Contract analysis

III. • First installment of 25% ($7,875,000) due within thirty (30) days of the Effective Date; • Second installment of 25% ($7,875,000) due on the twelve (12) month anniversary of the Effective Date; • Third installment of 25% ($7,875,000) due on the twenty-four (24) month anniversary of the Effective Date; and • Fourth and final installment of 25% ($7,875,000) due on the thirty-six (36) month anniversary of the Eff

IV. Remediation Cost — Ridgecrest Site ** .** The $198.6 million discussed at the July 30, 2024 agreement-in-principle session. The government's counter-redline (i) the extent of tailings reprocessing required in the East Impoundment (PCE estimates 420,000 cubic yards vs. Cascade's estimate of 540,000 cubic yards); (ii) groundwater treatment duration (PCE models 18 years vs. Cascade's 25-year model); and (iii) long-t

§ VIII. SUPPLEMENTAL ENVIRONMENTAL PROJECTS

§ VIII.A. Flint Creek Watershed Restoration Project (Montana) TMC accepts government counter-redline: $5,500,000 for 12 miles of stream-bank stabilization, riparian replanting, and fish-passage improvements along Flint Creek downstream of Ridgecrest. TMC's first redline had proposed $4.5M for 8 miles; government counter-redline proposed $5.5M for 12 miles; the $5.5M/12-mile scope is a reasonable compromise that demon

§ VIII.B. Battle Mountain Community Drinking Water Improvement Project (Nevada) $3,500,000 for upgrade of the municipal water treatment facility in Battle Mountain, Lander County, Nevada. TMC redline note: No changes; this figure was not in dispute.

§ VIII.C. Institute Community Air Quality Monitoring Network (West Virginia) $3,000,000 for installation and 10-year operation of six ambient air quality monitoring stations in the Institute/South Charleston area, Kanawha County, West Virginia. TMC redline note: No changes; this figure was not in dispute.

§ VIII.D. Community Engagement Requirements (NEW — Government Counter-Proposal) TMC REDLINE — CONDITIONAL ACCEPTANCE WITH MODIFICATIONS: TMC accepts in principle the government counter-proposal requiring TMC to establish and fund community advisory groups at each site location (Drummond, MT; Belgrade, MT; Battle Mountain, NV; Institute, WV). Estimated cost: $100,000–$150,000 per year across all four sites. TMC propos

§ VIII.E. Total SEPs Total: $12,000,000 ($5.5M + $3.5M + $3.0M). Community engagement costs are operational costs, not SEPs, and are estimated separately.

§ IX.A. Annual Reports Annual progress reports for all four sites, submitted to EPA and respective state agencies. TMC redline note: No changes to existing annual reporting requirement.

§ IX.B. Quarterly Reports (NEW — Government Counter-Proposal) TMC REDLINE — ACCEPTANCE WITH MODIFICATIONS: TMC accepts the government counter-proposal requiring quarterly progress reports for all four sites during the first 5 years post-Effective Date. Reports to be submitted to EPA Project Coordinators (Dr. Samuel Tesfaye for Ridgecrest and Gallatin; Jennifer Whitfield for Bonanza Creek and Kanawha Bend) and respect

§ X.A. Total Financial Assurance Amount TMC REDLINE — KEY CHANGE: TMC proposes to strike "$250,000,000" (government counter-redline) and insert "$245,000,000." Rationale: The $245.0M figure is supported by Northspire Capital Markets (Vivian Okafor) modeling as the appropriate level given the NPV of total remediation obligations ($245.1M at 3% discount rate); the $5.0M difference from the government's $250.0M is modes

§ X.B. Financial Assurance Structure (TMC Proposed Split) TMC REDLINE — NEW DETAIL (not specified in government counter-redline): TMC proposes specific split: • Surety Bond: $165,000,000 — Ironbark Surety of America, Inc. (Bond No. ISA-ENV-2025-08934), account executive Thomas Rennick; annual premium: 1.85% of face value ($3,052,500 per year) • Remediation Trust Fund: $80,000,000 — Larchfield Trust Company, N.A. (Tru

25. B. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

11. C. • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • This has been prepared by Calderwood & Harkness LLP for in connection with Matter No. 1039-00003. CALDERWOOD & HARKNESS LLP By: ________ Harrison Wexford, Partner Environmental Litigation & Enforcement By: ________ Beatrice Holloway, Partner Environmental Regulatory By: ________ Elliot Nguyen, Counsel Environmental Litigation & Enforcement By: _______