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Update to Shareholders

Fellow Shareholders,

Because we have had nothing definitively positive to report and/or because we have been in active negotiations and held to confidentiality agreements, we have been unable to keep you in the know. Ever since we lost our joint venture partner in July, 2017 due to lack of funds, we have been surviving month to month thanks to two shareholders and my credit card. A few months ago, a mining broker who I have known for six years reintroduced me to her client, who has expressed renewed interest in buying our assets. Recently, we came to an agreement to sell NMC’s assets which was approved unanimously by our Board of Directors subject to shareholder approval. We have been awaiting funds to transfer into our account for several months; however, the funds have yet to be received. We remain hopeful and communication with the buyer is still active. As part of this transaction, I have agreed to work with the buyer once the deal is complete.

Perhaps a review is in order since our shareholder meeting on March 31, 2007:

In the Spring of 2008, a purchase agreement was negotiated with a Dallas oil man and Director’s approval. The anticipated financing provided by the Bank of Wachovia based on the buyer’s collateral. However, before we could close, the bank went out of business. A year or so later, Wells Fargo bought Wachovia’s assets; however, because of the Recession, the collateral could no longer be valued so the deal died. Some years later, we negotiated another potential buyout with a Chinese conglomerate and received a purchase order; but they backed out of the deal with no explanation. Over the following two years, Director George Brown and I built a relationship with world renowned Australian financier, Alan Bond. The company’s Directors once again gave their approval and a deal was ready to close when Alan had to scheduled minor surgery and died unexpectedly on the operating table. In 2018, we secured another buyout however, the funds, via a court judgement in his favor, never materialized. Currently, I am also having ongoing discussions with a Canadian mining firm to process our tailings at Skull Valley as they have a processing plant two hours from us.

Needless-to- say, over the years, we have come very close to securing a deal. In all cases, we could not publicly discuss due to confidentially agreements.

Last August the company ran out of funds and since then, I have been paying all the bills personally ($23,782). We are seeking immediate help from those shareholders who would be willing to buy discounted shares at one half cent (.005) per share to raise enough funds so we don’t lose our mineral leases and insurance, and to finance NMC until I can close a sale or Joint Venture. The following are the annual cost that need to be covered immediately:

  • Liability Insurance for The State of Arizona Land Dept, 377 acre lease; $26,325 – Due May 4th
  • Royalty & Rental Fees – The State of Arizona, 377 acre lease; $2,784 – Due May 4th
  • Directors & Officers Insurance – The State of Arizona: $22,629 – Policy cancels May 3rd
  • Monthly on-going expenses $3500
  • Annual Listing & Business License – The State of Nevada; $3,929 – Due April 24th

Please know that our law firm & CPA firm have agreed to NOT bill NMC until we have the ability to pay. In addition, even though I am NMC’s largest creditor, I have received no pay since 2017. Several years ago, I agreed with our directors, to give up 55% of my accruing salary for shares going all the way back to my start date to keep us afloat until we could close a deal.

Please email or call me should you have the ability and desire to keep us viable until we can secure a sale and/or joint venture.

My trust is in the Lord that he will get us through this time of trial.
In your service,
Michael Sheppard

michaelsheppard@comcast.net
(615) 400-1099

 

Disclaimer: An investment in securities involves a high degree of risk.  These factor are not identified herein but suffice it to say they are substantial as there is no current public market for NMC shares, nor is it expected that such a market is likely to develop unless we sell or joint venture with a publicly held company.

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