If I stand all alone, will the shadow hide the colours of my heart?
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If I stand all alone, will the shadow hide the colours of my heart?
"They will be in London next week to discuss their soon to be released Interim Results, which will be going live on Monday morning. The results are really positive and reveal a return to profitability for the Company."
Lithium X (LIX.v): Never underestimate the power of a Frank Giustra bullshit pump during a market bull period
PS: Did you ever get round to honouring your Patsy Cline debt, Frank? Or did you weasel out of that, too?
UPDATE: And Tommy can run all the righteous indignation he likes over at CEO CA Chat (thanks for the headsup youknowwho, I laughed hard) but what he can't do is deny his sweetheart "friends and family" 15c share deal. Because that's just plain true. Tommy sold his cute buns to Frank years ago.
Because of this (fave bit bold-typed):
In early 2015, the Company designated certain assets to be placed in a separate division and established Brio Gold Inc. ("Brio Gold") as a subsidiary to hold those assets which include Pilar, Fazenda Brasileiro and C1 Santa Luz. Over the course of 2015, Pilar and Fazenda Brasileiro were able to improve the quality of production, improve costs, increase cash flow and earnings before interest, taxes, depreciation and amortization ("EBITDA") generation, improve mineral resource models and mine plans, and increase mine lives. Given the significant operational improvements at these assets, it has been concluded that they currently carry considerably more value within the Company's portfolio than outside the Company.
"The Company is not aware of any material, undisclosed corporate developments that would account for recent trading in its stock."
Good ol pal Setty sends in this link:
A Securities and Exchange Commission (SEC) investigation found that Grom certified that his March 29, 2012 research report about discount retailer Big Lots accurately reflected his own beliefs about the company and its securities.But in private communications with Deutsche Bank research and sales personnel, Grom indicated that he didn’t downgrade Big Lots from a “buy” recommendation in his report because he wanted to maintain his relationship with Big Lots management.Grom agreed to settle the charges by paying a $100,000 penalty, and he will be suspended from the securities industry for a year. continues here
After the judgment was handed down, Grom was heard asking the judge "Cash or cheque?" and "I don't have that on me right now, will tomorrow do?".
If you ignore the hype blowoff, that's a pretty decent and constructive chart right there.
...I was just sent this, hot off the GS presses, Thursday 8am.
. This means there’s likely going to be at least one more move higher to fulfill the setup. Near-term support seems fairly strong between 1,192 and 1,185 (includes 38.2% retrace of the entire Dec./Feb. rise). This entire wave count stands within the A leg of an ABC counter-trend rise. Over time, should have potential to reach as far as 1,381-1,392. This longer-term target includes 38.2% retrace of the ‘11/’15 decline as well as the target from a declining wedge that developed off the Mar. ’14 high.The rally since December 3rd continues to look like an incomplete 4 of 5-waves higher
Do with it what you will.
Mr.Timothy C. Mingo(CEO, President of Mingo Affiliates Services/ Mingo Gold)
As Founder, Managing Member, General Partner and Investment Adviser. Mr. Mingo also serves as the Chief Executive Officer and founding member of Olive Branch Home Buyer’s, LLC, a South Florida based real estate investment and development firm specializing in the areas of residential and commercial properties including acquisitions, construction, and development. For 24 years Timothy worked in the public sector for the Florida Department of Corrections (“FDC”) with a principal position as Warden of Prisons throughout the state before retiring in 2004. As Warden, he was responsible for care, custody, treatment of offenders and good order of all facilities. Administratively, he oversaw hiring, discipline, separation of employees, development and implementation of policies, procedures, rules and regulations. Timothy’s duties also included insuring security and safety control in the prison and in the general public. During his tenure with the FDC, he managed the construction of prison buildings as well.
Mr. Mingo received his Bachelor’s Degree in Criminal Justice Management from Bethune- Cookman University in (1978) and his Certification in Public Management Degree from Florida State University (1992). Timothy received his Life, Health and Annuities license in 1990 and was an agent with Midland North American and Hartford Life Insurance Companies. Mr. Mingo obtained his Series 6 license and marketed mutual funds and retirement plans for First American Classics Securities and North American Management. Mr. Mingo has 16 years of experience trading equities and options and has extensive training and experience in options strategies, fundamentals, technical analysis and charting. As an expert in developing and managing budgets vital resources, management of maintenance and construction projects, preparation for and passing of inspections, audits and other compliance regulations, Mr. Mingo brings a wide range of portfolio experience to the SUPRA VANTAGE FUND, L.P which his investment company runs.
UPDATE Thursday morning: Ah, those wonderful moments.
"The combination of our year-end cash, the remaining stream deposit and the amount available on our credit facility provides us with total liquidity of $595 million," stated Brian Penny, Executive Vice President and Chief Financial Officer. "Combining this liquidity with our expected free cash flow, based on the prevailing gold and copper prices and foreign exchange rates, leaves us well positioned to fund the remaining development of Rainy River."
So here’s my bottom line on Rainy River:
- It’s going to get built and move into production, period. When it does you remove the sunk costs from the project economics and are left with a mine that would be very profitable at current gold prices. It’s one thing worrying about a mediocre IRR before a project is green-lighted, quite another when the capex is paid and you watch very decent free cash flow move through and pay off the financial debts quickly.
- As things stand today, NGD covers all costs and RR happens with no further share dilution or financial burden placed on the company.
- The risk from here is a 2016 of low gold prices and a capex bust for the project. If those happen, NGD may not be able to cover the capex.
- I think that risk is low, but admit that it may look tight for a while. Even so, NGD won’t have any trouble in bridging any near-term liquidity issue as it has various options that could cover the final hurdle before commercial production is declared.
I really don't see what all the fuss is about.
The photo is good graphic art and the captions, which translate as...
...are both factually correct and sound advice.
...the precious metals miner ETF (GDX) versus the TSX venture exchange, 6 months:
To underscore the point made below.
Here's one of the segments in IKN353 out last Sunday evening. It got a bit ranty
A rant on and from the First Mining Finance (FF.v) Clifton Star (CFO.v) deal
On the blog on Monday I published (23) a quick line on sourced intel about Keith Neumeyer;
He's looking to run a equity placement in First Mining (FF.v) to raise cash. In the very near future. So now you know.
In the end I was only half-right, or maybe three-quarters right, because come Friday the imminent deal became fact and First Mining Finance (FF.v) announced its latest deal (24) to buy Clifton Star (CFO.v) for 48.2m in shares. And yes, of course I had a personal comment on the deal on the blog that day, too (25). Let’s be clear as we possibly can, CFO’s development assets are plain awful. For sure it can talk up its projects and point to the fact it has over 900k ounces of gold (all categories, including inferred) under 43-101 compliance. But these are the type of BS moose pasture calculations that got the industry, especially the Canadian industry into trouble. I have no adjective strong enough, plus we know that nearby Osisko has already picked over their projects carefully and handed them back, but the definitive word on the “quality” of CFO and its exploration stage projects came from an e-mail pal (who will remain nameless and, on hearing of the deal, remarked, “Clifton Star, you’ve got to be joking! It’s an arsenic mine with a refractory gold by-product.”. When that popped into my inbox I was in a taxi. I had to explain to the taxi driver why I had burst out laughing so hard.
The “assets” are not that, they’re liabilities. They’ll never be taken seriously by any mining company worth its salt, the ounces will never be mined (unless, as my friend noted, somebody finds an amazing new use for arsenic and the market price for that element skyrockets), they will cost the holder of those concessions far more than they’ll ever make.
Which brings us to the real reason FF.v bought out CFO.v, as a different mailpal “K” noted:
This acquisition is for the Agnico and Yamana shares that CFO obtained after suing Osisko in the twilight hours of the Acquisition of Canadian Malartic Saga. Long story short, Osisko had promised a loan to CFO.V under certain conditions. Osisko respectfully disagreed as they were being acquired and didn't care. Yamana, afraid of damaging their new asset with lawsuits, wanted Canadian Malartic cleaned up and convinced its dance partner to issue some shares to settle everything up.
$11M (was over $14M only 12 months ago!) in very liquid shares is like cash in these markets.
Easy as pie.
So yes easy as pie K, but at what cost? Paying 48.2m in shares for fixed assets worth zero zip squat nada, but a company with C$11m in cash, means FF.v is getting a tad under 23c in cash for each of those shares it’s emitting. When your share price is 41c and 44c and you’re willing to do such a deal, you’re sending a clear message to people who know that CFO’s projects are worthless (i.e. the serious end of the investment community, not the people FF.v is trying to rope in). That’s seriously dilutive and surely it would have been better to go the route I’d heard about on Monday and simply run a equity placement to raise cash at, let’s say, 35c or 40c?
Which brings us to the way in which FF.v has been operating this last year, aggressively buying up fixed assets of very dubious quality (aside from the Coastal Gold acquisition, which it snatched from under the nose of Stan Bharti and comes with a deposit that has a shot at becoming a real mine). To give an idea of the changes in less than one calendar year, consider these datapoints:
- On April 2nd 2015, when FF.v started trading as a public company, it had 73.767m shares out and a closing day market cap of C$36.14m.
- Today, less than a year later, FF.v has lost 19.4% in share price, but these days (if we go pro-forma on this CFO.v acquisition) has 356.1m shares out and a market cap of C$140.64m.
- And as this chart shows unless you were willing to trade in and out of the stock (notice the spikes, caused by paid promotional pumping via the contract FF.v has with stock promoter Daniel Ameduri at “Future Money Trends”), a started holder of FF.v is now 19.4% in the red on his position, despite having watched his charge almost quadruple its market cap.
Or are supposed to change, because I have serious doubts that optionality of the type being marketed to us by FF.v, a Mineral Bank full of subprime, is going to work this time around. It looks to me as though it’s an old man’s strategy, looks tired and won’t be able to contend with the growing sophistication of the investment community. I would agree there’s plenty of space to pick up decent quality assets at cheap prices and hey, that’s exactly what I’m trying to do as I sniff around Almaden’s Ixtaca property for my idea of a great entry price. But the FF.v type of optionality, the Greater Fool variety, is an error and it’s already showing up as the market bifurcates. We’re already seeing the good stuff rising and the bad stuff failing to catch a bid, being completely left behind. When the market turned, was it better to be holding a company with a portfolio of marginal properties, or better to be holding a company with world class assets that produces gold at an operating profit? Here’s a hint to help answer that question:
Wasn’t that the idea behind FF.v, that you the shareholder would benefit from the renewed interest in metals mining assets? Instead, your share price fails to budge and you get further diluted by “value” deals.
We live in an age in which information is far more freely available, which means known moose pasture properties with no chance at all of ever becoming mines will be known as such by more and more people. Not only that, but the peddlers of this tripe have already picked up reputations for being scammy operators and these days, just mentioning Name X as being associated with a company, a trade or a promotion is enough to scare people away. Add in the far greater choice of investment vehicles for (just as our small sector example) mining, such as triple-leveraged gold ETF tickers that give you all the gambler’s trade-rush you can handle (and if not, play the call and put options on those things instead). I contend that the playing field is changing rapidly but people stuck in the past with models that used to work (so they think they still will) such as Neumeyer are making a serious mistake with their money. I just hope you don’t let them make that mistake with your money as well, let them regress to the mean all by themselves.
Vice President and Chief Operating Officer James A. Currie has left the company to pursue other interests. Mr. Currie joined Pretivm in early 2014 and has played an important role in the development progress to date at Brucejack, having established highly competent engineering and operations teams which continue to perform effectively.
Amazing Alchemical Gold Making Technology eclipses what is popularly known in science and produces gold from barren artificial seed ores under LENR conditions. Bottom line is the proof is in the metal and as a former sceptic myself I can appreciate that position. What has been surprising in sharing the development story is how many of these authoritative fools dismiss the possibility, without even looking at the data. Notwithstanding the objections from the conventional scientific perspective, we do in fact have a proven precious metal making technology, US Patent Pending, and we see an executable technology pathway to industrial smelter scale with precious metal production price points near that of Aluminum.
Gold goes up and silver fails to outperform. Gold goes down and silver gets hit even harder. Silver fanboys, I seriously think the market is trying to tell you something.
PS: Posting will be light today, your author has to play outside the matrix for a few hours.
Regarding that deep, inner guilt you feel about what you do and the way you do it, the one you know you cannot share with anyone: You are absolutely right, you must keep it to yourself, it has to remain a secret at all costs.
Have a nice day.
What he did to Celta today, my stars. He truly is the best football player I've ever seen.