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                     UNITED VERDE EXTENSION MINING COMPANY
                              233 BROADWAY, NEW YORK
                              MINES - JEROME, ARIZONA
                              SMELTER - CLEMENCEAU, ARIZONA

                                OFFICERS AND DIRECTORS

JAMES S. DOUGLAS, President,               Douglas, Arizona
GEORGE E. TENER, Vice-President,           Pittsburgh, Pa.
LOUIS E. WHICHER, Vice-President,          New York
CHARLES P. SANDS, Secretary and Treasurer, New York
ARCHIBALD DOUGLAS, General Counsel,        New York
GEORGE KINGDON, General Manager,           Jerome, Arizona
PAUL ARMITAGE,                             New York
ANDREW J. PICKRELL,                        Los Angeles, Cal.
ROBERT M. RAYMOND,                         New York

To the Stockholders of the
UNITED VERDE EXTENSION MINING COMPANY:

      Your Directors submit herewith report of operations for the year ending  December 31, 1922, together with report of the Treasurer setting forth the financial condition and results for the fiscal year.

      Information to you accompanied by the dividend checks during the year has been issued accord-ing to our custom.

      Production: Considering the condition of the copper market, and the fact that we have a very heavy and dangerous ore body to extract, the output was regulated to be about three million pounds of copper per month.  For this output it has been necessary to run the blast furnace as well as the reverberatory for short periods at different times.

      The ore smelting during the operating ten months of the year amounted to 136,980 dry tons, yielding 31,640,714 pounds of copper, 5,788 ounces of gold, and 238,764 ounces of silver.

      Copper on hand December 31, 1922, - 11,569,156 pounds.

      Mine Development:  Underground development during the year was as follows: 
      In United Verde Extension Ground

[[table, 4 columns]]
Location   |  Drifts  |  Raises  |   Total                                                              
 550 Level |   888'   |     0    |    888'
 800 Level |    56'   |    30'   |     86'
 950 Level |  1258'   |     0'   |   1258'
1100 Level |   207'   |   268'   |    475'
1200 Level |   309'   |   227'   |    536'
1300 Level |   803'   |   325'   |   1128'
1400 Level |   464'   |   719'   |   1183'
1500 Level |  1115'   |   514'   |   1629'
1600 Level |     0'   |   313'   |    313'
1700 Level |   472'   |     0'   |    472'
                                              ___________________________________________
      Total   5572'      2396'       7968'
[[/table]]                                                                                  [[double line]]                                         

      In Jerome Verde Ground
[[table, 4 columns]]
Location   |  Drifts  |  Raises       |   Total
1100 Level |  1056'   |     0         |   1056'
1200 Level |   255'   |     0         |    255'
1400 Level |    21'   |    93' (Winze)|    114'
1700 Level |  1411'   |   224'        |   1635'
                                                                               _______________________________________________
      Total   2743'       317'            3060'

[[/table]]                                                                                  [[double line]]