The Board of Minerals and Environment shall renew an exploration operation permit if the application complies with the requirements of this chapter. The board may not deny a permit renewal except for one or more of the following reasons:
(1) The renewal application is incomplete or the surety has not been posted;
(2) The operator has not paid the required renewal fee;
(3) The operator has not complied with the terms and conditions of the original exploration operation permit;
(4) The operator has failed to provide the reports required by § 45-6D-39.