Company: RNGE
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024206
Chunk: 102

Company: RANGE IMPACT, INC.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 102
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’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 critical to unlocking the underlying value of  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.

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 (“Range Sky”), 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 of $43,079,071 related to the Fola Acquisition and capitalized an equal amount onto the fair
value of the acquired land on that same date. The Company also assumed two coal royalty