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Read about the fun in Ankara tonight here (updated regularly and in English).
Less importantly, watch the pretty capitalism chart doing things here.
PS: Turkeys don't go coup. Pigeons go coup. Try the veal.
Boy: Do not try and Brexit. That's impossible. Instead only try to realize the truth.
Neo: What truth?
Boy: There is no Brexit.
Neo: There is no Brexit?
Boy: Then you'll see that it is not the country that exits, it is only yourself.
Theresa May has assured Nicola Sturgeon that she will not trigger article 50 until “a UK-wide approach” has been agreed for negotiations to leave the European Union.
- Article 50 won't be triggered in this decade
- The British Pound (GBP) is going back above $1.40, but that will happen much sooner than 2020. Probably more like September 2016.
This week's Friday OT is presented without further comment.
Only time will tell.
Here's the note from last Sunday evening:
Orla Mining (OLA.v-H): Something is brewingUp until recently Orla Mining (OLA.v-H) was a ten cent shell stock sitting on the NEX end of the TSXV and doing nothing. That’s now changed, as this 2016 price chart shows.
So far in price moves we’ve seen:
- Spotty purchases between mid-February and end May around the 15c level
- New activity in June that got it to 20c
- Then a sudden rush up to the approx 50c level on new levels of volumeAt face value that’s quite impressive for what’s nothing more than a shell at this time, but once we check out a few of the details of the company it becomes more obvious why this shell is creating noise. To do so, let’s zero in on the company’s latest NR dated July 8th in which it announced the closure of a $7m round of financing (28). This was the funding round of a soon-to-be unleashed new junior on the block. Its backers have already got in on various rounds of early financing at cheap prices (6c, 8c, 10c) from mid-2015 up to February 2016, but it’s when you see the names of the main players that things start to get interesting. After this latest 50c financing round in which they all participated, Marc Prefontaine, Hans Smit, Troy Fierro, Richard Hall, John Graham and Pierre Lassonde between them own a total 66.3% of Orla’s fully diluted share count and if you don’t recognize those names as the top table A-Team of the Canada mining scene, then I suggest you change your sector of interest immediately. Just seeing one or two of those names connected to a start-up junior would be enough for my blood, all five and the bells should be ringing already.As for what it owns and plans to do, its flagship property at this point is the Blue Quartz project which is described in these terms in its most recent MD&A:The Blue Quartz Property is located approximately 12 kilometres north-northeast of Matheson, 73 kilometres east-northeast of Timmins and 56 kilometres northwest of Kirkland Lake, all located in the Province of Ontario.It then goes on to describe Blue Quartz in more detail, including the results of limited drilling programs back in 2010 and 2011 which returned hits such as 2.0m of 13.95 g/t gold at a depth of 340m. It finishes the description with “To date the mineralized zone is open to depth and down plunge with indications that the hydrothermal alteration system is increasing in intensity along with both the grade and width of the mineralization”, which is probably going to be connected with the promo on this stock if Blue Quartz turns out to be the main thrust of OLA this year. However, OLA may have other plans and a new project to fold into the company, I have no special information to offer you on that.All in all, just the calibre of the mining men on board this play makes it very interesting and with the $7m placement now signalling that the company is about to come alive, this is your heads up on a potential exploreco trade for the second half of 2016. At present I do not own any shares and I don’t plan to change that in the near future. If I decide to buy I’ll tell you first.
Disclosure: I neither own or recommend OLA or PRO.
Right here: And just in case it disappears, here's a screenshot:
TORONTO , July 14, 2016 /CNW/ - The Ontario Securities Commission (OSC) today launched the Office of the Whistleblower, the first paid whistleblower program by a securities regulator in Canada . The OSC also published OSC Policy 15-601 Whistleblower Program, which outlines the program's eligibility criteria and reflects input received from stakeholders on the program.The OSC's whistleblower program offers compensation of up to $5 million to individuals who come forward with tips that lead to enforcement action. The program accepts tips on possible violations of Ontario securities law, including illegal insider trading, market manipulation, and accounting and disclosure violations."Our whistleblower program is a powerful addition to our enforcement arsenal and a game-changer for securities enforcement in Canada ," said Maureen Jensen , Chair and CEO of the OSC. "The program will enhance our ability to protect investors and achieve better outcomes for our markets by helping us identify and pursue violations of securities law that may only come to light through a whistleblower."The program has in place and offers important whistleblower protections. Whistleblowers can report anonymously, and the OSC will make all reasonable efforts to protect the confidentiality of whistleblowers. Anti-reprisal provisions have been added to the Securities Act ( Ontario ), allowing the OSC to take enforcement action against employers who retaliate against whistleblowers and rendering as unenforceable contractual provisions designed to silence a whistleblower."Our program provides significant incentives for whistleblowers to come forward and offers robust protections," said Kelly Gorman , Chief of the Office of the Whistleblower. "These protections apply even if the information provided to the OSC does not result in enforcement action or does not meet the criteria for an award."The Office of the Whistleblower is now open to accept tips through its dedicated website at www.officeofthewhistleblower.ca. Individuals are encouraged to come forward and report possible violations of Ontario securities law. Whistleblowers can report anonymously if they are represented by a lawyer. To be eligible for an award, whistleblowers, and the information they submit, must meet specific criteria outlined in the OSC's whistleblower policy.The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in the capital markets. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at www.osc.gov.on.caSOURCE Ontario Securities Commission
Another 6.3m in the first couple of hours this morning, following on from yesterday's block trade.
Though also must say that I only have one eye on the market right now, the debacle that is the Tour de France organization committee is far more interesting. Less rubbernecking a car crash, more like a motorbike/bike crash.
WILLIAMS LAKE, BC, July 13, 2016 /CNW/ - Gibraltar Mines Ltd. was ordered to pay $70,000 on June 29, 2016, in British Columbia Provincial Court after pleading guilty to five offences under the Fisheries Act related to the Metal Mining Effluent Regulations (MMER). Between August 15, 2014, and May 31, 2015, the company failed to complete environmental monitoring as required under the regulations, failed to submit environmental reports and failed to notify and report on a limit exceedance (sic) in the effluent discharge. full NR here
"...the full title of my party is the Conservative and Unionist party. And that word unionist is very important to me. It means we believe in the union, the precious, precious bond between England, Scotland, Wales and Northern Ireland. But it means something else that is just as important. It means we believe in a union not just between the nations of the United Kingdom but between all of our citizens - every one of us - whoever we are and wherever we’re from."
- End July: DMM goes into technical default on its Vertex loan
- August: Vertex gives them a few days' worth of leeway, no money forthcoming, Vertex calls in the loan, DMM goes into default, shares halted, receivers called in.
- September: Receivers sell Jerusalem to Ian Telfer, pay debts owed to employees and suppliers.
- Also September: Eric Sprott reaches a deal with Vertex, takes some of the debt. Company recapitalized via debt-for-shares deal that dilutes current shareholders to kingdom come. Vertex and Eric become main shareholders.
- 2017: Dynasty name change to Studmuffin Mining Inc, Zaruma re-started.
Here's the IKN364 piece, published May 1st. And here's how it kicked off:
Zinc: Demand to outstrip supply in 2016Yes, shameful but it’s true, your author is going all zinc-pumpy on you after sneering at the “it’s gonna happen anytime now folks!” perma-pumping of the sellside in zinc for years. This “Get On Zinc Before It Flies!!!” is a narrative (with obligatory three exclamation marks) that’s been sold to us for years, but this time it really seems to have some fundamentals to back up the wishful thinking..." continues here
And here's a price chart of spot zinc:
The 57k+ production at Masbate digs B2 out of a hole.
No....nope...the connection just escapes me.
From IKN374, out last Sunday
Dalradian Resources (DNA.to): Sprott sellingThere were several interesting SEDAR filings on Friday and we’ve already mentioned a couple of them above. Here we note that according to its July 8th filing (24) Sprott as at June 30th has disposed of 4,423,240 shares and 518,478 warrants of DNA. This moves the total Sprott holding in DNA to 15,587,171 shares and 5,763,750 warrants, which is 9.6% of fully diluted shares. That’s 2.3% less than its last filing and the reason for the threshold trigger filings. We hear it’s the Toronto end of Sprott that’s doing the selling and we hear it’s because they don’t trust the mining widths in the plan.Although I closed my personal position in DNA.to a while back for a pleasant sized win, these pages called Sell on DNA.to in IKN372, the weekend after Brexit, due to the heightened political risk of operating in Northern Ireland. As this chart shows, since then the stock has basically flatlined (and held stubbornly to the CAD$1 level), which is a clear underperformance compared to the market for PM stocks.
FVI produced less than 33,000 ounces of gold equivalent...
...and there are still people telling me this isn't bull market for precious metals stocks.
- The world offered large home loans to people with bad credit ratings.
- Those were considered subprime loans at the moment of creation.
- But the clever financial people in the stock market bought up big packages of these cheap assets, mixed them with a few assets with better credit ratings and, with the compliance of the oversight bodies, turned the whole new package into AAA rated investment vehicles.
- The market didn't look at what was inside these new and wonderful packages, didn't check out the quality of the assets that backed up the paper, didn't think to ask whether they were viable or whether their apparent fixed asset value was a mirage and simply created out of somebody's fertile imagination. No, the market in all its wisdom fell for the story and just bought the wrapping paper.
- The people behind this imaginative and innovative idea to re-package near-worthless fixed assets to make it look like a gilt-edged investment opportunity made a lot of money for themselves and their bosses and were hailed as financial heroes, for a while at least.
- And the rest is history.
IKN374 has just been sent to subscribers. Another 16,300 words over 34 pages, full of fun and frolics. I enjoyed writing this one.