Company: RNGE
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010872
Chunk: 70

Company: RANGE IMPACT, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 70
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 repurposed for non-mining uses until the land has been reclaimed and the permits
and bonds have been released by the applicable state’s environmental protection department. Water quality is a particularly challenging
issue since a permit can only be released if the site has at least 12-months of compliant water samples without active chemical treatment,
which heightens the need for water restoration solutions to help transition former mine land to economically viable non-mining uses.

The Company has assembled the
internal resources and capabilities to reclaim land, restore waterways, install innovative water treatment solutions, and secure mine
sites to protect the significant historical investment in infrastructure. In addition, the Company has expertise
in the permit and bond release process, which is a critical to unlocking the underlying value of a former mine land
for non-fossil fuel uses. Range Land is actively reviewing several mine sites throughout Appalachia to acquire, reclaim and repurpose
in order to improve the land and create non-fossil fuel economic development opportunities for disadvantaged local coal communities.

In September 2023, Range
Land, through its wholly-owned subsidiary, CLV Azurite Land, LLC (“CLV Azurite”), acquired over 1,700 acres of surface
interest at an idled mine complex in West Virginia. CLV Azurite is in active discussions with the holder of the permits and bonds
associated with the acquired land in order that the acquired surface acreage can be repurposed for alternative non-fossil fuel uses.
CLV Azurite is in concurrent active discussions with two experienced and well-capitalized solar developers to convert the former
mine land into a large solar energy facility on a majority of the acquired surface acreage, as well as additional acreage for
commercial, industrial, recreational and residential development pursuant to which the solar developer would pay a
negotiated amount on a per acre basis.

On March 31, 2025, the
Company, through its wholly-owned subsidiary, Range Sky View Land, LLC, acquired 120,154 acres of fee, surface and mineral interests
at the Fola mine complex (“Fola Mine”) located in Clay and Nicholas Counties, West Virginia pursuant to which the
Company acquired 15 mining permits with an estimated reclamation obligation of $29,282,126 and assumed an
obligation to manage an additional 21 mining permits with an estimated reclamation obligation of $13,796,945. As a
result, on March 31, 2025, the Company recorded AROs