Slide 1: Mountain View Location Map
Mountain View © Tonalin [7 Pon tease Boundary —— Mectaicatyainsbe trons) uta ese Boundary — ieatt998) - iis dh agi SWTRE Mineral Ownership [Ea esos teatetoundry Interstate TS Seen, tion Projet ease Boundary State ighnay [Ey Semicon Fan banny Cy ease 3 en pon ae Flaming Gorge eincry Soe ll ALocation
Slide 2: Detail of Leases Map
Figure 4-1. Detail of Leases Map.
Slide 3: Property Climate Averages and Infrastructure
Figure 5-1. Property Climate Averages [National Weather Service, 2026]. 5.4 INFRASTRUCTURE The Green River Basin has seen consistent trona production for over 70 years and, therefore, the mine-specific infrastructure is generally well-developed. As a royalty interest, SWTRE did not inspect the proce
Slide 4: Wyoming Trona Production
Figure 6-1. Wyoming Trona Production [State of Wyoming, 1949–2026]. Typical conversion trona to soda ash is at a ratio of 1.6:1. Mineral Resources and Mineral Reserves for two operators are reported under Regulation S-K, Subpart 1300, which has a slightly different definition of Mineral Resources th
Slide 5: Southwest Wyoming Province Boundary and Tectonic Features
Figure 7-1. The Southwest Wyoming Province Boundary Illustrating the Tectonic Features Bounding Regional Subbasins During the Late-Cretaceous to Early-Paleogene Periods.
Slide 6: Regional Map of Geologic Units Within the Green River Basin
Figure 7-2. Regional Map of the Distribution of Geologic Units Within and Near the Green River Basin.
Slide 7: South-North Cross Section
Figure 7-3. South-North Cross Section Illustrating the Lithostratigraphic Organization of Evaporite Beds Within the Wilkins Peak Member of the Green River Formation, Wyoming (After Leigh [1998]).
Slide 8: Northwest-Southeast Cross Section
Figure 7-4. Northwest-Southeast Cross Section Illustrates the Lithostratigraphic Organization of Evaporite Beds Within the Wilkins Peak Member of the Green River Formation, Wyoming (After Leigh [1998]).
Slide 9: Evaporite Succession of the Wilkins Peak Member
Figure 7-5. Evaporite Succession of the Wilkins Peak Member of the Green River Formation, Wyoming (After Leigh [1998]).
Slide 10: Publicly Available Historical Drillholes
Figure 10-1. Publicly Available Historical Drillholes. 11.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY As set out in Item 3.0 of this TR, the QP has relied on Section 9.2(2) of NI 43-101 to omit information required by NI 43-101F1 relating to sample, preparation, analyses and security, to which the
Slide 11: Conceptual Longwall Mining
Figure 16-1. Conceptual Longwall Mining (A) Oblique View, (B) Close-Up of Shearer, (C) Profile View [Chambers and Boltz, 2023]. At the headgate, the trona is transferred to the conveyor belt through a stage loader. The stage loader feeds the material onto a conveyor belt located within the adjacent
Slide 12: Typical Room-and-Pillar Mine
Figure 16-2. Typical Room-and-Pillar Mine [Arch Coal, Inc., 2010]. As the CM/BM cuts the trona, the broken material is loaded directly into a shuttle car or haulage unit. When filled, the shuttle car transports the material to a feeder breaker to meter the ROM trona onto the conveyor belt for transp
Slide 13: Typical Solution-Mined Cavern Layout
Figure 16-3. Typical Solution-Mined Cavern Layout [Yu et al., 2023]. Table 16-2. Trona Operator Employee Count Operator 2021 2022 2023 2024 2025 WE Soda – Westvaco Şişecam American Soda Tata Total 2,251 2,364 2,409 2,364 2,296 16.6 MINE PRODUCTION Historical trona production for 2016 to 2025, as rep
Slide 14: Trona Production From 2016 to 2025
Figure 16-4. Trona Production From 2016 to 2025. Based on the public disclosure of the operator companies, the following expansion projects are planned: / WE Soda Westvaco expansion initiative – The Westvaco operation targets an additional 1.1–1.7 Mtpa production in the near term by both the optimiz
Slide 15: Typical Process Flow
Figure 17-1. Typical Process Flow [Garrett, 1992].
Slide 16: WE Soda Monohydrate Process Flow
Figure 17-2. WE Soda Monohydrate Process Flow [Reichl, 2023]. If the conversion of trona to soda ash is 100 percent efficient, the ratio of the trona to soda ash, 2Na 2 CO 3 / 3Na 2 CO 3 , can be described by the molecular weight ratio of 2(226.03)/3(105.98) or 1.4218 tons of trona for every 1 ton o
Slide 17: Regional Infrastructure and Water Rights
Figure 18-1. Regional Infrastructure. Table 18-1. Water Rights by Operator [Purcell, 2000] Entity Water Rights Priority Notes WE Soda – Granger 22808 – 5.0 cfs 7032 Enl. – 2.5 cfs 7/7/1996 7/1/1992 Water is supplied by an 8-mile pipeline from the Green River. WE Soda – Westvaco 20077 – 17.0 cfs 8/27
Slide 18: Soda Ash Average Free-on-Board Sales Price
Figure 19-1. Soda Ash Average Free-on-Board Mine/Plant Sales Price as per the U.S. Geological Survey [2026].