El Capitan Precious Metals : February 2024 Business Update

from ECPN Board Chairman Doug Sanders

Feb. 20, 2024

"We haven't come this far… only to get this far."

ECPN Board Chairman Doug Sanders

Let's start with… Happy New Year! I expect that 2024 will be a year that we will all look back on and say… FINALLY!
In recent days I have found myself responding to several shareholder emails and have checked in with a few of the forty-one shareholder "contributors" - I call them our "41-ERS" - who have helped to keep us alive this past year and a half.

And while I'm not yet in a position to share too many more details - or the "good news" I anticipate - I do want to take this opportunity to get out a Business Update to our entire database and a post to the ECPN website before the month of February comes and goes.

Here's what I can share…

Multiple funding initiatives are working in parallel with all the other clean-up and maintenance issues that we have dealt with. I will announce details on progress and accomplishments as they occur. As I've stated before, the multiple funding sources and programs we are working with require anonymity. All the funding efforts are under the umbrella of our joint venture (a private company) and are not required to report to shareholders. When funds are realized and monies are deposited into ECPN accounts, we'll announce that news - with all the fanfare that you might expect.

At that point I will share details related to use of funds related to ECPN… and that's likely to include the start of work with the SEC to get our stock trading again, the repayment of contributions from shareholders, finalizing our agreement with the mine operator, plans for a 2024 Annual Shareholder Meeting, timelines for ordering precious metals recovery equipment and becoming operational, and much more.

Related to "what's happening at the mine"… there's very little to report at this time. That said, I am in close touch with the interim mine operations teams and we are in a position to move quickly on several fronts once we have the money to responsibly begin work.

Once again, I want to convey my thanks to the shareholders who have stepped up to fund the costs of critical operational expenses. I continue to be grateful that they check in regularly and continue to offer additional financial assistance if needed.

If I've learned one thing in this long (and often frustrating) process it's this: The financial world has a pace of its own and takes several long holiday hiatuses. That sector is just returning to work. I remain very optimistic and look forward to making the announcement we've all been waiting for.

One of our highest priorities - as we await news of funding - is the renewal of our Air Quality Permit, for which I have secured funding from a supportive shareholder.

I continue to "keep the faith" and am in touch - daily - with our financial partners. I keep thinking the next call or text or email will trigger the announcement we're waiting on. I realize the frustration everyone is feeling. Trust me - I'm feeling it, too. But my optimism continues and I am anxious and excited to share ECPN news when it happens.

As I'm advised by all the funding program teams: Patience. It's hard, for sure. But I continue the fight the good fight on behalf of all shareholders, large and small.

And I continue to be grateful for your trust and confidence.

Your El Capitan,
Doug

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