Micro-cap MINERALRITETM CORPORATION [Symbol: RITE] Announces $519,000 in Earnings as part of its YTD Recap

Rhea-AI Summary

MINERALRITE (RITE), a micro-cap stock trading on OTC Pink Sheets, reported $519,000 in earnings for the first six months of 2024. This translates to approximately $0.0001 per share. The company has been actively cleaning up historical issues, engaging industry experts, and preparing for future growth. Key accomplishments include:

1. Cancelling millions of outstanding shares
2. Minimizing future share issuances
3. Cancelling over $750,000 worth of convertible obligations
4. Reducing scheduled dilution by 1.2 billion shares

RITE is focusing on three sectors: Mineral Management, Mining, Milling & Processing, and Acquisition, Recycling, Management & Liquidation. The company aims to raise capital for completing acquisitions in its pipeline.

Positive

• Reported $519,000 in earnings for the first half of 2024
• Cancelled millions of outstanding shares to reduce dilution
• Cancelled over $750,000 worth of convertible obligations
• Reduced scheduled dilution by 1.2 billion shares
• Focusing on sustainable stewardship of natural resources

Negative

• Earnings per share are very low at approximately $0.0001
• Still needs to raise capital for planned acquisitions
• One remaining holder of historical convertible obligations not yet resolved

DALLAS, TX / ACCESSWIRE / July 31, 2024 / MINERALRITE ^TM Corporation (the "Company" or "RITE"), a micro-cap stock trading on the OTC Pink Sheets (OTC PINK:RITE), is pleased to announce that for the first six months of 2024 it has turned a profit of $519,000. Based on outstanding shares, that translates into a bit more than $0.0001 per share; and on a fully diluted basis, that translates into a bit less than $0.0001 per share.

RITE's new CEO, James Burgauer, said "Even though the profit resulted from accounting adjustments from corporate cleanup, it clearly shows that the new management team the Company put in place in the 4 ^th quarter of 2023 is truly focused and motivated on turning RITE around. RITE's business obviously floundered after the Company divested its manufacturing business nearly a decade ago, but that all seems to be behind us now. There is a plan in place - and management is doing a wonderful job executing that plan."

Since Burgauer has taken the helm, MINERALRITE ^TM has been actively cleaning up various pre-existing historical issues; engaging industry experts; contracting industry partners; undertaking background work on various potential acquisition targets; integrating the intellectual property and inventory reacquired from Goldfield; preparing to meet auditing standards; derecognizing certain historical obligations; minimizing scheduled future share issuances; reclaiming millions of shares of stock; and solidifying the Company's foundation to support RITE's future growth.

Elaborating on some of the more important accomplishments:

• RITE, using a recent appeals court ruling, has cancelled millions of outstanding shares and is working to cancel more - all of which were previously issued to some industry "bad actors." RITE is also diligently working to minimize scheduled future share issuances when and where appropriate. Clearly, reclaiming shares and reducing future dilution means there will be more value inuring to each outstanding share, thereby boosting future EPS.

• RITE, using the statute of limitations on time-barred obligations, has cancelled over three-quarters of a million dollars' worth of convertible obligations which have been overhanging it for years, paving the way for a triple win. Win number one is that RITE is no longer responsible, nor can it be forced to pay over $750,000 plus interest and penalties. Win number two is that RITE can no longer be forced to convert those now non-existent obligations into several billion[1] more common shares. Win number three is that RITE no longer needs to audit any of those now non-existent obligations, substantially improving the Company's ease to meet auditing standards.

• RITE, through carefully orchestrated negotiations, has reached agreements with all but one holder of the Company's remaining, historical, outstanding, NON-time-barred, convertible obligations; and in so doing, has reduced scheduled dilution by 1.2 billion shares. With regards to that one remaining holder, RITE's legal counsel is diligently working to resolve that matter as well.

"I believe that what RITE's management team has been able to accomplish in the last six months is pretty astounding" said Burgauer. "They have done a lot of heavy lifting and RITE now has a solid foundation on which to build its future business."

MINERALRITE ^TM Corporation can trace its roots back to 1996, even though the Company only started trading publicly in 1999. During its first decade, various management teams focused the Company on various industries. But, by late 2005, the Company began to focus on the development of in-ground assets - oil, gas and minerals and related businesses.

MINERALRITE ^TM continues that focus today with an added ecological twist. RITE's philosophy is one of sustainable stewardship of natural resources - achieved by balancing financial and industrial aspirations with their social and ecological impact. With the mantra of "abundance through efficiency," RITE conscientiously endeavors to deploy emerging 21 ^st Century technologies to remediation and recycling projects, earning profits for shareholders through socially conscious and environmentally friendly means.

When asked to comment on this philosophy, Burgauer responded "Why dig a new hole in the ground and destroy the environment when there are already billions of tons of mine tailings sitting above ground, chock full of valuable minerals that have not yet been fully processed. I personally own a pile of material that was mined for manganese during World War II that is full of precious metals. At the time the pile was mined, the country was focused on hardened steel to build battleships; gold was under $35 per oz, and there were no uses for platinum, palladium, rhodium and iridium because the transistor had not even been invented. There are thousands of such piles strewn all over the Western United States - and we don't have to spend any time, effort or resources digging holes in the ground and moving dirt because the piles are already sitting there waiting to be processed. Of course, we have the benefit of today's technologies to do that processing which our forefathers lacked at the time."

MINERALRITE ^TM operations are gearing up to target opportunities in three distinct industry sectors.

RITE's Mineral Management operations are focused on the creation and growth of a Mineral Portfolio consisting of unexploited, underdeveloped or undervalued mineral assets - through mergers, direct acquisitions, processing agreements, classic joint venture models, or royalty agreements.

RITE's Mining, Milling & Processing operations then focus on the build-out and scale-up of mineral processing facilities to target the high value commodity metals found in RITE's Mineral Portfolio . RITE and its internationally known joint venture partners then use emerging 21st Century technologies to achieve efficient, sustainable processing, tailored to each specific project.

RITE's Acquisition, Recycling, Management & Liquidation operations are focused on the acquisition, management and sale of both previously refined hallmarked bullion products[2], as well as newly mined, roughly refined precious metals, often referred to as doré, that are generated from RITE's Mineral Portfolio or acquired from other sources. As a principal in the metal supply Chain of Custody, RITE manages the inspection, acquisition, logistics, security, refining, disposition and liquidation of the physical commodity - in strict compliance with all applicable regulatory regimens.

"Now that the corporate clean-up is essentially complete, management will be turning its attention towards raising the capital the Company needs to complete the acquisitions that RITE already has in its pipeline" said Burgauer. "Our joint venture operators are on-board and ready to go" said Burgauer, "and the Company is back on the RITE path."

With reported earnings for the first six months of 2024 in the $0.0001 range, and with the stock trading around $0.0005 for most of the month of July (that is, roughly 5 times trailing EPS), RITE might just be worth putting on your radar.

Safe Harbor Disclosure

Forward Looking Statements Certain information set forth in this presentation contains "forward-looking information", including "future-oriented financial information" and "financial outlook", under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) completion of, and the use of proceeds from, the sale of the shares being offered hereunder; (iii) the expected development of the Company's business, projects, and joint ventures; (iv) execution of the Company's vision and growth strategy, including with respect to future M&A activity and global growth; (v) sources and availability of third-party financing for the Company's projects; (vi) completion of the Company's projects that are currently underway, in development or otherwise under consideration; (vi) renewal of the Company's current customer, supplier and other material agreements; and (vii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management's beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment.

These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements.

Although forward-looking statements contained in this presentation are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

No Offer or Solicitation. This communication shall not constitute an off to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No public offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

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[1] The calculations required to ascertain the exact number of shares would require making multiple assumptions as to price, timing, and conversion values relating to forty-eight different obligations; resulting in a calculation that would be equally as inexact as the "several billion" phrase used herein.

[2] Previously refined hallmarked bullion products may include, but are not limited to, "Grandfathered Stocks" as defined by the OECD - Organization for Economic Co-operation and Development or "Deep Storage Product" as defined by the LBMA - London Bullion Market Association.

Investor Relations

investor-relations@mineral-rite.com

SOURCE: MineralRite Corporation

View the original press release on accesswire.com

FAQ

What were MINERALRITE 's (RITE) earnings for the first half of 2024?

MINERALRITE (RITE) reported earnings of $519,000 for the first six months of 2024, translating to approximately $0.0001 per share.

How has MINERALRITE (RITE) reduced potential share dilution?

MINERALRITE (RITE) has cancelled millions of outstanding shares, minimized future share issuances, and reduced scheduled dilution by 1.2 billion shares through agreements with holders of convertible obligations.

What are the main business sectors MINERALRITE (RITE) is focusing on?

MINERALRITE (RITE) is focusing on three main sectors: Mineral Management, Mining, Milling & Processing, and Acquisition, Recycling, Management & Liquidation of precious metals and minerals.

What is MINERALRITE's (RITE) approach to mining and mineral processing?

MINERALRITE (RITE) focuses on sustainable stewardship of natural resources, targeting existing mine tailings and using 21st Century technologies for efficient, environmentally friendly processing of minerals.