A Cleaned-Up Cap Table and a Tailings Project Heading Into Phase 2
Oct 2, 2026: MineralRite repurchased about 3.9 million Series NMC Preferred shares, eliminating roughly 2 billion shares of potential common-stock dilution and capping the Series NMC sinking-fund obligation at about $269 million.
Skull Valley, Arizona: The company holds roughly 279,000 tons of previously milled tailings containing platinum-group metals, gold and silver, and has moved the project into a Phase 2 verification and analytical program.
Earlier in 2026: 45 Series C preferred shares (about 18 million common-share equivalents) were returned and cancelled, and the company renewed its Arizona State Land Department mineral lease.
Less Potential Dilution + A Defined Project + A Clear Next Phase = The Early-Stage Case
$RITE - Skull Valley Tailings, a Phase 2 Program and a Smaller Dilution Overhang
Price: ~$0.0015 (Oct 5, 2026) | Market Cap: ~$8.75M
mineral-rite.com | Investor Relations
Executive Summary
- What it is: MineralRite Corporation (OTC: RITE) is a Texas-based, SEC-reporting resource development company focused on recovering and monetizing mineral assets, with an emphasis on tailings rather than greenfield mining.
- The project: Skull Valley, in Yavapai County, Arizona, holds roughly 279,000 tons of previously milled tailings with platinum-group metals, gold and silver, held through its Peeples, Inc. subsidiary on a renewed Arizona State Land Department lease.
- Phase 1 done, Phase 2 next: Site visits confirmed the tailings pits are intact, and limited sampling detected precious metals consistent with historical data. Phase 2 adds drilling, core sampling, expanded laboratory assays and metallurgical work aimed at an SEC-compliant resource estimate.
- Dilution overhang reduced: The Sept 30 / Oct 2 transaction cut potential dilution by about 2 billion common shares and fixed the Series NMC sinking-fund value at about $27.23 a share, ending a 5% annual increase.
- Where it stands: This is an early-stage company with no revenue, about $10K in cash and a going-concern note from its auditor. No mineral resources or reserves have been established under SEC standards.
SKULL VALLEY, ARIZONA: The Tailings Project
Location
Yavapai Co.
Arizona
Material
~279,000 tons
Previously milled tailings
Metals
PGM, Au, Ag
Per Company
Next Step
Phase 2
Drilling and assays
Phase 1: What the Work Found
- Qualified Person Allan Schappert (ALS Geo Resources LLC) reviewed historical third-party data and visited the site in February 2026
- The tailings pits were confirmed intact and accessible
- An auger sampling program in March 2026 collected samples from multiple pit locations after removing overburden
- Limited sampling detected precious metals consistent with historical analytical data, and one of three historical analytical groups, once contacted, confirmed its data was consistent
- The Arizona State Land Department mineral lease was renewed in Q1 2026
Phase 2: The Plan (announced June 25, 2026)
- Drilling and core sampling
- Expanded independent laboratory testing with a substantially larger number of assays
- Metallurgical evaluation and engineering review
- Technical data validation, with the goal of supporting an SEC Regulation S-K 1300 compliant Mineral Resource Estimate
President James Burgauer: "Sufficient support exists to advance the project into a more comprehensive Phase 2." The company also began evaluating environmental credit opportunities tied to remediation, which it describes as highly speculative.
A physical, accessible asset with a defined path from sampling toward a formal resource estimate
Source: MineralRite press releases (Q1 2026 key developments, Jun 25 2026 Phase 2 announcement, Feb 2026 audit and Skull Valley update), company investor relations page. Phase 1 work was limited in scope and is not representative of the whole tailings. Phase 2 timing and cost have not been disclosed and depend on financing.
THE CAP TABLE CLEAN-UP: About 2 Billion Fewer Potential Shares
Preferred Repurchased
~3.9M
Series NMC shares
Potential Dilution Removed
~2.0B
Common shares
Series NMC Outstanding
~9.9M
Versus 13.8M
Sinking Fund Cap
~$269M
At $27.23 a share
What Changed (Sept 30 / Oct 2, 2026)
- Cashless exchange: The company repurchased about 3.9 million Series NMC Preferred shares using a non-interest-bearing promissory note of about $106.7 million, cancelled after being applied to royalty interests and warrant exercises. No cash was paid.
- Warrant exercises: Abstract Concepts 1618 LLC irrevocably exercised 6.9 million Series NMC Preferred warrants and 53,500 Series D Preferred warrants.
- Sinking fund capped: The accreted value per Series NMC share is now fixed at about $27.23, ending a 5% annual increase. The company says that avoids about $13.5 million in yearly increases and a path toward $375.8 million.
- Governance: A Restated Certificate of Formation was approved on Sept 28, 2026, with 60,000 Series D and 10 million Series NMC Preferred shares authorized and no increase in total authorized preferred stock.
Earlier Share Reclamation
In Q1 2026 the company obtained the return and cancellation of 45 Series C preferred shares from a service provider that failed to perform its contract. Each Series C share converts into 400,000 common shares, so the return removed about 18 million common-share equivalents.
Management is actively shrinking the dilution overhang instead of letting it grow
Source: MineralRite press releases Oct 2, 2026 and Q1 2026 key developments; Form 10-K/A. Each Series NMC share is convertible into 500 common shares. Figures are the Company's own.
KNOW THE SETUP: Where the Company Stands Today
Revenue
$0
FY2025, development stage
Cash
~$10K
$11,617 at Dec 31, 2025
Common Shares
6.21B
Per 10-K/A
Mineral Assets
$246M
Book value, Level 3 inputs
- Early stage: The company has no revenue-generating operations and no established mineral resources or reserves under SEC standards. It has one employee per StockAnalysis.
- Going-concern note: The auditor's report on FY2025 cites substantial doubt about the ability to continue as a going concern, with recurring losses and minimal liquidity. FY2025 operating loss was $434,819.
- Restated annual report: The 10-K/A reclassified the Peeples / California Precious Metals acquisition from a business combination to an asset acquisition. The $246 million mineral-asset value is a book figure based on Level 3 inputs, which the auditor flagged as a critical audit matter, against a market capitalization of about $8.75 million.
- Potentially issuable shares: About 14.0 billion shares could be issued from preferred stock, warrants and purchase rights, which is why the Oct 2 reduction matters.
- Funding for Phase 2: The company states Phase 2 depends on the availability of adequate financing.
The asset is real and the clean-up is real; the funding for the next phase is the open question
Sources: Form 10-K/A for FY2025 (via SEC EDGAR / StockTitan); Price and market cap as of Oct 5, 2026. Confirm all figures against the latest SEC filings.
Leadership & Advisors
James O. Burgauer
President & Director. Per the company bio, an entrepreneur with experience in financial services, software development and commodity markets, previously building AISCO Holdings.
Richard Redfern
Advisor. Geologist (M.Sc., CPG) with 40+ years evaluating mining projects across four continents.
Todd Gibson
Advisor. 26+ years of project management in industrial construction and operations across energy, mining and technology.
James Bame
Advisor. Patent attorney and industrial engineer advising mining and precious-metals companies on extraction technology and compliance.
Alexander Harmon
Advisor. Mining equipment consultant and manufacturer with experience in site evaluation, procurement and recovery operations.
Source: mineral-rite.com/management. Biographical details are the Company's own. Icons are used because no headshots with confirmed usage rights were sourced.
Recent Timeline
Catalysts to Watch
✓ Phase 2 launch: drilling, core sampling and expanded assays at Skull Valley.
✓ Laboratory results: assay data from the Phase 1 samples and the larger Phase 2 program.
✓ Resource estimate: an SEC S-K 1300 compliant Mineral Resource Estimate, the step that turns a tailings pile into a defined resource.
✓ Market access: progress on the Rule 15c2-11 and FINRA Form 211 process.
✓ More cap table clean-up: any further reduction in preferred stock and potential dilution.
⚠ Financing: how the company funds Phase 2 and ongoing costs.
The Bottom Line: A Small Company With a Physical Asset and a Shrinking Overhang
MineralRite has a defined project in Skull Valley, a renewed state lease, a completed Phase 1 with results consistent with historical data, and a Phase 2 program aimed at a formal resource estimate. On the capital side, management has cancelled preferred stock, capped the sinking fund and removed about 2 billion potential shares in 2026.
It is still an early-stage company with no revenue, minimal cash and an auditor's going-concern note, so Phase 2 depends on funding. For readers who follow tailings and precious-metals recovery stories, RITE is an early-stage watch: the news flow is about verification and clean-up, and the next proof points are Phase 2 results and a resource estimate.
Watch Phase 2 funding, assay results and the share count
Key Resources
Company Website: mineral-rite.com
Investor Relations & Press Releases: mineral-rite.com/investor-relations
Skull Valley Phase 1 Review (PDF): Phase 1 Review Findings & Recommendations
SEC EDGAR Filings: All MineralRite Filings (CIK 1096296)
OTC Markets Profile: OTC Markets: RITE
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See What Else We're Tracking →Disclaimer: This report is for informational and educational purposes only and does not constitute investment advice. It is not to be considered as an offer to buy or sell securities of any type. MineralRite Corporation is an early-stage development company with no revenue-generating operations and no mineral resources or reserves established under SEC Regulation S-K Subpart 1300. Its auditor has expressed substantial doubt about its ability to continue as a going concern, and the Company reports minimal cash, a very large number of common shares outstanding and a significant number of potentially issuable shares. Phase 1 sampling at Skull Valley was limited in scope and does not confirm the presence, grade, continuity or economic recoverability of any mineralization. Forward-looking statements about Phase 2, resource estimates, financing and market access are the Company's own and are not guarantees. Some figures are drawn from third-party aggregators and company press releases and need to be independently verified on SEC EDGAR. This is a highly speculative, low-priced OTC security carrying significant risk of substantial or total loss. This report is compiled from public sources including company press releases and SEC filings; DDAmanda has not independently verified all company statements. Always do your own due diligence and consult with a licensed financial advisor before making investment decisions. Data current as of October 5, 2026.