Butte Arbitration

In early 2022, BBO was served a “Complaint in Arbitration” by New Butte Leasing, LLC, (“NBL”), the manager of the Mineral Leases under lease to BBO.  The “Complaint in Arbitration”, which requests an arbitrator cancel the Mineral Lease, is based upon a Notice of Default issued to BBO in relation to its exploration program.  In regards to the Notice of Default, in good faith, and in an attempt to placate NBL, BBO cured the purported default within the required time frame despite that, in its view, BBO was within its right to conduct the exploration activities to the benefit of both its shareholders and the underlying owners of the Mineral Lease.  NBL maintains that BBO did not cure the Notice of Default. The arbitration is scheduled for Q4’2023.