Climate Change Data

Environmental Metrics

Climate Goals & Targets

Environmental Challenges

• Ongoing cash burn despite substantial cash reserves.
• Dramatic swings in commodity prices and development plans by leaseholders.
• Increased difficulty in mineral work regionally and nationally.
• Delays in the development of the Copperwood Project.
• Limited cash revenues dependent on the Copperwood Project.
• Potential for subsidence on properties due to past mining activity.
• Geographic concentration of operations increasing vulnerability to localized events.
• Concentration of credit risk due to FDIC insurance limits.
• Risk of reputation damage.
• Potential for changes in mineral tax laws in Michigan.
• Key person risk due to only two employees.

Mitigation Strategies

• Implemented austerity measures to reduce operating expenses (below $200,000 annually).
• Secured a 120-acre tract of surface and minerals in Gogebic County.
• Active in state mineral leasing efforts and mineral swaps.
• Reviewing business development opportunities.
• Monitoring sites with subsidence risks.
• Diversifying mineral or business type and partner company.
• Implementing remote work environment to reduce overhead.

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• Severe weather events

Transition Risks

• Climate change legislation, regulatory initiatives and litigation