Utah, May 23rd 2025

 

Milford Mining Company Utah’s response to allegations of breach of contract by Gerald

Group

 

Milford Mining Company Utah (MMCU) has been made aware of allegations by Gerald Group that MMCU has breached a copper cathode sales contract with GT Commodities (part of Gerald Group). MMCU strenuously denies any and all allegations of breach and/or default.

 

Contrary to the statement released on May 22nd 2025, by Gerald Group, MMCU terminated its offtake agreement with GT Commodities a month earlier, on April 25th 2025. The termination was a result of GT Commodities’ refusal to abide by the contract terms.

 

As Gerald Group, headquartered in London, UK, has noted, the recent price surge in copper on COMEX has resulted in an unprecedented bifurcation between COMEX and LME pricing, consequent upon which GT Commodities was not paying a representative market price for the Utah-mined, Utah-processed, and Utah-sold copper cathodes produced by MMCU. MMCU requested that GT Commodities abide by its contractual obligation to mutually discuss the pricing method in the contract, but GT Commodities categorically refused to do so. This – and other indications that GT Commodities, as part of a large global trading company, did not consider itself bound by the contract terms – left MMCU with no option but to terminate the agreement. 

 

Although Gerald Group seeks to portray MMCU as being in breach of its obligations by attempting to sell material to third parties, as Gerald Group has known since April 25th 2025, MMCU is under no contractual obligation to GT Commodities. MMCU notes the implicit acceptance of this position by Gerald Group in its press release, which would otherwise have been a breach, by GT Commodities, of the confidentiality agreement it had with MMCU. MMCU is, and has been since April 25th 2025, at liberty to sell its cathode production to any third party/parties of its choosing. In addition, there are no amounts due to GT Commodities under this or any other agreement and, in fact, GT Commodities continue to owe funds to MMCU dating back to 2024.

 

It is notable that, despite the termination having taken place in April, Gerald Group has not sought to commence any legal action against MMCU, but has instead resorted to press releases in which it wrongfully seeks to suggest that third party buyers will somehow be liable to Gerald Group if they purchase MMCU’s cathodes. Gerald Group has no contractual rights whatsoever over any MMCU production, and any continuing assertion that it does will, of itself, represent tortious interference with MMCU’s business.

 

MMCU’s mine is privately operated and fully funded. MMCU responsibly and diligently performs all its contractual obligations and has taken legal advice, in all relevant jurisdictions, regarding its rights, as well as regarding protecting its position and its stakeholders.

 

MMCU wishes to make clear that Gerald Group has at no point assisted in, nor funded, the production at MMCU, and it has provided no financial backing for the mine. MMCU's shareholders and stakeholders, including an international mining major which has been, and continues to, off- take the mine's copper concentrates production, remain fully committed to current and increased

future production at the mine. Furthermore, MMCU’s shareholders plan to not only proceed with,

but to accelerate and expand, their ambitious employment drive and operational enlargement

initiatives.

 

For all enquiries, please contact Muriel Xochimitl of X-Factor Strategic Communications:

muriel@xfactorutah.com / 385-225-6418.

 

Sincerely,

 

Milford Mining Company Utah LLC