March 2022 Business Updates

From ECPN Board Chairman Doug Sanders

March 28, 2022

After many months of due diligence and meetings, we have executed a Letter of Intent (LOI) with a
company that is well-regarded in the industry and with whom El Capitan has had a long association. Our intent is to enter into a joint venture agreement by which we would, initially, crush, process, recover — and sell — El Capitan PMs (Precious Metals). We are in the process of securing funds that would cover the equipment investment. When I am at liberty to share more details, you’ll be among the first to know and I anticipate that we will announce the JV agreement and plans within the next few weeks.

I’m also pleased to report news on two other fronts:

1 – We have completed an update to our 2014 43-101 Report and it will be posted to the El
Capitan website this week. The updated Report can also be accessed via this link:

2 – All land claims have been filed with the Bureau of Land Management (BLM) and Lincoln

I’d be remiss if I didn’t extend a “thank you” to the shareholders whose contributions made these two accomplishments possible. You know who you are… and I am forever grateful. Not only have you helped me lead the company toward profitability, but your generosity benefits all ECPN shareholders.  And, as I mentioned in the Business Update earlier this month, addressing our filing status with the SEC is a high priority. We have a plan in place to support that work as soon as we have the dollars to fund it.

Stay tuned for more good news as we continue to focus on production, getting into business, and monetizing our resource.




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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.