Business Updates — 2023

from ECPN Board Chairman Doug Sanders

February 8, 2023

I know that it’s already February and that I haven’t yet taken the opportunity to wish you all a Happy New Year — and I am anticipating that 2023 will be that… and more.

I receive many calls and emails from shareholders who are asking for “news” and updates. And, as I’ve always said and still maintain, I will not discuss or go into detail as to plans and schedules.

Having said that, I think it’s appropriate to relieve shareholders’ concerns and confirm that I actually do have a plan for the future of El Capitan.

As I’ve said in past Business Updates, getting our funding will trigger several actions that will move us forward. I thought I’d lay out, at least in a general way, a bullet-point list of my action items. It’s unlikely that they will occur in this exact order, and many will occur simultaneously. Some of these action items will be performed by our joint venture partner while others, obviously, will be performed by El Capitan Precious Metals, Inc.

Here is a recap of our highest priorities once funding is secured:

  • order mining equipment
  • order Precious Metals recovery equipment
  • locate a Precious Metals recovery site
  • obtain D&O insurance
  • appoint a Board of Directors
  • get our stock trading again
  • renew relationships with parties that will be involved in operations at our mine
  • establish new relationships with parties necessary to operate our company
  • update the 43-101 Report
  • wade through and start cleaning up our Accounts Payable
  • repay contributors who helped us keep the doors open
  • set a date for a 2023 Shareholder Meeting
  • update the El Capitan website

Rest assured that I am up to the tasks at hand and as anxious as all of you are to see El Capitan get into production. So much has been accomplished, behind the scenes, and I am anxious to share details at the appropriate time — and pull the trigger on decisions that will get us moving.

I will continue to report news and accomplishments over the weeks and months ahead. Until then: I’m committed to making 2023 the year that will be the tipping point in the life of El Capitan and a year we will all remember.

Your El Capitan,


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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.