The board of university and school lands may:
1. Lease any lands under its control believed to contain resources, including oil, gas, coal, cement materials, sodium sulfate, sand and gravel, road material, building stone, chemical substances, metallic ores, critical minerals, rare earth elements, colloidal or other clays, or other naturally occurring elements and their compounds;
2. Cancel a lease if it is discovered that a lessee intends to hinder or block development of the resources; and 3. Make and establish rules and regulations for development, drilling, and mining operations.