In or around July, 2015, Kinross Gold U.S. A entered into an Exploration Agreement and Option with LKA Gold Incorporated granting Kinross the exclusive right to prospect and explore for minerals on and in patented and unpatented mining claims owned by LKA in Hinsdale County, Colorado. If during the term of the Agreement, Kinross identified one or more "mineral resources" as defined in the Agreement, LKA and Kinross had the option of negotiating in good faith a joint venture for the commercial exploitation of those resources. Since the inception of the Agreement, Kinross conducted certain surface evaluations and drilled five test holes. The initial term of the Agreement was for five years. However, Kinross had the right to terminate the Agreement at any time upon providing notice of its desire to terminate to LKA. On or about September 20, 2017, Kinross gave LKA notice of termination of the Agreement.