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<P STYLE="margin-top: 0; margin-bottom: 0; text-align: right"><B>As filed with the Securities and Exchange Commission on November
4, 2016</B></P>

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    <TD STYLE="width: 30%; text-align: right; font-size: 10pt; text-decoration: none"><B>Registration No. 333-_______</B></TD></TR>
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<P STYLE="margin: 0; font-size: 10pt; text-decoration: none">&nbsp;</P>

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<P STYLE="text-align: center; margin: 0; font-size: 11pt; text-decoration: none"><B>UNITED STATES</B></P>

<P STYLE="text-align: center; margin: 0; font-size: 11pt; text-decoration: none"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="text-align: center; margin: 0; font-size: 11pt; text-decoration: none"><B>Washington, D.C. 20549</B></P>

<P STYLE="text-align: center; margin: 0; font-size: 12pt; text-decoration: none"><B>&nbsp;</B></P>

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<P STYLE="text-align: center; margin: 0; font-size: 12pt; text-decoration: none"><B>&nbsp;</B></P>

<P STYLE="text-align: center; margin: 0; font-size: 12pt; text-decoration: none"><B>FORM S-8</B></P>

<P STYLE="text-align: center; margin: 0; font-size: 12pt; text-decoration: none"><B>REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</B></P>

<P STYLE="text-align: center; margin: 0; font-size: 12pt; text-decoration: none"><B>&nbsp;</B></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="text-align: center; margin: 0; font-size: 12pt; text-decoration: none"><B>&nbsp;</B></P>

<P STYLE="text-align: center; margin: 0; font-size: 12pt; text-decoration: none"><B>EL CAPITAN PRECIOUS METALS, INC.</B></P>

<P STYLE="text-align: center; margin: 0; font-size: 10pt; text-decoration: none">(Exact name of registrant as specified in its
charter)&nbsp;</P>

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<P STYLE="text-align: center; margin: 0; font-size: 10pt; text-decoration: none"></P>

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    <TD STYLE="width: 33%; text-align: center; vertical-align: bottom"><B>Nevada</B></TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: center; vertical-align: bottom"><B>88-0482413</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0">(State or jurisdiction</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">of incorporation or organization)</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0">(I.R.S. Employer</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Identification Number)</P></TD></TR>
</TABLE>

<P STYLE="text-align: center; margin: 0; font-size: 10pt; text-decoration: none">&nbsp;</P>

<P STYLE="text-align: center; margin: 0; font-size: 10pt; text-decoration: none"><B>5871 Honeysuckle Road</B></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>Prescott, AZ 86305-3764</B></P>

<P STYLE="text-align: center; margin: 0; font-size: 10pt; text-decoration: none"><B>(928) 515-1942</B></P>

<P STYLE="text-align: center; margin: 0; font-size: 10pt; text-decoration: none">(Address of principal executive offices)</P>

<P STYLE="text-align: center; margin: 0; font-size: 10pt; text-decoration: none">&nbsp;</P>

<P STYLE="text-align: center; margin: 0; font-size: 10pt; text-decoration: none"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>El
CapitaN Precious Metals, INC. 2015 EQUITY Incentive PLAN</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-weight: normal">(Full
title of the Plan)</FONT></P>



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<P STYLE="text-align: center; margin: 0; font-size: 10pt; text-decoration: none"></P>

<P STYLE="text-align: center; margin: 0; font-size: 10pt; text-decoration: none"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="text-align: center; margin: 0; font-size: 10pt; text-decoration: none">&nbsp;</P>

<P STYLE="text-align: center; margin: 0; font-size: 10pt; text-decoration: none"><FONT STYLE="vertical-align: baseline"><B>InCorp
Services, Inc.</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">3773 Howard Hughes Parkway</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">South Tower Suite 500</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Las Vegas, NV 89169-6014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">(Name and address of
agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>(800) 246-2677</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">(Telephone number, including
area code, of agent for service)</P>

<P STYLE="text-align: center; margin: 0; font-size: 10pt; text-decoration: none">&nbsp;</P>

<P STYLE="text-align: center; margin: 0; font-size: 10pt; text-decoration: none"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal"><I>Copies
to:</I></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">William M. Mower, Esq.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Maslon LLP</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">3300 Wells Fargo Center, 90 South 7th
Street</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Minneapolis, Minnesota 55402</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Telephone: (612) 672-8200</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>Facsimile: (612) 672-8397</B></P>



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<P STYLE="text-align: center; margin: 0; font-size: 10pt; text-decoration: none">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 0; text-align: justify">Indicate by check
mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company.&nbsp;&nbsp;See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller
reporting company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="margin: 0; font-size: 10pt; text-decoration: none">&nbsp;</P>

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    <TD STYLE="width: 50%; padding-right: 0.8pt; padding-left: 0.5in; font-size: 10pt; text-decoration: none">Large accelerated
    filer &nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 0.8pt; font-size: 10pt; text-decoration: none">Accelerated filer &nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; text-decoration: none">
    <TD STYLE="padding-right: 0.8pt; padding-left: 0.5in; font-size: 10pt; text-decoration: none">Non-accelerated filer&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 10pt; text-decoration: none">Smaller reporting company&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&thorn;</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 10pt; text-decoration: none">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font-size: 10pt; text-decoration: none"><B>CALCULATION OF REGISTRATION
FEE</B></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font-size: 10pt; text-decoration: none"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-decoration: none"></P>

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<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="width: 32%; border: black 1pt solid; font-size: 10pt"><P STYLE="text-align: center; margin: 0; font-size: 10pt"><B>Title
                                         of Securities To be Registered</B></P></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><P STYLE="text-align: center; margin: 0; font-size: 10pt"><B>Proposed
                                         Maximum</B></P>
                                                                                                                                                                 <P STYLE="text-align: center; margin: 0; font-size: 10pt"><B>Amount
                                         To Be</B></P>
        <P STYLE="text-align: center; margin: 0; font-size: 10pt"><B>Registered (1)</B></P></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><P STYLE="text-align: center; margin: 0; font-size: 10pt"><B>Proposed
                                         Maximum</B></P>
        <P STYLE="text-align: center; margin: 0; font-size: 10pt"><B>Offering Price</B></P>
        <P STYLE="text-align: center; margin: 0; font-size: 10pt"><B>Per Share (2)</B></P></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0; font-size: 10pt"><B>Proposed
                                         Maximum</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0; font-size: 10pt"><B>Aggregate</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0; font-size: 10pt"><B>Offering
                                         Price (2)</B></P></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><P STYLE="text-align: center; margin: 0; font-size: 10pt"><B>Amount
                                         of</B></P>
                                                                                                                                                                 <P STYLE="text-align: center; margin: 0; font-size: 10pt"><B>Registration
                                         Fee</B></P></TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><P STYLE="margin: 0; font-size: 10pt"></P><P STYLE="margin-top: 0; margin-bottom: 0; font-size: 10pt">&nbsp;</P>
                                                                                                                                                          <P STYLE="margin-top: 0; margin-bottom: 0; font-size: 10pt">Common
                                         Stock, par value $.001 per share</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center; vertical-align: bottom">25,000,000</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center; vertical-align: bottom">$0.055</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center; vertical-align: bottom">$1,375,000</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center; vertical-align: bottom">$159.36</TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 10pt"></P>
<P STYLE="margin: 0 0 0pt; font-size: 10pt">______________</P>

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    <TD STYLE="width: 4%; font-size: 10pt">(1)</TD>
    <TD STYLE="width: 96%; font-size: 10pt">Pursuant to Rule 416(a), this Registration Statement also covers additional securities
    that may be offered as a result of stock splits, stock dividends, or similar transactions relating to the shares covered by
    this registration statement. In addition, pursuant to Rule 416(c) under the Securities Act of 1933, this registration statement
    also covers an indeterminate amount of interests to be offered or sold pursuant to the employee benefit plan(s) described
    herein.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font-size: 10pt">
    <TD STYLE="font-size: 10pt">(2)</TD>
    <TD STYLE="font-size: 10pt">Estimated solely for the purpose of determining the registration fee pursuant to Rule 457(c) and
    (h) and based upon the average of the high and low sales price of the registrant&rsquo;s common stock on <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    1, 2016, as reported on the OTC Marketplace operated by the OTC Markets Group, Inc.</FONT></TD></TR>
</TABLE>

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<P STYLE="margin: 0; font-size: 10pt; text-decoration: none">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>


<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font-size: 10pt; text-decoration: none"><B>PART I</B></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font-size: 10pt; text-decoration: none">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As permitted by the rules of the U.S. Securities
and Exchange Commission (the &ldquo;Commission&rdquo;), this registration statement omits the information specified in Part I
of Form S-8. The documents containing the information specified in Part I of this registration statement will be sent or given
to eligible employees as specified in Rule 428(b) promulgated under the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;). Such documents are not being filed with the Commission either as part of this registration statement or as prospectuses
or prospectus supplements pursuant to Rule 424 promulgated under the Securities Act</P>



<P STYLE="margin: 0; font-size: 10pt; text-decoration: none">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-decoration: none">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-decoration: none"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION
STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 3. &nbsp;&nbsp;&nbsp;Incorporation
of Documents by Reference.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following documents filed by the registrant
with the Commission are incorporated herein by reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Annual Report on Form 10-K for the fiscal year ended September
                                         30, 2015, filed on January 11, 2016;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Quarterly Reports on Form 10-Q for the quarters ended December
                                         31, 2015 (filed on February 16, 2016), March 31, 2016 (filed on May 16, 2016) and June
                                         30, 2016 (filed on August 15, 2016); and</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Current Reports on Form 8-K filed on October 14, 2015, November
                                         27, 2015, December 10, 2015, December 18, 2015, January 22, 2016, March 21, 2016, April
                                         26, 2016, July 13, 2016, July 21, 2016, August 5, 2016, September 21, 2016, October 4,
                                         2016 and November 2, 2016.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All documents subsequently filed by the registrant
pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, prior to the filing of a post-effective
amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold,
shall be deemed to be incorporated by reference in this registration statement and to be part hereof from the date of filing of
such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any statement contained in a document incorporated
by reference herein shall be deemed to be modified or superseded for purposes hereof to the extent that a statement contained
herein (or in any other subsequently filed document which also is incorporated by reference herein) modifies or supersedes such
statement. Any statement so modified or superseded shall not be deemed to constitute a part hereof except as so modified or superseded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 4. &nbsp;&nbsp;&nbsp;Description of Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Capital Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to our articles of incorporation,
as amended to date, our authorized capital stock consists of 505,000,000 shares, comprised of 500,000,000 shares of common stock,
par value $.001 per share, and 5,000,000 shares of preferred stock, par value $.001 per share. As of October 31, 2016, there were
375,362,638 shares of common stock and 51 shares of preferred stock issued and outstanding. Our common stock is quoted on the
OTCQB Marketplace operated by the OTC Markets Group, Inc., under the trading symbol &ldquo;ECPN.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following description summarizes the material
terms of our capital stock. This summary is, however, subject to the provisions of our articles of incorporation and bylaws. For
greater detail about our capital stock, please refer to our articles of incorporation and bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Common Stock</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Voting.</I>&nbsp;&nbsp;Holders of our common
stock are entitled to one vote for each outstanding share of common stock owned by such stockholder on every matter properly submitted
to the stockholders for their vote. Stockholders are not entitled to vote cumulatively for the election of directors. At any meeting
of the stockholders, a quorum as to any matter shall consist of a majority of the votes entitled to be cast on the matter, except
where a larger quorum is required by law, by our articles of incorporation or by our bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Dividend Rights.</I>&nbsp;&nbsp;Holders
of our common stock are entitled to receive ratably dividends and other distributions of cash or any other right or property as
may be declared by our Board of Directors out of our assets or funds legally available for such dividends or distributions. The
dividend rights of holders of common stock are subject to the dividend rights of the holders of any series of preferred stock
that may be issued and outstanding from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Liquidation Rights.</I>&nbsp;&nbsp;In the
event of any voluntary or involuntary liquidation, dissolution or winding up of our affairs, holders of our common stock would
be entitled to share ratably in our assets that are legally available for distribution to stockholders after payment of liabilities.
If we have any preferred stock outstanding at such time, the holders of such preferred stock may be entitled to distribution and/or
liquidation preferences that require us to pay the applicable distribution to the holders of preferred stock before paying distributions
to the holders of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Conversion, Redemption and Preemptive Rights.</I>&nbsp;&nbsp;Holders
of our common stock have no conversion, redemption, preemptive, subscription or similar rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The transfer agent and registrar for our common
stock is OTR, Inc., 1001 SW 5th Avenue, Suite 1550, Portland, Oregon 97204-1143.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Preferred Stock</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to resolutions adopted by our Board
of Directors, on August 1, 2014, we filed a Certificate of Designation with the Nevada Secretary of State creating a series of
preferred stock by and designating 51 shares of previously undesignated preferred stock as Series B Convertible Preferred Stock
(the &ldquo;Series B Preferred Stock&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Voting Rights. </I>Solely with respect to
matters upon which stockholders are entitled to vote or to which stockholders are entitled to give consent and relate to Company
capitalization (including, without limitation, increasing and/or decreasing the number of authorized shares of common stock and/or
preferred stock, and implementing forward and/or reverse stock splits) and changes in the Company&rsquo;s name, the holders of
the outstanding shares of Series B Preferred Stock vote together with the holders of common stock without regard to class, except
as to those matters on which separate class voting is required by applicable law or the Company&rsquo;s articles of incorporation
or bylaws. The holders of the outstanding shares of Series B Preferred Stock do not otherwise have the right to vote on matters
brought before the Company&rsquo;s stockholders. In matters on which holders of shares of Series B Preferred Stock are entitled
to vote, each share of the Series B Preferred Stock has voting rights equal to (x) (i) 0.019607 multiplied by the total of (A)
the issued and outstanding shares of common stock eligible to vote at the time of the respective vote, plus (B) the number of
votes which all other series or classes of securities other than this Series B Preferred Stock are entitled to cast together with
the holders of the Company&rsquo;s common stock at the time of the relevant vote (the amount determined by this clause (i), the
&ldquo;Numerator&rdquo;), divided by (ii) 0.49, minus (y) the Numerator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the Company affects a stock split which
either increases or decreases the number of shares of common stock outstanding and entitled to vote, the voting rights of the
Series B Preferred Stock are not subject to adjustment unless specifically authorized. So long as any shares of Series B Preferred
Stock are outstanding, the Company may not, without the affirmative vote of the holders of the Series B Preferred Stock, (a) alter
or change adversely the powers, preferences or rights given to the Series B Preferred Stock, (b) alter or amend the certificate
of designation of the Series B Preferred Stock, (c) amend the Company&rsquo;s articles of incorporation, bylaws or other charter
documents so as to affect adversely the rights of the holders of the Series B Preferred Stock, (d) increase the authorized or
designated number of shares of Series B Preferred Stock, (e) issue any additional shares of Series B Preferred Stock, or (f) enter
into any agreement with respect to the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Liquidation</I>. The Series B Preferred
Stock, with respect to rights on liquidation, dissolution and winding-up of the Company, ranks on parity with each other class
or series of capital stock of the Company the terms of which do not expressly provide that such class or series shall rank senior
or junior to the Series B Preferred Stock. Except for distributions in the event of a liquidation, dissolution or winding-up of
the Company (whether voluntary or involuntary), or a merger or consolidation by the Company with another corporation or other
entity (in each case, other than where the Company is the surviving entity) (a &ldquo;Liquidation&rdquo;), holders of Series B
Preferred Stock are not be entitled to receive dividends on the Series B Preferred Stock. In the event of a Liquidation, the holders
of Series B Preferred Stock are be entitled to receive out of the assets of the Company, an amount equal to the $1.00 per share
of Series B Preferred Stock (subject to adjustment), after any distribution or payment with respect to such Liquidation is made
to the holders of any senior securities and prior to any distribution or payment with respect to such Liquidation shall be made
to the holders of any junior securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Conversion</I>. Shares of Series B Preferred
Stock may, at the option of the holder, be converted into one share of common stock (subject to adjustment, the &ldquo;Conversion
Ratio&rdquo;). In the event of any Transfer (as defined in the certificate of designation for the Series B Preferred Stock) of
any share of Series B Preferred Stock, such share will automatically convert into common stock based upon the Conversion Ratio
applicable at the time of such Transfer. If, at any time while any shares of Series B Preferred Stock remain outstanding, the
Company effectuates a stock split or reverse stock split of its common stock or issues a dividend on its common stock consisting
of shares of common stock, the Conversion Ratio and any other amounts calculated as contemplated by the certificate of designation
for the Series B Preferred Stock shall be equitably adjusted to reflect such action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, we have authorized Series A Junior
Participating Preferred Stock, with the rights set forth in Certificate of Designation of Series A Junior Participating Preferred
Stock filed with the Secretary of State of the State of Nevada on August 25, 2011. Series A Junior Participating Preferred Stock
has certain rights in connection with the Preferred Rights Agreement described below under the caption &ldquo;Anti-Takeover Provisions.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Anti-Takeover Provisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Some features of the Nevada Revised Statutes,
which are further described below, may have the effect of deterring third parties from making takeover bids for control of our
company or may be used to hinder or delay a takeover bid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This would decrease the chance that our stockholders
would realize a premium over market price for their shares of common stock as a result of a takeover bid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Acquisition of Controlling Interest</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Nevada Revised Statutes contain provisions
governing acquisition of controlling interest of a Nevada corporation. These provisions provide generally that any person or entity
that acquires a certain percentage of the outstanding voting shares of a Nevada corporation may be denied voting rights with respect
to the acquired shares, unless the holders of a majority of the voting power of the corporation, excluding shares as to which
any of such acquiring person or entity, an officer or a director of the corporation, and an employee of the corporation exercises
voting rights, elect to restore such voting rights in whole or in part. These provisions apply whenever a person or entity acquires
shares that, but for the operation of these provisions, would bring voting power of such person or entity in the election of directors
within any of the following three ranges:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; width: 0.5in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; width: 0.25in"><FONT STYLE="font-size: 10pt">&bull; </FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 10pt">20% or more but less than 33-1/3%; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 10pt">&bull; </FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 10pt">33-1/3% or more but less than or equal
    to 50%; or </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 10pt">&bull; </FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 10pt">more than 50%. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The stockholders or board of directors of a
corporation may elect to exempt the stock of the corporation from these provisions through adoption of a provision to that effect
in the articles of incorporation or bylaws of the corporation. Our articles of incorporation and bylaws do not exempt our common
stock from these provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">These provisions are applicable only to a Nevada
corporation, which:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="width: 0.25in; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 10pt">&bull; </FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 10pt">has 200 or more stockholders of record,
    at least 100 of whom have addresses in Nevada appearing on the stock ledger of the corporation; and </FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 10pt">&bull; </FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 10pt">does business in Nevada directly or through
    an affiliated corporation. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">At this time, we do not believe that these
provisions apply to acquisitions of our shares and will not until such time as these requirements have been met. At such time
as they may apply to us, these provisions may discourage companies or persons interested in acquiring a significant interest in
or control of our company, regardless of whether such acquisition may be in the interest of our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Combination with Interested Stockholder</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Nevada Revised Statutes contain provisions
governing combination of a Nevada corporation that has 200 or more stockholders of record with an interested stockholder. As of
October 31, 2016, we had approximately 1,423 stockholders of record. Therefore, we believe that these provisions governing combination
of a Nevada corporation apply to us and may have the effect of delaying or making it more difficult to effect a change in control
of our company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A corporation affected by these provisions
may not engage in a combination within three years after the interested stockholder acquires his, her or its shares unless the
combination or purchase is approved by the board of directors before the interested stockholder acquired such shares. Generally,
if approval is not obtained, then after the expiration of the three-year period, the business combination may be consummated with
the approval of the board of directors before the person became an interested stockholder or a majority of the voting power held
by disinterested stockholders, or if the consideration to be received per share by disinterested stockholders is at least equal
to the highest of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="width: 0.25in; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 10pt">&bull; </FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 10pt">the highest price per share paid by the
    interested stockholder within the three years immediately preceding the date of the announcement of the combination or within
    three years immediately before, or in, the transaction in which he, she or it became an interested stockholder, whichever
    is higher; </FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 10pt">&bull; </FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 10pt">the market value per share on the date
    of announcement of the combination or the date the person became an interested stockholder, whichever is higher; or </FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 10pt">&bull; </FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 10pt">if higher for the holders of preferred
    stock, the highest liquidation value of the preferred stock, if any. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Generally, these provisions define an interested
stockholder as a person who is the beneficial owner, directly or indirectly of 10% or more of the voting power of the outstanding
voting shares of a corporation. Generally, these provisions define combination to include any merger or consolidation with an
interested stockholder, or any sale, lease, exchange, mortgage, pledge, transfer or other disposition, in one transaction or a
series of transactions with an interested stockholder of assets of the corporation having:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="width: 0.25in; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 10pt">&bull; </FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 10pt">an aggregate market value equal to 5%
    or more of the aggregate market value of the assets of the corporation; </FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 10pt">&bull; </FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 10pt">an aggregate market value equal to 5%
    or more of the aggregate market value of all outstanding shares of the corporation; or </FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 10pt">&bull; </FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 10pt">representing 10% or more of the earning
    power or net income of the corporation. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Articles of Incorporation and Bylaws</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our articles of incorporation, specifically
the Certificate of Designation of Series&nbsp;A Junior Participating Preferred Stock as it related to the Preferred Rights Agreement
described below, contains provisions that would delay, defer or prevent a change in control of our company and that would operate
only with respect to an extraordinary corporate transaction involving our company, such as merger, reorganization, tender offer,
sale or transfer of substantially all of its assets, or liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Preferred Rights Agreement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our Board of Directors has adopted a shareholder
rights plan (commonly referred to as a &ldquo;poison pill&rdquo;), as set forth in the Rights Agreement, dated as of August 25,
2011 with OTR, Inc., as rights agent (the &ldquo;Rights Agreement&rdquo;). Pursuant to the Rights Agreement, our Board of Directors
declared a dividend distribution of one right (the &ldquo;Preferred Rights&rdquo;) for each outstanding share of common stock
to shareholders of record as of the close of business on August 25, 2011 (the &ldquo;Record Date&rdquo;).&nbsp;&nbsp;In addition,
one Preferred Right will automatically attach to each share of common stock issued, if any, between the Record Date and the Distribution
Date (defined below).&nbsp;&nbsp;Each Preferred Right entitles the registered holder thereof to purchase from the Company one-ten
thousandth of a share of Series A Junior Participating Preferred Stock, par value $0.001 per share, of the Company (the &ldquo;Preferred
Stock&rdquo;) at a cash exercise price of $20.00 (the &ldquo;Exercise Price&rdquo;), subject to adjustment, under certain conditions
specified in the Rights Agreement and summarized below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Initially, the Preferred Rights are not exercisable
and are attached to and trade with all shares of common stock outstanding as of, and issued subsequent to, the Record Date.&nbsp;&nbsp;The
Preferred Rights will separate from the common stock and will become exercisable upon the earlier of (i) the close of business
on the tenth day following the first public announcement that a person or group of affiliated or associated persons (an &ldquo;Acquiring
Person&rdquo;) has acquired beneficial ownership of 10% or more of the outstanding shares of common stock, other than as a result
of repurchases of stock by the Company or certain inadvertent actions by a shareholder (the date of said announcement being referred
to as the &ldquo;Stock Acquisition Date&rdquo;), or (ii) the close of business on the tenth business day (or such later day as
the Board of Directors may determine) following the commencement of, or first public announcement of the intent any person or
group to conduct, a tender offer or exchange offer that could result upon its consummation in such person or group becoming the
beneficial owner of 10% or more of the outstanding shares of common stock (the earlier of such dates being herein referred to
as the &ldquo;Distribution Date&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event that a Stock Acquisition Date
occurs, proper provision will be made so that each holder of a Preferred Right (other than an Acquiring Person or its associates
or affiliates, whose Preferred Rights shall become null and void) will thereafter have the right to receive upon exercise that
number of shares common stock of the Company having a market value equal to two times the exercise price of the Preferred Right
(such right being referred to as the &ldquo;Subscription Right&rdquo;).&nbsp;&nbsp;In the event that, at any time following the
Stock Acquisition Date, (i) the Company consolidates with, or merges with and into, any other person, and the Company is not the
continuing or surviving corporation, (ii) any person consolidates with the Company, or merges with and into the Company and the
Company is the continuing or surviving corporation of such merger and, in connection with such merger, all or part of the shares
of common stock are changed into or exchanged for stock or other securities of any other person or cash or any other property,
or (iii) 50% or more of the Company&rsquo;s assets or earning power is sold, mortgaged or otherwise transferred, each holder of
a Preferred Right (other than an Acquiring Person or its associates or affiliates,&nbsp;whose Preferred Rights shall become null
and void) will thereafter have the right to receive, upon exercise, common stock of the acquiring company having a market value
equal to two times the exercise price of the Preferred Right (such right being referred to as the &ldquo;Merger Right&rdquo;).&nbsp;&nbsp;The
holder of a Preferred Right will continue to have the Merger Right whether or not such holder has exercised the Subscription Right.&nbsp;&nbsp;Preferred
Rights that are or were beneficially owned by an Acquiring Person may (under certain circumstances specified in the Rights Agreement)
become null and void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 5. &nbsp;&nbsp;&nbsp;Interests of Named Experts and Counsel.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 6.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification of Directors
and Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Nevada law permits a company to indemnify its
directors and officers, except for any act of dishonesty. The Company has provided in its bylaws for the indemnification of its
officers and directors against expenses reasonably incurred or suffered in connection with the defense of any action, suit or
proceeding in which they are a party by reason of their status as an officer or director, except in cases of his or her own willful
misconduct or gross negligence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company&rsquo;s articles of incorporation
limit or eliminate the personal liability of its officers and directors for damages resulting from breaches of their fiduciary
duty for acts or omissions, except for damages resulting from acts or omissions which involve intentional misconduct, fraud, a
knowing violation of law, or the inappropriate payment of dividends in violation of Nevada Revised Statutes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The above discussion of the registrant&rsquo;s
articles of incorporation, bylaws and Nevada law is not intended to be exhaustive and is respectively qualified in its entirety
by such articles of incorporation, bylaws and applicable Nevada law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To the extent that our directors and officers
are indemnified under the provisions contained in our bylaws, Nevada law or contractual arrangements against liabilities arising
under the Securities Act, we have been advised that in the opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Securities Act of 1933, as amended, and is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 7.&nbsp;&nbsp;&nbsp; Exemption from Registration Claimed.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Not applicable.</P>



<P STYLE="margin: 0; font-size: 10pt; text-decoration: none">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 0"><B>Item 8. &nbsp;&nbsp;&nbsp;Exhibits</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 8%; border-bottom: black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Exhibit</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Number</B></P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 91%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Incorporation,
    as amended <I>(incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Form S-4 Registration Statement #333-170281
    filed on November 2, 2010)</I>.</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 10pt">
    <TD STYLE="vertical-align: top; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate
    of Amendment to Articles of Incorporation <I>(incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Current Report
    on Form 8-K filed October 1, 2014).</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Amendment
    to Articles of Incorporation <I>(incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Current Report on Form 8-K
    filed October 4, 2016).</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Designation
    of Series A Junior Participating Preferred Stock <I>(incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Current
    Report on Form 8-K filed August 31, 2011).</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Designation
    of Series B Convertible Preferred Stock <I>(incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Current Report
    on Form 8-K filed August 1, 2014).</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restated Bylaws <I>(incorporated
    by reference to Exhibit 3.2 to the Company&rsquo;s Form S-4 Registration Statement #333-170281 filed on November 2, 2010)</I>.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment No. 1 to Restated
    Bylaws <I>(incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Current Report on Form 8-K filed on July 21, 2016)</I>.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights Agreement dated
    August 25, 2011 between the Company and OTR, Inc. <I>(incorporated by reference to Exhibit 4.2 to the Company&rsquo;s Form
    8-K filed on August 31, 2011)</I>.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Maslon LLP
    as to the legality of the securities being registered <I>(filed herewith)</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of MaloneBailey,
    LLP <I>(filed herewith)</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Maslon LLP
    <I>(included in Exhibit 5.1)</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney <I>(included
    on signature page hereof)</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">El Capitan Precious
    Metals, Inc. 2015 Equity Incentive Plan <I>(incorporated by reference to Exhibit 10.1 to the registrant&rsquo;s Current Report
    on Form 8-K filed on October 14, 2015)</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment No. 1 to El
    Capitan Precious Metals, Inc. 2015 Equity Incentive Plan <I>(incorporated by reference to Exhibit 10.1 to the registrant&rsquo;s
    Current Report on Form 8-K filed on December 18, 2015)</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.3</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment No. 2 to El
    Capitan Precious Metals, Inc. 2015 Equity Incentive Plan <I>(incorporated by reference to Exhibit 10.1 to the registrant&rsquo;s
    Current Report on Form 8-K filed on April 26, 2016)</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment No. 3 to El
    Capitan Precious Metals, Inc. 2015 Equity Incentive Plan <I>(incorporated by reference to Exhibit 10.1 to the registrant&rsquo;s
    Current Report on Form 8-K filed on August 5, 2016)</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.5</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment No. 4 to El
    Capitan Precious Metals, Inc. 2015 Equity Incentive Plan <I>(incorporated by reference to Exhibit 10.1 to the registrant&rsquo;s
    Current Report on Form 8-K filed on November 2, 2016)</I></FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 0"><B>Item 9.&nbsp;&nbsp;&nbsp;Undertakings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant
hereby undertakes:</P>

<P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 0">&nbsp;</P>

<P STYLE="text-indent: 0.55in; margin: 0">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To file, during any period in which offers or sales
are being made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any prospectus required by section 10(a)(3) of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) (&sect;230.424(b) of this chapter) if, in the aggregate, the changes in volume and price represent no more than 20% change
in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective
Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement
or any material change to such information in the Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-indent: 0.55in; margin: 0"><I>Provided, however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do
not apply if the Registration Statement is on Form S-8, and the information required to be included in a post-effective amendment
by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to section 13
or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-indent: 0.55in; margin: 0">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of determining any liability
under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide
offering thereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-indent: 0.55in; margin: 0">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant
hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant's
annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing
of an employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated
by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 0">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed
by the final adjudication of such issue.</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>


<P STYLE="text-align: center; margin: 0"><B>SIGNATURES</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-indent: 0.55in; margin: 0">Pursuant to the requirements of the Securities Act of 1933, the registrant certifies
that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this
registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Scottsdale, State
of Arizona, on the 4th day of November, 2016.</P>

<P STYLE="text-indent: 0.55in; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">EL CAPITAN PRECIOUS METALS, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 49%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD><FONT STYLE="font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Stephen J. Antol</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Stephen J. Antol</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="text-align: center; margin: 0"><B>POWER OF ATTORNEY</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-indent: 0.5in; margin: 0">Each person whose signature to this Registration Statement appears below hereby constitutes
and appoints Stephen J. Antol as his true and lawful attorney-in-fact and agent, with full power of substitution, to sign on his
or her behalf individually and in the capacity stated below and to perform any acts necessary to be done in order to file all
amendments to this Registration Statement and any and all instruments or documents filed as part of or in connection with this
Registration Statement or the amendments thereto and each of the undersigned does hereby ratify and confirm all that said attorney-in-fact
and agent, or his substitutes, shall do or cause to be done by virtue hereof. The undersigned also grants to said attorney-in-fact,
full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers
herein expressly granted. This Power of Attorney shall remain in effect until revoked in writing by the undersigned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-indent: 0.55in; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1933, this Registration
Statement has been signed as of the 4th day of November, 2016, by the following persons in the capacities indicated.</P>

<P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 0">&nbsp;</P>



<P STYLE="text-align: justify; text-indent: 0.5in; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-bottom: black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Name</FONT></TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Title</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ John F. Stapleton</TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">Chief Executive Officer, President (Principal Executive</TD>

    </TR>
<TR STYLE="vertical-align: top">
    <TD>John F. Stapleton</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>Officer), Director and Chairman of the Board</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Stephen J. Antol</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">Chief Financial Officer (Principal Financial and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Stephen J. Antol</TD>
    <TD>&nbsp;</TD>
    <TD>Accounting Officer)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">/s/ Charles C. Mottley</TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">Director and President Emeritus</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>Charles C. Mottley</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Clyde L. Smith</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Clyde L. Smith</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Timothy J. Gay</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Timothy J. Gay</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ <FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; text-transform: none">Daniel
    G. Martinez</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; text-transform: none">Daniel G. Martinez</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="text-align: center; margin: 0"><B>EXHIBIT INDEX&nbsp;</B></P>

<P STYLE="text-align: center; margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>Exhibit No.</B></TD>
    <TD STYLE="width: 3%; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="width: 87%; border-bottom: Black 1pt solid"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">5.1</TD>
    <TD>&nbsp;</TD>
    <TD>Opinion of Maslon LLP as to the legality of the securities being registered <I>(filed herewith)</I></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD STYLE="text-align: center">23.1</TD>
    <TD>&nbsp;</TD>
    <TD>Consent of MaloneBailey, LLP <I>(filed herewith)</I></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">23.2</TD>
    <TD>&nbsp;</TD>
    <TD>Consent of Maslon LLP <I>(included in Exhibit 5.1)</I></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD STYLE="text-align: center">24.1</TD>
    <TD>&nbsp;</TD>
    <TD>Power of Attorney <I>(included on signature page hereof)</I></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 0">&nbsp;</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>





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[{"type": "S-8", "sequence": "1", "filename": "p1104_s8.htm", "description": "FORM S-8 REGISTRATION STATEMENT", "secsgml_size_bytes": 94299}]
{"company-data": {"conformed-name": "EL CAPITAN PRECIOUS METALS INC", "cik": "0001135202", "assigned-sic": "1000", "irs-number": "880482413", "state-of-incorporation": "NV", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-214442", "film-number": "161975022"}, "business-address": {"street1": "8390 VIA DE VENTURA", "street2": "SUITE F-110, #215", "city": "PRESCOTT", "state": "AZ", "zip": "86305", "phone": "928-515-1942"}, "mail-address": {"street1": "8390 VIA DE VENTURA", "street2": "SUITE F-110, #215", "city": "PRESCOTT", "state": "AZ", "zip": "86305"}, "former-company": {"former-conformed-name": "DML SERVICES INC", "date-changed": "20010216"}}
As filed with the Securities and Exchange Commission on November
4, 2016
Registration No. 333-_______
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933
EL CAPITAN PRECIOUS METALS, INC.
(Exact name of registrant as specified in its
charter)
Nevada
88-0482413
(State or jurisdiction
of incorporation or organization)
(I.R.S. Employer
Identification Number)
5871 Honeysuckle Road
Prescott, AZ 86305-3764
(928) 515-1942
(Address of principal executive offices)
El
CapitaN Precious Metals, INC. 2015 EQUITY Incentive PLAN
(Full
title of the Plan)
InCorp
Services, Inc.
3773 Howard Hughes Parkway
South Tower Suite 500
Las Vegas, NV 89169-6014
(Name and address of
agent for service)
(800) 246-2677
(Telephone number, including
area code, of agent for service)
Copies
to:
William M. Mower, Esq.
Maslon LLP
3300 Wells Fargo Center, 90 South 7th
Street
Minneapolis, Minnesota 55402
Telephone: (612) 672-8200
Facsimile: (612) 672-8397
Indicate by check
mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company.  See the definitions of "large accelerated filer," "accelerated filer" and "smaller
reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated
    filer
¨
Accelerated filer
¨
Non-accelerated filer
¨
Smaller reporting company
þ
1
CALCULATION OF REGISTRATION
FEE
Title
                                         of Securities To be Registered
Proposed
                                         Maximum
Amount
                                         To Be
Registered (1)
Proposed
                                         Maximum
Offering Price
Per Share (2)
Proposed
                                         Maximum
Aggregate
Offering
                                         Price (2)
Amount
                                         of
Registration
                                         Fee
Common
                                         Stock, par value $.001 per share
25,000,000
$0.055
$1,375,000
$159.36
______________
(1)
Pursuant to Rule 416(a), this Registration Statement also covers additional securities
    that may be offered as a result of stock splits, stock dividends, or similar transactions relating to the shares covered by
    this registration statement. In addition, pursuant to Rule 416(c) under the Securities Act of 1933, this registration statement
    also covers an indeterminate amount of interests to be offered or sold pursuant to the employee benefit plan(s) described
    herein.
(2)
Estimated solely for the purpose of determining the registration fee pursuant to Rule 457(c) and
    (h) and based upon the average of the high and low sales price of the registrant's common stock on
November
    1, 2016, as reported on the OTC Marketplace operated by the OTC Markets Group, Inc.
2
PART I
INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS
As permitted by the rules of the U.S. Securities
and Exchange Commission (the "Commission"), this registration statement omits the information specified in Part I
of Form S-8. The documents containing the information specified in Part I of this registration statement will be sent or given
to eligible employees as specified in Rule 428(b) promulgated under the Securities Act of 1933, as amended (the "Securities
Act"). Such documents are not being filed with the Commission either as part of this registration statement or as prospectuses
or prospectus supplements pursuant to Rule 424 promulgated under the Securities Act
PART II
INFORMATION REQUIRED IN THE REGISTRATION
STATEMENT
Item 3.    Incorporation
of Documents by Reference.
The following documents filed by the registrant
with the Commission are incorporated herein by reference:
(a)
Annual Report on Form 10-K for the fiscal year ended September
                                         30, 2015, filed on January 11, 2016;
(b)
Quarterly Reports on Form 10-Q for the quarters ended December
                                         31, 2015 (filed on February 16, 2016), March 31, 2016 (filed on May 16, 2016) and June
                                         30, 2016 (filed on August 15, 2016); and
(c)
Current Reports on Form 8-K filed on October 14, 2015, November
                                         27, 2015, December 10, 2015, December 18, 2015, January 22, 2016, March 21, 2016, April
                                         26, 2016, July 13, 2016, July 21, 2016, August 5, 2016, September 21, 2016, October 4,
                                         2016 and November 2, 2016.
All documents subsequently filed by the registrant
pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, prior to the filing of a post-effective
amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold,
shall be deemed to be incorporated by reference in this registration statement and to be part hereof from the date of filing of
such documents.
Any statement contained in a document incorporated
by reference herein shall be deemed to be modified or superseded for purposes hereof to the extent that a statement contained
herein (or in any other subsequently filed document which also is incorporated by reference herein) modifies or supersedes such
statement. Any statement so modified or superseded shall not be deemed to constitute a part hereof except as so modified or superseded.
Item 4.    Description of Securities.
Capital Stock
Pursuant to our articles of incorporation,
as amended to date, our authorized capital stock consists of 505,000,000 shares, comprised of 500,000,000 shares of common stock,
par value $.001 per share, and 5,000,000 shares of preferred stock, par value $.001 per share. As of October 31, 2016, there were
375,362,638 shares of common stock and 51 shares of preferred stock issued and outstanding. Our common stock is quoted on the
OTCQB Marketplace operated by the OTC Markets Group, Inc., under the trading symbol "ECPN."
3
The following description summarizes the material
terms of our capital stock. This summary is, however, subject to the provisions of our articles of incorporation and bylaws. For
greater detail about our capital stock, please refer to our articles of incorporation and bylaws.
Common Stock
Voting.
Holders of our common
stock are entitled to one vote for each outstanding share of common stock owned by such stockholder on every matter properly submitted
to the stockholders for their vote. Stockholders are not entitled to vote cumulatively for the election of directors. At any meeting
of the stockholders, a quorum as to any matter shall consist of a majority of the votes entitled to be cast on the matter, except
where a larger quorum is required by law, by our articles of incorporation or by our bylaws.
Dividend Rights.
Holders
of our common stock are entitled to receive ratably dividends and other distributions of cash or any other right or property as
may be declared by our Board of Directors out of our assets or funds legally available for such dividends or distributions. The
dividend rights of holders of common stock are subject to the dividend rights of the holders of any series of preferred stock
that may be issued and outstanding from time to time.
Liquidation Rights.
In the
event of any voluntary or involuntary liquidation, dissolution or winding up of our affairs, holders of our common stock would
be entitled to share ratably in our assets that are legally available for distribution to stockholders after payment of liabilities.
If we have any preferred stock outstanding at such time, the holders of such preferred stock may be entitled to distribution and/or
liquidation preferences that require us to pay the applicable distribution to the holders of preferred stock before paying distributions
to the holders of common stock.
Conversion, Redemption and Preemptive Rights.
Holders
of our common stock have no conversion, redemption, preemptive, subscription or similar rights.
The transfer agent and registrar for our common
stock is OTR, Inc., 1001 SW 5th Avenue, Suite 1550, Portland, Oregon 97204-1143.
Preferred Stock
Pursuant to resolutions adopted by our Board
of Directors, on August 1, 2014, we filed a Certificate of Designation with the Nevada Secretary of State creating a series of
preferred stock by and designating 51 shares of previously undesignated preferred stock as Series B Convertible Preferred Stock
(the "Series B Preferred Stock").
Voting Rights.
Solely with respect to
matters upon which stockholders are entitled to vote or to which stockholders are entitled to give consent and relate to Company
capitalization (including, without limitation, increasing and/or decreasing the number of authorized shares of common stock and/or
preferred stock, and implementing forward and/or reverse stock splits) and changes in the Company's name, the holders of
the outstanding shares of Series B Preferred Stock vote together with the holders of common stock without regard to class, except
as to those matters on which separate class voting is required by applicable law or the Company's articles of incorporation
or bylaws. The holders of the outstanding shares of Series B Preferred Stock do not otherwise have the right to vote on matters
brought before the Company's stockholders. In matters on which holders of shares of Series B Preferred Stock are entitled
to vote, each share of the Series B Preferred Stock has voting rights equal to (x) (i) 0.019607 multiplied by the total of (A)
the issued and outstanding shares of common stock eligible to vote at the time of the respective vote, plus (B) the number of
votes which all other series or classes of securities other than this Series B Preferred Stock are entitled to cast together with
the holders of the Company's common stock at the time of the relevant vote (the amount determined by this clause (i), the
"Numerator"), divided by (ii) 0.49, minus (y) the Numerator.
If the Company affects a stock split which
either increases or decreases the number of shares of common stock outstanding and entitled to vote, the voting rights of the
Series B Preferred Stock are not subject to adjustment unless specifically authorized. So long as any shares of Series B Preferred
Stock are outstanding, the Company may not, without the affirmative vote of the holders of the Series B Preferred Stock, (a) alter
or change adversely the powers, preferences or rights given to the Series B Preferred Stock, (b) alter or amend the certificate
of designation of the Series B Preferred Stock, (c) amend the Company's articles of incorporation, bylaws or other charter
documents so as to affect adversely the rights of the holders of the Series B Preferred Stock, (d) increase the authorized or
designated number of shares of Series B Preferred Stock, (e) issue any additional shares of Series B Preferred Stock, or (f) enter
into any agreement with respect to the foregoing.
4
Liquidation
. The Series B Preferred
Stock, with respect to rights on liquidation, dissolution and winding-up of the Company, ranks on parity with each other class
or series of capital stock of the Company the terms of which do not expressly provide that such class or series shall rank senior
or junior to the Series B Preferred Stock. Except for distributions in the event of a liquidation, dissolution or winding-up of
the Company (whether voluntary or involuntary), or a merger or consolidation by the Company with another corporation or other
entity (in each case, other than where the Company is the surviving entity) (a "Liquidation"), holders of Series B
Preferred Stock are not be entitled to receive dividends on the Series B Preferred Stock. In the event of a Liquidation, the holders
of Series B Preferred Stock are be entitled to receive out of the assets of the Company, an amount equal to the $1.00 per share
of Series B Preferred Stock (subject to adjustment), after any distribution or payment with respect to such Liquidation is made
to the holders of any senior securities and prior to any distribution or payment with respect to such Liquidation shall be made
to the holders of any junior securities.
Conversion
. Shares of Series B Preferred
Stock may, at the option of the holder, be converted into one share of common stock (subject to adjustment, the "Conversion
Ratio"). In the event of any Transfer (as defined in the certificate of designation for the Series B Preferred Stock) of
any share of Series B Preferred Stock, such share will automatically convert into common stock based upon the Conversion Ratio
applicable at the time of such Transfer. If, at any time while any shares of Series B Preferred Stock remain outstanding, the
Company effectuates a stock split or reverse stock split of its common stock or issues a dividend on its common stock consisting
of shares of common stock, the Conversion Ratio and any other amounts calculated as contemplated by the certificate of designation
for the Series B Preferred Stock shall be equitably adjusted to reflect such action.
In addition, we have authorized Series A Junior
Participating Preferred Stock, with the rights set forth in Certificate of Designation of Series A Junior Participating Preferred
Stock filed with the Secretary of State of the State of Nevada on August 25, 2011. Series A Junior Participating Preferred Stock
has certain rights in connection with the Preferred Rights Agreement described below under the caption "Anti-Takeover Provisions."
Anti-Takeover Provisions
Some features of the Nevada Revised Statutes,
which are further described below, may have the effect of deterring third parties from making takeover bids for control of our
company or may be used to hinder or delay a takeover bid.
This would decrease the chance that our stockholders
would realize a premium over market price for their shares of common stock as a result of a takeover bid.
Acquisition of Controlling Interest
The Nevada Revised Statutes contain provisions
governing acquisition of controlling interest of a Nevada corporation. These provisions provide generally that any person or entity
that acquires a certain percentage of the outstanding voting shares of a Nevada corporation may be denied voting rights with respect
to the acquired shares, unless the holders of a majority of the voting power of the corporation, excluding shares as to which
any of such acquiring person or entity, an officer or a director of the corporation, and an employee of the corporation exercises
voting rights, elect to restore such voting rights in whole or in part. These provisions apply whenever a person or entity acquires
shares that, but for the operation of these provisions, would bring voting power of such person or entity in the election of directors
within any of the following three ranges:
•
20% or more but less than 33-1/3%;
•
33-1/3% or more but less than or equal
    to 50%; or
•
more than 50%.
The stockholders or board of directors of a
corporation may elect to exempt the stock of the corporation from these provisions through adoption of a provision to that effect
in the articles of incorporation or bylaws of the corporation. Our articles of incorporation and bylaws do not exempt our common
stock from these provisions.
5
These provisions are applicable only to a Nevada
corporation, which:
•
has 200 or more stockholders of record,
    at least 100 of whom have addresses in Nevada appearing on the stock ledger of the corporation; and
•
does business in Nevada directly or through
    an affiliated corporation.
At this time, we do not believe that these
provisions apply to acquisitions of our shares and will not until such time as these requirements have been met. At such time
as they may apply to us, these provisions may discourage companies or persons interested in acquiring a significant interest in
or control of our company, regardless of whether such acquisition may be in the interest of our stockholders.
Combination with Interested Stockholder
The Nevada Revised Statutes contain provisions
governing combination of a Nevada corporation that has 200 or more stockholders of record with an interested stockholder. As of
October 31, 2016, we had approximately 1,423 stockholders of record. Therefore, we believe that these provisions governing combination
of a Nevada corporation apply to us and may have the effect of delaying or making it more difficult to effect a change in control
of our company.
A corporation affected by these provisions
may not engage in a combination within three years after the interested stockholder acquires his, her or its shares unless the
combination or purchase is approved by the board of directors before the interested stockholder acquired such shares. Generally,
if approval is not obtained, then after the expiration of the three-year period, the business combination may be consummated with
the approval of the board of directors before the person became an interested stockholder or a majority of the voting power held
by disinterested stockholders, or if the consideration to be received per share by disinterested stockholders is at least equal
to the highest of:
•
the highest price per share paid by the
    interested stockholder within the three years immediately preceding the date of the announcement of the combination or within
    three years immediately before, or in, the transaction in which he, she or it became an interested stockholder, whichever
    is higher;
•
the market value per share on the date
    of announcement of the combination or the date the person became an interested stockholder, whichever is higher; or
•
if higher for the holders of preferred
    stock, the highest liquidation value of the preferred stock, if any.
Generally, these provisions define an interested
stockholder as a person who is the beneficial owner, directly or indirectly of 10% or more of the voting power of the outstanding
voting shares of a corporation. Generally, these provisions define combination to include any merger or consolidation with an
interested stockholder, or any sale, lease, exchange, mortgage, pledge, transfer or other disposition, in one transaction or a
series of transactions with an interested stockholder of assets of the corporation having:
•
an aggregate market value equal to 5%
    or more of the aggregate market value of the assets of the corporation;
•
an aggregate market value equal to 5%
    or more of the aggregate market value of all outstanding shares of the corporation; or
•
representing 10% or more of the earning
    power or net income of the corporation.
6
Articles of Incorporation and Bylaws
Our articles of incorporation, specifically
the Certificate of Designation of Series A Junior Participating Preferred Stock as it related to the Preferred Rights Agreement
described below, contains provisions that would delay, defer or prevent a change in control of our company and that would operate
only with respect to an extraordinary corporate transaction involving our company, such as merger, reorganization, tender offer,
sale or transfer of substantially all of its assets, or liquidation.
Preferred Rights Agreement
Our Board of Directors has adopted a shareholder
rights plan (commonly referred to as a "poison pill"), as set forth in the Rights Agreement, dated as of August 25,
2011 with OTR, Inc., as rights agent (the "Rights Agreement"). Pursuant to the Rights Agreement, our Board of Directors
declared a dividend distribution of one right (the "Preferred Rights") for each outstanding share of common stock
to shareholders of record as of the close of business on August 25, 2011 (the "Record Date").  In addition,
one Preferred Right will automatically attach to each share of common stock issued, if any, between the Record Date and the Distribution
Date (defined below).  Each Preferred Right entitles the registered holder thereof to purchase from the Company one-ten
thousandth of a share of Series A Junior Participating Preferred Stock, par value $0.001 per share, of the Company (the "Preferred
Stock") at a cash exercise price of $20.00 (the "Exercise Price"), subject to adjustment, under certain conditions
specified in the Rights Agreement and summarized below.
Initially, the Preferred Rights are not exercisable
and are attached to and trade with all shares of common stock outstanding as of, and issued subsequent to, the Record Date.  The
Preferred Rights will separate from the common stock and will become exercisable upon the earlier of (i) the close of business
on the tenth day following the first public announcement that a person or group of affiliated or associated persons (an "Acquiring
Person") has acquired beneficial ownership of 10% or more of the outstanding shares of common stock, other than as a result
of repurchases of stock by the Company or certain inadvertent actions by a shareholder (the date of said announcement being referred
to as the "Stock Acquisition Date"), or (ii) the close of business on the tenth business day (or such later day as
the Board of Directors may determine) following the commencement of, or first public announcement of the intent any person or
group to conduct, a tender offer or exchange offer that could result upon its consummation in such person or group becoming the
beneficial owner of 10% or more of the outstanding shares of common stock (the earlier of such dates being herein referred to
as the "Distribution Date").
In the event that a Stock Acquisition Date
occurs, proper provision will be made so that each holder of a Preferred Right (other than an Acquiring Person or its associates
or affiliates, whose Preferred Rights shall become null and void) will thereafter have the right to receive upon exercise that
number of shares common stock of the Company having a market value equal to two times the exercise price of the Preferred Right
(such right being referred to as the "Subscription Right").  In the event that, at any time following the
Stock Acquisition Date, (i) the Company consolidates with, or merges with and into, any other person, and the Company is not the
continuing or surviving corporation, (ii) any person consolidates with the Company, or merges with and into the Company and the
Company is the continuing or surviving corporation of such merger and, in connection with such merger, all or part of the shares
of common stock are changed into or exchanged for stock or other securities of any other person or cash or any other property,
or (iii) 50% or more of the Company's assets or earning power is sold, mortgaged or otherwise transferred, each holder of
a Preferred Right (other than an Acquiring Person or its associates or affiliates, whose Preferred Rights shall become null
and void) will thereafter have the right to receive, upon exercise, common stock of the acquiring company having a market value
equal to two times the exercise price of the Preferred Right (such right being referred to as the "Merger Right").  The
holder of a Preferred Right will continue to have the Merger Right whether or not such holder has exercised the Subscription Right.  Preferred
Rights that are or were beneficially owned by an Acquiring Person may (under certain circumstances specified in the Rights Agreement)
become null and void.
Item 5.    Interests of Named Experts and Counsel.
Not applicable.
Item 6.    Indemnification of Directors
and Officers.
Nevada law permits a company to indemnify its
directors and officers, except for any act of dishonesty. The Company has provided in its bylaws for the indemnification of its
officers and directors against expenses reasonably incurred or suffered in connection with the defense of any action, suit or
proceeding in which they are a party by reason of their status as an officer or director, except in cases of his or her own willful
misconduct or gross negligence.
7
The Company's articles of incorporation
limit or eliminate the personal liability of its officers and directors for damages resulting from breaches of their fiduciary
duty for acts or omissions, except for damages resulting from acts or omissions which involve intentional misconduct, fraud, a
knowing violation of law, or the inappropriate payment of dividends in violation of Nevada Revised Statutes.
The above discussion of the registrant's
articles of incorporation, bylaws and Nevada law is not intended to be exhaustive and is respectively qualified in its entirety
by such articles of incorporation, bylaws and applicable Nevada law.
To the extent that our directors and officers
are indemnified under the provisions contained in our bylaws, Nevada law or contractual arrangements against liabilities arising
under the Securities Act, we have been advised that in the opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Securities Act of 1933, as amended, and is therefore unenforceable.
Item 7.    Exemption from Registration Claimed.
Not applicable.
Item 8.    Exhibits
Exhibit
Number
Description
4.1
Articles of Incorporation,
    as amended
(incorporated by reference to Exhibit 3.1 to the Company's Form S-4 Registration Statement #333-170281
    filed on November 2, 2010)
.
4.2
Certificate
    of Amendment to Articles of Incorporation
(incorporated by reference to Exhibit 3.1 to the Company's Current Report
    on Form 8-K filed October 1, 2014).
4.3
Certificate of Amendment
    to Articles of Incorporation
(incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K
    filed October 4, 2016).
4.4
Certificate of Designation
    of Series A Junior Participating Preferred Stock
(incorporated by reference to Exhibit 3.1 to the Company's Current
    Report on Form 8-K filed August 31, 2011).
4.5
Certificate of Designation
    of Series B Convertible Preferred Stock
(incorporated by reference to Exhibit 3.1 to the Company's Current Report
    on Form 8-K filed August 1, 2014).
4.6
Restated Bylaws
(incorporated
    by reference to Exhibit 3.2 to the Company's Form S-4 Registration Statement #333-170281 filed on November 2, 2010)
.
4.7
Amendment No. 1 to Restated
    Bylaws
(incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on July 21, 2016)
.
4.8
Rights Agreement dated
    August 25, 2011 between the Company and OTR, Inc.
(incorporated by reference to Exhibit 4.2 to the Company's Form
    8-K filed on August 31, 2011)
.
5.1
Opinion of Maslon LLP
    as to the legality of the securities being registered
(filed herewith)
23.1
Consent of MaloneBailey,
    LLP
(filed herewith)
23.2
Consent of Maslon LLP
(included in Exhibit 5.1)
24.1
Power of Attorney
(included
    on signature page hereof)
99.1
El Capitan Precious
    Metals, Inc. 2015 Equity Incentive Plan
(incorporated by reference to Exhibit 10.1 to the registrant's Current Report
    on Form 8-K filed on October 14, 2015)
99.2
Amendment No. 1 to El
    Capitan Precious Metals, Inc. 2015 Equity Incentive Plan
(incorporated by reference to Exhibit 10.1 to the registrant's
    Current Report on Form 8-K filed on December 18, 2015)
99.3
Amendment No. 2 to El
    Capitan Precious Metals, Inc. 2015 Equity Incentive Plan
(incorporated by reference to Exhibit 10.1 to the registrant's
    Current Report on Form 8-K filed on April 26, 2016)
99.4
Amendment No. 3 to El
    Capitan Precious Metals, Inc. 2015 Equity Incentive Plan
(incorporated by reference to Exhibit 10.1 to the registrant's
    Current Report on Form 8-K filed on August 5, 2016)
99.5
Amendment No. 4 to El
    Capitan Precious Metals, Inc. 2015 Equity Incentive Plan
(incorporated by reference to Exhibit 10.1 to the registrant's
    Current Report on Form 8-K filed on November 2, 2016)
8
Item 9.   Undertakings.
(a)     The undersigned Registrant
hereby undertakes:
(1)     To file, during any period in which offers or sales
are being made, a post-effective amendment to this Registration Statement:
(i)     To
include any prospectus required by section 10(a)(3) of the Securities Act of 1933;
(ii)     To
reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) (§230.424(b) of this chapter) if, in the aggregate, the changes in volume and price represent no more than 20% change
in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective
Registration Statement;
(iii)     To
include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement
or any material change to such information in the Registration Statement;
Provided, however
, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do
not apply if the Registration Statement is on Form S-8, and the information required to be included in a post-effective amendment
by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to section 13
or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the Registration Statement.
(2)     That, for the purpose of determining any liability
under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide
offering thereof; and
(3)     To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the termination of the offering.
(b)     The undersigned Registrant
hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant's
annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing
of an employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated
by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(h)     Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed
by the final adjudication of such issue.
9
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies
that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this
registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Scottsdale, State
of Arizona, on the 4th day of November, 2016.
EL CAPITAN PRECIOUS METALS, INC.
By:
/s/ Stephen J. Antol
Stephen J. Antol
Chief Financial Officer
POWER OF ATTORNEY
Each person whose signature to this Registration Statement appears below hereby constitutes
and appoints Stephen J. Antol as his true and lawful attorney-in-fact and agent, with full power of substitution, to sign on his
or her behalf individually and in the capacity stated below and to perform any acts necessary to be done in order to file all
amendments to this Registration Statement and any and all instruments or documents filed as part of or in connection with this
Registration Statement or the amendments thereto and each of the undersigned does hereby ratify and confirm all that said attorney-in-fact
and agent, or his substitutes, shall do or cause to be done by virtue hereof. The undersigned also grants to said attorney-in-fact,
full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers
herein expressly granted. This Power of Attorney shall remain in effect until revoked in writing by the undersigned.
Pursuant to the requirements of the Securities Exchange Act of 1933, this Registration
Statement has been signed as of the 4th day of November, 2016, by the following persons in the capacities indicated.
Name
Title
/s/ John F. Stapleton
Chief Executive Officer, President (Principal Executive
John F. Stapleton
Officer), Director and Chairman of the Board
/s/ Stephen J. Antol
Chief Financial Officer (Principal Financial and
Stephen J. Antol
Accounting Officer)
/s/ Charles C. Mottley
Director and President Emeritus
Charles C. Mottley
/s/ Clyde L. Smith
Director
Clyde L. Smith
/s/ Timothy J. Gay
Director
Timothy J. Gay
/s/
Daniel
    G. Martinez
Director
Daniel G. Martinez
10
EXHIBIT INDEX
Exhibit No.
Description
5.1
Opinion of Maslon LLP as to the legality of the securities being registered
(filed herewith)
23.1
Consent of MaloneBailey, LLP
(filed herewith)
23.2
Consent of Maslon LLP
(included in Exhibit 5.1)
24.1
Power of Attorney
(included on signature page hereof)
11