Focused on Iceland Gold & Energy Metals Exploration while developing

extraction technologies that are reducing environmental impact of mining activities

Montreal, May 17, 2016


Dear fellow shareholders:


Over the past 30 months, there have been many developments at our Company. One of our main assets, the Julie Nickel-Copper project yielded impressive results from a small exploration campaign. We embarked on high-risk/reward endeavours like the proposal to acquire and operate a large Copper-Cobalt mining operation in Zambia- the latter failed the due diligence review but nonetheless kept us busy for the most part of 2014.  Finally, we made the strategic decision to change our main focus towards metallurgical and environmental technologies where we believe we can make a large difference.

Over the last 18 months, we revisited old contacts and reached out to our networks to find out who was at the cutting edge of mining technologies research & development.  Discussions, and in some case negotiations were initiated with university researchers and major mining companies and their metallurgical and environmental departments. Some of these discussions and negotiations are still on-going.

This is where we stand: In the last year, we have brought major talents to our team with a proven track record in metallurgy and environmental mining technologies.  We have established contractual relationships that give us access to research personnel and facilities.  We have identified areas of research that can yield significant benefits to our Company, and we have already moved some of the research and development initiatives identified in this process from the proof-of-concept to the establishment of a laboratory testing budget and protocol.

This work was done with limited resources. We recently completed a small financing of $145,000 at a low valuation in order to relieve management from the pressure of basic operational expenses. The officers who subscribed agreed to a voluntary escrow on these securities for 2 years.  All this was done without any paycheck. The basic compensation of the President and of the Chairman of the company has been fixed at $1 since 2012 because we believe in what we have, and we believe in the potential of the current endeavours.

Outlook 2016

2016 will be a year focused on establishing St-Georges as a credible force in the Mining Environment technology space. We expect to finalise a series of collaboration and joint-venture agreements that will not only accelerate our progression towards delivery of new patented technologies, but will also reduce the amount of financial resources and time needed to bring some of our R&D initiatives to fruition.  Some of these relationships might also bring us closer to the marketing of these technologies, their deployment and to revenues.

We expect positive developments related to our pyrrhotite ecological processing technology. The applications of the intellectual property emerging from this research initiative are abundant. They range from environmental reclamation intervention, treatment of tailings ponds and orphan mining sites, to the extraction of economical metals in collaboration with existing producers.

Our work on industrial and speciality metals for high value applications should produce interesting results and generate many new opportunities. Finally, our research initiative to improve lithium recovery from spodumene and alternative lithium source in sediments should generate interest from the industry.

St-Georges will increase its communication efforts in 2016. The new web site will be updated on a regular basis. Shareholders can expect more exploration joint-ventures, research and development collaboration agreements and further exploration news on the Julie Nickel-Copper Project.

On behalf of the board and management, I would like to express my gratitude to our long term shareholders, for their strong support, confidence and especially patience in St-Georges. As shareholders, we are encouraged by the recent developments and positive results arising from the new business model initiated last year.  We are also convinced that our R&D initiatives have the potential to deliver significant value in the months and years ahead.

2016 promises to be an exciting and prosperous year for the company, I invite you to share your feedback and suggestions with us to help us achieve our commitment to you as shareholders, and becoming one of the top-performing emerging eco-mining companies.

Frank Dumas, President & CEO


Mark Billings, Chairman of the board