both well tests and the 3D Survey are currently in process.
The
Technical Report Summary on the Project prepared by Bradley C. Peek, MSc. of CPG Peek Consulting, Inc., in accordance with Regulation
S-K 1300, is included as an exhibit to our registration statement, filed on February 12, 2024. The effective date of the report is
October 31, 2023.
Internal Controls
Even though we have yet to
establish mineral resource and reserve estimates, we have established internal controls for reviewing and documenting the information
we intend to use to support mineral reserve and mineral resource estimates. We have engaged third party service providers and specialists
in geosciences, and data and engineering for exploration and mine productivity and efficiency. A review of all progress on the development
of our mineral resources and reserves estimates, including related assumptions, is undertaken and finalized by our qualified person (“QP”).
When determining resources
and reserves, as well as the differences between resources and reserves, our QP will develop specific criteria, each of which must be
met to qualify as a resource or reserve, respectively. The QP and our management must agree on the reasonableness of the criteria for
the purposes of estimating resources and reserves. These criteria, such as demonstration of economic viability, points of reference, and
grade, must be specific and attainable. All estimates require a combination of historical data and key assumptions and parameters. When
possible, historical data and resources, data from public information, and generally accepted industry sources will be used to develop
these estimations.
We have developed quality
control and quality assurance (“QC/QA”) procedures at our Lisbon Valley property, which were reviewed by our QP to ensure
the process for developing mineral resource and reserve estimates is sufficiently accurate. QC/QA procedures include independent checks
on samples by third party laboratories, and duplicate sampling, among others. In addition, our QP will review the consistency of historical
production as part of its analysis of the QC/QA procedures.
We
recognize the risks inherent in mineral resource and reserve estimates, such as the geological complexity, interpretation and extrapolation
of data, changes in operating approach, macroeconomic conditions and new data, among others. Overestimated resources and reserves resulting
from these risks could have a material effect on future profitability.
Raw Materials
We
do not have any material dependence on any raw materials or raw material suppliers. All the raw materials that we need are available from
numerous suppliers and at market-driven prices.
Intellectual Property
We
do not own or license any intellectual property which we consider to be material.
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Sales
and Marketing
We
currently do not have the commercial capabilities required to market and distribute lithium. There is no assurance that we will be able
to attain the necessary sales and marketing capabilities or secure the services of a firm to provide those capabilities, to achieve our
sales expectations.
Customers
We
have no customers and have no off-take agreements with customers at this stage of our development.
Future
Production and Sales
We
expect the demand for our lithium, if and when in production, to be facilitated by increasing global demand for lithium. We intend on
utilizing intermediaries for sales in order to focus on our core competencies of exploration and extraction.
Competition
and Market Barriers
We
compete with other mineral and chemical processing companies in connection with the acquisition of suitable exploration properties and
the engagement of qualified personnel. Many of our competitors possess greater financial resources and technical facilities than we do.
Although we aspire to be a leading lithium producer, the lithium mining and chemical industries are fragmented. We are one of many participants
in these sectors. Many of our competitors, as compared to us, have been in business longer, have established more strategic partnerships
and relationships, and have greater financial accessibility.
While
we compete with other exploration companies in acquiring suitable properties, we believe there will be readily available purchasers of
lithium chemical products or other industrial minerals if they are produced from any of our owned or leased properties. The price of
our planned products may be affected by factors beyond our control, including fluctuations in the market prices for lithium, supplies
of lithium, demand for lithium, and mining activities of others. If we identify lithium mineralization that is determined to be of economic
grade and in sufficient quantity to justify production, additional capital would be required to develop, mine and sell that production.
Government
Regulation
Exploration
and development activities for our projects are subject to extensive laws and regulations, which are overseen and enforced by multiple
U.S. federal, state and local authorities as well as foreign jurisdictions. These applicable laws govern exploration, development, production,
exports, various taxes, labor standards, occupational and mine health and safety, waste disposal, protection and remediation of the environment,
protection of endangered and protected species, and other matters. Various permits from government bodies are required for drilling,
mining, or manufacturing operations to be undertaken, and we cannot be assured such permits will be received. Environmental laws and
regulations may also, among other things:
●
require
notice to stakeholders of proposed and ongoing exploration, drilling, environmental studies, mining, or production activities;
●
require
the installation of pollution control equipment;
●
restrict
the types, quantities and concentrations of various substances that can be released into the environment in connection with exploration,
drilling, mining, lithium manufacturing, or other production activities;
●
limit
or prohibit drilling, mining, lithium manufacturing or other production activities on lands located within wetlands, areas inhabited
by endangered species and other protected areas, or otherwise restrict or prohibit activities that could impact the environment,
including water resources;
●
impose
substantial liabilities for pollution resulting from current or former operations on or for any preexisting environmental impacts
from our projects;
●
require
significant reclamation obligations in the future as a result of our extraction and chemical operations; and
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●
require
preparation of an environmental assessment or an environmental impact statement.
Compliance
with environmental laws and regulations may impose substantial costs on us, subject us to significant potential liabilities, and have
an adverse effect on our capital expenditures, results of operations, or competitive position. Violations and liabilities with respect
to these laws and regulations could result in significant administrative, civil, or criminal penalties, remedial clean-ups, natural resource
damages, permit modifications and/or revocations, operational interruptions and/or shutdowns, and other liabilities, as well as reputational
harm, including damage to our relationships with customers, suppliers, investors, governments or other stakeholders. The costs of remedying
such conditions may be significant, and remediation obligations could adversely affect our business, results of operations, and financial
condition. Federal, state, and local legislative bodies and agencies frequently revise environmental laws and regulations, and any changes
in these regulations, or the interpretations thereof, could require us to expend significant resources to comply with new laws or regulations
or changes to current requirements and could have a material adverse effect on our business operations. As of December 31, 2023, we have
not been required to spend material amounts on compliance regarding environmental regulations.
Permits
Obtaining
and renewing governmental permits is a complex and time-consuming process and involves numerous jurisdictions, public hearings, and possibly
costly undertakings. The timeliness and success of permitting efforts are contingent upon many variables not within our control, including
the interpretation of permit approval requirements administered by the applicable permitting authority. We may not be able to obtain
or renew permits that are necessary for our planned operations, or the cost and time required to obtain or renew such permits may exceed
our expectations. Any unexpected delays or costs associated with the permitting process could delay the exploration, development and/or
operation of our projects.
Environmental,
Social and Governance
We
are committed to ESG causes. As we start to hire employees for our projects, our hiring efforts will focus on hiring workers from communities
near our project areas. Many such communities have high levels of unemployment.
Human
Capital Management
As
of April 1, 2024, we had two full-time employees, who are our Co-Chief Executive Officers. We also utilize four independent contractors,
two to provide us with accounting support and two for geological expertise. We are committed to diversity, equity, and inclusion
as part of our growth strategy. We will treat each employee and job applicant without regard to race, color, age, sex, religion, national
origin, citizenship, sexual orientation, gender identity, ancestry, veteran status, or any other category protected by law. We believe
in allocating resources and establishing, in an equitable manner, policies and procedures that are fair, impartial, and just. To provide
a diverse and inclusive workplace, we will focus our efforts on creating a culture where all employees can contribute their skills and
talents and be themselves.
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.