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FIRST LIBERTY POWER RESTRUCTURING OPERATION UPDATE
March 29, 2019

The Management Team of First Liberty Power Corporation (FLPC) views 2019 as a key year for this Company. However, in order to focus on FLPC’s present and look toward the future, the management team has spent the last three years dealing with the past.

In 2013 through early 2015, FLPC maintained a capital and equity partnership on the Fencemaker Antimony Mine with Stockpile Reserves LLC (SRL). Unfortunately, due to a number of SRL management actions and operational issues, FLPC deemed it necessary to take control of the Fencemaker Project and implement comprehensive restructuring measures.

The Company began by negotiating a buyout of SRL through a strategic employment of common shares. It was at that point that FLPC Management became aware of and involved with a number of challenging environmental issues at Fencemaker and related properties that were neither being addressed nor resolved at the time of the buyout.

Being an environmentally-responsible organization, FLPC Management made the resolution of these issues a top priority which became a complex and costly process in the Company’s restructuring. The additional challenge was that if solutions could not be achieved, Company officials faced the fact that their only viable option would be to surrender their reclamation bonds and cease Fencemaker operations.

In addition to failing to tackle problematic environmental issues, SRL management did not deliver on their commitment to process and sell a higher concentrate of the Stibnite ore, which they had excavated from the Fencemaker Mine. When that became clearly apparent, FLPC Management made the decision to temporarily shutdown the mining project in order to search for a tolling mill company to step in and provide such services.

In 2014, an LOI was signed between FLPC and Liberty Mill at a significant cost to project funders. Ultimately, that milling operation did not materialize due to a number of factors, including an underestimation of the performance rates of Liberty Mill’s primary gravity concentrator on the type of ore produced from the Fencemaker site.

FLPC Management has since contracted with a new mill operator in reasonable proximity to the Fencemaker Mine who has agreed to store the previously mined antimony ore. Further, discussions with this operator are currently underway regarding a start-up of the milling process. This action would provide quantifiable data on the quantity of raw ore needed to produce higher concentration levels and allow for a timeline of possible milling and sales.

In February of this year, FLPC CEO, Don Nicholson, met with BLM/NDEP agencies to provide a complete update on the resolution of the environmental issues, the status of the Fencemaker Mine and the storage of the already-mined ore. These discussions also included the steps, procedures and time-line to potentially re-open the mine.

It is significant to note that the funding dollars for all these actions, environmental, agency’s requirements and business operations have been provided by the FLPC management team. This has allowed the mining venture to steadily manage and make progress on all environmental and legal issues.

As of Monday March 25, 2019, First Liberty Power Corp (FLPC) was removed from the “Gray Markets” and all trading of the stock ceased. This action was a result of a settlement agreement between the SEC Division of Enforcement and FLPC, as facilitated by the Company’s legal team from Greenberg Traurig, LLC. FLPC Management is now focused on re-establishing the Company’s market presence as quickly as possible under advisement and guidance of aforementioned counsel.

To that goal, FLPC is currently working on completing its accounting requirements through to April 2019, followed by the filing of a Form 10. That form will include audited financial statements for the fiscal years ending July 31, 2017 and 2018, together with quarterly review filings for October 2018, January 2019 and April 2019. The Company will then begin the comment period required by the SEC, as well as file the next 2019 audited 10-K, due July 31, 2019. With that filing, the Company should be fully compliant on all required financial filings.

Post acceptance of the Form 10, the Company will begin the process of obtaining a “Market Maker” and submitting a “Form 211”. Upon receiving final approval of these actions and all other requirements, First Liberty Power Corporation common shares will again be available for public trading.

The FLPC Management Team continues to shoulder the financial support of this mining venture, with a focused goal of fully restoring the company to a stable structure and moving forward to more conventional financing channels.

As progress continues, First Liberty Power updates will be made public on the Company website.