Exhibit 96.1

NATURAL RESOURCE PARTNERS

TECHNICAL REPORT SUMMARY

STATEMENT OF RESOURCES AND RESERVES

CURRENT AS OF

DECEMBER 31, 2024

Big Island Mine

Sweetwater County

Wyoming, USA

FINAL

2B

(29-24-001)

February 27, 2025

Prepared By:

HOLLBERG PROFESSIONAL GROUP, PC

Consulting Mining Engineers

Green River Wyoming

Hollberg Professional Group, PC

Table of Contents

Table of Contents (continued)

Table of Contents (continued)

Table of Contents (continued)

List of Tables

List of Figures

APPROACH

Hollberg Professional Group, PC (“HPG”) has conducted an independent technical review of the lands held by Şişecam Wyoming, LLC (“Şişecam Wyoming”) referred to as the “Big Island Mine,” which is located in the area commonly referred to as the Know Sodium Lease Area (the “KSLA”), near the town of Green River, Sweetwater County, Wyoming. HPG professionals involved in the preparation of this independent technical report (“Report”) have visited the mine on multiple occasions and are knowledgeable concerning the Big Island Mine and the KSLA trona deposits. HPG has reviewed technical data, reports, and studies produced by other consulting firms, as well as information provided by Şişecam Wyoming, and others listed in Sections 24.0 and 25.0. This review was conducted on a reasonableness basis, and HPG has noted herein where such provided information engendered questions. Except for the instances in which we have noted questions or made specific comments regarding the nature of the information, HPG considers the information provided by Şişecam as being accurate and suitable for use in this Report. Consent has been given for the distribution of this independent technical review in the form and context in which it appears. HPG has no reason to doubt the authenticity or substance of the information provided.

INDEPENDENCE

HPG and its principals and employees are not and do not intend to be a director, officer, or other direct employee of Şişecam Wyoming and has no material interest in the Big Island Mine or Şişecam Wyoming. The relationship with Şişecam Wyoming is solely one of professional association between client and independent consultant. The review work and this Report are prepared in return for professional fees based upon agreed commercial rates, and the payment of these fees is in no way contingent on the results of this Report.

ELECTRONIC DISCLAIMER

Electronic mail copies of this Report are not official unless authenticated and signed by HPG and are not to be modified in any manner without HPG’s express written consent.

UNITS OF MEASUREMENT AND CURRENCY

Measurement units used in this Report are in the English system. The currency is United States (US) dollars unless specifically stated otherwise.

NOTE REGARDING FORWARD-LOOKING INFORMATION

This Technical Report Summary contains forward-looking statements within the meaning of the U.S. Securities Act of 1933 and the U.S. Securities Exchange Act of 1934, that are intended to be covered by the safe harbor created by such sections. Such forward-looking statements include, without limitation, statements regarding Hollberg Professional Group’s (HPG) expectation for Şişecam’s mine and any related development or expansions, including estimated cashflows, production forecasts, mine plans, revenue, income, costs, taxes, capital, rates of return, mine, material mined and processed, recoveries and grade, future mineralization, future adjustments and sensitivities and other statements that are not historical facts.

Forward-looking statements address activities, events, or developments that HPG expects or anticipates will or may occur in the future and are based on current expectations and assumptions. Although Hollberg Professional Group believes that its expectations are based on reasonable assumptions, it can give no assurance that these expectations will prove correct. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, trona bed thickness, trona grades, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of operations and projects being consistent with current expectations and mine plans; (iii) political developments in jurisdiction in which Şişecam Wyoming operates being consistent with current expectations; (iv) certain exchange rate assumptions being approximately consistent with current levels; (v) certain price assumptions for soda ash; (vi) prices for key supplies being approximately consistent with current levels; and (vii) other planning assumptions.

Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among others, risks that estimates of mineral reserves and mineral resources are uncertain and the volume and grade of ore actually recovered may vary from our estimates, risks relating to fluctuations in soda ash prices; risks due to the inherently hazardous nature of mining-related activities; risks related to the jurisdictions in which Şişecam operates, uncertainties due to health and safety considerations, including pandemics, uncertainties related to environmental considerations, including, without limitation, climate change, uncertainties relating to obtaining approvals and permits, including renewals, from governmental regulatory authorities; and uncertainties related to changes in law; as well as those factors discussed in NRP’s filings with the U.S. Securities and Exchange Commission, including NRP’s latest Annual Report on Form 10-K for the period ended December 31, 2023.

This notice is an integral component of the Technical Report Summary (TRS) and should be read in its entirety and must accompany every copy made of the TRS.

HPG has used their experience and industry expertise to produce the estimates in the TRS. Where HPG has made these estimates, they are subject to qualifications and assumptions, and it should also be noted that all estimates contained in the TRS may be prone to fluctuations with time and changing industry circumstances.

Kurt F. Hollberg, PE

Hollberg Professional Group, PC

QUALIFIED PERSON

I, Kurt F. Hollberg, certify as the Qualified Person that the attached report titled “Statement of Resources and Reserves as of December 31, 2024– Big Island Mine, Sweetwater County, Wyoming, USA” and dated February 20, 2025 (the "Technical Report Summary") by Hollberg Professional Group PC has been carried out in accordance with the requirements of US Securities and Exchange Commission (SEC Regulation S-K Item 102 and Subpart 1300).

Dated February 27, 2025

1.0         EXECUTIVE SUMMARY

Natural Resource Partners LP (“NRP”), engaged Hollberg Professional Group (HPG) to update HPG’s December 2021 Technical Report Summary on the trona mineral assets of Şişecam Wyoming LLC (“SCW”) comprising Şişecam’s Green River Property (Big Island Mine & Refinery), Sweetwater County, Wyoming, United States of America (“USA”). Şişecam Wyoming is owned by Şişecam Chemicals Wyoming LLC (SCW LLC) 51% and by NRP Trona LLC ("NRP Trona") 49%. NRP Trona LLC is a wholly owned subsidiary of NRP. Natural Resource Partners LP is the registrant.

Şişecam Wyoming owns and operates the Big Island Mine complex that consists of an underground trona mine and associated refinery (“Şişecam Wyoming Mine and Refinery”). The Şişecam Wyoming Mine and Refinery lies northwest of the town of Green River in Sweetwater County, Wyoming (Figure 3.1). Mining occurs in two trona seams, Bed 24 and Bed 25, nominally at 850-feet and 900-feet deep, respectively. The Big Island Mine was started in 1962 by the Stauffer Chemical Company and has been in continuous operation since that time. In 1985, the Big Island Mine and Refinery was acquired by Chesebrough Ponds and changed ownership several times over the next few years, first to Imperial Chemical Industries in 1986 and a year later, to Rhone-Poulenc. In 1996, Rhone-Poulenc sold its interest in the soda ash business to OCI Company, LTD, later renamed OCI Chemical Corporation. In September of 2013, OCI announced its Initial Public Offering (IPO) on the NYSE under ‘OCIR’, a master limited partnership. In 2015, Ciner Enterprises Inc., a subsidiary of Ciner Group, acquired OCI Chemical Corporation. The company was renamed Ciner Resources Corporation. In 2021, Ciner Group sold 60% of its US soda ash business to Şişecam Chemicals and the company was renamed to Şişecam Resources LP.

In 2023, Şişecam Resources LP was dissolved and Şişecam Chemicals Wyoming LLC ("SCW LLC") became the direct owner of 51% of Şişecam Wyoming. SCW LLC, the operating partner, controls and operates Şişecam Wyoming with non-operating ownership of 49% by NRP Trona. SCW LLC is 100% owned by Şişecam Chemicals Resources LLC ("Şişecam Chemicals,") which is 100% owned by Şişecam USA Inc. ("Şişecam USA"). Şişecam USA is a direct wholly-owned subsidiary of Türkiye Şişe ve Cam Fabrikalari A.Ş, a Turkish Corporation ("Şişecam Parent"), which is an approximately 51%-owned subsidiary of Turkiye Is Bankasi Turkiye Is Bankasi ("Isbank"). 

The Şişecam Wyoming refinery purifies trona ore into soda ash (sodium carbonate). Soda ash is an essential raw material in glass making, chemicals, detergents, and other industrial products. Şişecam Wyoming’s refining facility is well established and has been converting trona into salable soda ash for over 60 years. Şişecam Wyoming sells the soda ash domestically through Şişecam Chemicals Wyoming LLC ("SCW LLC") and its affiliates. Product is shipped via truck or rail from loadouts at the Şişecam site and a rail spur to the Union Pacific Railroad mainline along Interstate 80 (I-80).

Şişecam Parent was founded over 88 years ago, is based in Türkiye and is one of the largest industrial publicly-listed companies on the Istanbul exchange. Şişecam has operations in 14 countries on four continents. ‘It ranks among the world’s top two producers in glassware, and among the top five global producers in glass packaging and flat glass. Şişecam is also one of top three largest producers of soda ash and a world leader in chromium chemicals.’ (Şişecam Website).

The Big Island Mine has been in continuous operation since 1962 producing over 183.3 MST of trona ore from Beds 24 and Bed 25 as of December 31, 2024.

Şişecam Wyoming’s facility is located approximately 23 miles north of the City of Green River in Sweetwater County. The facility includes the processing and refinement of Trona ore into Soda Ash, an underground mine (Big Island Mine), ore hoist, mine fans, surface tailings disposal ponds, evaporation ponds, sewer ponds, site containment ponds, and administration and supporting structures.

Access to Şişecam Wyoming is by County Highway 6 from Wyoming Highway 372 and County Highway 4. Union Pacific Railroad provides a rail spur to transport products. Adjoining this spur is a rail holding yard adjacent to WY 372. Figure 3.1 through Figure 3.5 show the location, sodium leasing area as well as the surface and mineral ownership.

Şişecam is located in the semi-arid high plateau region of southwestern Wyoming at elevations between 6,200 and 6,600-feet above mean sea level (MSL). Only about one percent (1%) of the land is barren, but the short growing season, rugged topography, poor soils, and limited availability of precipitation make vegetation rather sparse in both variety and productivity.

The Şişecam property is crossed by the Green River which is a primary tributary to the Colorado River and located in the Upper Green Slate Watershed and designated Class 2AB waterway.

The site infrastructure is established and adequate for the purposes including: four existing surface to ore bed shafts, offices, warehouses, processing plants, product storage, dedicated rail spur with rail yard, tailings facilities, and dedicate utilities including natural gas, electricity, and water.

The Şişecam site is serviced by a dedicated railroad spur line off the main East West Union Pacific rail line. Şişecam’s spur line connects to the Union Pacific Main line just east of the FMC/Genesis Westvaco Facilities.

Green River (pop.11,496, 2023 Census), and Rock Springs Wyoming (pop. 22,954) are the two closest towns to Şişecam, 23 miles and 42 miles respectively. Evanston Wyoming (pop. 11,807) is 111 miles to the west and the major metropolitan area of Salt Lake City, UT (pop. 1,270,000) is 194 miles to the West. Green River and Rock Springs are well established communities with histories dating back to the 1800’s as stops along the Union Pacific railroad with coal mining.

The trona deposits of SW Wyoming are the world’s largest occurrence of natural soda ash. The deposit was formed from the evaporation of a shallow lake, Lake Gosiute, that covered SW Wyoming and NE Utah 50-60 million years ago (wyomingmining.org, 2020) (Lake Gosiute, Figure 6.1).

Trona is a non-metallic industrial mineral of the compound sodium sesquicarbonate which is a partially hydrated double salt of sodium carbonate (commonly known as soda ash (Na₂CO₃)) and sodium bicarbonate (commonly known as baking soda (Na₂CO₃.NaHCO₃.2H₂O)). The US Geological Survey recognizes 25 trona beds of economic importance (at least 1 meter in thickness and 300 km² in areal extent) within the Green River Basin. Identified in ascending order, the trona beds are numbered 1 through 25 from the oldest (stratigraphically lowest) to the youngest (stratigraphically highest). Şişecam Wyoming has mineable reserves in the shallowest mechanically minable Trona Beds 24 and 25 (800 to 1,100-feet. deep). Figure 6.2, Figure 6.3, and Figure 6.5 show cross sections of the Green River Basin and Bed 24 25 lithology.

The Bureau of Land Management designates available sodium leasing as the Known Sodium Leasing Area (“KSLA”). The KSLA is where trona thickness exceeds 1-meter, extends for over 300 km², and is greater than 80% grade. The known Mechanically Mining Trona Area (“MMTA”) is defined where trona exceeds 8-feet thickness, has a grade greater than 85%, contains less than 2% salt (NaCl), and is at a depth no greater than 2,000-feet. Figure 3.2 shows the KSLA and MMTA boundaries along with the major leaseholders.

Şişecam Wyoming holds both private and public mineral leases and license over the Big Island Mine within the KSLA boundary. In addition to the mineral leases and license, Şişecam Wyoming has several other permits with both U.S. Federal and Wyoming state agencies that give it the right to operate the Big Island Mine.

Şişecam Wyoming has approximately 23,999 acres of sodium (Trona) under lease made up of approximately 8,094 Federal acres, 2,986 State acres, and 12,919 private acres. Table 1.1 and Table 3.1 list the current sodium lease and the license acreage owned by Şişecam Wyoming. The location of Şişecam’s trona leases is illustrated in Figure 3.1, Figure 3.2 and Figure 3.3.

Table 1.1
Şişecam Wyoming Sodium Mineral Leases and License

Exploration drilling has been the primary method to delineate trona Beds 24 and 25 with both surface-to-bed drilling and where possible bed-to-bed drilling. Over the history of the property 93 surface borings have been completed and 55 bed-to-bed core holes drilled for a total of 148 borings.

In general, the core samplings were collected from each boring and prepared for analysis. Methodology utilized for coring varied through time and has included mud drilling, saturated brine drilling, air-foam drilling, wireline drilling and continuous coring from surface. A limited number of borings were logged with geophysical techniques including gamma, sonic, neutron, caliper, and high-resolution rock mechanics tools.

In addition to the exploration drilling, Şişecam has taken observations and measurements from the mine workings with over 4,000 measurements taken to date.

For recent exploration drilling the core samples were examined, photographed, and logged in the field then boxed, labeled, and prepared for transportation. Early exploration had minimal documentation on preparation and core logging. More recent exploration campaigns are better documented with photographs of the core prior to boxing.

Standard practice was to split the core samples along the length of the core with half the sample sent to in mine storage. Sample intervals were generally between six and twelve inches in length. The split sample was then analyzed by the Şişecam plant laboratories. The Şişecam Wyoming laboratory has multiple certifications including ISO 9001-2015 and NSF. The lab has multiple well documented quality control and quality assurance processes which were reviewed during earlier site visits.

Records from the exploration projects are stored in a locked storage location in Şişecam Wyoming’s technical office building at the mine site with the core samples stored in the mine where the stable humidity and temperature helps preserve the samples.

The sample preparation, analysis, quality control, and security procedures used by the Şişecam Wyoming Operations have changed over time to meet evolving industry practices. Practices at the time the information was collected were industry-standard, and frequently were industry-leading practices. In HPG’s opinion, the sample preparation, analyses, and security procedures at the mine are acceptable, and are adequate for mineral resource and mineral reserve estimation and mine planning purposes.

In addition to their historical knowledge of the subject property, both Mr. Hollberg and Mr. Leigh visited the Big Island Mine on November 7^th, 11^th, and 13^th, 2024.

The purpose of these visits was to inspect both the surface and underground facilities, collect information for this effort and interview technical personnel working for Şişecam. During the visits HPG interviewed the following Şişecam technical and management personnel:

Şişecam Wyoming’s excellent mine ground conditions allows examination of most areas of the existing mine and old workings. Mr. Leigh and Mr. Hollberg have examined many of these areas for this study. Mr. Leigh spent several days underground taking spot measurement of the Trona thickness in several areas of interest. Section 9.0 contains additional information on these inspections.

Surface tours included examination of the processing facilities (Units 3, 4, 5, 6 and 7), tailings facilities, DECA ponds and processing facility.

During the interviews it was clear that Şişecam personnel have a good understanding of current mine operations, of the geology and mine planning, chemical processing and environmental obligations and are in good standing with their responsibilities.

Şişecam Wyoming’s available geologic data is well documented and has been vetted over the history of the property. The fact that the property has been in successful operation for over 60 years and has extracted trona from both beds gives confidence in the available geologic information and proposed mining methods.

HPG reviewed the recent exploration drilling information and concludes it meets industry standards. Comparison of drilling data with in-mine measurements generally concur with in-mine measurements with anomalies typically explained by localized trona bed disruptions described in Section 6.4. The successful mining of Bed 24 and Bed 25 over the long history of the property gives added validation of the exploration data, analysis and quality control. HPG concludes that Şişecam Wyoming’s geologic data, procedures and processes are adequate for mineral resource and mineral reserve estimation and mine planning purposes.

Trona is a compound of sodium sesquicarbonate with the following formula, Na₂CO₃.NaHCO₃.2H₂O. It is the combination of sodium carbonate and sodium bicarbonate. The finished product, soda ash, is sodium carbonate. In very general terms, the conversion of trona into soda ash is the conversion of the sodium bi-carbonate portion of the trona into sodium carbonate and then a purification process to remove the insoluble minerals by dissolution and recrystallization.

Şişecam uses the monohydrate process which converts the bicarbonate by calcining the dry ore in rotary kilns at temperatures between 150^o and 200^o C. The general formula for this conversion follows:

2NaCO₃♦NaHCO₃♦2H₂O 3Na₂CO₃ + CO₂ + 5H₂O

Şişecam Wyoming currently is operating five soda ash processing units. Two ore calcining and dissolving units with four soda ash processing plants. Unit 6 is a single large integrated plant and has its own crushing plant, rotary kiln, dissolvers, crystallizers, dryers and TRM (tailings) pumps. Unit 7 is a large rotary kiln and dissolver capable of feeding liquor to the older crystallizer Units 3 through 5 which use the existing crushers and TRM facilities. Soda ash crystals from are dried and stored in silos prior to shipping via truck or rail. All the plants have had significant upgrades over the years to both improve recovery, energy efficiency, and increase soda ash production.

Şişecam has had an onsite laboratory throughout its history that is used to test and analyze plant feeds (trona), intermediate process streams (liquor) as well as the final product to ensure compliance with Şişecam published standards. The testing and analysis procedures and protocols are well established and have been developed and refined over the 60 years of operation.

In HPG’s opinion, the sampling methods, sample preparation, analyses, and security procedures at the mine are acceptable and are adequate for mineral resource and mineral reserve estimation and mine planning purposes.

Using the data provided by Şişecam Wyoming, HPG has completed its review of the Big Island Mine and concludes that the Big Island Mine’s remaining leased and licensed Measured and Indicated in-place trona Resources exclusive of reserves as of December 31, 2024, total 153.3 million short tons (MST), of which 99.1 MST remain in the Lower Bed 24 and 54.3 MST remain in the Upper Bed 25. Measured In-Place Resources are calculated as 74.7 MST and Indicated In-Place Resources calculate as 78.7. Table 1.2 summarizes the estimated In-Place Trona Resource exclusive of the mineral reserves.

The Mineral Resource exclusive of the mineral reserves is that portion of the ore body that has not been extracted because it was outside what is considered the economic limits, has been left in place to support the mine openings or has been sterilized by previous mining and cost-effective access is not considered practical. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Table 1.2
         Estimated In-Place Trona Resources Within Big Island
Exclusive of Reserves
Mining License as of DECEMBER 31, 2024
Based on $165/TSA

Based on the current study, the Şişecam Wyoming Big Island remaining leased and licensed Measured and Indicated in-place trona Resources inclusive of reserves as of December 31, 2024, total 570.7 million short tons (MST), of which 377.9 MST remain in the Lower Bed 24 and 192.9 MST remain in the Upper Bed 25. Measured In-Place Resources are calculated as 300.1 MST and Indicated In-Place Resources calculate as 270.6 MST and Inferred In-Place Resources are calculated at 0.10 MST. Table 1.3 provides the In-Place Trona Resource Inclusive of the mineral reserves.

The Mineral Resource inclusive of the mineral reserves is that portion of the ore body that is considered either economically viable for mining and can be converted to reserves or of economic interest but considered outside the current economic limits. Figure 11.3 and Figure 11.4 present the remaining in-place trona showing measured, indicated, and inferred resource areas. This is the material considered of economic interest that has the potential to be converted to reserves.

Table 1.3
         Estimated In-Place Trona Resources Within Big Island
Inclusive of Reserves
Mining License as of December 31, 2024
Based on $165/ TSA

Only the contiguous mineral leases were considered for this resource and reserve estimate. Section 16, T21N, R108W, (State Lease 0-42570), was excluded from this estimate because this state lease is isolated from the other contiguous lease blocks. The one-mile isolation makes accessing this for mechanical mining unlikely.

Criteria for this analysis are based upon a 6.0-feet minimum ore thickness and 75% minimum seam grade. This Resource evaluation is based upon 93 exploration drill holes, 55 borings from the mine workings, and several thousand available mine observations and measurements. The in-seam ore horizon includes the T2 to T4 zones and excludes the T1 zone as described in Section 6.4. Additionally, this updated report considers the 2021-2024 mine advancement in the northeast of Bed 24 and mining in the northeast and southwest extents of Bed 25.

Because of Şişecam’s proximity to the Green River this resource and reserve estimate does not consider solution mining due to its likely subsidence and impact to this major water source. Therefore, HPG is only considering mechanical mining of the deposit using established systems and methods.

The reference point for the mineral resources is reported in-place (insitu) inclusive of impurities and insoluble content. The grade is percent trona, sodium sesquicarbonate (Na₂CO₃.NaHCO₃.2H₂O), the double salt of sodium carbonate (soda ash) and sodium bicarbonate (baking soda). A bulk density of 133 pounds per cubic foot (2.13 g/cc), was applied to convert volumes to tonnage. Several published documents list bulk densities of trona between 2.11 and 2.17 g/cc.

Mineral resources are current as of December 31, 2024, using the definitions in SK1300. Mineral resources are reported on a 100% ownership basis. Şişecam Wyoming is owned by Şişecam Chemicals Resources LLC ("Şişecam Chemicals,") 51% and by NRP Trona LLC ("NRP Trona") 49%.

Mineral resources are not mineral reserves. Mineral reserves are the economically mineable part of a measured or indicated mineral resource based upon application of modifying factors such as costs and revenues associated with the proposed operation and producing the final product in an economic and environmental assessment. Section 11.3 describes these factors. There is no certainty that any mineral resources in this report will ultimately be reclassified as reserves. Please refer to the note regarding forward-looking information at the front of the Report.

Factors that may affect the mineral resource estimate include: changes to long-term soda ash price assumptions; changes in local interpretations of mineralization geometry and continuity of mineralized zones; changes to geological and grade shape and geological and grade continuity assumptions; changes to the cut-off grades used to constrain the estimates; variations in geotechnical, mining, and processing recovery assumptions; and changes to environmental, permitting and social license assumptions.

This independent Mineral Resource and Mineral Reserve estimate is completed in accordance with the requirements of the US Securities and Exchange Commission (SEC Regulation S-K Item 102 and Subpart 1300). The Mineral Resource Estimates included in this report have been used in conjunction with current dry mining operations to establish the “Proven” and “Probable” Mineral Reserves. The remaining in-place (insitu) and mineable trona reserves for the Big Island Mine are based on a life-of-mine plan (“LOM”) using current mining methods.

No independent feasibility study was prepared in the determination of this reserve estimate. Instead HPG used the plus 60 years of mining and processing history at the Big Island to determine the mining, processing and economic parameters used for this reserve estimate. Based on this information the capital and operating cost estimates are at a minimum at a pre-feasibility level of confidence, having an accuracy level of ±25% and a contingency range not exceeding 15%.

In determining the reserve parameters and assumptions HPG considered the following circumstances:

Using current mining and refining technologies, it is our professional opinion that Şişecam Wyoming can realistically expect to economically recover 217.7 MST of trona ore at an average grade of 85.6 percent from these reserves as of the end of December 2024. This is made up of 72.8 MST from Bed 25 and 145.0 MST from Bed 24. Proven recoverable tons are calculated as 109.2 MST, of which 39.5 MST remain in the Upper Bed and 69.7 MST remain in the Lower Bed. Probable recoverable tons are calculated at 108.5 MST of which 33.3 MST remain in the Upper Bed and 75.2 MST remain in the Lower Bed. This is based on Şişecam continuing to mine using its existing mining methods and extraction rates for the remaining life of the currently controlled reserves. Estimated finished soda ash reserves are 118.0 MST. Table 1.4 below and Section 12.2 summarizes these findings.

In determining whether the reserves meet these economic standards, HPG made certain assumptions regarding the remaining life of the Big Island Mine, including, among other things, that:

This reserve estimate is based on Şişecam Wyoming’s current basis for mine design that is predicated upon no subsidence. Higher mining extraction rates could be achieved, but are complicated by the overlying Green River Drainage, plant facilities, and gas pipelines, which are sensitive to mine induced subsidence. HPG does not recommend that Şişecam Wyoming alter the current ‘no subsidence’ mine design.

Long-term recovery of the remaining mine trona pillars by secondary extraction methods, including solution mining, is not considered in this reserve estimate but may be available to Şişecam Wyoming in the future. Any secondary recovery will be limited by the non-subsidence zones surrounding the Green River and plant facilities discussed in Section 12.4. Where mining induced subsidence is possible, subsidence mitigation will be required over a large portion of the available mine resource.

Factors that may affect the mineral reserve estimate include: changes to long-term soda ash price assumptions; changes in local interpretations of mineralization geometry and continuity of mineralized zones; changes to geological and grade shape and geological and grade continuity assumptions; changes to the cut-off grades used to constrain the estimates; variations in geotechnical, mining, and processing recovery assumptions; and changes to environmental, permitting and social license assumptions.

The underground mining operation uses continuous miners mining in a modified room and pillar method employing a ‘no surface subsidence’ mine design.

For the purposed of this study HPG has developed a detailed Life-of-Mine (LOM) plan that in HPG’s opinion is a reasonable mining sequence for this deposit over its remaining 40 plus years assuming Şişecam choses to mine as much of the resource as possible (Figure 12.1 and Figure 12.2). A two-stage mine plan has been developed. The first stage mines the deposit based upon the current mining equipment and processing plant limitations mining to the 9-foot isopach. This matches the practice employed over the last 20 years and should be viable for another 20 years.

The second stage mining is based upon smaller mining equipment and assumes changes to the dissolver sections of the processing plants. These changes should allow mining to the 7-foot isopach and processing areas of the trona resource where disruptions to the ore body have been and will be encountered as mining progresses towards the edge of the ore body. The 7-foot mining limit was selected based on current economics and practices at similar operations.

This type of two-stage mining is only possible when underground conditions allow access to the bypassed areas long after the first stage of mining was completed. This is true for the Big Island Mine where the old mine workings developed 60 years ago are still open, accessible, and currently in use. Where possible the LOM plan accounts for future access to the thinner areas. In areas where future access was determined to be too difficult or costly, the thinner trona resource have been considered sterilized and are not reserves.

Portions of the remaining Bed 24 trona are located under previously mined areas in Bed 25. These areas are where ‘two-seam mining’ is required. Two-seam mining extracts the mineral from both beds. Due to the thin interburden (25 to 40-feet) between Bed 24 and 25 and wide entries mined, mining induced stresses are higher in these areas of two-seam mining, Şişecam Wyoming has conducted significant computer modeling of the rock mechanics and predicted mine entry stability surrounding two-seam mining. Additionally, three test panels and one production panel have been mined in areas where lower extraction conventional mining techniques were employed. These panels were mined successfully and remain accessible and stable for many years after mining.

Since the 2021 TRS, Şişecam has mined two full CM panels under existing CM panels, extended the LB North Mains and are developing two additional CM panels. These initial panels have been instrumented, will be monitored and analyzed as adjacent panels are developed. Two more CM panels are planned to complete the analysis and verification of the current two-seam mining methods.

Examination of the two-seam areas during the site visit indicates favorable mining conditions consistent with predicted results. Based on the two-seam mining to date, the existing test panels, and the cost structure at Şişecam Wyoming, it is reasonable to conclude that the two-seam areas can be economically mined and therefore are considered reserves in this study.

Portions of the LB West mine have been flooded, and areas have collapsed, limiting access to trona resource west of the existing mine workings. This area is considered a resource but not reserves and the area is not part of the LOM plan due to the risks and high costs associated with seismicity, water inflow, less competent roof strata, and soft ore.

The Şişecam Facility has been in operation for over 60 years and the infrastructure is more than adequate and well developed for its purposes. The site infrastructure includes among other things:

Section 15.0 contains a more detailed discussion of the site infrastructure.

The Big Island Mine and Refinery’s permit area encompasses 28,125 acres which includes the processing plants, ore hoist, mine fans, surface tailings disposal ponds, evaporation ponds, sewer ponds, site containment ponds, and administration, supporting structures and leased minerals. Şişecam’s permit boundary is illustrated in Figure 3.4 and Figure 3.5.

The primary permit agencies include Federal and Wyoming State Departments including:

Şişecam Wyoming permitting, and environmental reporting appear to be current.

Areas where Şişecam has incurred challenges with environmental compliance are typical of the basin soda ash mines and include process emissions, fugitive dust, tailings, pond seepage, site containment, and drinking water TOC. Over the many years of operation, very few Notices of Violations (“NOVs”) have issued and there are no currently outstanding non-compliant NOVs or material citations. The drinking water TOC problem and site containment overflow were primarily operational in nature and appear to be solved. Based upon the reports and documentation provided by Şişecam, the tailings pond and associated seepage continues to be successfully controlled by the groundwater systems and is acceptable to WDEQ.

Şişecam has an active consent decree as a settlement of a violation notice received in December of 2021, from Air Quality concerning PM10 monitoring at the No. 2 Crusher Area and Ore Stockpile building. The settlement was reached May 21, 2024, with Şişecam paying a fine of $26,000 and agreeing to modify beltlines, install multimodule baghouses and implement inspections and maintenance plans. Design work for the changes needs to be completed by June 2025 with installation complete within 24 months of obtaining all required permits for the new equipment. Funds have been budgeted, and design work is ongoing.

The low to zero toxicity waste generated by the mining and the processing facilities, (mine and process tailings), are deposited into a series of storage impoundments (ponds) or are re-injected as thickened slurries into abandoned areas of the mine. The process tailings, made up of shales, mudstones, and process purge are exempt from hazardous waste regulation under Section 3001(b) of the Resource Conservation and Recovery Act (RCRA). The Şişecam Wyoming tailings facility has four surface evaporation tailings ponds that are located primarily within prehistoric playa lakes. Except for Pond 2, which has a lined membrane, the remaining ponds are unlined.

Şişecam is converting the tailings disposal from a thickened slurry to a coarse tailings disposal which will separate the coarse and fine tailings. The coarse tailings will be stacked in the recently completed lined Pond 2 disposal area and the fine material will be disposed of in the existing ponds. The separation of coarse tailings will provide an opportunity for stacking utilizing earth moving equipment and extending the life of the current tailings ponds. With this change, the life of Pond 2 is estimated to be 30 years.

Based on the current surface tailings basin life of over 30 years and available alternative disposal areas and methods HPG considers the assumption that Şişecam Wyoming will maintain adequate tailings disposal storage for the life of the reserves to be reasonable.

There is an approved reclamation plan in place with a bond in the amount of $45.6 million for reclamation of all disturbed lands and facilities.

The Big Island Mine and Refinery has an extensive history of consistent sales with an established customer base, logistics and marketing. Şişecam has multiple contracts for soda ash sales both short and long term.

As part of this evaluation HPG reviewed confidential marketing studies provided by Şişecam. These studies indicate a steady increase in demand for soda ash long into the future. Price fluctuations are forecast based on expected additional new production and/or shutdowns of synthetic plants.

Soda ash is a basic industrial mineral used in manufacturing for thousands of years. As a basic commodity, soda ash demand is strongly correlated with gross domestic product (GDP). As developing economies grow and industrialize the world demand for soda ash has consistently increased. Historical soda ash demand has increased 2-3% annually with this trend expected to continue well into the future. Significant increase in demand is predicted in India, Africa, South America and China’s demand continues to grow. US demand for soda ash is expected to remain constant with little if any growth.

The end uses of soda ash are consistent with growth in solar glass and lithium batteries as lithium carbonate. Historically, glass making was 50% of demand. That has grown to nearly 60% for flat glass, bottled glass and increasingly solar glass. The increase in solar glass is offsetting decreases in bottled glass. Uses for chemicals, soaps, detergents, sodium bicarbonate make up the remaining demand. The projected demand for electric vehicles has created an increasing market for soda ash in the manufacturing of lithium carbonate needed for the batteries. This demand is expected to double in the next ten years. Similarly solar glass has become an important market but is dominated by China.

Historical soda ash pricing has been controlled by general global economic conditions and by the impact of added or removed production. Green River’s naturally produced soda ash has a historic cost advantage over synthetically produced soda ash as illustrated by the long history of the Green River Basin production being exported successfully throughout the world to countries with local synthetic soda ash production (i.e., China, Mid-East, and Europe).

Multiple soda ash brown field and green field expansion projects have been announced or are currently being constructed. US expansion in the is expected to add 6 to 7 million tons of production by the early 2030’s. China has added nearly 6 million tons of new natural soda ash capacity with plans for an additional 3 million tons. This follows the closure of some of China’s synthetic plants but is predicted to be a net increase to global supply. As supply increases, the higher cost synthetic producers are impacted the most. Their costs are 50% higher than the natural soda ash producers and historically lower prices have forced closures of these plants.

Historically, when new relatively large influxes soda ash production enters the market, it impacts the overall soda ash supply and demand by putting pressure on prices first in the domestic market but also internationally until the consistently increasing soda ash demand catches up. These swings in soda ash price can be seen in Figure 1.1 showing the historical US soda ash price FOB the Green River plants and are typical for an industrial commodity. The overall trend is for steadily increasing soda ash price and demand.

For the purposes of this estimate a 2025 soda ash price of $165/ton FOB plant was assumed. This price is based on published USGS pricing and is consistent with Sisecam’s historical revenues and confidential market studies.

Source: USGS

Figure 1.1         USGS Published Soda Ash Prices $/Ton FOB Plant

Cost effective mining and processing has been conducted since the early 1960’s at Şişecam Wyoming generally under the same mine design assumptions utilized in this reserve estimate.

With the information provided in previous reviews and this review HPG has been able to examine the last eight years of actual production costs and revenues. This long history shows a stable and predictable cost structure and consistent revenue. The only exception was 2020 and 2021 where costs and revenues were lower due to the worldwide COVID-19 slowdown. Despite this historic business interruption both years were cash positive with 2021 rebounding to near normal levels. Therefore, HPG considers using historical costs for mining the reserves and producing soda ash a reliable basis to forecast future costs and revenues.

The financial model that supports the mineral reserve declaration is a standalone model that calculates annual cashflows based on scheduled ore production, assumed processing recoveries, soda ash sale prices, projected operating and capital costs. Capital and operating cost estimates are at a minimum at a pre-feasibility level of confidence, having an accuracy level of ±25% and a contingency range not exceeding 15%.

Because Şişecam and NRP are structured as a pass-through entities for income tax purposes no income taxes were included in the economic analysis. The currency used to document the cashflow is US$ based on constant 2024 dollars.

The basis for the economic analysis is the previous five years of actual performance adjusted for expected changes in operating costs and necessary capital expenditures to execute the proposed life of mine (LOM) plan. Table 1.5 illustrates the expected cash flows for the LOM in ten-year increments. The economic model indicates positive cash flow, a 20.9% internal rate of return (IRR) and a positive net present value (NPV) of $1,226 million at a 5% discount rate. The full financial model by year is shown in Table 19.1. This analysis shows that the operation will provide positive cash operating profits and is therefore considered to be economically viable.

Table 1.5
         Cash Flow Projection

Note: Numbers have been rounded; totals may not sum due to rounding.

Approximately 116 MST of the reported recoverable Trona (48%) is dependent upon Şişecam confirming the viability of two-seam mining in the next four years. Most of these tons (approximately 69 MST, 60%) are in areas with thickness over 9-feet.

The November 2024 site visit revealed that since the 2021 report was completed, Şişecam has made significant progress developing the LB North mains and panel entries. Ground conditions were found to be good for the mains entries and production panels confirming the current design. Based on current projections it will be two to four years before Şişecam will verify the viability of two-seam mining. It is possible that two-seam mining may require significant variations from current mining equipment and practices.

Approximately 141 MST of the reported recoverable tonnage is above 9-feet thick and can be mined and processed with the existing equipment, but areas will require ore blending or modification of the processing facilities to handle lower grade ore for short periods. These areas comprise 31 MST of the total reserves. It is anticipated that these plant modifications need to be made within 10-15 years.

The practice of “high grading” the deposit and only mining the thicker material first risks sterilization of the thinner areas if access is lost. Recovery of the reserves less than 9-feet will require changes to the mining and utility equipment, will incur higher mining costs, require access rehabilitation costs and is dependent upon the ability to access these areas through old workings or via extensions of old mains entries as shown in the LOM plan developed for this estimate. As future mining continues, with the current large mining equipment, some loss of portions of the edge of the ore bodies will occur, especially when long production panels are developed. This material makes up 73 MST of the estimated recoverable tonnage. There is some risk that access to these areas 20 years after mining might not be possible.

The roof failure, water inflow and associated subsidence of the Lower Bed West mine area has intrinsic risks to an evaporite mine below a major waterway that must be continuously monitored and evaluated for any changes. These include increased water flow or changes in water type indicating its source could be surface waters. Risks due to high inflow of water can range from higher mining costs to loss of access.

HPG supports Şişecam’s plan to perform additional exploration drilling to improve data density. Additional exploration drilling would result in a higher percentage of the reserve base classified as proven and should better define the trona grades near the drilling locations. Drilling south of the existing lease boundary would help to identify available future reserves and grades. Additionally, it is recommended that Şişecam undertake Bed to Bed drilling from areas in the Upper Bed that overly future LB two-seam mining. Bed to Bed core drilling is significantly less expensive than surface exploration but is limited to two-seam areas.

It is recommended that Şişecam continue to pursue optimization of the refinery facilities to allow efficient processing of the predicted long-term decline in run-of-mine (ROM) trona grades as mining moves to the edges of the ore bodies. A more robust processing facility would allow a more complete recovery of the remaining ore reserves in areas where localized seam rolls and post depositional insoluble infilling has impacted recovery and stopped mining.

It is recommended that Şişecam optimize its ability to blend ore from multiple production areas of the mine to minimize the impact of the lower grade ore from the miners producing from the edge of the deposit or encountering seam rolls. This would also allow improved recovery of the deposit by maintaining a higher average ore grade and minimize sterilization of the thinner or lower grade areas of the deposit.

It is recommended that Şişecam continue close monitoring of the west end water inflows and associated subsidence. HPG would advise more frequent isotope testing of the inflow as well as additional hydrologic studies including source tracing.

2.0         INTRODUCTION

Natural Resource Partners LP (“NRP”), engaged Hollberg Professional Group (HPG) to update HPG’s December 2021 Technical Report Summary on the trona mineral assets of Şişecam Wyoming LLC (“SCW”) comprising Şişecam’s Green River Property (Big Island Mine & Refinery), Sweetwater County, Wyoming, United States of America (“USA”). Şişecam Wyoming is owned by Şişecam Chemicals Wyoming LLC (SCW LLC) 51% and by NRP Trona LLC ("NRP Trona") 49%. NRP Trona LLC is a wholly owned subsidiary of NRP. Natural Resource Partners LP is the registrant.

This Technical Report Summary (TRS) has been prepared in accordance with the requirements of the US Securities and Exchange Commission (SEC Regulation S-K Item 102 and Subpart 1300). This resource and reserve estimate of the remaining in-place and mineable trona reserves for the Big Island Mine is based on a life-of-mine plan (“LOM”) using current mining methods.

HPG personnel involved in this project include:

This report was authored by Mr. Hollberg and Mr. Leigh.

Mr. Hollberg is a Licensed Professional Engineer in Wyoming, Colorado, Utah, and Nevada as well as being a Registered Professional Member of the Society for Mining, Metallurgy, and Exploration (SME).

Mr. Leigh is an AIPG Certified Professional Geologist and a Licensed Professional Geologist (PG) in Wyoming.

Both Mr. Hollberg and Mr. Leigh are considered ‘qualified persons’ for trona reserve estimation as defined by the JORC, SEC, and NI 43-101 Codes. Mr. Hollberg has over 35 years of experience and Mr. Leigh has over 40 years of experience in the Green River Trona Basin. Section 26.0 contains summary information on the team members.

Neither HPG nor any of its employees and associates employed in the preparation of this report has any beneficial interest in Şişecam Wyoming or in the assets of Şişecam USA or NRP. HPG will be paid a fee for this work in accordance with normal professional consulting practice as a consultant to Şişecam Wyoming. Şişecam Wyoming’s predecessor OCI Wyoming (OCI) employed Mr. Hollberg from 1999 to 2003 and employed Mr. Leigh from 2003 to 2010. Mr. Hollberg left OCI Wyoming in 2002 to engage in consulting work and started HPG. Mr. Leigh retired from OCI Wyoming in 2010.

Mr. Hollberg and Mr. Leigh have over 70 years of combined experience in the Green River Trona Basin and its mining operations. They have performed engineering and geological services for Şişecam Wyoming, Genesis Alkali Corporation, Tata Chemicals, and TG Soda Ash Inc. HPG has served as a consultant to Şişecam Wyoming and its predecessor OCI performing mine engineering services since 2003 as well as other trona operators. Mr. Leigh has performed numerous geological services for Şişecam Wyoming and its predecessor OCI including supervision of exploratory drilling, seismic exploration, in-mine geologic mapping, and construction of a geologic model for the Big Island Mine as well as two other Green River Trona Basin operations.

The individuals responsible for this report have extensive experience in the mining industry, in the Green River Trona Basin, and are members in good standing of appropriate professional organizations.

Kurt F. Hollberg, BSc, PE Colorado (PE-36599), Wyoming (PE-6599), Nevada (PE-018102), Utah, (PE 10385339), Registered Professional Member SME # 1475226. Richard Terry Leigh, MSc, AIPG (6708), CPG, Wyoming (PG-53).

No independent feasibility study was prepared in the determination of this reserve estimate. HPG has utilized the 60-plus year history of the Big Island Mine and Refinery mining trona and processing soda ash along with the past eight years of operational and economic data demonstrating that the operation is economically viable.

This study uses the existing Şişecam Wyoming geologic database, drilling information, recent mine Trona thickness observations, current and historical financial information, and market studies, to estimate the trona resources available to Şişecam Wyoming. Based on this Mineral Resource Estimate and current business economics, a LOM plan was developed to estimate the recoverable trona and finished soda ash reserves which are the basis of this Mineral Reserve Estimate.

Section 24.0 contains a listing of the data files and sources provided by Şişecam Wyoming.

In addition to their historical knowledge of the subject property, both Mr. Hollberg and Mr. Leigh visited property for multiple days in November of 2024. The purpose of these visits was to inspect both the surface and underground facilities, collect information for this effort and interview technical personnel working for Şişecam. During the visits HPG interviewed the following Şişecam technical and management personnel:

Şişecam Wyoming’s excellent mine ground conditions allows examination of most areas of the existing mine and old workings. Mr. Leigh and Mr. Hollberg have examined many of these areas for this study. Mr. Leigh spent several days underground taking spot measurement of the Trona thickness in several areas of interest. Section 9.0 contains additional information on these inspections.

Surface tours included examination of the processing facilities (Units 3, 4, 5, 6 and 7), tailings facilities, DECA ponds and processing facility.

During the interviews it was clear that Şişecam personnel have a good understanding of current mine operations, of the geology and mine planning, chemical processing and environmental obligations and are in good standing with their responsibilities.

3.0         PROPERTY DESCRIPTION

Şişecam Wyoming owns and operates the Big Island Mine complex that consists of an underground trona mine and associated refinery (“Şişecam Wyoming Mine and Refinery”). The Şişecam Wyoming Mine and Refinery lies northwest of the town of Green River in Sweetwater County, Wyoming as shown in Figure 3.1 below. Mining occurs in two trona seams, Bed 24 and Bed 25, nominally at 850-feet and 900-feet deep, respectively. The Big Island Mine was started in 1962 by the Stauffer Chemical Company and has been in continuous operation since that time. Şişecam gained control of the property in 2021and is the controlling partner with 49% owned by NRP. A full history of the ownership chain is discussed in Section 5.0.

The underground mining operation uses continuous miners mining in a modified room and pillar method. As of December 31, 2024, 183.3 MST of trona ore have been mined from these two beds, according to Şişecam Wyoming production records.

The Şişecam Wyoming refinery purifies the trona ore into soda ash (sodium carbonate). The soda ash is stored in silos on site then shipped via rail, truck or to bulk ocean carriers to international customers. Soda ash is an essential raw material in glass making, chemicals, detergents, and other industrial products.

Şişecam Wyoming sells the soda ash internationally and domestically through Şişecam Chemical Resources, which act as Şişecam Wyoming’s marketing and sales agent for all its domestic sales. In 2020, Şişecam Chemicals exited the American Natural Soda Ash Corporation ("ANSAC"). ANSAC was set up in 1984 to act as the international sales, marketing, and distribution cooperative for the leading producers of natural soda ash in the United States. Şişecam Chemicals now manages all its international sales, marketing and logistics.

Şişecam’s customers are primarily glass manufacturing companies, chemical manufacturing companies and distributors who serve certain markets.

Şişecam Parent was founded in 1935 and is a global leader in chemicals and glass industries with operations in 14 countries and 22 thousand employees. Şişecam is one of the largest glass and chemicals producers in the world.

“Şişecam is the only global producer operating in all three key areas of the global glass industry: flat glass, glassware and glass packaging. It ranks among the world’s top two producers in glassware, and among the top five global producers in glass packaging and flat glass. Şişecam is also one of top three largest producers of soda and a world leader in chromium chemicals." (Ref: Şişecam Website)

Figure 3.1          Big Island Mine General Location

Trona is defined by the US government as a “solid leasable mineral,” subject to the Mineral Leasing Act of 1920. Federally owned sodium resources are controlled by the Department of the Interior and managed by the Bureau of Land Management (“BLM”) and limited by Title 30§184(b). The act stipulates 10-year renewable lease periods, subject to annual rental and royalty fees, and demonstrated diligence. The federal government limits sodium leases to 5,120 acres by any one operator in one state but an exception in 30§184(b)(2) allows the Secretary, at his discretion, sodium leases or permits on up to 30,720 acres in any one State. Privately controlled sodium resource acreage is not limited.

The Bureau of Land Management designates available sodium leasing as the Known Sodium Leasing Area (“KSLA”). The KSLA is where trona thickness exceeds 1-meter, extends for over 300 km², and is greater than 80% grade. The known Mechanically Mining Trona Area (“MMTA”) is defined where trona exceeds 8-feet thickness, has a grade greater than 85%, contains less than 2% salt (NaCl), and is at a depth no greater than 2,000-feet. Figure 3.2 shows the KSLA and MMTA boundaries along with the major leaseholders.

Other mineral owners in the Green River Basin include the State of Wyoming, along Sweetwater Royalties LLC (Sweetwater) and other private mineral owners. Sweetwater Royalties LLC is a subsidiary of Sweetwater Trona OpCo LLC (Sweetwater OpCo). Sweetwater is the second largest mineral owner in the KSLA. Sweetwater’s current holdings were part of the Pacific Railroad Act of 1864 granting every other section 20 miles on either side of the railroad to the Union Pacific Railroad. Sweetwater acquired ownership through a spin-off from Occidental Petroleum’s recent acquisition of Anadarko Petroleum in 2019. In 2020 Occidental sold the Land Grant to Sweetwater Royalties, LLC.

Because the Green River Basin is also an area of extensive oil and gas exploration and production (“O&G”), there is a possibility of conflict between O&G and underground mining. The regional BLM and the Joint Industry Committee on Oil and Gas (“JICOG”) have established an O&G drilling moratorium area along with a Special Sodium Drilling Area (“SSDA”) under the 1997 Green River Resource Management Plan (“GR RMP”) (BLM 2011) within the KSLA that completely restricts O&G drilling. The area was largely defined by the BLM MMTA boundary. The KSLA is in the Kemmerer and Rock Springs Districts of the BLM.

In 2011 the BLM began the process of developing a revision to the 1997 GR RMP, known as the Rock Springs RMP Revision (“RS RMP”) (BLM 2011). As of December 20, 2024, the Bureau of Land Management (BLM) finalized the Rock Springs Resource Management Plan for the Rock Springs Field Office. The RS RMP is the BLM’s plan to manage the 3.6 million acres of Federal lands and 3.7 million acres of minerals in the Rock Springs District. The RS RMP attempts to forecast leasing and development activities over the next 20 years and determine the most appropriate land use. During the RS RMP’s development, four land use plans were developed, no action, resource conservation, resource use, and moderate approach. BLM’s choice of “resource conservation” has made the RS RMP highly controversial with significant opposition from all mineral owners, operators, and the State of Wyoming. The plan impacts nearly over two million acres of Federal Lands by changing, limiting or eliminating access and uses that were allowed in the past. The Wyoming Governor along with Utah and Wyoming’s congressional delegation are pursuing legal and legislative actions to attempt to overturn the RS RPM.

All of Şişecam’s mineral leases and facilities are within the Rock Springs District and are affected by the new RS RMP. The RS RMP’s impact on Şişecam’s operations are not fully understood but could impact the following. The RS RMP upholds the previous restrictions of O&G drilling within the MMTA which will continue to restrict any drilling over the Big Island Mine. New restrictions concerning Sage Grouse and Wild Horses will impact surface operations only and are considered minimal impact to SCW’s current operations (Section 17.6). There have been concerns voiced about the availability of Federal Sodium Lease renewals under this plan as lease renewals are not defined and will be administered under the new resource conservation rules.

In the area between the KSLA and MMTA moratorium areas, existing permitted O&G work is allowed, and new work is approved on a case-by-case basis under specific drilling rules. Şişecam Wyoming’s leases and license are bounded on the north and east by the KSLA and MMTA boundaries (Figure 3.2). There are three Federal O&G leases dated in the late 1980’s that coincide with the Şişecam Sodium leases as well as a recent, 2020, “Area of Interest” Memorandum of Agreement covering most of the Şişecam Sodium Lease Area that is limited to O&G operations. As long as the SSDA O&G moratorium area stays in effect, the current Şişecam Wyoming Federal holdings are protected from concurrent O&G exploration. Şişecam’s privately held leases are available for drilling under restrictive O&G drilling rules. Sweetwater Royalties reportedly supports the BLM moratorium and has not allowed drilling in the moratorium area.

Şişecam Wyoming holds both private and public mineral leases and license over the Big Island Mine. In addition to the mineral leases and license, Şişecam Wyoming has several other permits with both U.S. federal and Wyoming state agencies that give it the right to mine the Big Island Mine.

Şişecam Wyoming has approximately 23,999 acres of sodium (Trona) under lease made up of approximately 8,094 Federal acres, 2,986 State acres, and 12,919 private acres.

Table 3.1 lists the current sodium leases and the license owned by Şişecam Wyoming and their status.

The location of Şişecam’s trona leases are illustrated in Figure 3.2 and Figure 3.3.

(Source US BLM KSLA June-2024– Modified by HPG to include basin lease additions and ownership changes.)

Figure 3.2         KSLA Lease Map

Table 3.1
         Şişecam Wyoming Sodium Mineral Leases and License

As of December 31, 2024

(2) All US BLM Leases have a 2 percent royalty rate for a period of 10 years, as of January 1, 2021, based on Industry-Wide Royalty Reduction Soa Ash and Sodium Bicarbonate issued by the Secretary of the Interior, for all existing and future Federal soda ash or sodium bicarbonate leases.

Figure 3.3          Şişecam Wyoming – Sodium Lease Tenure Location Map

For the purposes of this study, it has been assumed that all the relevant mineral leases, license, and permits that are in place, that the terms and conditions of all agreements relative to tenure have been met, that there are no encumbrances to the tenures, and they can be renewed into the future for the life of the operations. HPG has conducted a general review of mineral titles and license documents provided by Şişecam. HPG has not verified title or otherwise confirmed the legal status of any of the leases or the license but has relied upon documents provided by Şişecam Wyoming’s representatives regarding the current status of the leases and license shown.

All federal leases are renewable on a 10-year or 20-year cycle with the terms and royalty rate adjusted at the time of renewal. By Notice of Industry-Wide Royalty Reduction Soda Ash and Sodium Bicarbonate Leases dated February 8, 2021, the Secretary of the Interior authorized an industry-wide royalty reduction from currently set rates by establishing a 2 percent royalty rate for a period of 10 years, as of January 1, 2021, for all existing and future Federal soda ash or sodium bicarbonate leases.

Wyoming state leases are renewable on a 10-year cycle with the terms and royalty rate adjusted at the time of renewal.

On September 20, 2010, Şişecam Wyoming exercised its right to renew the original Union Pacific (Anadarko/ Sweetwater) license for an additional 50-year period. The current Sweetwater TR-702 license extends to July 18, 2061. There are no provisions in the available documents for extension past this period. On October 12, 2015, Anadarko informed Şişecam’s predecessor OCI Wyoming that, per the License Agreement the royalty rate would be raised to 8%. OCI Wyoming and now Şişecam Wyoming disputed that claim, the litigation was settled in favor of Şişecam with the current royalty rate on these leases now 8%. On January 20, 2023, Şişecam amended the TR-702 lease to include the south half of Section 33, T20N R109W, adding approximately 320 acres.

In 2017, the BLM granted Şişecam’s request to renew three Federal Sodium leases for their 10-year extension totaling 7,617 acres (W-0111730, W-0111731, and W-079420). On June 1, 2018, BLM renewed Şişecam’s Federal lease No. W-101824 of 316.9 acres also for 10 years. On April 12, 2022, Şişecam obtained lease to an additional 160 fringe acres Section 32 T20N R109W (W190736) for a period of 20 years.

Şişecam requested renewal of all five Wyoming State leases that expired in 2019. All five of the leases, 0-42570, 0-25779 0-42571, 0-25971, and 0-26012 were granted renewal for 10 years.

Şişecam still has lease rights to the B. Pal property private lease of 160 acres, “for as long as monthly rental payments are made”. Şişecam has reported that they continue to make the payments. Both the Upper Bed 25 and Lower Bed 24 areas of the PAL lease have been mined. The Bed 24 area has been used for TRM paste disposal and the Bed 25 Panels are some of the first two-seam mining test panels. Because we are not considering secondary mining, and this area has been mined it was not considered for this reserve estimate.

Şişecam Wyoming’s predecessor, OCI Wyoming, owned another private sodium lease, the Hoefelt lease. This lease expired in 1997, and no parts of those lands are considered for this reserve estimate. The Bed 25 mining area for the Hoefelt property has been completed. The available Bed 24 trona for the Hoefelt property has been excluded from this analysis but might be available if a lease agreement were to be completed with Hoefelt’s heirs. This area contains an estimated 2.48 million recoverable trona tons at an estimated 88.9% trona grade. The lease also stipulated a perpetual easement for the workings contained in this lease.

Şişecam Wyoming pays royalties to the State of Wyoming, the U.S. Bureau of Land Management and Sweetwater. The royalties are calculated based upon a percentage of the value of soda ash and related products sold. Şişecam Wyoming pays a production tax to Sweetwater County, and trona severance tax to the State of Wyoming that is calculated based on a formula that utilizes the volume of trona ore mined and the value of the soda ash produced. Şişecam Wyoming has a perpetual right to continue operating under these leases and license as long as it maintains continuous mining operations and intends to continue renewing the leases and license as has been historical practice.

The Şişecam facilities are located on leased and deeded surface rights on T20N R109W Sections 1, 2, 3, 9, 10, 11, 12, 13, 14, and 15; and T20N R108W Sections 5, 6 and 7. The mineral rights and surface estate for Sections 2, 6, 10, 12, and 14 are Federal leases administered by the BLM. Sections 1, 3, 5, 7, 9, 11, and 15, are private lands and are leased from Rock Spring Grazing Association (RSGA) to Şişecam to sink wells and shafts for sodium related mining activities and related pipelines, power and telephone lines, roadways, wells, and all other associated facilities so long as Şişecam has licenses to mine. The Mineral rights for Sections 1, 3, 5,7 9, 11, and 15 are owned by Sweetwater.

Figure 3.4 shows the boundaries of the current mining permit and the surface ownership for the subject property. Figure 3.5 shows the boundaries of the current mining permit and mineral ownership for the Big Island Mine.

Source: Şişecam Wyoming

Figure 3.4          Surface Ownership

Source: Şişecam Wyoming

Figure 3.5          Mineral Ownership

4.0         ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

Şişecam Wyoming’s mine and refinery are located 23 miles northwest of the town of Green River, Wyoming. The operation is accessible from Interstate 80 (I80), a four-lane divided highway, west to Exit 83, La Barge Road, then north on Wyoming Highway 372 (WY372) 12 miles to the OCI road, County Road 4. Both WY372 and County Road 4 are established paved two-lane highways that are maintained by Sweetwater County and the state of Wyoming Department of Transportation (WDOT).

The Şişecam site is serviced by a dedicated railroad spur line off the main East West Union Pacific rail line. Şişecam’s spur line connects to the Union Pacific Main line just east of the FMC/Genesis Westvaco Facilities.

In addition to the onsite railyard, Şişecam utilizes a contract railyard along La Barge Road (Highway 372) which is privately owned and maintained by others. There are five track lines at the facility to assist with switching empty and loaded cars and prepping them for shipment offsite. There is an estimated 18,400-feet of track owned by the Big Island Mine and Refinery.

The Şişecam facilities are located in the Green River drainage of the upper Colorado River system. Situated in a high intermountain basin bounded by the Wyoming Range to the West, Uinta Mountains to the south and the Wind River Range to the northeast, mean elevation exceeds 6,000-feet. Climate is dry, cold-temperate-boreal and characterized by limited rainfall (less than 8 inches) with long, cold, dry winters and warm-hot, summers with occasional storm producing flash floods. Evaporation exceeds 36 inches resulting in little excess water, limiting the majority of vegetation to the Green River flood plain. Wind generally blows from a southwesterly direction.

Green River (pop.11,496, 2023 Census), and Rock Springs Wyoming (pop. 22,954) are the two closest towns to Şişecam, 23 miles and 42 miles respectively. Evanston Wyoming (pop. 11,807) is 111 miles to the west and the major metropolitan area of Salt Lake City, UT (pop. 1,270,000) is 194 miles to the West. Green River and Rock Springs are well established communities with histories dating back to the 1800’s as stops along the Union Pacific railroad with coal mining. The area has established oil and gas production, coal mining, major power generation, and five established trona mines that have been in business for 40 to 60 years. As a result, the surrounding communities have well developed industrial support capabilities. Both Green River and Rock Springs have developed school systems with a community college located in Rock Springs that has specific programs for training the technical and mechanical workers needed in the area. The community college has close ties to Wyoming University in Laramie, 200 miles to the east.

The population is stable and well diversified and considered the city of “56 nationalities” according to the Rock Springs Chamber of Commerce. The mines and oil and gas industry have higher than average compensation and benefits resulting in a stable community and workforce.

The Şişecam Facility has been in operation for over 60 years and the infrastructure is more than adequate and well developed for its purposes. The site infrastructure includes among other things:

Section 15.0 contains a more detailed discussion of the site infrastructure.

Şişecam is located in the semi-arid high plateau region of southwestern Wyoming at elevations between 6,200 and 6,600-feet above mean sea level (MSL). Only about one percent (1%) of the land is barren, but the short growing season, rugged topography, poor soils, and limited availability of precipitation make vegetation rather sparse in both variety and productivity. Over most of the area, vegetation is homogeneous in appearance consisting of about 90 percent brush and shrubs, chiefly sagebrush, saltbush, with greasewood and winter fat in drainage areas. The area has historically been utilized for livestock grazing, wildlife habitat, and recreational hunting. This area provides limited winter grazing for cattle, sheep, and horses. However, stocking rates are low primarily due to sparse vegetation (Soil Conservation Service [SCS]1988).

The Şişecam property is crossed by the Green River which is a primary tributary to the Colorado River and located in the Upper Green Slate Watershed and designated Class 2AB waterway.

Figure 3.4 illustrates the topography of the Şişecam leases along with the surface ownership.

5.0         HISTORY

During the late 1950’s into the early 1960’s, Stauffer Chemical Company was the second business to commence permitting for a soda ash facility in the Green River Basin. The area of interest was along the banks of the Green River. The permit area is located on the Big Island Bridge USGS Topographic Quadrangle. The Big Island is a predominate geographic feature in the Green River and is currently part of the Seedskadee Wildlife Refuge. From the initial permitting, the property has been known as the Big Island Mine and Refinery.

The former Stauffer Chemical Company initiated Trona exploration in August 1959. With the completion of 26 exploration drill holes by August 1960, the first reserve estimated was calculated; "A total of at least 360 million tons of better than 90 percent trona in beds 8.5 to 14-feet thick was proved up." (Trona Exploration in the Big Island Area, 1960). Estimating the Upper Bed (east of the Green River) contained 170 million tons and the Lower Bed, 190 million tons.

During 1961 minerals leases were obtained from Federal and private landowners, including the Union Pacific Railroad, totaling 33-¼ Sections.

In 1962 Stauffer Chemical opened the Big Island Mine and Refinery in Green River, Wyoming with the purpose of producing all-natural soda ash from mined trona. Two shafts were sunk, and Refinery Units 1 & 2 were constructed to produce dense soda ash. Mining commenced in the Lower Bed 24.

Four (4) supplemental exploration drill holes were completed in 1967 and the acquisition of 2-¼ Sections from the State of Wyoming and private ownership. Unit 3 was constructed to increase soda ash production.

Exploration activity increased substantially in the late 70’s and early 80’s more than doubling the database with 36 additional drill holes, now totaling 69 borings. Lease activity increased with addition of 4-¼ Sections from Wyoming and private mineral ownerships. Then totaling 39-¾ Sections or approximately 24,737 Acres.

Over the next two decades Stauffer expanded production by adding Unit 4 and Unit 5 processing facilities. Production increased from 400,000 tons of soda ash per year to over 950,000 tons per year.

In 1985, the Big Island Mine and Refinery was acquired by Chesebrough Ponds and changed ownership several times over the next few years, first to Imperial Chemical Industries in 1986 and a year later, to Rhone-Poulenc. Under Rhone-Poulenc continuous miners were introduced and Units 3 and 4 processing facilities were converted from triple effect crystallizers to mechanical vapor recompression.

Additional leases were acquired in 1988 (W-101824) increasing the area to 43-¼Sections or approximately 26,654 Acres.

In 1996, Rhone-Poulenc sold its interest in the soda ash business to OCI Company, LTD, later renamed OCI Chemical Corporation.

OCI added Unit 6, a standalone processing facility, in 1998 and decahydrate mining in 2006 to increase the sites production to over 2.5 million tons per year.

In 1997 the Hoefelt private lease totaling 160 acres expired and was not renewed. In June of 2008 the former Union Pacific Lease TR708, 2,877 acres, was not renewed.

In September of 2013, OCI announced its Initial Public Offering (IPO) on the NYSE under ‘OCIR’, a master limited partnership. In 2015, Ciner Enterprises Inc., a subsidiary of Ciner Group, acquired OCI Chemical Corporation. The company was renamed Ciner Resources Corporation. In 2021, Ciner Group sold 60% of its US soda ash business to Şişecam Chemicals and the company was renamed to Şişecam Resources LP.

In 2023, Şişecam Resources LP was dissolved and Şişecam Chemicals Wyoming LLC ("SCW LLC") became the direct owner of 51% of Şişecam Wyoming. SCW LLC, the operating partner, controls and operates Şişecam Wyoming with non-operating ownership of 49% by NRP Trona. SCW LLC is 100% owned by Şişecam Chemicals Resources LLC ("Şişecam Chemicals,") which is 100% owned by Şişecam USA Inc. ("Şişecam USA"). Şişecam USA is a direct wholly-owned subsidiary of Türkiye Şişe ve Cam Fabrikalari A.Ş, a Turkish Corporation ("Şişecam Parent"), which is an approximately 51%-owned subsidiary of Turkiye Is Bankasi Turkiye Is Bankasi ("Isbank"). 

In 2022 and 2023, Şişecam Wyoming acquired trona leases on 480 additional acres along the southwest boundary of the current mine. These “fringe” leases include the south half of Section 33 – T20NR109W private and the eastern quarter of Section 32 – T20NR109W US Federal Lease.

As of December 31, 2024, Şişecam Wyoming has approximately 23,999 acres of sodium (Trona) under lease made up of approximately 8,094 Federal acres, 2,986 State acres, and 12,919 private acres (Table 3.1).

Şişecam Parent is an international company with operations in 14 countries on four continents. ‘It ranks among the world’s top two producers in glassware, and among the top five global producers in glass packaging and flat glass. Şişecam is also one of top three largest producers of soda and a world leader in chromium chemicals.’ (Şişecam Website).

With Şişecam as the ‘controlling partner’ the Big Island Mine and Refinery is now vertically integrated with an end user of their product providing a base load for their plant and strengthening their international sales and logistics.

Şişecam Wyoming has a long and consistent production history extending over 60 years. This long history forms the basis for our reporting of the trona reserves and resources. Table 5.1 shows the sites trona and soda ash production for the last six years. The only year of decreased production was 2020 due to the worldwide impact of COVID-19 virus.

Table 5.1
Şişecam Historical Soda Ash Production
By Year

6.0         GEOLOGICAL SETTINGS, MINERALIZATION, AND DEPOSIT

The trona deposits of SW Wyoming are the world’s largest occurrence of natural soda ash. The deposit was formed from the evaporation of a shallow lake, Lake Gosiute, that covered SW Wyoming and NE Utah 50-60 million years ago (wyomingmining.org, 2020).

The trona mineral deposits within the Şişecam Wyoming lease area are correlated with the lacustrine sequences of the Eocene Green River Formation. Trona and other associated evaporates occur within the Upper Wilkins Peak Member.

The lacustrine sequences of the Green River Formation were deposited in a series of lakes. Approximately fifty million years ago, Lake Gosiute (Lake Gosiute, Figure 6.1), fluctuated in areal extent in response to climatic and tectonic events. At its smallest size, during restrictive phases, the lake was very saline and contained large quantities of dissolved solids. When evaporation of the water reached critical levels, dissolved solids precipitated to form trona, shortite, halite, and other saline minerals. Trona formed as a chemical precipitate and required a specific range of weight percent of sodium and carbon dioxide in solution, a specific range of temperatures, and a specific range of relative concentrations of other ions (calcium, magnesium, chlorides, sulfates, etc.) within the water column.

Figure 6.1          Deposition Basin – Lake Gosiute

Sediments eroding from the peripheral mountains created extensive alluvial plains and broad flat pediments. Clastic wedges of the Wasatch and Bridger-Washakie formations intertongue and grade laterally with the lacustrine sequences of the Green River Formation (Figure 6.2).

Figure 6.2          Deposition Cross Section

Within the hydrogeographic basin of approximately 77,300 km² (48,500 square miles), the greatest expanses of Lake Gosiute and surrounding mudflats occurred during the Tipton and Laney stages. Bradley (1964) estimated the lake expanded to over 24,000 km² (15,000 square miles). Total evaporation of Lake Gosiute during the restrictive phases of the Wilkins Peak stage is indicated by the presence of sedimentary structures in the deposit.

The US Geological Survey recognizes 25 trona beds of economic importance (at least 1 meter in thickness and 300 km² in areal extent) within the Green River Basin. Identified in ascending order, the trona beds are numbered 1 through 25 from the oldest (stratigraphically lowest) to the youngest (stratigraphically highest), as shown in Figure 6.3. Şişecam Wyoming has mineable reserves in the shallowest mechanically minable Trona Beds 24 and 25 (800 to 1,100-feet deep). Currently Genesis Alkali, Solvay, and Tata are mining Bed 17 occurring at greater depth. Pacific Soda is focused on the lower trona beds, Bed 1 through Bed 5, utilizing solution mining due to the trona depth.

Figure 6.3          Schematic Section Through the Trona Deposits

Trona Bed 1 through 18 of the Lower Wilkins Peak are relatively tabular with a fine grain sugary appearance. Various amounts of halite are present and can become more salt, halite, than trona towards the southwestern portion of the depositional basin. Halite is a significant contaminate in the refining process and reduces recovery and increases production cost. A stable depositional environment is implied by uniformity and minimal variation of the depocenters of Beds 1 through 18.

Trona Beds 19 through 25 are relatively halite free and consist of amber translucent coarse-crystalline blades to coarse granular “sugary” textured masses. Trona Beds 19 through 22 are located in the northwestern corner of the Green River Basin saline depositional basin. Trona Beds 24 and 25, mined by Şişecam Wyoming, are located in the northeastern corner of the Green River Basin.

Figure 6.4 shows the areal extent of the major trona beds in the Green River Basin.

Figure 6.4          Green River Basin Trona Bed Extents

Mineral reserves within the Şişecam Wyoming lease area are confined to Trona Beds 24 and 25. Isotope analysis of a volcanic layer, known as the Big Island Tuff, located between these beds, has dated deposition at approximately 49 million years. Local structural gradient is oriented west/southwest at a grade of approximately 50-feet per mile and was influenced by the structural high of the Rock Springs Uplift to the east. Overburden depths of Beds 24 and 25 increases along the strike of the dip from typically 800-feet to 1,100-feet with increasing surface topography. Figure 6.5 shows a generalized east-west cross section across the Big Island Mine property.

Figure 6.5          Generalized Cross Section – Bed 24 and 25

6.4.2     Trona Bed Lithology

A review of the exploration database and ore characteristics was initiated in 1999, by Korte and others, with greater emphasis on correlating mine observations with available drill core and lithological core descriptions. Mine mapping of trona ore thickness occurred along the perimeter of the mine developments as well as interior portions of the mine where access was available. A database of approximately 500 mine observations was developed. Documentation of this investigation was presented in 2002 with recommendations for continual study from supplemental exploration and mine observations. To date, the mine observations exceed over 4,000 measurements with emphasis on active mine areas. Mine observations in critical areas are on a 100-foot spatial density.

The 1999 investigation identified four distinct lithological horizons (geological facies changes) within each bed that may represent repetitive depositional occurrences. These horizons have been designated Trona 1 through Trona 4, or T1 through T4. The basal unit labeled T1 is composed of very fine grain sugary textured trona forming lenticular pods of varying thickness and is probably post depositional in origin. In the original 1980 database, sometimes the T1 was included, and sometimes it was excluded. T1 unit is not part of the reserve base for this study because it is separated from the mineable horizons by several layers of oil shales and marlstone. Dilution from these non-soluble minerals decreases ore grade to unacceptable levels.

The intermediate T2 through T4 horizons are currently mined by Şişecam Wyoming with the continuous miner fleet. During mining, the T4, and occasionally T2, are omitted. The T2 unit is stratigraphically at the basal contact with the floor shales. T2 is separated from the T3 unit by a thin marker seam of shale. This marker seam assists the miner operator with horizon control. The T4 unit is located at the top of the trona bed and represents the conclusion of deposition. An increase in insoluble materials in the T4 unit can reduce grades in this horizon. The T3 unit is the primary high-grade horizon. Only the T2 through T4 horizons are considered ore in this reserve update. Figure 6.6 illustrates this general lithological section.

The geological depositional and post depositional features, listed above, have been recognized from the mine mapping, and confirmed by several thousand mine observations.

Prior to trona formation, a layer of rich organic marlstone was deposited. This material can be classified as an oil shale but does not have sufficient organics to combust. Initial trona deposition of both beds was precipitated as layers up to 3-feet thick of a finer texture with some organic material giving this layer a darker color, illustrated as T2 Ore Zone on Figure 6.6 lithological section. An interruption of trona deposition is illustrated by the occurrence of a laminated marlstone. The marker seam might represent a brief climate change or a storm event, washing clay material into the lake. Subsequently, the primary trona precipitation followed as illustrated by T3 Ore Zone with purities up to 99%. Closure of trona precipitation is illustrated as T4 Ore Zone and contains greenish-grey marlstone lamination resulting in a decrease in quality. Post-deposition fluid migration from below produced a secondary layer of trona illustrated as T1 Zone. This zone probably was the result of hydrofracturing to floor shales to form lenses of trona varying in thickness from zero to six feet. The T1 unit has a fine sugary grain texture and can contain organics associated with the oil shales. Şişecam Wyoming’s mining is focused on a Mineable Ore Zone of T2 through T4 containing an average grade exceeding 89%.

 

Figure 6.6          Trona Bed 24 & 25 Lithological Section

Interburden between Beds 24 and 25 is composed of laminated dolomitic marlstones with occurrences of volcanic tuff laminations and layers. Within the interburden are zones of organic rich marlstones and numerous occurrences of an associated mineral, shortite (calcium sodium carbonate).

Overburden above Bed 25 is composed of the same material listed above with increasing layers of hard dolomitic cemented detrital silts and fine grain sands. The detrital sediment probably represents storm events.

Other than microscopic material and algal debris within the trona, no fossils have been observed in trona beds.

6.4.3    Sedimentary Structures

Depositional and post-depositional sedimentary structures have been observed in the Şişecam Wyoming Mine and have had some impact on production grades and/or mining. These structures include:

Polygonal, vertically oriented, clay filled features are common, suggesting intense evaporation and desiccation, resulting in the formation of large “mud-cracks” within the deposit. Şişecam Wyoming Bed 25 exhibits these features in greater detail than Bed 24, Figure 6.7.

Figure 6.7          Filled Desiccation Crack within Trona Bed

“Blow-outs” occurring in both beds, represent a massive dewatering event from vertical brine movement eroding the trona bed. Results of this movement have been observed to completely obliterate the beds from a 12-foot seam thickness to zero within a 50-foot distance span, Figure 6.8.

Figure 6.8          Blow-out Feature within Trona Bed

Geological faulting, movement, and fracturing have been observed in Bed 25. The occurrence of locally identified “root-beer” seams is associated with this type of disturbance, Figure 6.9.

Figure 6.9          Geologic Faulting within Trona Bed

Post-depositional dissolution from moisture/groundwater has been observed in the Lower Bed 24. Relatively isolated, the trona bed appears to be dissolved from the top after deposition, resulting in thinning of the bed and an increase in insoluble content in the upper portion of the seam, Figure 6.10.

Figure 6.10          Post Depositional Dissolution within the Trona Bed

Post-depositional soft sediment folding and rolling of the ore bodies (observed in both beds), Figure 6.11.

Figure 6.11          Post Depositional Soft Sediment Folding within the Trona Bed

Figure 6.12          Post Depositional Secondary Deposition of “Root Beer” trona

“Root Beer” trona is confined to the eastern half of Trona Bed 25, Figure 6.12. Sedimentary structure of the “root” trona” is perpendicular to the bedding of Bed 25. Crystal orientation implies deposition under compressive force such as depositional sediment weight.

Originally, the trona beds were formed close to sea level but now reside at a mile above sea level. During this transition period, compressional forces squeezed the tabular deposits. Where trona was thick and competent, little impact occurred, but as the ore bodies thin and become less competent, pinching and rolling could occur. Severe seam rolling can result in localized production grade dilution from increased insoluble minerals at the basal contact.

7.0      EXPLORATION

Exploration drilling has been the primary method to delineate trona Beds 24 and 25. The former Stauffer Chemical Company initiated trona exploration in August 1959 and completed 26 exploration drill holes by August 1960. Four supplemental exploration drill holes were completed in 1967 and the acquisition of 2-1/4 Sections from the State of Wyoming and private ownership. Exploration activity increased substantially in the late 1970s and early 1980s more than doubling the database with 39 additional drill holes, bringing the total to 69 borings. Two solution wells were drilling in 1994 bringing the total to 71. The final 10 exploration drill holes were completed from 2000 to 2011. An additional 12 borings were drilled by Phillips Petroleum and Allied Chemical in 1965 and 1978 respectively. These drillings are mostly to the south of Şişecam’s current Mining Permit Boundary

Supplementing the surface to bed drilling are bed-to-bed borings that total 55 holes. Thirty-four bed-to-bed holes were drilled in the 1960’s to 1979 to support two seam mining. Ten additional bed-to-bed holes were drilled to delineate the Bed 24 northeast resources. In 2022, Şişecam Wyoming drilled eleven bed-to-bed exploration core holes from existing Upper Bed 25 working into the unmined Lower Bed 24 trona seam.

This brought the total number of exploration drill holes by Şişecam to 136 and an additional 12 holes by outside firms for a total of 148 borings.

Enhancing this data set are over 4,000 observations and measurements from the existing mine developments.

In general, the core samplings were collected from each boring and prepared for analysis. Methodology utilized for coring varied through time and has included mud drilling, saturated brine drilling, air-foam drilling, wireline drilling and continuous coring from surface. A limited number of borings were logged with geophysical techniques including gamma, sonic, neutron, caliper, and high-resolution rock mechanics tools.

Only four of the 30 exploration drill cores from the 1959 to 1967 drilling programs have survived. The more recent core from 1975 through 2011 is stored in the mine at a constant climate. Verification of trona thickness and quality has been difficult for the 1975 through 1980 exploration cores due to decomposition and desiccation of the marlstone clays.

No supplemental exploration has been conducted since 2022, and drilling records remain unchanged. Mine observations from Şişecam’s 2020 through 2024 mine advance in the northeastern and southern portions of Bed 25 and eastern portions of Bed 24 have been incorporated into this analysis.

Over his years of work on this property Mr. Leigh has documented and verified the location of all surface drill holes outside the plant footprint with handheld GPS.

Since 2019 the only mining in Bed 24 was the extensions of the LB North Mains, and subsequent test panels towards the west, Two-Seam area. Examination of this area did not indicate any requirement to modify the Bed 24 geologic model.

Table 7.1 shows the history of the exploration drilling on the Big Island Mine, Figure 7.1 and Figure 7.2. illustrates the location of the exploration drilling.

Table 7.1
Big Island Mine Exploration Drilling History

Figure 7.1          Surface Exploration Drilling Locations with Surface Topo

Figure 7.2          Underground Exploration Drilling Locations with Upper and Lower Bed Mining Outlines

8.0      SAMPLE PREPARATION, ANALYSIS, AND SECURITY.

For recent exploration drilling the core samples were examined, photographed, and logged in the field then boxed, labeled, and prepared for transportation. Early exploration had minimal documentation on preparation and core logging. More recent exploration campaigns are better documented with photographs of the core prior to boxing.

Standard practice was to split the core samples along the length of the core with half the sample sent to in-mine storage. Sample intervals were generally between six and twelve inches in length. The split sample was then analyzed by the Şişecam plant laboratories. The Şişecam Wyoming laboratory has multiple certifications including ISO 9001-2015 and NSF. The lab has multiple well documented quality control and quality assurance processes which were reviewed during earlier site visits.

Earlier core samples were subjected to external and internal analysis. Analytical methodology evolved over time. Initially, samples were reported for sodium carbonate and sodium bicarbonate content with weight percent trona calculated. The exact procedure for the early analysis is unknown. Analysis of more recent core simulates the existing refinery process:

Records from the exploration projects are stored in a locked storage location in Şişecam Wyoming’s technical office building at the mine site with the core samples stored in the mine where the stable humidity and temperature helps preserve the samples.

The sample preparation, analysis, quality control, and security procedures used by the Şişecam Wyoming Operations have changed over time to meet evolving industry practices. Practices at the time the information was collected were industry-standard, and frequently were industry-leading practices. In HPG’s opinion, the sample preparation, analyses, and security procedures at the mine are acceptable, and are adequate for mineral resource and mineral reserve estimation and mine planning purposes.

9.0      DATA VERIFICATION

In performance of these services and preparation of this review, Mr. Hollberg and Mr. Leigh made site visits to the Big Island Mine on November 7^th, 11^th, and 13^th, 2024.

9.1.1    Mine Visit

On November 11, 2024, Mr. Hollberg examined the underground with John Lewis, Şişecam Wyoming’s Engineering Superintendent. Areas examined during this visit included:

Mr. Leigh visited the mine with John Lewis, Şişecam’s Engineering Superintendent, on November 13^th examined workings and procured thickness measurements for confirmation of drill hole data. During his visits he assessed the following areas:

The following are some general observations based on these examinations:

LB Two Seam Mining

The November 2024 examination of the LB two-seam mine workings indicated favorable ground conditions with plus 12-foot thick trona. There was little if any floor heave, corner spalling or roof cutters. Mining was conducted in the LB in proximity to several exploration drill holes. These areas were examined and the reported trona thickness of these exploration drill holes were within one standard deviation of the in-mine observations. No sampling was performed to assess trona grades.

UBE Panel 8S and 9S

Since the 2021 Reserve Report, UBE Panel #8 South was developed to X-Cut 65 west. Increasing frequency of the floor horizon rolling up into the mining horizon with appearance of decreasing ore quality resulted in decreasing production grades and panel termination. Ore thickness variation ranging from 6.5-feet. to 9.9-feet. At X-Cut 50 east, ore quality improved with thickness ranging from 8.5-feet to 11-feet. It is noted that from X-Cut 29 east to the end of the UBE Panel #8 South, there is an increased prevalence of what is locally known as “Root Beer” trona, which is an indication of depositional alteration.

Mining is currently advancing UBE Panel #9 South. At the beltline of X-Cut 37 west, ore disruptions were encountered similar to that encountered near the termination of UBE Panel #10 South as reported in the 2021 Reserve Report. The ore disruptions and “Root Beer” trona occurrences extend at least back to X-Cut 30. The end of the advancing X-Cuts on the west side of UBE Panel #9 South did not exhibit such ore changes as of November 2024.

Figure 9.1          Ore Disruption, UBE Panel 9 South, X-Cut 37, Beltline

Upper Bed Southwest Panel 12 East Neck Down

UBSW P12E neck down is located in close proximity to exploration drill hole SBI 42. SBI 42 core description indicates trona was sampled in a depositional feature locally known as vertical mud seam. This feature results in a reduction of ore quality and the possibility of a bias ore thickness. At the UBSW P12E location, detailed measurements were taken to provide a representative trona grade and thickness for this area of the orebody. This change to the geologic model is not considered material.

Upper Bed Southwest #11 West

UBSW #11 West North Subpanels #1 and #2 were completed since the 2021 Reserve Report. Both Subpanels were concluded with only 17 and 15 X-cuts and terminated as a result of ore changes. Subpanel #1 observations did indicate a decrease in an average ore thickness of less than 9-feet. While Subpanel #2, located to the west of Subpanel #1, indicated some improvement with an average trona thickness of 9.4-feet. with a range between 8.2-feet. to 10.4-feet, the thickness variability resulted in deteriorating production quality.

Upper Bed Southwest Subpanel #12 West

UBSW Subpanel #12 West was terminated at the lease boundary at X-cut 12. Ore quality and thickness remain excellent with thicknesses exceeding 12-feet.

Other Mine Areas and Infrastructure

Pumping records from the LB West water inflow area were examined and continue to show reduction of the water elevation and retreat of the shoreline down dip as the mine dewaters this area at steady pumping rate of around 80 GPM.

9.1.2    Shafts and Hoisting Facilities

On November 11, 2024, Mr. Hollberg toured the mine hoisting facilities with Mr. Lewis. Şişecam has been working to upgrade and modernize its hoisting systems by updating the controls systems, motors, and braking systems. Since the 2021 TRS Şişecam has completed updates to the two production hoists Hoist #2 and Hoist #3 to allow for improved major component spares parts, redundancy, and current control systems that are supported by the manufacturers. Our November visit observed the preparation work for the replacement of the man and material Hoist #1 planned for completion in 2025. This is a needed update to the early 1960’s hoist which is well past its service life.

9.1.3    Surface Facilities Site Visit

On November 11, 2024, Mr. Hollberg and Mr. Leigh met with Tyler Schiltz (Environmental Manager), Shannon Larson (QC QA Laboratory Supervisor), Mikail Demir (Technical Services Manager), and Jessica Annala (Accounting Manager) to review environmental compliance, quality control and analysis, financial and capital plans.

Discussions with Mr. Schiltz and Mr. Demir included environmental compliance, the tailings pond system and long-term tailings disposal, tailings dam safety, including dust control. The long-term site wide capital plans were reviewed.

The visit included examination of the Şişecam Wyoming surface processing facilities and tailings ponds with Steve Thompson (Project Specialist – Technical Services) and Don McCallum (Project Specialist – Technical Services). Discussions included plant maintenance, planned capital improvements, the tailings pond system and long-term tailings disposal coarse tailings project.

Surface facilities visited include the following:

The age of the facilities, 20 to 50 years, require good maintenance, repair and replacement to maintain consistent production. The visit and discussions confirmed that Şişecam continues to commit resources to maintain the production capacities of their facilities. Şişecam’s future maintenance and expansion capital plans indicate a continued commitment to the facilities production capabilities. During the brief visit multiple areas were observed where significant capital expenditure has been expended to maintain and improve production. While HPG’s examination was not a comprehensive analysis of each piece of equipment, Şişecam’s long history of consistent soda ash production would not be possible without proper maintenance of processing facilities of this age.

Şişecam’s Co-Gen facility is a state-of-the-art combined cycle gas turbine that supplies approximately 25 MW of electrical power to the site as well as producing excess steam for the production process and site heating. The gas turbine and heat steam recovery generator are approximately 60-65% efficient and use best available control technology (BACT) for emission control.

Şişecam’s tailing facilities are over 60 years old but continue to be maintained and operated. Şişecam has been proactive to complete any required mitigation work identified by their close monitoring as well as frequent examinations by their long-time third-party consultant Barr Engineering. During the visit HPG observed the new tailings facility, Pond 2, which will be the primary storage area for the coarse tailings moving forward. Additional information on the Tailing Facilities is available in Section 17.4.

Şişecam’s analytical laboratory contains up to date equipment and analytical capabilities. The lab processes both ‘in stream’ samples (dry trona and liquor) as well as final soda ash product testing. In previous visits, Ms. Larson walked HPG’s representatives through a typical soda ash testing procedure, documentation, and sample retention for the final product. The lab continually sends portions of samples for third party verification of results. The lab is 9001:2015 certified and holds certifications for NSF, 2021 Halal, and Kosher-2021.

Additional information on Şişecam’s production facilities can be found in Section 14.0 Processing and Recovery Methods and Section 15.0 Infrastructure.

9.2      GEOLOGIC DATA VERIFICATION

Şişecam Wyoming’s available geologic data is well documented and has been vetted over the history of the property. The fact that the property has been in successful operation for over 60 years and has extracted trona from both beds gives confidence in the available geologic information and proposed mining methods.

Data density, or the spatial relationship between drill holes, has become more prevalent in industry classifications. Şişecam Wyoming’s drill hole spacing was designed first to establish a resources area. Initially, twenty-seven exploration borings were completed on 1 to 2-mile spacing. Subsequent exploration developed the remaining 121 borings to increase the data density and to assist with mine planning and lease acquisitions. Trona exhibits greater continuity and less spatial variability than coal or metal deposits. There are many examples of evaporite deposits that have been developed on wider drill hole spacing than the recommended standards for other minerals. In comparison, while Şişecam Wyoming’s drill hole spacing exceeds these recommendations, the historical record for the Şişecam Wyoming Big Island Mine demonstrates a reasonable correlation between drill hole data and available reserves.

In the above referenced 1999 work (Section 6.4.2), a database was created for each Trona Bed, 24 and 25, located within the Şişecam Wyoming lease area. That database was the basis of this MRE and previous estimates. Şişecam Wyoming provided available drill hole data for all 148 exploration borings including core descriptions, analytical results, available geophysical well logs, and available archived reserve reports. The 1999 review work expressed concern about the data quality of some of the older core analysis. There was concern that some of the reported analysis did not match the core descriptions indicating mislabeling or perhaps the core boxes broke and not properly sorted. The general analysis is considered correct, but some of the geologist logged the holes from the bottom up and others from the bottom down and as such the orientation of the analysis was questioned. For example, SBI-42, analysis appears to be reversed. Where possible the logs were vetted or corrected where definitive information was available. The best supplemental information is documentation of trona thickness observations from the existing mine developments collected over the past 25 years.

The exploration reports were evaluated for accuracy of trona picks for thickness and quality. The drilling database described has been spot checked multiple times over the long history of HPG’s work at Şişecam. Additionally, whenever mine workings intersect or approach these drillings the associated workings have been examined to confirm the drilling data. Descriptions of the examinations undertaken for this effort are offered below. In general, exploration information matched published assessments.

A comparison of a trona thickness model based on mine observation points and a model derived from the drill hole data shows a reasonable correlation over the mined areas. In Bed 24, the mine observations averaged 11.7-feet thickness compared to 11.4-feet using the drill hole data over the same area. Bed 25 correlation resulted in similar results, with the mine observations model averaging 11.02-feet, while the drill hole data model averaged 10.7-feet. Example: In Bed 24, two exploration drill holes were recently encountered, D02-01, and SBI-17. In comparison, SBI-17 exploration thickness was 13.5-feet, and mine observations averaged 13.24-feet. Exploration drill hole D02-01 was defined as 10.4-feet and mine observations ranged from 10.0-14.0-feet, averaging 12.43-feet. In Bed 25 no exploration drill holes were encountered. However, ore thickness from mine workings in the vicinity of drill hole SBI-43 are estimated to average 11.2-feet vs a reported drill hole thickness of 11.69-feet. Mine observation points are based on the measured ore thickness at each point and not the total mining height providing a direct comparison to the drill hole data set.

In the 2013 and subsequent reports drill hole D02-05 was removed from the data base because of a high percentage of core loss in the area of the LB trona seam. Of two five-foot core runs over 2-feet of core was not recovered. In 2022 supplemental drilling was completed from the upper bed into Bed 24 greatly improving the confidence of the database. An opportunity exists to continue exploration drilling from the Upper Bed into Bed 24 to improve the data density.

In the 2021 report, the minable thickness of two drill holes were modified based on available mine measurements in the vicinity.

No other changes were made to the geologic database.

HPG reviewed the recent exploration drilling information and concludes it meets industry standards. Comparison of drilling data with in-mine measurements generally concur with in-mine measurements with anomalies typically explained by localized trona bed disruptions described in Section 6.4. The successful mining of Bed 24 and Bed 25 over the long history of the property gives added validation of the exploration data, analysis and quality control. HPG concludes that Şişecam Wyoming’s geologic data, procedures and processes are adequate for mineral resource and mineral reserve estimation and mine planning purposes.

10.0      MINERAL PROCESSING AND TRONA GRADE TESTING

10.1      CONVERSION OF TRONA TO SODA ASH

Trona is a compound of sodium sesquicarbonate with the following formula, Na₂CO₃.NaHCO₃.2H₂O. It is the combination of sodium carbonate and sodium bicarbonate. The finished product, soda ash, is sodium carbonate. In very general terms, the conversion of trona into soda ash is the conversion of the sodium bi-carbonate portion of the trona into sodium carbonate and then a purification process to remove the insoluble minerals by dissolution and recrystallization.

There are two primary ways in which sodium carbonate is recovered from the trona ore, the sodium sesquicarbonate process, and the monohydrate process. The main difference between these processes is when the bicarbonate is converted into carbonate. In the sesquicarbonate process, the trona ore is dissolved first and the conversion of the bicarbonate takes place by calcining the purified crystals. The monohydrate process converts the bicarbonate by calcining the dry ore in rotary kilns at temperatures between 150^o and 200^o C. Şişecam Wyoming uses the monohydrate process. The general formula for this conversion follows:

2NaCO₃♦NaHCO₃♦2H₂O ‑›3Na₂CO₃ + CO₂ + 5H₂O

By molecular weight:

2(226.03) / 3(105.98) = 452.06 / 317.94 = 1.4218

After calcining, the ore is dissolved in water to allow the insoluble minerals to be removed prior to recrystallization.

10.2      PROCESSING FACILITIES

Şişecam Wyoming’s refining facility is well established and has been converting dry trona into salable soda ash for over 60 years. Over this period, much of the refining facility has been replaced or upgraded with newer facilities and equipment. Şişecam Wyoming currently is operating five soda ash processing units. Two ore calcining and dissolving units with four soda ash processing plants.

Unit 6 was constructed in 1998 and has its own crushing plant, rotary kiln, dissolvers, crystallizers, and TRM (tailings) pumps. In 2006, OCI Wyoming constructed a large rotary kiln and dissolver, Unit 7, capable of feeding liquor to the older crystallizer Units 3 through 5 and use the existing crushers and TRM facilities. In 2009 the Decahydrate plant was built and mining of the decahydrate crystals in the tailings pond was started as a supplementary liquor feed to the soda ash plants.

A more detailed discussion of the processing facilities is available in Section 14.0.

10.3      TESTING AND ANALYSIS

Şişecam has had an onsite laboratory throughout its history that is used to test and analyze plant feeds (trona), intermediate process streams (liquor) as well as the final product to ensure compliance with Şişecam published standards. The testing and analysis procedures and protocols are well established and have been developed and refined over the 60 years of operation. The laboratory contains up to date equipment and analytical capabilities and holds multiple certifications including ISO-9001:2015 and certifications for NSF, 2024 Halal, and Kosher-2024. The lab is regularly audited by the certification agencies as well as customer audits. Additionally, the Şişecam laboratory does regular blind testing with outside laboratories as part of their standard protocol.

Composite samples of the trona ore are generally tested for insoluble minerals, grade (total alkalinity), moisture and organics. Intermediate liquor testing is used to monitor efficiencies and help in the operation of the plant. Composite sample testing of the final soda ash product is done on every truck or train car shipped. This analysis looks at purity (Sodium Carbonate % and Sodium Oxide %), moisture, density, and any contaminates (sulfate, chloride and insoluble).

In HPG’s opinion, the sampling methods, sample preparation, analyses, and security procedures at the mine are acceptable and are adequate for mineral resource and mineral reserve estimation and mine planning purposes.

11.0      MINERAL RESOURCE ESTIMATES

11.1      INTRODUCTION

HPG has organized the available data and information in order to complete this Mineral Reserve Estimate for December 2024 from a variety of sources including:

11.2      GEOLOGICAL AND MINERALIZATION MODELING

Carlson’s Advance Mining module, StrataCalc, a supplement to Autodesk’s AutoCAD, was utilized to create the geological models. Both programs are standard for the mining industry. Gridding with the triangulation module was used to evaluate the Şişecam Wyoming reserve database which provided the best routine for verification.

Carlson’s Advance Mining module and StrataCalc, applies the gridding information within a user defined area (reserve area) and computes statistical parameters from the data set. Average thickness and grade values, area of the defined limits, volumes, and tonnages are posted as a spreadsheet output. Gridding density, contouring methods, volumetric computations, and bulk densities were unchanged from the previous study.

A bulk density of 133 pounds per cubic foot (2.13 g/cc), was applied to convert volumes to tonnage. Several published documents list bulk densities of trona between 2.11 and 2.17 g/cc.

Based on this data Figure 11.1 Upper Bed Isopach and Figure 11.2 Lower Bed 24 Isopachs delineate trona thickness and 75% grade for each bed.

Figure 11.1          Upper Bed 25 Thickness Isopachs

Figure 11.2          Lower Bed 24 Thickness Isopachs

11.3      MINERAL RESOURCE AND RESERVE CLASSIFICATION

The following definitions, which can be found in the Securities and Exchange S-K 1300 rules Subparts 229, 230, 239, and 249, have been used for this resource and reserve estimate.

Mineral resource:

A concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location, or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.

Inferred mineral resource:

That part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project and may not be converted to a mineral reserve.

Indicated mineral resource:

That part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve.

Measured mineral resource:

That part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve.

Modifying factors:

Are the factors that a qualified person must apply to indicated and measured mineral resources and then evaluate in order to establish the economic viability of mineral reserves. A qualified person must apply and evaluate modifying factors to convert measured and indicated mineral resources to proven and probable mineral reserves. These factors include but are not restricted to mining; processing; trona bed thickness, trona grade, infrastructure; economic; marketing; legal; environmental compliance; plans, negotiations, or agreements with local individuals or groups; and governmental factors. The number, type and specific characteristics of the modifying factors applied will necessarily be a function of and depend upon the mineral, mine, property, or project.

Mineral reserve:

An estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted.

Probable mineral reserve:

The economically mineable part of an indicated and, in some cases, a measured mineral resource.

Proven mineral reserve:

The economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource.

11.4      MINERAL RESOURCE ESTIMATE - PARAMETERS AND ASSUMPTIONS

In determining the resource parameters and assumptions for the Şişecam property, HPG considered the following circumstances:

If both mechanical and solution mining is considered, a cutoff grade and thickness is not essential for trona mining in the Green River Basin. Other trona operations in the green river basin and other trona deposits are successfully using solution mining methods in thin and low grade trona areas. Because of Şişecam’s proximity to the Green River this resource and reserve estimate does not consider solution mining due to its likely subsidence and impact to this major water source. Therefore, HPG is only considering mechanical mining of the deposit using established systems and methods.

Based on this knowledge and experience the following parameters were used to estimate the in-place trona resources that are considered to have reasonable prospect of economic extraction:

Parameters

Assumptions

Only trona on contiguous leases was considered resource for mechanical mining. Section 16, T21N, R108W was excluded from this estimate because this state lease is isolated from the other contiguous lease blocks. The one-mile isolation makes accessing this for mechanical mining unlikely.

The measured, indicated, and inferred distances are based upon known drilling, in-mine measurements, mining extents and experience with historically successful mine planning based on this information.

The cutoff thickness of six feet is based upon successful mining of similar deposits, to and even below 6-feet in thickness including trona, coal and potash. Additionally, other operations in the trona basin are mining to the 7-foot thickness in areas of their trona resources.

The cutoff grade of greater than 75% trona is based upon successful mining and processing of the lower grade trona Beds 19, 20 and 21 which were considered viable mining prospects by Texas Gulf Soda Ash (TGSA). TGSA operated as a dry mine from 1976 through 2002 mining Bed 20. The TGSA processing facility was designed to handle these lower grade ores and successfully mined and processed these lower grades.

11.5      GRADE ESTIMATION

For the purposes of this study, the minimum grade for the reported in-place resource tonnage is 75%. The Upper Bed 25 drill hole grades analysis range, for thicknesses greater than 6-feet, is 41.21% to 94.18%. All Upper Bed drill hole grades ranged from 38.64% to 98.81%. The Lower Bed 24 drill hole grades analysis range, for thicknesses greater than 6-feet, is 74.74% to 93.77%. All Lower Bed drill hole grades ranged from 74.74% to 94.10%. Based examination of available core and mine observations by previous geologist and others, many of the low-grade drill holes intersected vertical post depositional mud seams and are not considered representative of the overall average grade for the deposit at that particular location. Because of the limited core to definitively confirm this hypothesis, no changes were made to the database other than the three drill holes noted earlier.

Carlson’s Advance Mining module, StrataCalc, was used to model the grades for each resource parameter for each trona bed. For the resource inclusive of reserves the following grades were estimated. Lower Bed 24 measured resources compute to have an average grade of 88.6% trona. Lower Bed 24 indicated resources have a computed average grade of 88.0% trona. The Upper Bed 25 computed measured resources grade is 87.6%, while the computed indicated resources grade is 87.3%.

Out-of-seam dilution during production has a significant impact on production grade. Production grade is the quality of the run of mine (“ROM”) material sent to the refinery. Production quality is dependent upon the geological consistency of the ore body; the mining equipment used for extraction; and the operators mining skill. Ore body fluctuations are the greatest contributor to quality control issues. In general, with a 10-foot-high entry, 90% seam grade, 6-inches of waste will reduce production grade by 5%. Forecasting seam variability from the existing wide drill hole spacing is not possible. Currently, the best tool to help identify and predict problem areas is consistent mapping of the mine entries as mining advances providing feedback to operators and utilized in the short-term planning processes. When they are encountered, localized geological disturbances of the ore bed negatively impact the ROM grade.

11.6      IN-PLACE MINERAL RESOURCE ESTIMATE

Using the data provided by Şişecam Wyoming, HPG has completed its review of the Big Island Mine and concludes that the Big Island Mine’s remaining leased and licensed Measured and Indicated in-place trona Resources exclusive of reserves as of December 31, 2024, total 153.3 million short tons (MST), of which 99.1 MST remain in the Lower Bed 24 and 54.3 MST remain in the Upper Bed 25. Measured In-Place Resources are calculated as 74.2 MST and Indicated In-Place Resources calculate as 78.7 MST and no Inferred In-Place Resources. Table 11.1 summarizes the estimated In-Place Trona Resource exclusive of the mineral reserves.

Based on the current study, the Şişecam Wyoming Big remaining leased and licensed Measured and Indicated in-place trona Resources inclusive of reserves as of December 31, 2024, total 570.8 million short tons (MST), of which 377.9 MST remain in the Lower Bed 24 and 192.9 MST remain in the Upper Bed 25. Measured In-Place Resources are calculated as 300.1 MST and Indicated In-Place Resources calculate as 270.6 MST and Inferred In-Place Resources are calculated at 0.1 MST. Table 11.2 provides the In-Place Trona Resource Inclusive of the mineral reserves.

Criteria for this analysis are based upon a 6.0-feet minimum ore thickness and 75% minimum seam grade. This Resource evaluation is based upon 93 exploration drill holes, 55 borings from the mine workings, and several thousand available mine observations and measurements. Of the 93 surface exploration drill holes, 28 borings are within the Lower Bed 24 Resource area and 21 borings are within the Upper Bed 25 Resource area. Additionally, this updated report considers the 2022 to 2024 mine advancements. The in-seam ore horizon includes the T2 to T4 zones and excludes the T1 zone as represented in Figure 6.6.

The reference point for the trona resources reporting is insitu inclusive of impurities and insoluble content. The grade is percent trona, sodium sesquicarbonate (Na₂CO₃.NaHCO₃.2H₂O), the double salt of sodium carbonate (soda ash) and sodium bicarbonate (baking soda).

Mineral resources are reported on a 100% ownership basis. Şişecam Wyoming is owned by Şişecam Chemicals Wyoming LLC ("Şişecam") 51% and by NRP Trona LLC ("NRP Trona") 49%.

Figure 11.3 and Figure 11.4 present the remaining in-place trona showing measured, indicated, and inferred resource areas.

Table 11.1
         Estimated In-Place Trona Resources Within Big Island
Exclusive of Reserves
Mining License as of DECEMBER 31, 2024
Based on $165/ TSA

The Mineral Resource exclusive of the mineral reserves is that portion of the ore body that has not been extracted because it was outside what is considered the economic limits, has been left in place to support the mine openings or has been sterilized by previous mining and cost-effective access is not considered practical. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Table 11.2
         Estimated In-Place Trona Resources Within Big Island
Inclusive of Reserves
Mining License as of DECEMBER 31, 2024
Based on $165/ TSA

The Mineral Resource inclusive of the mineral reserves is that portion of the ore body that is considered either economically viable for mining and can be converted to reserves or of economic interest but considered outside the current economic limits.

Mineral resources are not mineral reserves. Mineral reserves are the economically mineable part of a measured or indicated mineral resource based upon application of modifying factors such as costs and revenues associated with the proposed operation and producing the final product in an economic and environmental assessment. Section 11.3 describes these factors. There is no certainty that any mineral resources in this report will ultimately be reclassified as reserves. Please refer to the note regarding forward-looking information at the front of the Report. Section 12.0 describes the estimated recoverable trona reserves.

11.6.1    Resource Estimate Reconciliation

Estimated trona resource exclusive of reserves has decreased from 162.3 MST (December 31, 2021) to 153.3 MST (December 31, 2024). These changes were due to reductions due to geologic model modifications, and barrier pillars protecting new shafts.

Estimated trona resource inclusive of reserves has decreased from 578.9 MST (December 31, 2021) to 570.7 MST (December 31, 2024). These changes were the net result of reductions from mining activities, additions due to lease acquisitions, reductions due to geologic model modifications, information from the 2022 to 2024 mining advance and barrier pillars protecting new shafts.

Table 11.3 and Table 11.4 illustrate the changes in resources between the 2021 and 2024 estimates exclusive and inclusive of reserves.

Table 11.3
         Change in Estimated in Place Trona Resource 2021-2024 within Big Island
Exclusive of Reserves
Mining License as of December 31, 2024

Based on $165/TSA ^1-5

Table 11.4
         Change in Estimated in Place Trona Resource 2021-2024 within Big Island
Inclusive of Reserves
Mining License as of December 31, 2024

Based on $165/TSA ^1-5

11.7      UNCERTAINTIES (FACTORS) THAT MAY AFFECT THE MINERAL RESOURCE ESTIMATE

Areas of uncertainty that may materially impact the mineral resource estimates include:

Figure 11.3          Upper Bed 25 Resource Blocks

Figure 11.4          Lower Bed 24 Resource Blocks

12.0      MINERAL RESERVE ESTIMATE

No independent feasibility study was prepared in the determination of this reserve estimate. Instead HPG used the plus 60 years of mining and processing history at the Big Island to determine the mining, processing, and economic parameters used for this reserve estimate as described below.

This mineral reserve estimate contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Please refer to the note regarding forward-looking information at the front of the Report. Investors are cautioned that the estimate is based on a high-level mine plan and certain assumptions which may differ from Şişecam Wyoming’s long-term outlook or actual financial results, including, but not limited to commodity prices, escalation assumptions and other technical inputs. Please be reminded that significant variation of soda ash prices, costs and other key assumptions may require modifications to mine plans, models, and prospects.

12.1      LIFE OF MINE PLAN

Şişecam like all mining companies, for lack of a better term “high grades” the mineral deposit where possible. Şişecam utilizes large highly productive continuous miners incorporating on-board roof bolters and a large on-board ventilation fan that require a minimum mining height of 9-feet. The required 9-feet mining height of this equipment limits how far mining may be extended to the edge of the ore body. Additionally, Şişecam’s processing facilities have limited ability to handle lower grade ore even if it is over a short period of a few hours. This plant limitation impacts what can be mined when disruptions in the ore body are encountered (Section 6.4.3). The lower grade material can be processed with minimal impact to recovery, but it must be processed at a slower rate which impacts total production. Şişecam has chosen to bypass this material and/or stop mining before the overall seam thickness and associated grade severely impacts the plant. Both of these choices are economic, made by Şişecam to minimize production costs. High grading is common and even standard practice for the mining industry. At some point in the future, Şişecam will have to make modifications, like other operators in the trona basin have done, to facilitate mining of these areas. This reserve estimate forecasts modification of the mining equipment and processing facilities in the future at a point when mining of the thicker trona (>9-feet) has been completed.

To account for this reality, HPG has developed a detailed Life-of-Mine (LOM) plan that in HPG’s opinion is a reasonable mining sequence for this deposit over its remaining 40 plus years assuming Şişecam choses to mine as much of the resource as possible. A two-stage mine plan has been developed. The first stage “high-grades” the deposit based upon the current mining equipment and processing plant limitations mining to the 9-foot isopach. This matches the practice employed over the last 20 years and should be viable for another 20 years. Based on this plan, thinner areas (less than 9-feet) or areas where disruptions have been encountered are not mined until later in the property life, assuming reasonable access is available at that time. This results in areas of the deposit that require a change in both mining equipment and processing facilities. The capital expense and changes to the operating costs for these changes have been accounted for in the economic analysis and a detailed mine plan has been developed showing potential access and mining of these areas.

The second stage mining is based upon smaller mining equipment and assumes changes to the dissolver sections of the processing plants. These changes should allow mining to the 7-foot isopach and processing areas of the trona resource where disruptions to the ore body have been and will be encountered as mining progresses towards the edge of the ore body. The 7-foot mining limit was selected based on current economics and practices at similar operations.

This type of two-stage mining is only possible when underground conditions allow access to the bypassed areas long after the first stage of mining was completed. This is true for the Big Island Mine where old mine workings developed 60 years ago are still open, accessible, and currently in use. Additionally, Şişecam has a history of accessing resource blocks from old mine workings. The UBSW slopes were developed in 2005 between old mine workings that had been mined in the 1970’s. After 50 years of being mined these areas continue to be the primary access to the UB Southwest reserve blocks.

Carlson Software’s Advance Mining module 2021^TM was used to calculate tonnages and schedule mine development. Carlson’s Advance Mining module applies the geologic bed thickness and grade information from the resource model to a user defined mining sequence with user defined equipment specifications.

Figure 12.1 and Figure 12.2 show a LOM plan for both the Upper and Lower Beds using current panel layouts, extraction rates and mining equipment based on the two-stage mining sequence.

While some effort was made to time the future mine plan over its 40-year plus predicted life, as measured from December 2024, this model should only be considered a generalization of the proposed timing and an illustration of how the deposit could be mined. This LOM incorporated the following assumptions:

To calculate the highest expected ROM feed grade optimally sized equipment was assumed and modeled as follows. Out of seam dilution was estimated at 4-inches of rock due to over mining the top or bottom. Additionally, a minimum entry height of 7-feet was assumed, allowing the equipment to cut to the 7-foot thickness isopach. Trona seam thickness varies, and it is predicted that the areas near the 7-foot isopach contain localized trona thickness areas less than 7-feet and even less than 6-feet in places. When seam thickness is less than 7-feet, out-of-seam rock is cut to maintain the 7-foot minimum mining height or entry height. The net out-of-seam dilution is the over/under cut of 4-inches plus any rock cut to maintain an entry height of seven feet.

A maximum equipment mining height of 13.5-feet was assumed which is the current limit of Şişecam’s Joy 12HM26 roof bolters. Any trona ore thicker than 13.5-feet is assumed left in place, the historical mining practice using continuous miners at Şişecam. Based on the long history with continuous miners, this study did not consider larger equipment or bench mining to capture the in-place reserves thicker than 13.5-feet.

12.2      MINERAL RESERVE ESTIMATION

In determining the reserve parameters and assumptions HPG considered the following circumstances:

In determining whether the reserves meet these economic standards, HPG made certain assumptions regarding the remaining life of the Big Island Mine, including, among other things, that:

Table 12.1 through Table 12.4 summarizes the estimated recoverable trona from the Big Island Mine based on the LOM. Section 12.2.2 provides additional details and an explanation of the information contained in these tables.

Based on this analysis, Şişecam Wyoming can realistically expect to economically recover 217.7 MST of trona ore at an average grade of 85.6 percent from these reserves as of the end of December 2024. This is made up of 72.8 MST from Bed 25 and 145.0 MST from Bed 24. Proven recoverable tons are calculated as 109.2 MST, of which 39.5 MST remain in the Upper Bed 25 and 69.7 MST remain in the Lower Bed 24. Probable recoverable tons are calculated at 108.5 MST, of which 33.3 MST remain in the Upper Bed 25 and 75.2 MST remain in the Lower Bed 24. This is based on Şişecam continuing to mine using its existing mining methods and extraction rates for the remaining life of the currently controlled reserves. Estimated finished soda ash reserves are 118.0 MST. Numbers have been rounded; totals may not sum due to rounding.

Mineral reserves are reported on a 100% ownership basis. Şişecam Wyoming is owned 51% by Şişecam Chemicals LLC and 49% by NRP Trona LLC ("NRP Trona").

Table 12.1
         Recoverable Trona Reserves – Big Island Mine and Refinery
Trona Beds 24 and 25 As of December 31, 2024
Within the Contiguous Leases and License

Based on $165/TSA ^1-5

Table 12.2
         Estimated Recoverable Trona Reserves for Bed 24 & 25
By Category and Mineral Owner
as of December 31, 2024

Based on $165/TSA ^1-5

Table 12.3
         Estimated Recoverable Trona Reserves for Bed 24 Only
By Category and Mineral Owner
as of December 31, 2024

Based on $165/TSA ^1-5

Table 12.4
         Estimated Recoverable Trona Reserves for Bed 25 Only
By Category and Mineral Owner
as of December 31, 2024

Based on $165/TSA ^1-5

12.2.1    Reserve Estimate Reconciliation

Recoverable trona reserves have decreased from 220.0 MST (December 31, 2021) to 217.7 MST (December 31, 2024). These changes were the net result of reductions from mining activities, additions due to lease acquisitions, reductions due to geologic model modifications, information from the 2021 to 2024 mining advance and barrier pillars protecting new shafts. Table 12.5 reports the details of these changes and are described below:

Table 12.5
         Reconciliation Reserve Estimates Dec-2021 to Dec-2024
as of December 31, 2024

Table 12.6 through Table 12.8 illustrate the change in estimated reserves between 2021 and 2024 by mining bed and lease holder.

Table 12.6
         Change in Estimated Trona Reserves 2021-2024 For Beds 24 &25
By Category and Mineral Owner as of December 31, 2024

Based on $165/TSA ^1-5

Table 12.7
         Change in Estimated Trona Reserves 2021-2024 For Beds 24
By Category and Mineral Owner as of December 31, 2024

Based on $165/TSA ^1-5

Table 12.8
         Change in Estimated Trona Reserves 2021-2024 For Beds 25
By Category and Mineral Owner as of December 31, 2024

Based on $165/TSA ^1-5

12.2.2    Recoverable Trona Table Description

The following descriptions were used in calculating Table 12.2 through Table 12.4 and Table 12.6 through Table 12.8:

Reserve Category and Lease or License –

Reported reserves are broken down into reserve classification, Proven or Probable, and divided by lessor or licensor.

Trona Seam Mined (Short Tons) –

Summarizes the total trona tons mined for each category. Calculated by multiplying the subject area times the estimated bed thickness. The trona seam is made up of pure trona interbedded with other soluble and insoluble minerals.

Out of Seam Rock (Short Tons) –

The out-of-seam rock is a calculation of the tons produced from the inaccuracies of the mining process. The continuous mining machine is not capable of perfectly cutting the trona ore seam. For the purposes of this study 4-inches of out-of-seam, material has been included in the mined material.

Total ROM Mined (Short Tons) –

The total ROM material mined is calculated as follows:

Total ROM Mined = Trona Seam Mined + Out of Seam Rock.

These are the tons that the refinery will process and are the reported recoverable reserves at a given ROM grade.

Average In-Seam Grade (% Trona) –

The average in-seam grade summarizes the average trona grade for the seam over the reported category based upon the geologic model.

Total Trona (Short Tons) –

Total Trona reports the short tons of pure trona for the given category and is calculated as follows:

Total Trona = Trona Seam Mined x Average In-Seam Grade

This is the tonnage of trona ore available for processing into soda ash.

Total Rock (In-seam + Out-of-Seam) (Short Tons) –

Total Rock, in-seam plus out-of-seam reports the total insoluble material in the ROM ore for the given category and is calculated as follows:

Total Rock Tons = Out of Seam Rock Tons + Insoluble Tons within the mined bed

or

Total Rock Tons = Out of Seam Rock Tons + (Trona Seam Mined Tons – Total Trona Mined Tons)

Total ROM Mined (Short Tons) –

This column is a back check to ensure the calculations are accurate and equals:

Total ROM Mined = Total Trona + Total Rock.