start here

start here

The Daily IKN email digest, get all daily posts sent to you next day (& no ads)

4/18/15

James Rodriguez's goal

The second for Real Madrid this afternoon, a total peach:



Pick'n'go, double one-two, then blooter it into the top corner. Colombian world class.

PS: Look at what CR7 did to the Malaga defender Angeleri earlier in the match. Outrageous nutmeg.

JGMS does Sprott Junior Gold Miners ETF (SGDJ)

The smart blog Junior Gold Miner Seeker turns its attention to the brand new Sprott Junior Gold Miners ETF (SGDJ) this weekend in this post, chews it over, considers relative performance of similar Sprott vehicles and comes to a few initial conclusions. A decent DD hack on the ticker and worth your time, metalhead.

The most visited IKN post this week is...

...this one, "The problem with Rob McEwen's NR today: He's making shit up", all about the ongoing PR snafu Robbie Mac dug himself into about the El Gallo I robbery. Though it only won out by a squeak, the second placed post was less than 50 hits behind.

4/17/15

The Friday OT: Richard Burton reads Under Milk Wood by Dylan Thomas

Part one here. The rest follows on, thanks to the magic of Google.



Time passes. Listen, time passes.

Shooting geologists in Peru

IKN learns that Richard Osmond and Manuel Montoya of GlobeTrotters Resource Group, a privately held exploration company, were both shot by an unknown assailant yesterday Thursday while visiting the company's "Pullo" property in the South of Peru. Osmond took four bullets. Both men were taken to hospital and happily, according to latest info though obviously injured they are not in mortal danger.

We wish them a speedy recovery.

NioCorp (NB.to)

It's a good thing that NioCorp (NB.to) is holding a conference call next Monday to talk more about its PEA. After all, the more information the better.

It's a pity that the very recently resigned CFO of NB.to won't be on the call with the other executives. Setty explains why right here.

UPDATE: On-subject (so read Setty's first) JGMS landed well with "Tommy's Mommy recommends disclaimers"

Foran (FOM.v): Absolutely nothing for the BCSC to investigate here

Check out the volume and price moves in Foran Mining Corp (FOM.v) on Wednesday and yesterday Thursday:



Put them together and we can safely state that if the BCSC is serious about its intentions to clean up its sordid patch instead of paying lip-service to reform and slapping easy targets on the wrist, it has some work to do this morning. Hey guys, what about starting with a trading halt? Y'know, like real securities commissions do in the grown-up stock markets?

Though I must say, I've always liked the name 'Flin Flon'. Cute.

Chart of the day is...

...the gold/silver ratio:



Hey, remember that bit when the GSR dropped back to 70X in mid-late March, the "chart resistance was broken!!!" (three exclamations de rigueur) and the precious metals mouth-froth brigade started talking about how silver was about to do so much better than gold at last, it's time had come, get on for the ride, train leaving station etc etc. Strange how all these silver-lovers tend to STFU and forget to come back to you with the "Ah yeah I was wrong about that" article further down the line, innit guv? 

Happens all the time, too. Probably just a coincidence. 


Amerigo (ARG.to) 1q15 production results

NR here, chart here:


This is why ARG.to is so keen on this expansion, I suppose.

4/16/15

Argentina is still the best investment in the whole of the Americas

Here's the 2015 chart of the S&P500, the Canadian TSX, then a whole bunch of the most traded LatAm markets BUT, to make things straight and fair we use the country ETFs that are denominated in US Dollars and traded on the NYSE (which removes any and all currency/inflation biases):



Even adjusted for inflation, Argentina's stocks at +18% 2015 YTD are still way out in the lead.

Rodrigo Rato and Dominique Strauss-Kahn

Your author today reflects on the amount of badmouthing, vicious attacks and biased bullshit that countries such as Argentina have had to put up with from the Northern sycophant press because the sovereign state has dared to reject the arrogant orders of the IMF and its morally untouchable leaders over the years.

Argentina is still going strong. Whereas Rodrigo Rato and Dominique Strauss-Kahn, less.

Good news and bad news for five influential Latin Americans

Time Magazine has published its list of "100 Most Influential People in the World for 2015" and the good news is that there are five Latin Americans included:
Aura Elena Farfán, the Guatemalan human rights activist at the forefront of the movement for justice and criminal proceedings from the civil war period (mostly 1980s). 
Raul Castro: Old dude in Cuba.
Jorge Ramos: Mexican born journalist and head face of Univision News. 
Pope Francis: Old dude from Argentina. 
Jorge Paulo Lehmann: Very very wealthy Brazilian person (Brahma beer amongst many other things).
And the bad news: 
  • Kim Kardashian and Kayne West are on the same list.
  • Nobody under 50 years old gives a damn about Time Magainze.



Incredible news from IAMGOLD (IMG.to) (IAG)

Incredibly, Steve Letwin is still CEO.



I can't believe it. Can you?

Or as George Carlin put it: "Think of how stupid the average person is, and realize half of them are stupider than that."

Today I don't have to go to the dentist

Today I get to go to the dentist. So catch you this evening, kind readers. 

And enjoy your time today, too.
To-morrow, and to-morrow, and to-morrow,
Creeps in this petty pace from day to day
To the last syllable of recorded time,
And all our yesterdays have lighted fools
The way to dusty death. Out, out, brief candle!
Life's but a walking shadow, a poor player
That struts and frets his hour upon the stage
And then is heard no more: it is a tale
Told by an idiot, full of sound and fury,
Signifying nothing.

Glencore sinks NGEx Resources (NGQ.to)

The 12 month chart of NGEx Resources (NGQ.to) is all the proof you need that just by having Lukas Lundin as part of a team doesn't automatically guarantee success (that's a sight aside message for those of you currrently being romanced by the Ecuador gold dead certain slam dunk what could possibly go wrong).


This week it's back under a Loonie and that's because Glencore has decided that its very big Pachon copper project on the Argentine-Chile border isn't going to be a bi-national project, but 100% Argentina-sourced. And that's because Glencore isn't stupid, has watched the FUBAR created at Pascua Lama and is not going to complicate its life in the same way as Barrick. Which points precisely and directly at the major weakness of NGQ.to, which continues to lump its Chile-side projects and its Argentina-side projects into one big package. 

The sooner NGQ.to realizes that it's ruining a decent project through a large strategic error, the better for everyone.

Blue horseshoe loves anacott steel and...

...Simon Ridgway loves Focus Ventures:


Is he raising on an inside straight draw? Is he representing bullets? Or is he holding nuts? You be the judge. Data from here.

Chart of the day is...

...gold, hourlies:




Slightly unusual to say about this most frustrating of metals, but I will: That's both interesting and positive.

4/15/15

B2Gold (BTG) (BTO.to) 1q15 production

NR here, chart here:


Libertad had a poor quarter, but is expected to improve as that Jabali thing comes online later in the year. The good news is Otjikoto, as the new Namibia thing has hit the ground running. Masbate a little better than expected, too. Overall a decent enough result, the BTO bulls are bound to talk up that good Otjikoto number in the next 24 hours.

Great Panther Silver (GPR.to) (GPL) 1q15 production: A broken record

Robert "Definitely not in it only for myself and really care about shareholders" Archer, head muffin at Great Panther Silver (GPR.to) (GPL), has something he wants to tell us:


Those 1q15 records are in the full NR here, but let us recall, quite clearly, that not a single ounce of the metal mined at GPR's operations has been mined profitably. So again IKN asks, what's the point of this company? Its only substantive reason to exist is to put oversized salary cheques into the pockets of its insiders and officers. Any sane company would not go to all the trouble of mining a non-renewable resource at a hefty loss, therefore we refer you to this IKN post of a few days ago that states the bleedin' obvious:
"...common business sense also demands that you kick out fatcat directors for doing a bad job. These richly paid wastes of time don't care as long as they get their wedge, so the only way to protect shareholder value is to run a proxy on Archer and his band of good for nothings, vote them out, ask them to be careful the door doesn't hit their asses on the way out, stop fracturing company cash into their back pockets, mothball GMC and Topia, then wait until silver prices can justify their mining before turning the lights back on."

The reason Tommy Humphreys hasn't mentioned Niocorp (NB.to) this week

More than one of you have written in over the last 24 hours to note that there's been nary a sniff of a hint of a mention about Niocorp (NB.to) over at Tommy Humphrey's CEO.ca since the PEA was published that has sunk the stock by 40%. So a few minutes ago I held my nose, went over and had a look at CEO.ca for myself, scrolled down and then checked previous entries and yup, for truth Niocorp (NB.to) doesn't get a mention. So to re-cap:
  • All through 2014 Niocorp (NB.to) is pumped by Tommy Humphreys. The price climbs.
  • But when real news comes out, i.e. the PEA on its flagship property, we hear nothing. 

A site that were concerned with information and the furthering of its visitors' understanding of the mining world would surely cover the single most important piece of news from a company it's been covering regularly, no matter whether it was good or bad news. But CEO.ca has not done so and the reason is simple. Here's a paste from the bottom of one of the previous CEO.ca puff pieces on Niocorp (NB.to):
Disclosure note: Author participated alongside Mr. Smith in this financing and Niocorp has recently become a client. This is not investment advice and do your own due diligence.

Reason: Tommy Humphreys is paid by the mining company. Therefore you're going to hear all the good, all the thrusting expectations and all the promises, but the moment something turns up that doesn't fit into the narrative, such as a few third-party peer-reviewed rulebook-compliant facts about a project that's obviously not economic, then Tommy Humphreys isn't going to say a thing.

Because he's been bought. 

Chart of the day is...

...zinc 12 months, which has crept back to within spitting distance of the U$1/lb line:



And that's better than I thought it would do. Chart from Kitcometals



Dear tech hardware companies: Your batteries are pathetic

Not a new gripe, of that I'm fully aware, but while reading through the BlackBerry (BBRY) (BB.to) NR this morning the section where they talk about the new handset's battery life...
Battery That Powers Through a Full Day - With up to 25 hours of heavy use,* the BlackBerry Leap will power through even your most demanding day. The impressive 2800 mAh battery and optimization of power consumption in BlackBerry 10 gives users more than a full day of productive usage.
...made me focus on it. I mean, if they're actively proud about 25 hours of battery life it means that's some sort of industry leading number. Which is probably good for BBRY but it's only in relative terms because it doesn't mean the new BBRY phone is great, it just means it's less shit than the others. 

And of course it isn't just BBRY and it's not just phones, either. This new-fangled Apple watch that's about to bore us all to death has an 18 hour battery life! For crying out loud, I DO NOT WANT A WATCH THAT RUNS OUT IN LESS THAN A DAY'S USE, are we clear about that now Mr. Cook? You can dress these things up any way you like but the real killer ap, the one that will get me to change from my crappy little Nokia, is a decent and full-function smartphone that I can stick in my pocket for three days without even thinking about battery life let alone worrying about it. Rant over.


4/14/15

The Tekoa Da Silva files: Ross Beaty

It gets a bit Sprott-pumpy at the end, but that shouldn't put you off; hearing (in my case reading, I do transcript-only thanks) Ross Beaty give a potted run-through of his last 30 years provides plenty of food for thought.

All in all another good one from Da Silva and yeah, I may be turning into a bit of a Tekoa Fanboy.  I like the way he's obviously done his homework before sitting down and then does the smartest thing any interviewer can do; he shuts up and lets his subject do the talking. Go check it all out here.

Tahoe Resources (TAHO) (THO.to) on the imprisonment of Carlos Morales

Out just a couple of minutes ago, post-close Tuesday and further to the reports IKN posted on early this morning, pre-open. Better late than never. Here's the link, here's the text:

Tahoe Resources To Appeal Confinement Of Employee By A Lower Court In Guatemala

VANCOUVER, British ColumbiaApril 14, 2015 /CNW/ -- Tahoe Resources Inc. (TSX: THO, NYSE: TAHO) reports today that its wholly-owned subsidiary in GuatemalaMinera San Rafael (MSR), will appeal the court-ordered confinement of an MSR employee pending the investigation of a 2012 environmental claim. Despite inaccurate press reports to the contrary, the employee is not Escobal's mine manager. The employee is in charge of regulatory issues, works with environmental regulators and was designated as the legal representative in this matter three years ago.
Yesterday, a lower court in the town of Cuilapa ordered the public prosecutor's office to investigate the alleged discharge of water into the Escobal creek in April 2012, during the construction phase of the Escobal mine. A local anti-mining NGO, CALAS, initiated the claim against MSR in early 2012. Conducted by the independent laboratory, ACZ Laboratories, Inc., water sample analysis taken since 2010, judged by any objective standard, has consistently demonstrated that discharges from the Escobal mine have met regulatory standards, with no adverse impact to the local environment. MSR will appeal the court's ruling relating to the employee's confinement tomorrow. As is customary in cases of this type, the public prosecutor's office requested the company's legal representative be released on his own recognizance pending its investigation, but, in an unexpected move, the lower court granted CALAS's demand that he be sent to jail.
"We are concerned for our valued employee and believe that the court overreached its authority in confining him while this environmental claim is being investigated. We expect the court of appeal to right this wrong and overturn the lower court's order and release our employee expeditiously," said Tahoe CEO, Alex Black. "The Escobal mine has been constructed to the highest environmental standards, either meeting or exceeding Guatemalan environmental laws. Environmental stewardship is a central pillar of our business and we continue to work closely with Guatemalan regulators to ensure our operation is clean, safe and responsible, especially in the context of local water sources. We feel confident the local authorities, through this investigation, will conclude the same," added Mr. Black.

Oh Tommy, say it ain't so!

Your author receives this mail:


Is it possible that bullshit pump and dump stock promoter Tommy Humphreys of CEO.ca has been pumping bullshit stocks that are now dumping?

UPDATE: Make that 43% down. 

Toromocho: Just when it looked as though things were coming together...

...and the January 2015 number (11,642mt Cu) pointed to the type of throughput and production that's always been expected of the mine, February's disappointing production number of 9,181 metric tonnes knocks things back again.


Sub-10k months are getting to be a bad habit there. Data from here. 

Timmins Gold (TMM.to) (TGD) 1q15 production numbers

NR here. Chart here:


Gold production and sales came to 24,155 oz, which doesn't get close to the rate the company is guiding for in 2015 (115k to 125k oz Au). They keep this up and they won't even break 100k. 

As for revenues, with the realized gold price they announced ($1,221/oz) revs won't even break $30m this quarter, that's the lowest quarterly total since 2011.

And of course, TMM being a bunch of disrespectful sophists couldn't help but give it a BS treatment and miserable whining excuses as to the poor quarter. Arthur Bonillas told us, "Production this quarter was lower than expected due to slightly lower grades than anticipated" when if you look at the trend, it's been patently obvious for quite a while that TMM is in grade trouble.


Seriously, how can they be surprised about low grades in 1q15? The trend is not their friend.

UPDATE: You thought yesterday's multi-year low was low? Well the lowdown is that today's low is even lower:

Another sticky CUM quarter, CUM volume drooping badly, CUM production mechanism blockages

Copper Mountain (CUM.to) released its 1q15 production numbers this morning:


Ugh, sticky. That's the worst single quarter since 2013. Full NR here and when you're reading its contents...

"...mill started the year on a positive note with an average throughput of 36,000 tpd in the first half of January, but later in the quarter the mill was forced to operate at reduced throughput rates as a result of another ABB transformer failure in February on one of the ball mills and a ten day disruption with the regrind mill..."

...remember the basic rule: Company NRs contain the best-spun information possible, so if there's something in there that's in any way negative, things must have been very bad indeed.

Tahoe Resources (TAHO) (THO.to) mine manager jailed for the mine's polluting of a river

Yesterday afternoon, the manager of the Tahoe Resources (TAHO) (THO.to) Escobal mine in Guatemala was jailed by a judge for the contamination of a river local to the mine in an action brought to the Guatemala courts by the anti-mine organization CALAS.

According to the suit, filed in 2012, Carlos Morales who was mine manager at the time, TAHO polluted the river which stopped locals from accessing the supply for their agricultural use and also because Carlos Morales ordered a judicial inquiry into the pollution that was designed as a deliberate obstruction to the real investigation into the events.

Tahoe Resources (TAHO) in Guatemala issued a statement in Guatemala, saying among other things that the imprisonment of their employee was excessive, but hasn't bothered to say anything to the rest of the world yet.


4/13/15

1) Allow horse to bolt. 2) Close stable door.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 13, 2015) - First Mining Finance Corp. (TSX VENTURE:FF) "First Mining Finance" or "the Company") announces that, in connection, with its recently completed Qualifying Transaction, it has appointed BDO Canada LLP to act as its auditor, replacing Crowe MacKay LLP. 
In addition, the Company has engaged Future Money Trends, LLC ("FMT") to provide certain financial publishing and digital marketing services. In exchange for providing these services, FMT will receive an initial fee of US$30,000 and a monthly fee of US$7,000. The agreement with FMT is for a one year term and the Company has the right to cancel the agreement at any time. The Company has also agreed to issue FMT 100,000 incentive stock options in the fourth month of the term of the agreement.


The problem with Rob McEwen's NR today: He's making shit up

Basic rule of life (not just corpcoms): When in hole, stop digging.

Here's what Robbie Mac wants you to believe:

 During the interview, I was asked: 'Is it a dangerous part of Mexico (at our mine site)?'"I answered: 'It hasn't been. I mean the cartels are active down there. Generally we have a good relationship with them.'"My answer was related to gaining access to properties we wish to explore (continues).
But here's what really happened in the Q&A with BNN  (for the record, this from IKN309 out to subscribers yesterday, because for the edition I made a point of getting what was said down on transcript):

Andrew Bell: "Is it a dangerous part of Mexico where you are?"
Rob McEwen: "It hasn't been, I mean the cartels are active down there. Generally we've had a good relationship with them! If you want to go towards somewhere you ask them and they tell you, "No", but then they'll say, "come back in a couple of weeks when we've finished what we're doing..."
AB: "What are they doing, transporting drugs or something?"
RM: "Oh they might be harvesting them!"


In short, Robbie Mac wants us to believe he was referring to "property owners" and "impacted community members" in order that McEwen Mining (MUX) (MUX.to) be the "good neighbour". When in fact he knew exactly what Andrew Bell was referring to and went on to talk specifically about cartels and their activities. So add bullshitter to the list of shame.


The McEwen Mining (MUX) (MUX.to) laughshow continues

As Iwnattos correctly stated today:



And now, let's hand over to Robbie Mac for the next episode:
TORONTO, ONTARIO--(Marketwired - Apr 13, 2015) - "Responding to numerous media reports, I want to make it perfectly clear, that neither I nor any member of McEwen Mining's (MUX.TO)(MUX.TO) management team in Canada or in Mexico have had any regular contact with, or have any relationship with, cartel members.
"On Thursday April 9, 2015 at 11:40 am EST I was interviewed on television by Andrew Bell of Business News Network about the recent gold theft from our El Gallo mine. During the interview, I was asked: 'Is it a dangerous part of Mexico (at our mine site)?'

"I answered: 'It hasn't been. I mean the cartels are active down there. Generally we have a good relationship with them.'
"My answer was related to gaining access to properties we wish to explore. It is our policy to contact all property owners or impacted community members in an area to seek their permission and ascertain the appropriate timing to enter their properties to conduct mineral exploration. We respect their wishes as any good neighbor and responsible miner would.
"Unfortunately, my use of the words, 'good relationship', was careless and has created the entirely false impression with Mexican media that we have regular contact with criminal elements in their society. This is simply not true. I wish to apologize sincerely for any misunderstanding my words may have caused.
"I wish to acknowledge and thank the Mexican Federal and State governments, law enforcement agencies and the army for their immediate response to the theft. We will continue to cooperate with them fully.

"Most importantly, I want to thank the many employees at our El Gallo Mine in Mexico. The last week has been a trying time for our company, but particularly for those employees directly impacted. Your professionalism, understanding and support of the investigation has been nothing short of outstanding," said Rob McEwen, Chief Owner, McEwen Mining.
Whole thing here

PS: And don't miss out on the updated info today, right here

Checking in on Timmins Gold (TMM.to) (TGD)

Remember when Timmins Gold (TGD) (TMM.to) announced its purchase of Newstrike (NES.v) on Feb 17th? Remember your author's immediate reaction?
"A very, very stupid group of mining people. If I were a holder this morning I'd be spitting mad, as it is I can relax and watch the fallout from the sidelines."
Yup, that's a new multi-year low you see this morning.



Your job now isn't just to laugh in the faces of the dumbasses running this company when the AGM/EGM comes up on April 29th. Your task is also to check back and see how many people in sellside world tried to tell you this Newstrike buyout story was one to like. Here's a good one for example, dated Feb 23rd: "Why The Timmins Gold And Newstrike Capital Combination Makes A Lot Of Sense". Ah Sinking Alpha, you guys are the true wonderful. Or what about the information sneak thief Ovais Habib of Scotia, who after taking a close look maintained his $1.75 price target on TMM? Bless him, getting everything he deserves.

But we should give credit where due, such as to Joe Fazzini of Dundee and Philip Ker of PI Fincorp who both called "Downgrade To Neutral" (brokerage code for "get the fark outta there") on the news.


Apparently I need to be worried about a bubble in the China stock market...

...because I've been told to worry. Frankly, this is far more interesting:



If you're like me you get about 90 seconds into this and start laughing and saying things like "my stars" or "How the dev....oh look he just did it again!" or "that's impossible". A six minute video of pure footballing joy. 

First Majestic (FR.to) (AG) 1q15 production numbers

NR here, silver equivalent total chart here:


That's an AgEq total of 3.9m oz.

As FR.to is guiding for AgEq between 15.285m oz and 17.084m oz in 2015, the direct multiple of Q1 comes inside that (15.6m) but at the low end. Not an inspiring quarter. And let's note along the way that the silver percentage of total AgEq production is now down to 71.1%.









Fortuna Silver (FSM) (FVI.to) 1q15 production

NR here, charts here.

Silver:


Gold:

Another quarter done.

Chart of the day is...

...12 months of Alamos (AGI) and AuRico (AUQ):



Well, it had to be an all-share deal.

The IKN Weekly, out now



IKN309 has just been sent to subscribers. Longer pieces on Lake Shore Gold, McEwen Mining, Tahoe Resources, Western Copper & Gold, First Majestic. Shorter pieces on a whole bunch of other names and regional happenings. And Lucas Boyé.

4/12/15

Stephen Hawking sings Monty Python's Galaxy Song

Which you must experience, of course:



Linko here.

Checking in on Avrupa Minerals (AVU.v)

While all around pumped it in mid-December, your standard grouch attack from IKN tried to inject a little sanity into the BS being peddled about Avrupa Minerals (AVU.v). The pump continued in January via all the usual suspects, right up to when it didn't. That happened to be the very same day IKN ran its post on the follow-up mess when the story started to unravel.

And now...



Oh look, it's down to twelve cents. Funny how the Vancouver hype peddlers have moved from this story, innit? Probably just coincidence.

Bottom line: The quicker you work out the "heads I win tails you lose" business model of parasite Tommy Humphreys and all those of his ilk, the better it will be for your back pocket. 

How Things Work, by Gary Soto

I really like this. From here


How Things Work
Gary Soto

Today it’s going to cost us twenty dollars
To live. Five for a softball. Four for a book,
A handful of ones for coffee and two sweet rolls,
Bus fare, rosin for your mother’s violin.
We’re completing our task. The tip I left
For the waitress filters down
Like rain, wetting the new roots of a child
Perhaps, a belligerent cat that won’t let go
Of a balled sock until there’s chicken to eat.
As far as I can tell, daughter, it works like this:
You buy bread from a grocery, a bag of apples
From a fruit stand, and what coins
Are passed on helps others buy pencils, glue,
Tickets to a movie in which laughter
Is thrown into their faces.
If we buy a goldfish, someone tries on a hat.
If we buy crayons, someone walks home with a broom.
A tip, a small purchase here and there,
And things just keep going. I guess.