Dear Clavo Rico shareholders,

We are pleased to announce that the new crushing operation at the Clavo Rico mine is underway and we expect to be back to full production by the end of January.

We also continue to make progress in our efforts to provide some liquidity for our shareholders, and hope to be able to provide some concrete news in that regard by the end of the quarter.

Below see a video taken on location in December 2014 and narrated by the CEO of Clavo Rico Ltd., Reed Benson.

Sincerely,

CLAVO RICO MANAGEMENT