News Release
Engels & Superior Copper Mines
Lights Creek Mining District,
Plumas County, California
Engelmine Forest,
California Tree Farm # 2611
CALIFORNIA-ENGELS MINING COMPANY
Incorporated in California, June 19, 1901
September 30, 2026
California-Engels Mining Company Announces Allocation of Settlement Proceeds.
California-Engels Mining Company (OTC: CAEN) (the “Company”) today announced that the Board of Directors of the Company (the “Board”) has approved the allocation of net settlement proceeds received in connection with the previously disclosed settlement with Pacific Gas and Electric Company (“PG&E”) relating to claims arising from the 2021 Dixie Fire.
As previously disclosed, the Company, together with The Flowery Gold Mines Company of Nevada (OTC: FLOD) and Securities Registrar and Transfer Corporation (“SRTC”), entered into a Settlement Agreement, General Release and Assignment dated July 8, 2024, pursuant to which aggregate settlement proceeds of $13,000,000 were received on behalf of all claimant entities. After deduction of contingent attorneys’ fees, the net settlement proceeds available for allocation to all claimant entities total $9,750,000.
Following its review of an independent allocation analysis prepared by a qualified third-party consulting firm, the Board approved an allocation of approximately $6,715,425 of the net settlement proceeds available for allocation to the Company. The allocation determination was based in part on an evaluation of the respective claimants’ losses and anticipated remediation costs arising from the Dixie Fire and related events.
Prior to the date hereof, an aggregate amount of $700,060 has been distributed from the qualified settlement trust to the Company to cover legal fees and certain administrative fees, ongoing remediation of assets lost in the Dixie Fire, and general corporate purposes. In addition, the Company has accrued interest in the qualified settlement trust, net of its portion of certain expenses paid by the trust, in the approximate amount of $59,116.
As a result, final distributions of approximately $6,074,481 will be made from the qualified settlement trust to the Company in accordance with the approved allocation.
The allocation was determined based on an independent analysis conducted by a qualified third-party consulting firm, which evaluated each claimant entity’s relative economic losses, updated remediation costs, and other relevant factors. The Board, including its independent director, reviewed and considered such analysis together with additional information and factors it deemed relevant. The Board, including the independent director, approved the allocation and determined that the allocation process was conducted in good faith and on an informed basis. The allocation reflects a negotiated resolution of claims and incorporates a range of considerations, including relative losses, estimated remediation costs, litigation risk, uncertainty, and other relevant factors.
The Company intends to use the allocated proceeds for ongoing remediation costs and general corporate purposes.
Additionally, the Board of Directors is evaluating the future of the Company's operations and strategic alternatives in light of current market conditions, the status of its assets, and other relevant considerations. The Company will provide additional information regarding these matters as appropriate.
This press release contains forward-looking statements, including statements regarding anticipated distributions from the qualified settlement trust, the intended use of settlement proceeds, and the evaluation of the Company's future operations and strategic alternatives. Forward-looking statements are based on current expectations and assumptions and are subject to risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied by such statements. The Company undertakes no obligation to update any forward-looking statements except as required by applicable law.
Kevin Morris
President
California-Engels Mining Company
