Khangad Exploration LLC, an indirect wholly-owned subsidiary of the Company, is a holder of the mining license MV-014493 for Baruun Naran ("BN") area and the mining license MV-017336 for Tsaikhar Khudag ("THG") area, both covering BN coking coal deposit area located in Khankhongor soum of Umnugobi aimag, Mongolia.