Business Updates — 2023
from ECPN Board Chairman Doug Sanders
April 6, 2023
After two long and productive weeks in Phoenix and at the mine site in New Mexico, I’d like to report in with a few updates:
- Meetings in Phoenix with our JV partner went well and we continue to comply with due diligence and documentation requirements related to the funding we are working to secure. I expect we will have more to report on that topic in the weeks ahead.
- Via our JV partnership we have executed an MOU — Memorandum of Understanding — with a potential off-take buyer for our iron ore. The buyer will take samples to one of the largest steel mills in the United States for testing. Due diligence has commenced and I will report more details when we have them.
- I met with our mine operator at the mine site and our corporate attorney in Albuquerque… as we continue to prepare for production and profitability. While at the mine site in New Mexico, our JV partner and I met with the potential buyer for our iron ore… to discuss pricing and sales process as well as targeting possible sites for a pelletizing plant that would help us maximize the revenue potential of our iron ore.
- Meetings in Phoenix with several advisors were very productive… as we worked through some options related to future structure of the company, solutions related to stock trading, accounting matters, and operational priorities.
As you know, our mining Claims are current… and we are making plans for the renewal of those claims later this year and will keep you informed.
I’ve talked with a number of shareholders recently and refer them to our Business Updates for details and progress reports. We will continue to share news and updates — as well as initial plans for a Shareholder meeting in 2023 — when we have progress to report. I continue to prioritize the decisions and actions I’ve detailed in previous Business Updates… all pending receipt of funding. Once we can report success on that front, I’ll review action plans related to operations — at the mine site and on the business ops side — and outline timelines and benchmarks in a Business Update.
Until then: Keep the faith, think GOLD, and stay tuned for more El Capitan news.
Your El Capitan,
Forward-Looking Safe Harbor Statement:
The statements included in this business update concerning predictions of economic performance and management’s plans and objectives constitute forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements are statements that are not historical facts. Words such as “expect(s),” “feel(s),” “believe(s),” “will,” “may,” “anticipate(s)” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding the expected completion, timing and results of metallurgical testing, interpretation of drill results, the geology, grade and continuity of mineral deposits, results of initial feasibility, pre-feasibility and feasibility studies and expectations with respect to the engaging in strategic transactions. All of such statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Specifically, there can be no assurance regarding the timing and terms of any transaction involving the Company or its El Capitan property, or that such a transaction will be completed at all. In addition, there can be no assurance that periodic updates to the Company’s geological technical reports will support the Company’s prior claims regarding the metallurgical value and make-up of the ore on the New Mexico property. Additional risks and uncertainties affecting the Company include, but are not limited to, the possibility that future exploration, development, testing or mining results will not be consistent with past results and/or the Company’s expectations; discrepancies between different types of testing methods, some or all of which may not be industry standard; the ability to mine precious and other minerals on a cost effective basis; the Company’s ability to successfully complete contracts for the sale of its products; fluctuations in world market prices for the Company’s products; the Company’s ability to obtain and maintain regulatory approvals; the Company’s ability to obtain financing for continued operations and/or the commencement of mining activities on satisfactory terms; the Company’s ability to enter into and meet all the conditions to consummate contracts to sell its mining properties that it chooses to list for sale; and other risks and uncertainties described in the Company’s filings from time to time with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.