Company: RNGE
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010872
Chunk: 128

Company: RANGE IMPACT, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 128
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 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 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 contracts and one 25-year
solar lease with a multi-national corporation for the development of a large-scale solar project located on more than 1,500 acres at
the Fola Mine.

Range Services

Range Services is our
operating business segment that provides environmental and operational support services to help reclaim and repurpose former mine
land into next-generation uses. All of the Company’s reclamation, water treatment and security employees, equipment and
trucks, and technological innovations are classified within the Range Services business segment. Range Services is dedicated to
reclaiming and repurposing land owned by the Company and does not currently provide any reclamation, water treatment or
security services to third-parties.

Reclamation support services on mine sites includes grading, recontouring,
reveget