Lake Placid Dam November Project Summary

Recent Activities:

Since the last Report on October 11, 2025 —

1. Downstream weld testing, preparation, repair and recoating was completed in Bay 2.

2. Gate 2 pre-testing was completed.

3. Bay 2 side seals were completed.

4. Final torque on all bolts was completed.

5. Hinges, trunnion and dogging arm pads were grouted.

6. The sheet piling/cofferdam was cut at the specified elevation.

7. Installation of hydraulic tubing to Bay 1 cylinders has continued.

8. Work on Bay 1 side seals has continued.

9. Construction of the north embankment concrete roadway continued.

10. Work on the maintenance bridge handrail, ladders and stairs continued.

11. Electrical and instrumentation work in the Powerhouse continued.

12. Concrete armoring on the north and south embankments continued.

13. Work on utilities and electrical on the south embankment continued.

Change Orders:

1. Pending Change Order: As previously mentioned, Sundt has requested additional time for this project. Discussion is ongoing between Sundt, Black & Veatch, and GBRA to address the request for additional time as well as liquidated damages associated with the delays.

Testing and Schedule/Update:

1. Testing/Repair: Once the testing of the gate in Bay 2 was completed on the upstream side of the gate, the gate was raised to perform testing on the bolts along the mating plates on the downstream side of the gate (which previously could not be accessed due to the gate's down position). As the forensic engineers were inspecting the bolts on the downstream side of the gate, they noticed the welds along the mating plate and the adjacent stiffener plate had cracks in them. Testing of the cracked welds revealed the cracks did not penetrate deep into the weld, but the decision was made to grind the cracks out of the welds and re-weld the materials. Once that work was completed, the repaired areas were re-coated to manufacturer's specifications and, as a precautionary measure, the bolts along the downstream mating plates were replaced and re-torqued.

2. Schedule: As noted in last month's meeting, GBRA and Black & Veatch requested Sundt to review and revise its project schedule to provide best and worst-case scenarios. At the November 14, 2025 Construction meeting, Sundt shared that (1) the best-case scenario is that Substantial Completion will now be December 31, 2025; and (2) the worst-case scenario is that Substantial Completion will be February 13, 2026.

3. Update: The permanent electrical transformer required for operation of the HPU (which will operate the new hydraulic lift gates on the dam) has been delivered to the site by the supplier. This development removes an obstacle to the critical project timeline (initially created in March 2025; see April 2025 Project Summary), eliminates the need for Sundt to utilize a temporary power source, and enables more timely installation of the permanent power source.

NOTE: With approved change orders to date, the Substantial Completion Date for Lake Placid is December 31, 2025*. It is important to remember that the Substantial Completion Date does not take into account the time needed to impound water on Lake Placid or the final testing of the gates (as the lake must be full in order to conduct the final testing). We expect impoundment to commence immediately following the Substantial Completion Date. [“ * ” See Item 2 under “Testing and Schedule”]

Upcoming:

In the next several weeks, we expect (1) installation of stop logs in Bay 1; (2) the Bay 1 crest gate will be set into place; (3) the hydraulic cylinders in Bay 1 will be set in place and connected; (4) to install and weld stainless steel side plates in Bay 1; (5) to clean Bay 1 area of built up algae; (6) to flush and pressure test hydraulics in Bay 1; (7) completion of the maintenance bridge; (8) installation of the permanent transformer; (9)

to connect permanent power; and (10) continuation of remaining north and south embankment dam armoring, concrete placements, and rock riprap installation.

Substantial Completion Date: December 31, 2025*

NOTICE:

Notwithstanding the revised Substantial Completion Date announced by the contractor, as of this Report approximately forty-six (46) days remain until we can expect water impoundment to begin at Lake Placid (i.e. December 31, 2025). Waterfront property owners along Lake Placid are reminded and encouraged to:

(1) remove all temporary docks, platforms and/or other structures that may have been placed at or below the normal operating level of Lake Placid in proximity to the riverbed since October 2021, and

(2) abate and remove all woody vegetation from the waterway in front of their property.

Once water is impounded behind Lake Placid Dam, removal of these items will become very challenging, if not impossible.

Note: The normal operating level of Lake Placid is defined as 497.5 feet above mean sea level at Lake Placid Dam, which is the historical operating water level.

Recent Photographs of Construction Activity/Progress —

Forensic Engineer Testing the Downstream Bolts at the Mating Plates:

Repairing the Cracked Welds in the Mating Plate and Adjacent Metal Stiffener:

Pouring Grout Behind the Side Seal:

Cutting the Cofferdam in Bay 2 (1):

Cutting the Cofferdam in Bay 2 (2):

Water Flowing Over the Gate in Bay 2:

Erecting the Radio Tower: