Mentor Capital Cash Exceeds Share Price and a Second Stock Buyback is Authorized

Mentor Capital, Inc. (OTCQB: MNTR), a classic energy company, in its 2023 10-K, reported cash of $0.10 per share with no net debt versus today’s share price of $0.04 per share. During 2023, the Company announced that the theoretical cash breakup value of the business may exceed the price of the stock. In support and response, three directors, including the CEO, purchased a total of 2,128,117 Mentor common shares. Commencing in June 2023, the Company initiated and soon thereafter completed the stock repurchase of the final 255,252 of a 300,000 share repurchase plan. During the fourth quarter of 2023, the Board of Directors of the Company approved a second stock repurchase plan authorizing the Company to repurchase up to 3,000,000 shares of the Company’s common stock. The second stock repurchase is anticipated to start during the spring of 2024.

On October 4, 2023, Mentor sold its interest in a subsidiary unit in a $6,000,000 transaction comprised of $5,000,000 in cash and a $1,000,000 one-year note. The cash proceeds of the sale were used to increase Mentor Capital’s energy investments in Exxon Mobil Corp., Occidental Petroleum Corp., Chevron Corp., Cameco Corp., a uranium investment, and Arch Resources, Inc., a coal investment, which together now total the majority of the Company’s non-cash assets.

At year-end, substantially all debts and liabilities of the Company were retired including significant accumulated benefits owed to the CEO from over a large number of years. The meeting fees to directors were increased to $2,500, and the CEO’s annual salary was increased to $208,000 per year to adjust for inflation. Finally, the assignable Series D warrants were reset to 2 cents per share for original owners and for assignees after a 10 cent redemption fee is paid. There are currently 4,250,000 Series D warrants outstanding.

The Company reports that for the twelve months ended December 31, 2023, Mentor had net income of $3,157,658 with a resulting basic gain of 13.7 cents per share, or 12.2 cents on a diluted basis. On December 31, 2023 and currently, the Company has 24,686,105 common shares and 11 Series Q convertible preferred shares outstanding. No equity was granted to directors, insiders, consultants, or investor relations firms during the year ending December 31, 2023.