El Capitan Precious Metals : October 2023 Business Update

from ECPN Board Chairman Doug Sanders

Oct. 6, 2023

I'm sure you've all heard the adage 'no news is good news.' Well, I think it applies here… and (like you) we patiently await news. That said, we didn't want our gap in communications - as we await formal notifications on funding - to be misinterpreted. It is still our intention to present a major announcement within the next few weeks.

In the interim, lest you think we're in a holding pattern or easing up on tasks at hand, I'm pleased to report that we have not been idle and that we continue to press forward on several fronts. Here are a few updates:

• In August, we renewed all 112 of the El Capitan land claims in New Mexico, securing approximately 2,200 acres.
• We have commissioned our consultant and metallurgist Clyde Smith to update our 43-101 Report.
• We have identified and contracted with financial and legal resources, experienced in SEC work, who can hit the ground running related to getting our ECPN stock trading again. When I talk with shareholders, that's their number one question: "When will our stock be trading again?" I get many calls and emails about the current status of the Company… and I answer them all. Please know that the Business Updates we post and send regularly share the all the information that I'm allowed to share - and keeps us in compliance with requirements for uniform disclosure.
• We have a Mine Operator commitment and will move forward with a formal agreement as soon as we know we know funding is in place and the mining and recovery equipment is on order.
• We have connected nearly a dozen ECPN Shareholders to the Customer Service team at our new Stock Transfer company.
• We are looking ahead to 2024 and long-lead planning for an Annual Shareholder Meeting.

When I took over leadership and operations of the Company, it was on life support. It was at death's door - with expired land permits, an Air Quality Permit that had been cancelled, delinquent taxes, an outdated 43-101 Report, legal bills, and tons of debt to those who had been strung along with promises and proposed plans. It's been a long road and, as my personal financial investment in the future of El Capitan should attest, I have committed to finding a path out of the mess we were in and creating a future - a productive and profitable one - for El Capitan and its shareholders.

The challenge we've always faced was securing the capital we needed to "get into business." It's no easy task, even with the rich ore of the El Capitan mine. It's no easy task, as decades of efforts by several Boards has proven, but one which I have been hell-bent on mastering. By all indications, we have made massive progress and there is light at the end of the long, dark tunnel that has been the El Capitan Story for decades.

There is still work to be done… and we will not rest until we find ourselves at the point where we've reached that proverbial 'end of the rainbow' - and the 'pot of gold' that we've long known we would find there.

The only path there is through hard work, unwavering commitment to finding ways to navigate obstacles, bringing together a team of experts and advisors who know mining and business and markets… and keeping the faith. We continue to do that, every day.

Your El Capitan,
Doug

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