<SEC-DOCUMENT>0001174947-25-000872.txt : 20250529
<SEC-HEADER>0001174947-25-000872.hdr.sgml : 20250529
<ACCEPTANCE-DATETIME>20250529121005
ACCESSION NUMBER:		0001174947-25-000872
CONFORMED SUBMISSION TYPE:	SD
PUBLIC DOCUMENT COUNT:		3
<RULE>
<RULE-NAME>13p-1
<ITEM>
<ITEM-NUMBER>1.01
<ITEM-PERIOD>20241231
</ITEM>
<ITEM>
<ITEM-NUMBER>1.02
<ITEM-PERIOD>20241231
</ITEM>
</RULE>
FILED AS OF DATE:		20250529
DATE AS OF CHANGE:		20250529

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ESPEY MFG & ELECTRONICS CORP
		CENTRAL INDEX KEY:			0000033533
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC COMPONENTS, NEC [3679]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				141387171
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		SD
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-04383
		FILM NUMBER:		25999919

	BUSINESS ADDRESS:	
		STREET 1:		233 BALLSTON AVE
		STREET 2:		COR. CONGRESS & BALLSTON AVES.
		CITY:			SARATOGA SPRINGS
		STATE:			NY
		ZIP:			12866
		BUSINESS PHONE:		5185844100

	MAIL ADDRESS:	
		STREET 1:		233 BALLSTON AVE
		CITY:			SARATOGA SPRINGS
		STATE:			NY
		ZIP:			12866

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ESPEY MANUFACTURING & ELECTRONICS CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>SD
<SEQUENCE>1
<FILENAME>sd-34309_esp.htm
<DESCRIPTION>SD
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.1pt 0 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM SD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SPECIALIZED DISCLOSURE REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Conflict Minerals Disclosure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 86px; width: 221px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1.1pt; text-align: center"><B>ESPEY MFG. &amp; ELECTRONICS CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.4pt; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 34%; padding-right: 1.1pt; padding-left: 3.3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NEW YORK</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 1.1pt; padding-left: 3.3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 31%; padding-right: 1.1pt; padding-left: 3.3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>001-04383</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 1.1pt; padding-left: 3.3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 33%; padding-right: 1.1pt; padding-left: 3.3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14-1387171</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 1.1pt; padding-left: 3.3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or Other Jurisdiction of<BR>
Incorporation)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.1pt; padding-left: 3.3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.1pt; padding-left: 3.3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.1pt; padding-left: 3.3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.1pt; padding-left: 3.3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS Employer Identification <BR>
Number)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 40%">
    <B>233 Ballston Avenue<BR>
Saratoga Springs, New York </B></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; padding-right: 1.1pt; padding-left: 3.3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 40%; padding-right: 1.1pt; padding-left: 3.3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12866</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.1pt; padding-left: 3.3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address of Principal Executive Offices)</FONT></TD>
    <TD STYLE="padding-right: 1.1pt; padding-left: 3.3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.1pt; padding-left: 3.3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip Code)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; width: 50%; vertical-align: bottom">
    <B>Kaitlyn O&rsquo;Neil<BR>
Principal Financial Officer</B></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(518) 245-4400</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 1.1pt; padding-left: 3.3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(Name and telephone number, including area code, of the person to contact in connection with this report.)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.2pt 0 0">Check the appropriate box to indicate the rule pursuant to which
this form is being filed, and provide the period to which the information in this form applies:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.2pt 0 0"><B>&#9746; </B><FONT STYLE="font-family: Times New Roman, Times, Serif">Rule
13p-1 under the Securities Exchange Act (17 CFR 240.13p-1) for the reporting period from January 1 to December 31, 2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.2pt 0 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.2pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1- Conflict Minerals Disclosure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 1.01 Conflict Minerals Disclosure and Report</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Espey Mfg. &amp; Electronics Corp. (the &ldquo;Company&rdquo;)
has filed a Conflict Minerals Report for the calendar year ended December 31, 2024 as Exhibit 1.01 to this Specialized Disclosure Report
on Form SD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">A copy of Espey&rsquo;s Conflict Minerals Report is publicly available
on the Company&rsquo;s website at www.espey.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 1.02 Exhibit</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">A copy of Espey&rsquo;s Conflict Minerals Report as required by Item 1.01
is provided as Exhibit 1.01 hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Section 2 - Exhibits</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 2.01 Exhibit</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A HREF="ex1-01.htm">Exhibit 1.01 - Conflict Minerals Report as required by Items 1.01 and 1.02 of this Form SD.</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>SIGNATURES</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 50pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: May 29, 2025</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">
    <B>ESPEY MFG. &amp; ELECTRONICS CORP.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 50pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 50pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10px">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10px">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 288px; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Kaitlyn O&rsquo;Neil</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">
    Kaitlyn O&rsquo;Neil<BR>

    Principal Financial Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit 1.01 Conflict Minerals Report</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.1pt; text-align: center; text-indent: -56.1pt"><B>Espey Mfg. &amp;
Electronics Corp.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.1pt; text-align: center; text-indent: -56.1pt"><B>Conflict Minerals
Report</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.1pt; text-align: center; text-indent: -56.1pt"><B>For The Year Ended
December 31, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Conflict Minerals Report for Espey Mfg. &amp;
Electronics Corp. for the year ended December 31, 2024 is presented to comply with Rule 13p-1 under the Securities Exchange Act of 1934
(&ldquo;the Rule&rdquo;). The Rule was adopted by the Securities and Exchange Commission (SEC) to implement reporting and disclosure requirements
related to conflict minerals as directed by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). The
Rule imposes certain reporting obligations on SEC registrants whose manufactured products contain conflict minerals which are necessary
to the functionality or production of their products. Conflict Minerals are defined as cassiterite, columbite-tantalite, gold, wolframite,
and their derivatives, which are limited to tin, tantalum, tungsten, and gold (3TG) for the purposes of this assessment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Company Overview</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This disclosure has been prepared by management of
Espey Mfg. &amp; Electronics Corp., (herein referred to as &ldquo;Espey&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo;
or &ldquo;our&rdquo;). Espey is a Power Electronics Design and Original Equipment Manufacturing (OEM) company with a long history of developing
and delivering highly reliable products for use in military and severe environment applications. All design, manufacturing, and testing
is performed in our 150,000+ square foot facility located at 233 Ballston Ave Saratoga Springs, New York 12866.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Products Overview</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the reporting period from January 1, 2024 to
December 31, 2024, Espey identified the following products that may contain conflict minerals:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Power Supplies, Power Converters, Filters, Power Transformers,
Magnetic Components, Power Distribution Equipment, UPS Systems, and High Power Radar Systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Due Diligence Process - Reasonable Country of Origin Inquiry (RCOI) </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The company&rsquo;s due diligence framework has been
designed to conform to the Organization for Economic Co-operation and Development (&ldquo;OECD&rdquo;) Due Diligence Guidance for Responsible
Supply Chains of Minerals from Conflict-Affected and High-Risk Areas and the related supplements for Conflict Minerals. This process contains
the following five steps:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Step 1: Establish strong company management systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Step 2: Identify and assess risks in the supply chain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Step 3: Design and implement a strategy to respond
to identified risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Step 4: Carry out independent third-party audit of
supply chain due diligence at identified points in the supply chain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Step 5: Report on supply chain due diligence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In conducting our RCOI due diligence, Espey issued
letters to our current and active suppliers that provide components or engage in manufacturing activities that are likely to contain conflict
minerals. This letter explained the rules outlined by the SEC, and respectfully requested our suppliers forward their completed Conflict
Materials Reporting Template (CMRT), which is an industry-standard template for conflict mineral reporting developed by the Conflict-Free
Sourcing Initiative (CFSI). The following documents were attached to this mailing to all active Espey product related suppliers:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conflict Minerals Reporting Template CMRT 6.4</FONT></TD></TR>
  </TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A list of frequently asked questions &amp; answers to assist suppliers</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Step 1: Establish strong company management systems.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Espey has established a management system for complying
with the applicable SEC rules. The Espey management team, led by the Strategic Sourcing Manager, includes a team of subject matter experts
from relevant functional areas; such as, purchasing, quality control, engineering and manufacturing. The Strategic Sourcing Manager is
responsible for implementing the conflict minerals compliance strategy and briefing senior management on a regular basis regarding the
results of our due diligence efforts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Regarding the OECD requirement to strengthen engagement
with suppliers, Espey ensures that all Purchase Orders contain a mandatory flow-down statement requiring our suppliers to certify that
their products containing conflict minerals are not sourced from DRC or any adjoining country. Espey has established a rigorous compliance
process consisting of supplier documentation and a related records retention mechanism to ensure Espey can accurately report findings,
support an outside audit, and demonstrate SEC compliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Step 2: Identify and assess risk in the supply
chain.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The supply chain team analyzed and identified the
suppliers, who during calendar year 2024, provided products and component parts or who were suspected of engaging in manufacturing activities
that are at risk of containing conflict minerals necessary to the functionality or production of products manufactured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Step 3: Design and implement a strategy to respond
to identified risks.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Espey issued a survey (Conflict Minerals Reporting
Template CMRT 6.4) to only those current and active suppliers identified as having provided products and component parts or who were suspected
of engaging in manufacturing activities that are likely to contain conflict minerals during calendar year 2024. The survey is used as
a means to identify what conflict minerals were used by the supplier and the source of those identified conflict minerals. A letter provided
to the supplier explained the rules outlined by the SEC, and respectfully requested our suppliers forward their completed Conflict Materials
Reporting Template (CMRT), which is an industry-standard template for conflict mineral reporting developed by the Conflict-Free Sourcing
Initiative (CFSI). The following documents were attached to this mailing to all active Espey product related suppliers:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Conflict Minerals Reporting Template CMRT 6.4</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A list of frequently asked questions &amp; answers
to assist suppliers</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Espey shall continue to conduct a RCOI with our supply
base as part of our due diligence process by collecting and evaluating supplier responses using the industry established conflict minerals
reporting templates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of the Espey Purchase Order flow-down requirements,
our suppliers whose products contain conflict minerals are required to establish their own policies and perform due diligence with their
supply base by maintaining a management system consistent with the Organization for Economic Co-operation and Development (OECD) Due Diligence
Guidance for Responsible Supply Chains of Minerals from Conflict- Affected and High Risk-Areas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Espey believes in establishing and maintaining long-term
relationships with suppliers whenever possible. However, if Espey determines that a supplier presents a reasonable risk of non-compliance
with the flow-down requirements policy, Espey shall require the supplier to undertake a suitable corrective action plan to remove the
source and move to a conflict free source. If suitable action is not taken, Espey shall procure product from an alternative and compliant
source of supply. In addition, if Espey determines that any of the components within our product line contain minerals from a mine or
facility that is &ldquo;non-conflict free,&rdquo; Espey shall transition to products that are &ldquo;conflict free.&rdquo; As such, Espey
shall fully disclose and comply with any and all SEC reporting requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Step 4: Carry out independent third-party audit
of supply chain due diligence at identified points in the supply chain.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Espey does not have any direct relationships with
3TG smelters and refiners, nor do we perform direct audits of these entities that provide our supply chain with the 3TG component. Tracing
materials back to their mine of origin is a complex aspect of responsible sourcing that resides in our supply chain. By adopting joint
industry programs and outreach initiatives with our suppliers, Espey has determined that the smelters and refiners within our supply chain
represent the most reasonable known mine of origin information available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Step 5: Report on supply chain due diligence.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s Form SD and this report are publicly
available via the Investors section of the Company&rsquo;s website at www.espey.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Results of Review&nbsp;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Espey has conducted an analysis of our products related
to SEC defined &ldquo;conflict minerals,&rdquo; which are tin, tantalum, tungsten, and gold (3TG) and based on Espey&rsquo;s reasonable
country of origin inquiry (RCOI) efforts, Espey has determined that we have conducted our due diligence and assessed the risk but due
to the complexity of our Supply Chain and our high dependency on distribution networks, Espey is unable to definitively determine that
we are DRC Conflict Free. Espey will seek to ensure that minerals from the conflict region do not enter our supply chain, including requesting
reliable certificates of origin for all material that might possibly originate in conflict areas or adjacent countries.&nbsp;Espey has
insured a compliant supply chain and will continue to enforce and audit our process as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In support of this statement, Espey is providing the
supporting metrics outlining the results of our due diligence efforts. Espey identified key suppliers where the products supplied are
incorporated into our final product. Utilizing the criteria, we identified 232 suppliers selected for audit and issued Conflict Minerals
Reporting Template CMRT 6.4 to all 232. Espey has had an initial response rate of 66.4% of the suppliers that accounted for 67.5% of the
material received during this period (Exhibit 1). In order to achieve these results Espey leveraged supplier responses, supplier websites
and expanded to top suppliers that certified the previous reporting period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Exhibit 1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="background-color: #9BC2E6">
    <TD STYLE="vertical-align: bottom; border: Black 0.5pt solid; width: 48%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt; width: 26%">Questionnaires Sent</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt; width: 26%">Responses Acquired</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">Totals:</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">232</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">154</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">% of Total Sent:</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">100.0%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">66.4%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">% Spend Totals:</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">100.0%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">67.5%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As stated above, Espey RCOI due diligence efforts
included utilizing the standard Conflict Minerals reporting templates (CMRT) established by the Conflict-Free Sourcing Initiative (CFSI),
and those templates and relevant information were communicated to and returned from our suppliers allowing Espey to evaluate 154 Suppliers
in the following manner (Exhibit 2):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Exhibit 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle; background-color: #9BC2E6">
    <TD STYLE="border: Black 0.5pt solid; text-align: left; width: 58%">CMRT Question #3</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt; width: 14%">Yes</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt; width: 14%">No</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt; width: 14%">Unknown</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Do any of the smelters in their supply chain source the 3TG from the covered countries?</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">38</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">106</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">10</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9BC2E6">
    <TD STYLE="border: Black 0.5pt solid; text-align: left">CMRT Question #4</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt">Yes</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt">No</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt">Unknown</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Do any of the smelters in your supply chain source the 3TG from conflict affected and high risk areas?</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">32</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">106</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">16</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9BC2E6">
    <TD STYLE="border: Black 0.5pt solid; text-align: left">CMRT Question #5</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt">Yes</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt">No</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt">Unknown</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Does 100 percent of the 3TG originate from recycled or scrap sources?</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">3</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">132</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">19</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border: Black 0.5pt solid; text-align: left; background-color: #9BC2E6">CMRT Question #6</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt; background-color: #9BC2E6">= 100%</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt; background-color: #9BC2E6">&lt; 100%</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left-color: Black; border-left-width: 0.5pt; background-color: gray">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">What percentage of relevant suppliers have provided a response to your supply chain survey?</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">44</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">110</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: gray">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border: Black 0.5pt solid; text-align: left; background-color: #9BC2E6">CMRT Question #7</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt; background-color: #9BC2E6">Yes</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt; background-color: #9BC2E6">No</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt; background-color: gray">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Have you identified all of the smelters supplying the 3TG to your supply Chain?</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">121</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">33</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: gray">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border: Black 0.5pt solid; text-align: left; background-color: #9BC2E6">CMRT Question #8</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt; background-color: #9BC2E6">Yes</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt; background-color: #9BC2E6">No</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt; background-color: gray">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Has all applicable smelter information received by your company been reported in this declaration?</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">151</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">3</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: gray">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although Espey did not receive a 100% response rate
from our suppliers, it is our interpretation that we are compliant with the SEC reporting and disclosure requirements for calendar year
2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Espey shall continue to conduct a RCOI with our supply
base as part of our due diligence process by collecting and evaluating supplier responses using the industry established conflict minerals
reporting templates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Additional Risk Mitigation</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As we continue to enhance our due diligence program,
Espey shall take the following steps to continue to mitigate any possible risk that could possibly support and benefit armed groups in
the DRC or adjoining countries:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Enhance supplier communications and training,
as required; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Follow-up with suppliers who failed to respond
to the Espey surveys, or whose responses were incomplete;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Identify and assess possible risks in the supply
chain.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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