Item 3. Legal Proceedings
Item
3. LEGAL PROCEEDINGS.
On
September 12, 2025, International Energy & Mineral Resources Investment Company Limited (“IEMR”), a shareholder of the
Company, filed a lawsuit in the Fourth Judicial District of Idaho seeking a declaratory judgment that the Lock-Up Agreement dated December
21, 2022, and its First Amendment dated March 30, 2024 (collectively, the “Lock-Up Agreement”) have terminated according
to their terms and that IEMR may freely trade its shares.
The
Company maintains that IEMR remains subject to the restrictions of the Lock-Up Agreement and filed its response to the lawsuit on September
30, 2025. On November 4, 2025, IEMR filed a motion for summary judgement on its declaratory judgement claim. The Company’s response
in opposition to the motion for summary judgement was due on January 29, 2026. At that time, IEMR moved to dismiss the complaint without
prejudice, and the court issued a stipulation dismissing the case.
Additionally,
we are involved in a federal district court lawsuit with the Forest Service which is challenging the Exploration PoO P
anticipated to be filed in June 2025 by environmental and nongovernment organizations in opposition to exploration at
CuMo, where the Company has intervened.
Item
4. MINE SAFETY DISCLOSURES.
Not
applicable.
29
PART
II
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.