6. Note Payable

In connection with the acquisition of land to support the Company's mineral exploration activities (see note 4 - Property and Equipment), the Company entered into a seller-financed promissory note during the year ended December 31, 2025. On December 9, 2025, the Company issued a promissory note with an initial principal balance of $205,000 to finance a portion of the purchase price of the Acree land acquisition. The note is secured by the underlying land acquired pursuant to a deed of trust. The note bears simple interest at a fixed rate of 5% per annum and requires five annual payments of $47,350, with payments due on December 5 of each year from 2026 through 2030. The final payment fully satisfies the obligation. As of December 31, 2025, the outstanding principal balance of the note payable was $205,000, of which $37,100 was classified as the current portion of note payable, and $167,900 was classified as long-term debt in the accompanying consolidated balance sheet. The stated interest rate on the promissory note was evaluated and determined to be reasonable based on market conditions at the time of issuance; therefore, no imputed interest was required. Interest expense is recognized over the term of the note based on the outstanding principal balance.

Future principal maturities of the note payable as of December 31, 2025 are as follows:

Year	Principal Payments
2026	$37,100
2027	$38,955
2028	$40,902
2029	$42,948
2030	$45,095
Total	$205,000