Nov. 4 – Weekly Update

Negotiations continue this week, and that has been a trigger for me to revisit our priorities. It's taking lots of time, talent, and dollars to keep us moving toward our goal of getting the El Capitan property to the point of producing revenue. And I continue to be grateful to those shareholders who have made financial contributions to help cover the cost of expenses for a few bare essentials.

As negotiations move us toward proposals, LOIs and Purchase Orders, it's time to deal with another essential priority: protecting, updating, and renewing our claims. Over the years we have owned more than 100 claims on the 2,000 acres at the El Capitan mine site. Those claims ensure and secure the value of our asset.

That annual cost of maintaining each claim is approximately $250. I am putting forth today an invitation to shareholders to participate in a claim-funding program. If you are in a financial position to help, I - and your fellow stockholders -would greatly appreciate your consideration of this opportunity. I realize that not all of you who read these Weekly Updates are in a position to help. That said, I know from talking with many of you that you share my concerns for the future of the company and have long believed, as I have, that there is a "play" for the financial future of our El Capitan investment… and for the first time in many years we are actively and aggressively pursuing any and all options. If that were not the case, I would not be making this appeal…

Here's what I'm proposing: If you are in position to assist with a contribution toward the costs of these claims - whether it's one or 10… or even just a portion of one -we are asking for your help. I have a few verbal commitments from stockholders I've talked with, and this seems like a viable path to addressing this important upcoming expense and clearing the decks so that the first wave of revenue from mining operations or sales can go toward getting our SEC filings current. Those conversations have given me confidence that this is an option worth pursuing and the total we'll need - approximately $25,000 - could accumulate quickly. As the saying goes, 'many hands make light work.'

And let me be very clear: these funds would be used ONLY for renewing and securing our claims. Not a dime will go toward management compensation or reimbursement of the approximately $45,000 I have personally put in, to date, to cover essential expenses and operating costs. I haven't mentioned my personal contributions in previous communications, but I think I need to now… so that all shareholders know that I have, personally, put some "money where my mouth is" and that I, too, am among the contributors who have kept El Capitan alive. In addition, the number of hours and overall time I have spent -assessing strategies, reviewing proposals and opportunities, vetting potential partners, and building relationships and trust - has been significant. I'm not complaining - remember, I volunteered for this job!

In the process it has become painfully obvious to me why our investment in El Capitan has languished for so very long. Just understanding what it will take to make El Capitan profitable has been a massive undertaking and if the leadership team - a Board of Directors - was not willing to put in the time, do the work, learn what they don't know, and make a concerted effort to put an executable plan together… nothing would happen. 'Been there, done that,' as they say… and I am committed to taking a different path. I will do everything I can, put in whatever time it takes, turn over every rock, and exhaust every possible option. Hopefully this new path of diligent hard work will be one that gets us "into the black," but there are no guarantees.

All contributions will be recorded and documented as we collect funds to cover our claims. And while I cannot promise - there are no guarantees here, either - that these funds will be repaid, I will commit to this: If, together, we can make El Capitan a profitable enterprise then all contributors will be repaid 100 percent of their contribution as well as a 50% premium. This cannot and will not happen until we are seeing positive cash flow and have a responsible plan for covering and/or negotiating the debt that the company has been saddled with over the past decade.

As always, I thank you for your support and confidence and trust as I continue to work for all shareholders to make 2022 a year in which we can change the course of El Capitan. Please contact me personally at AskECPN@gmail.com … if you'd like to help.

Until next week...

Doug