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9/14/19

Minera IRL (MIRL.cse): I'm getting flak from impatient people, so here's the news

Unfair to tease this one.

On Friday at 11:27pm the tribunal arbitrating on the case between Minera IRL (MIRL.cse) and quasi-State bank COFIDE over the fate of the Ollachea project and the U$70m bridge loan forwarded by COFIDE to the mining company published its verdict on the case. You can read it here. The need-to-know is:
  • The tribunal has found in favour of Minera IRL and against COFIDE
  • COFIDE has been ordered to pay U$18.75m in damages, plus another U$13.96m in loss of earnings. 
  • The tribunal also struck off all interest payments due on the U$70m bridge loan due as from July 17th, which I believe comes to around U$16m. 
  • Along with another small award, the total award package comes to just over U$50m

This is a massive win for Minera IRL, be in no doubt. Just the U$32m cash award is around U$0.14 per share (C$0.17). The whole package is worth around USD 22c/share with the interest write-off included. Plus of course IRL can now get on, fund and build its mine. 

Expect major news about Minera IRL (MIRL.cse)...

....in The IKN Weekly, IKN538, out tomorrow evening.


"On a more exciting note": AM Resources (AMR.v) gets its entry in for the "Mining NR of the Year" award

It's not just the way it was filed late night Friday. It's not just the light and carefree "Oh btw, the authorities have closed us down" message. It's the way they segue into the "La Esperanza Progress" section that makes this one so special. Link here, whole thing below.

MONTREAL, Sept. 13, 2019 (GLOBE NEWSWIRE) -- AM Resources Corporation (“AM” or the “Corporation”) (TSXV: AMR) (Frankfurt: 76A) informs that following a routine site visit to the Corporation’s DJU-071 coal concession contract area (the “Mina Luz Property”) by the Colombian National Mining Agency (“ANM”), the mining activities have been provisionally suspended for allegedly being outside the granted area.
The Corporation’s Colombian subsidiary AM Resources SAS, is actively working with local counsel to undertake the necessary legal action in order to clarify this situation and request the lifting of the suspension, before the ANM, which unfortunately can take up to sixty business days to respond.
AM wishes to clarify that the decision to suspend mining work is a provisional measure, while the Corporation and the ANM clarifies the area of the coordinates granted. AM is fully committed  to work diligently, with Colombian regulatory authorities to resolve this situation in a timely manner.
La Esperanza Progress
On a more exciting note the Corporation recently received the TSXV final approval of the acquisition of its La Esperanza asphaltite project located Norte de Santander, in Colombia, and  is really pleased with the progress of its exploration program. AM intends to divert a portion of it available resources from the Mina Luz Property while it works toward resolving the title issue.
UCS Update
Lastly, further to its August 22 and 23, 2018 press release, the Corporation also wants to inform its shareholders that it is still working on arranging the financing to complete a transaction for the Ultimate Conversion System (‘’UCS’’) machine.
ABOUT AM RESOURCES CORP.



9/13/19

Angry Geologist spanks Garibaldi's (GGI.v) monkey

And the thrusting young madame does so in a way that even Messrs Regoci and Lightfoot are likely to remember, right here.

This Nickel Mountain charade is coming to an end, I mean even Mr. Eric Sprott OBO* has given up on this one (and ffs that takes some doing these days). Donkeys are worth more than this shady scheme, it's time to run away once and for all.


*Our Benign Overlord

The Friday OT: Boards of Canada: Dayvan Cowboy

Two brothers from Scotland who record in their living room and sample things like 1970's TV shows  and old VHS videos, a band named after the National Film Board of Canada. An unlikely start for one of the best pieces of music composed this century.



And a great video to boot. Youtube here.

Fortuna Silver (FSM) (FVI.to): Tracking the Lindero bullshit

When you are awoken to the smell of CEO bullshit it's often worth investigating further, if only to see how many more bullshit lies and truth-stretches have been in operation. Our subject, Fortuna CEO Jorge Ganoza, has already been shown as untrustworthy over the progress and cost of his white elephant in Argentina (of all places, WTF were they thinking?) due to the corporate need to raise cash for the project when he said very clearly earlier in the year they wouldn't need any more, even after the weather-affected delay was taken into consideration. So when today FVI said...
"The Lindero Project construction remains on track with placement of Mineral Reserves on the leach pad scheduled for the fourth quarter of 2019 and first doré pour planned in the first quarter of 2020"
...the radar buzzed and it was time for some fact-checking. Starting here, what FVI said on February 20th in its NR when re-setting the timeline:
"The crushing and agglomeration plant is on the critical path of the project.  Commissioning of this plant is planned for late in the third quarter of 2019."
Compare that today's NR:
"Commissioning of the crushing circuit and the agglomeration plant is planned for the fourth quarter of 2019."
So what part of this fits with the company's claim that "The Lindero Project construction remains on track?". Answer; None, it's revisionist BS. Also,note that on February 22nd the company was keen to explain that critical path was the crushing and agglomeration plant. Today it was all sequins and sleight of hand over the start of pre-production mining", as not only was that the NR title, but CEO Ganoza threw in his comment about it being "...one of the important milestones of the project...". Not a peep about the real delays at the project, but we're beginning to see a pattern and that suddenly comes as no surprise.

So what about if we take a decent guess at when this thing is really going to be finished, rather than when they'd like us to think it'll be ready. For that we need to track their deeds rather than their words and this table does just that:


Along the way and from time to time, FVI has reported the total completion percentage of Lindero to the market in its publications, e.g. MD&As, news releases and conference calls. This shows six of the pertinent dates and the percentage of Lindero reported complete by the company on each date.
  • Back on November 7th (in the 3q19 MD&A), Lindero was 26% complete.
  • Then in both the Feb 20th NR and the year-end MD&A, Lindero was reported 40% complete. We know the project had hit weather delays at that point, so a pass is given.
  • Then on May 13th we were told Lindero was 47% complete. Slow progress since the last update and as the columns on the right show, they'd only added an extra 7% completion in 62 days, a rate of 0.11% per day.
  • However, since then things have picked up a bit as the last two updates show an improved rate of build-out at Lindero, averaging 0.21% completion per day since May 13th. That's a three and a half month sample and a reasonable one on which to base estimates.

Therefore, a little mathematics: If today Lindero is 70% complete and being built out at the average rate of 0.21% per day, that means we are 143 days from completion. And that, ladies and gentlemen, means FVI can say whatever it wants about pre-production-this-and-that, this thing won't be ready until late January. This compares to the original plan (3q18 MD&A): "...the Company maintains its guidance of the commencement of commissioning in the second quarter of 2019 and achieving commercial production by the end of the third quarter of 2019." It's not even going to be commissioned by end 2019 and the company has the brass neck to tell us it remains on track today.

Over-budget, overdue and even when it's finished, in Argentina. 

In The IKN Weekly this weekend

A good look at the ITR PEA, plus the name of the new stock I plan on buying next week.

9/11/19

Harte Gold (HRT.to) is the new Metanor

While noting the casual air in which Harte Gold (HRT.to) this evening inflicted yet another dilutive placement on its long-suffering retail shareholders, your humble scribe could not help but reflect on the striking similarities between this serial killer of speculators' dreams and the old Metanor (ex-MTO) when it mined the Bachelor Lake property. Both are examples of decent deposits run by well-meaning miners who do not have the first clue about finances and blow their capital structures to bits by accepting whatever deal, as long as they get to open their mine. But it's not just that, because they've gone almost exactly the same route by...
a) painful overdilution of share count (and "drop-of-hat" style NRs were the MTO thing)
b) debt financing now coming due at a bad time, causing negative working capital (which tempts them back to the equity market and more freakin dilution, just like MTO)
c) a godforsaken derivatives contract, what with MTO and its SAND stream or HRT and its embarrassingly poorly timed hedging contracts.
...and the match is uncanny. We know what happened in the end at Metanor, shareholders were crushed under dilution, the company could never raised the capital it needed to truly advance productivity, the whole thing was picked up for pennies by Mr Eric Sprott O.B.O* and now it would seem Bonterra are making a good fist of unlocking what there is up there as a regional play. Metanor is the poster child example of shareholders losing because financial fools get in the way of them and the mine. From what I've seen to date Harte Gold is following the model closely.


*Our Benign Overlord

WGC: "Gold: the most effective commodity investment"

Okay, of course you're going to get the bullish case for gold from The World Gold Council. I mean...

The World Tofu Council highlights the advantages of Tofu
The World Shoe Council Recommends You Wear Shoes
The World Cake Council Releases New Report on How Delicious Cake Is
The World Electric Vehicle Council Believes Electric Vehicles Are The Future

...etc. All the same, this report from the WGC entitled "Gold: the most effective commodity investment" is well worth your time as its argument is straightforward, solid and based in sound financial theory. It's 2019 ladies and gents, you don't need to be a goldbug to own gold, you just need to have a modicum of common sense and an answer to the increasing risk profile of the world financial system. Well thought-out charts too. Gotta love a good fundies chart, go have a look.

Can anyone remember a trade in which Orion actually made money in juniors?

This morning brings the latest reminder of how crap that fund and its people are in the junior sector.

On September 10, 2019, Orion Mine Finance announced that it had entered into an agreement to sell 10,000,000 ordinary shares ("Ordinary Shares") of Lydian International Limited ("Lydian") held by Orion Co-IV (ED) Limited, a company managed by Orion Mine Finance Management I Limited ("Orion"). Orion wishes to clarify that the sale price for the 10,000,000 Ordinary Shares in the September 10, 2019 transaction (the "Transaction") was C$0.10 cash per Ordinary Share for an aggregate price of C$1,000,000.
Immediately prior to the Transaction, Orion beneficially owned 98,836,000 Ordinary Shares, representing approximately 13% of the issued and outstanding Ordinary Shares. Immediately following the Transaction, Orion beneficially owned 88,836,000 Ordinary Shares, representing approximately 11.7% of the issued and outstanding Ordinary Shares (based on there being 760,017,021 Ordinary Shares issued and outstanding). Since the date of its last early warning report, Orion decreased its securityholding percentage in the Ordinary Shares from approximately 16.9% to approximately 11.7%, representing a decrease of approximately 5.2%.

Continues here. Honestly, I've lost count of how many of their investments have blown up in their faces.

Fortuna Silver (FSM) (FVI.to) and Lindero

On February 20th, and notably after announcing that due to adverse weather conditions the timeline for the Lindero gold project in Argentina would be set back a little, CEO Jorge Ganoza of Fortuna Silver (FVI.to) (FSM) stated the following:
“The Company remains well funded with low debt and sufficient liquidity to meet its construction and working capital requirements for the completion of construction activities and operating ramp-up activities at Lindero.”

Yesterday September 10th, Fortuna Silver announced a $40m bought deal financing. The reason it was adding debt to the corporate structure was...?
"The Company will use the net proceeds from the Offering for working capital in relation to the start-up of the Lindero project and for general working capital purposes."

Yet another CEO bullshits the market. As for the performance of FSM compared to silver bullion between those dates...

Pathetic. And to think silver was hated, too.

Silver versus silver miners

The whole point of owning precious metals mining companies is to reap the benefits of leverage to the metal in question, so a look at the comparative chart of silver (the black line here) against a handful of silver producers over the last 12 months should show that with silver bullion prices up 25% year-on-year, the mining companies are all flying, right?


Wrong. Okay, a couple like Alexco (AXU) and First Majestic (AG) have done what they are supposed to do and even that uber dog IMPACT Silver (IPT.v) has provided a reasonable return compared to the metal. But Pan American (PAAS) has under-performed the metal and just look how badly Coeur (CDE) and Fortuna Silver (FSM) have done. Plenty of others like those too, check out Hecla, Great Panther, Endeavour (EXK) and more. And more.

9/9/19

Snatching defeat from the jaws of Victory Metals (VMX.v)

The only thing surprising about the way this Palisade pump is trading is that it hasn't totally collapsed already, what with the volume trailing down to nothing and a whole bunch of shady Vancouver asswipes all desperate to get their shares out the door. Collin Kettell learns the hard way that running pumps and dumps on other people's companies dos not qualify you as a CEO, nor does it bring you any sort of peer respect.

BlackRock (BLK) has been selling Torex Gold (TXG)

And now BLK has its total holding under 10% of shares out, no need to file any longer. This on SEDAR tonight:
BLK previously filed a report under Part 4 of NI 62-103 in respect of Torex Gold Resources Inc. dated March 31, 2019 for security holdings of 10,604,862 common shares representing a security holding percentage of 12.46%. The net decrease in security holdings since the last report is 2,371,964 shares, resulting in BLK’s control or direction over an aggregate of 8,232,898 common shares. As a result, BLK’s security holding percentage of common shares has decreased from 12.46% to 9.65 % of the 85,271,868 issued and outstanding common shares of the reporting issuer.
Which may or may not explain the recent action in the stock:

RNC Minerals (RNX.to) and its upcoming date with 28c

And Haywood agreed to a bought deal. What were they thinking, they get suckered in by that specimen show?


Just 22% of downside left to go.

Best wishes to Bob Moriarty of 321Gold

My sincere condolences. A link to his sad news here.

Financial Post does the Cobalt 27 (KBLT.v) buyout scandal

On August 15th this humble corner of cyberspace said its piece about the change of control rip-off and cozy insider carve-up currently going on at Cobalt 27 (KBLT.v) as Pala Investments and its Russian oligarch owner Iorich screws everyone into the ground and gives its management the dirty money payoff it most definitely does not deserve. Now Gabriel Friedman of Canada's Financial Post has picked up on the story and late last week filed this strong report on the scandal, which is must-read material (not least because there's something of a shareholder revolt going on now. Here's how it starts:
Toronto-based Cobalt 27 Capital Corp., which billed itself as an investment in the electric vehicle revolution, is facing outcries from some of its largest shareholders as it tries to sell its most valuable assets during a market low-point.
The company roared into the market in mid-2017 with an initial public offering, ultimately raising hundreds of millions of dollars to stockpile and acquire royalties on cobalt, an essential metal used in lithium-ion batteries. Within about a year the price of cobalt had hit a five-year peak, only to crash in the latter half of 2018 and never fully recover.
Now the company wants to steer its investors into nickel and to sell its main cobalt assets to its largest shareholder, Pala Investments. Other shareholders would receive $3.57 in cash, plus equity in Nickel 28, a new company that would hold the remaining assets including a stake in a nickel mine in Papua New Guinea.

The IKN Weekly, out now


IKN537 has just been sent to subscribers and the good news is that you have just one week left to wait for the best picture ever to appear on this segment. 538 coming up.

Also, last week several subscribers didn't receive the Weekly correctly and it seems there was some glitch between Google and myself (I blame google, but then again I would). I've taken action and the Weekly should get through okay this time, but if it doesn't show in your mailbox please shoot me a line using a reply from a previous week. Thanks in advance.

9/6/19

The Friday OT: BT, Tritonal & Emma Hewitt; Calling Your Name

Superb, loud, joyous, stadium electronica. BT knows his craft and it's the arrangement on this one that gets the adrenaline coursing; this is not intimate or subtle, it's in your face life celebration. Then when Emma Hewitt's ethereal voice kicks in, it's physically impossible not to pull shapes on the next drop.



Can't you hear the crowd calling your name. Youtube here.

When is a bought deal not a bought deal?

When it's an RNC Minerals (RNX.to) bought deal and they are so desperate to close on this freakin' dog and pony nonsense that they'll bow to pressure from the other side of the contract and drop the unit price. Your interesting NR of the day, with the real news buried at the bottom.

Constantly surprises me how this sector cannot see a blatant fucking scam when it stares at one in the face.

This blog remains quiet

For secret reasons. I've been ranting on Twitter this week, though.

9/3/19

Peru announces the proposed changes to its Mining Law tomorrow

Tomorrow Wednesday afternoon, Sep 4th, Peru's Ministry of Energy and Mining (MEM) is holding a press conference at which, among other matters, it will announce the new measures that it will then present to Congress in the its Mining Law bill.

So now you know.

Belo Sun (BSX.to) now open to criminal prosecution and civil law suits

Interesting to watch the Belo Sun (BSX.to) pump unfold, orchestrated by the sold-out John Doody for his new paymaster, Porter Scamsberry. So for all newbies in this stock, if you feel comfortable owning stock in a company whose management are proven liars and have probably ruined the project's chances of ever moving forward by their own incompetence and mendacity then stop reading this now and return to your special place of happy thoughts. Bye bye!

For the rest of you, please consider the latest corporate presentation from BSX, which includes this statement:


As noted in this previous post, it is simply not true that BSX owns all the surface rights at Volta Grande. It's a plain fat lie, so why does BSX insist on repeating it? These are the facts:

1) BSX has admitted in its own regulatory filings that Brazil's Instituto Nacional de Colonização e Reforma Agrária (INCRA), owns "some" of the land it plans to use for mine infrastructure.
2) You cannot own surface rights on INCRA land.
3) I repeat, you cannot own surface rights on INCRA land.
4) Do you understand that? BSX is lying to you and if you don't believe me, ask INCRA.
5) You are not allowed to lie. It's naughty.

What often happens in Brazil during the INCRA land reform process is that the land in question (no matter where it is in the country) is that the INCRA office will come to an agreement with local populations to allow them to use the land for rasonable purposes (agro, build a house etc) but that does not change the fact that the locals have never and still do not own the surface rights of the land. That the locals managed to sell something they do not own to a bunch of foreign mining Johnnies is beside the point, be it by a genuine mistake on the part of the locals or a cunning plan to rip BSX off and leave them twisting in the wind. Also, BSX is fully aware of its legal FUBAR, because as noted last month they have been changing the wording of their MD&As recently in order fool everybody with fancy words and glitter and sequins. However, it is impossible to reconcile their statement made in "The INCRA overlap on the Volta Grande Project footprint covers some of the planned infrastructure" and "All surface rights acquired". It's total BS, they are lying to you and it's high time this bunch of scamsters were brought to justice for their morally bankrupt, self-serving rip off corporate culture and let us note, insiders are already making ill-gotten gains from these lies as management make insider sales and stuff their wallets with dollars bills (that originally belonged to you). And the funniest thing about it is that it's so easy to prove. All anyone needs to do to expose these liars is to ask them to show a concession map, the way most other mining companies do, with the INCRA overlap illustrated. Then you stroll down to INCRA, point at the area and ask them (or any other Brazilian lawyer worth their salt) who owns the surface rights of that land, a process that would be ridiculously easy if only BSX would publish or show us a legitimate concession map of Volta Grande. Take a wild guess as to why they don't.

The IKN Weekly, out now



IKN536 has just been sent to subscribers and we are now just two weeks away from IKN538 and the post with a wonderful photo.

9/2/19

Lydian (LYD): Cronimet of Germany is paying bribes to Armenian politicians to block Amulsar

On Friday, Michael McRae of Kitco reported on the NR out of Lydian International (LYD.to) and published a pice entitled "Who has been paid to block Amsular? — Lydian", which picked up on the accusation levied by LYD in its latest NR:
"The Government of Armenia has said publicly that Lydian and the Amulsar Project have been the subject of a campaign by rival mining companies providing support to opponents of the Amulsar Project," said the company in a news release.
"Armenian society has been dragged into an endless discussion around an audit which had no legal grounds to question Lydian's rights to operate in the first place. When will the Government of Armenia identify the rival mining companies conducting this campaign, how much has been paid to oppose the Amulsar Project and who has been paid?"

Sadly, McRae didn't do much else but re-hash the NR, a pity because there's a fun story of intrigue and corruption behind it all. It turns out that German mining company Cronimet, owners of the Zangezur copper/moly mine in Armeania, is behind it all as they have been bribing the Armenian government at Environment ministry level as well as paying direct cash to the protesters around the project site to stop it from happening. Cronimet's bribery is ongoing.

IKN Kung Fu > Kitco Kung Fu.

9/1/19

The IKN Weekly, out tomorrow

This mail to subscribers went out a few moments ago:

Hi all,

Just a quick note to say that I've decided to take advantage of the North American Labor Day holiday and send this week's edition of The IKN Weekly, IKN536, tomorrow instead of today. More time, more content, and fewer spelling mistakes (promise).

Until tomorrow.


8/30/19

The Friday OT: Foo Fighters; Summer's End

Not for the first year, it gets an airing this weekend:



Enjoy your Monday off. Youtube here.

8/29/19

We can track a few of the inside sellers at Belo Sun (BSX.to)...

...because CFO Ryan Ptolemy and VP Technical Services Joe Milbourne aren't part of the Stan Bharti inner circle den of thieves and have to do things the official way:



Pretty impressive, no? The first thing top management do when John Doody and Porter Scamsberry start their pump is to exercise their 12c options and dump them straight into the market. Birds of a feather.

8/28/19

Barrick (GOLD) and Newmont (NEM) over the last two months of the gold bull

When Newmont (NEM) completed its purchase of Goldcorpse it was the market cap leader by quite a distance and had at least $2Bn over Barrick in second spot. This morning Barrick is worth U$1.75Bn more than NEM and is the world's chip leader.


NEM is turning into a disaster, up 6% in the last two months when gold bullion is up over 9%!

8/27/19

A Flash update was sent to subscribers...

...this Tuesday evening. A trade.

Precious metals hedging: Just say no

Your humble scribe enjoyed an interesting conversation on the subject of hedging yesterday, on the back of this news out of Argonaut Gold (AR.to) yesterday:
TORONTO , Aug. 26, 2019 /CNW/ - Argonaut Gold Inc. (the "Company", "Argonaut" or "Argonaut Gold") (AR.TO) announces the Company has entered into a series of zero-cost collar option contracts, which were approved by the Board of Directors.  The contracts cover a total of 145,500 ounces of gold through mid-2022.  The floor price of the monthly gold collars has been set at $1,450 /oz with the ceiling price of the collars ranging from $1,630 /oz in the fourth quarter ("Q4") of 2019 to $1,760 /oz for the first half ("H1") of 2022.

It continues, with a head honcho who doth protest too much methinks as Prez/CEO Dougherty informed us of the corporate strategy and philosophy behind the decision to put on those "costless" collars (in speech marks because as we have noted previously, they are far from that) and bizarrely trying to compare the hedge with the whole of AR.to's resource base. The bottom line is that AR.to has hedged between 35% and 40% of its expected 2020 and 2021 production, plus a couple of smaller hedges in 4q19 and 1h22, at a baseline price of U$1,450/oz with the top end of the costless collars between 1630 and 1760 (prices their CFO hopes will not get broken during the hedge program). They've done this to ensure getting at least U$1,450/oz for their gold ounces and in that way guarantee its old and high cash cost mine El Castillo remains profitable.

Which is also complete bullshit for shareholders of course, the subject of yesterday's conversation with a friend. There are many factors involved with hedging precious metals, but at the brass tacks level it is an act of risk transference. There is always risk in mining (operational, price, execution etc) and we as shareholders, investors and speculators know this (or we damned well should by now). The risk is not diminished by a adoption of a hedging program and in fact, you can argue that risk is increased by the upper limit price of a costless collar because if it breaks, the hedger will start losing money. However, what does happen is the risk is transferred from the company and placed on the shoulders of shareholders; by selling its gold at a minimum of 1450, AR.to has removed risk from El Castillo and placed it on the company's financials. That's us, ladies and gentlemen. In effect, what AR.to has done is stated clearly that its interests are less aligned with shareholders and more about keeping their mine running. They prefer to guarantee their own jobs over the improvement of the company share price, as one of the most obvious moments to buy mining stocks is when the price of its underlying metal product moves higher. If gold runs further, shareholders will not get the blue sky benefit of the run and the company will be made to pay for their strategy (quite literally) that will crimp the share price.

Of course, companies and their C-suite decision makers have the right to do what they want with their company and if one of those corporate lines is "maintain our mines open at all costs" then that's their decision. But we shareholders don't have to put up with their self-serving, corporate cowardice. If you want to experience the full bang-per-buck opportunity that gold is currently offering you in the market, it's time to own precious metals mining stocks but you need to avoid the mediocrity in order to achieve the best gains. One of the clear signposts is not buying gold companies that hedge their production because their decision takes blue sky gain potential and your share upside away from you. Go find another stock to buy.

Ecuador: Azuay province moves a step closer to its anti-mining referendum

The story so far: We know that anti-mining campaigner and now Prefect of Azuay province, Yaku Pérez, organized the officially recognized and legally binding local referendum in the Girón Canton of Azuay Province in the South of Ecuador (a province in Ecuador being made up of many cantones). When that vote went 87% against INV Metal (INV.to) the company just said "We don't care, we'll move our mill to the other side of the valley where it's not Girón Canton", so Yaku Pérez and his friends replied, "Okay, we're going to organize he same type of vote, only this time covering the whole of the Province." He tried to get that to happen via the local mechanisms but came up just short in the provincial committee vote (he needed 18 votes out of the 23 and got 15), so instead is going the longer route and has applied to be allowed to organize a referendum under the national constitutional rules. 

Today there's movement on that, with Ecuador's Constitutional Court having allowed the paperwork to move forward. They have notified Azuay's prefect that all is in order and the job now is to get at least 10% of the population of Azuay to sign an official petition. Pérez has said this morning that they will begin the petition in two months' time, by the end of 2019 they should have cleared the next hurdle and will be ready to get court sanction for the referendum.

BridgeMark news: Prize Mining (PRZ.v) changing its name to "Boundary Gold and Copper Mining Ltd"

Because these swindlers think they can bury all their bad corporate practices this way.

Prize Mining Reports Results of Annual General and Special Meeting Including Name Change and Continuation into British Columbia

And here's the bullet point list from the NR: Remember those five names:

  • The number of directors was set at five;
  • The director nominees were all elected resulting in Michael McPhie, Raul Ramirez Morton, José Avina, Dallas Pretty and Dino Minichiello being re-elected as directors of the Company for the ensuing year;
  • Davidson & Company LLP were re-appointed as auditors;
  • The continuation into BC from Alberta, including the adoption of new Articles upon continuation (the "Continuation") was approved;
  • The change of name of the Company to Boundary Gold and Copper Mining Ltd. (the "Name Change") was approved;
  • The consolidation of the Company's common shares on a basis of five (5) pre-consolidation common shares for one (1) post-consolidation common share, or such lesser ratio that the board of directors of the Company may deem adequate (the "Consolidation") was approved; and
  • The continuation of the Company's 10% rolling stock option plan was approved until the next annual general meeting.

8/26/19

The IKN Weekly, out now




IKN535 has just been sent to subscribers. And sent late. We're just three weeks away from the big moment, IKN538 and the photo.

8/24/19

Checking in on the John Doody/Porter Scamsberry Belo Sun (BSX.to) pump job

Prompted by ignorance and a naive assumption that the people at the centre of this scam have their best interests at heart, it's worth reflecting that every single new owner of Belo Sun (BSX.to) conned into buying this trash is now underwater on their trade.


Meanwhile, anyone smart enough to sell into this pump has made out like a bandit. Surely that wasn't the plan, Porter?

El Salvador's "Plan Control Territorial": The early results

We are now over two months into the initiative of the new (and very popular) President of El Salvador, Nayib Bukele, called "Plan Control Territorial" (no need to translate that one, I think), created to try to reduce the amount of gang violence and murders in the country, with El Salvador suffering up to recently one of the world's highest murder rates per capita. The plan has seen more officers (police and army) on the streets and a thorough overhaul of the prisons system to wrest power away from gang members who are serving time but were still the kingpins of their organizations. Let's see how initial results are doing, via the average numbers of homicides per day in the country:


In red to the left the annual averages (2019 to date, obviously). To the right in that orangey coppery russet, the last six months of readings from 2019. The death rate has dropped sharply in the last two months, with August set to be the lowest bloodshed in forever. So far so good.

8/23/19

Mozart, Wolfgang Amadeus; Don Giovanni final "Commendatore" scene

Get your rocks off to Mozart, people who say he lacked emotional depth forget about the darkness in the climactic scene of the opera. Conceit and bravado condemn Don Giovanni, but the music annihilates his soul as much as any of the devils who drag him to his eternal fate.




Samuel Ramey does Don Giovanni, Kurt Moll is his nemesis. Youtube here.

Angry Geologist does Garibaldi (GGI.v)

Of course she does. Always does Garibaldi when they have results out. Right here, geols will enjoy this one.

8/22/19

Regulus (REG.v) does videos, part two

Following on from its first video explainer on AntaKori (see here, it already has over a thousand views), today Regulus Resources (REG.v) has published part two of its series entitled "The Upside Potential at AntaKori Pt.2". Click that link or just watch it here below in this embed:



Well worth the time for any junior mining investor.

What John Doody is not telling you about Belo Sun (BSX.to)

A hilarious pump out today on Belo Sun (BSX.to), the protagonists being the promo pumper Porter Scamsberry and his new MiniMe John Doody (who recently removed all semblance of self-respect by selling his ass to Scamsberry). Doody and his new owner Porter have decided to pump the holy fark out of the Stan Bharti waste of space Belo Sun (BSX.to) to their audience of idiots who won't even realize they've been ripped off until the Xanax runs out. It will all end in tears.

With that in mind, allow your author to add some details about the regulatory disaster that is BSX and why it doesn't stand a chance of moving its project forward anytime soon. What follows is also one of the main reasons Agnico (AEM) bailed on the stock and its story (another entity guilty of doing their DD after purchasing rather than before, better late than never I suppose). For those not wanting the details, the TL:DR is:
  • Brazil is a bureaucratic nightmare
  • Belo Sun is run by idiots
  • Even in a best case, the mess they have made for themselves will take years to resolve. In a worst case they will lose most of their concession area that covers the main mining concession
  • BSX now realizes this, which is why they changed wording in their latest MD&A. They did so in lawyer-script that keeps them about a millimetre inside strict legality, but it completely fails to explain the material risk to the project to its shareholders.

Aside BSX, the protagonist of our story today is Brazil's Instituto Nacional de Colonização e Reforma Agrária, or INCRA, the body in charge of land reform. INCRA owns plenty of tracts of land in the country and if you, me or anyone else ever wants to purchase or acquire INCRA land, the process involved is extremely complicated and your actual, full-on Brazilian bureaucratic nightmare. Large mining companies know this and I have heard tell of examples when a operating and producing miner has gone through the process of buying small areas land from INCRA (typically for tailings facilities as they grow) and the red tape has taken ten years. We could spend a lot more time on the horrors of INCRA, but the bottom line to this part is that if you're a mining company, you do not want to rely on buying INCRA-designated land as part of your corporate growth strategy.

Let's move to BSX, who has said on no-end of occasions that it owns the surface rights for its Volta Grande project. They tell you that because they bought the surface rights from locals. They did that because the locals told BSX that they owned the land packages in question. Sadly, in most cases it has turned out that the locals were not the true owners of the land on which Volta Grande is located, and most of the mining concession area is in fact on INCRA-owned land (as opposed to the greater concession area, important distinction that we come back to later). Which is nice, because it also gives a window in how naive and stupid these BSX people are about working in Brazil. Now I don't know whether the locals were simply mistaken about their lack of ownership rights (perfectly possible in the Amazon basin, laws get created and annulled over the years and decades) or whether the locals made a proactive decision to rip BSX off, but the upshot is the same: BSX does NOT own the surface rights to all of its mining concession. Not even most of it, in fact. 

After they discovered their stupid and expensive error and up to this year, BSX tried to fob this non-ownership SNAFU by claiming it had a Memorandum of Understanding (MOU) with INCRA. Even under normal circumstances a MOU isn't a legally binding document (i.e. they do not own the surface rights, no matter how hard they might wail), but an MOU with INCRA is worse, it's nothing even close to a formal agreement and is more akin to an amuse bouche that the restaurant offers you before you start the 20 plate tasting menu extravaganza. That INCRA MOU isn't even worth the paper it's printed on (see above), especially as the guy who did you the favour of signing that MOU isn't even with INCRA any longer. 

So let's see how BSX is disclosing the fact that most of the land that hosts the Volta Grande gold mine project isn't owned by BSX, but by the worst behemoth red-tape monster in Brazil. This is the relevant passage from the 2q19 MD&A, your humble scribe provides a little bold type and underlining:

After receiving the LI, the Company received an order from the judge of the Agrarian Court of Altamira issuing a temporary 180-day injunction halting certain work related to the LI. The purpose of the injunction is to provide time for the relocation of certain families living near the project site and the finalization of the agreement with Instituto Nacional de Colonização e Reforma Agrária (“INCRA”) involving the overlap of a small portion of INCRA urban development project area with the Company’s mining concessions. The INCRA overlap on the Volta Grande Project footprint covers some of the planned infrastructure.

Belo Sun entered into an MOU agreement with INCRA in 2016 and re-signed again in August 2017 which would see Belo Sun purchasing suitable substitutional land chosen by INCRA in exchange for INCRA releasing the overlap land. With the Government change that occurred in January 2018, Belo Sun is now in discussions with the new INCRA administration. While a final satisfactory negotiated solution is not guaranteed, both parties have continued to discuss the mechanics for a solution. The New Administration has indicated that they prefer not to do a land substitution but establish a lease agreement that would see the land returned to INCRA following the closure of the mine. Discussions are ongoing in a favorable and co-operative atmosphere. The discussions between INCRA and Belo Sun are recorded and registered with the court in Altamira on a regular basis. The relocation plan approved in the LI authorizes families to relocate at a time of the families’ choosing, with relocation expenses covered by the Company, stay where they currently live, or receive financial compensation for their property. The Agrarian Court of Altamira lifted this injunction in June 2017."
You catch that? Instead of the company being honest about the amount of land at Volta Grande with surface rights owned by INCRA, it tried to hide behind phrases such as "...a small portion of INCRA urban development project area..." or "...covers some of the planned infrastructure." It may be that INCRA has urban development plans for a small corner of its land up there, but what about the land it owns that doesn't have an urban plan? And once again let us be crystal clear on this, the INCRA overlap on the Volta Grande Project footprint does not cover "some of the planned infrastructure", it covers MOST of the infrastructure including pit, tailings facility and mill so fair warning required here, if you are a BSX shareholder and read this, then you do not get in contact with the company and have them explain exactly how much of the important areas of their mining concession and sat on INCRA land, you only have yourself to blame afterwards. Let us also note that the new INCRA admin doesn't even want to sell the land to BSX now, preferring a leaseback (usufruct) structure as they discuss the relative merits of the first course of this 20 course menu. There is a massive material risk to the Volta Grande project that BSX is trying seven ways not to admit to or make public. Pretty obvious as to why that is, as not only would the truth ruin their pumpjob plans but it would also show their management and executives to be a bunch of pikers on Brazil with no clue on how to operate in the country.

Don't take my word for it, contact BSX and find out for yourself. Ask them about surface rights, land ownership and just how much of their project sits on INCRA land. Ask them why they paid locals al that money for surface rights that the locals did not own. Ask them about the legally binding nature of an MOU with INCRA. Ask them why they have been so keen on burying the truth. Now you know why AEM bailed.

8/20/19

A comment on Victoria Gold (VIT.v)

This humble corner of cyberspace notes with interest that your humble scribe's well-documented bearish position on Victoria Gold (VIT.v) (latest edition last month) is currently being served back to him on a gilt platter by a perfectly attired maitre dee in a swanky hotel.



I was wrong. Again. Won't be the last time either. Expand a little on the potential why, it's around this time of the first production and output that you'd expect to see a surge of interest and that's fair enough, wish them well. Really do in fact, sincerely hope the mine starts well, performs to expectations and becomes a hub of growth in the Yukon economy. My issue is more on the economics and financials of VIT.v, its capex blowout, its financial debt, obligations and that high share count. Just don't see much meat on this bone for the retail holder, then again if you'd asked me 10 days ago I'd have said the same. And I'm wrong so far.

Lupaka Gold (LPK.v) in trouble with the Peru environmental authorities

Probably nothing...


Rise Gold (RISE.v): Ben Mossman up to his tricks again

Those of you who recall the almighty FUBAR that was Banks Island Gold (ex BOZ.v), the junior that BSsed the market about its ability to produce from the Yellow Giant project (on the island in Northern BC). Ben Mossman was the president/CEO of the company that failed to produce any meaningful amount of gold. Instead it managed to bankrupt the company and cause massive losses for the people who bought into the Louis James/Casey Research/CEO.ca pumpo on the stock (yes indeed, it was Louis Little Wolf Lobito's James "largest personal position". You may also remember how much IKN laughed about the Lobito pump at the time. This one, too).

Well folks, Mossman is at it again at his new scam Rise Gold (RISE.v), a company with a project that looks good on paper, but as soon as you scratch the surface and do the DD it becomes clear how much chance the mine project has of ever being permitted (between slim and none). So let's check in at the RISE.v website, starting with the CEO biog:

Ben Mossman | President, Director, and CEO


Mr. Mossman is a mining engineer with over 15 years of experience in the mining industry including experience in capital markets, project evaluation, acquisitions, mine operations, and development. Mr. Mossman has worked at eight producing underground mines with production rates ranging from 250tpd to 3,000tpd. Previously, as CEO, he lead the exploration, permitting, financing, construction, and operation of a profitable gold mine in British Columbia which was one of the only hard rock metal mines in the world to use pre-concentration (DMS) to eliminate all surface disposal of tailings. Mr. Mossman has been involved in several other mine start-ups, including as mine engineer at the Snap Lake Mine for DeBeers Canada and the Bellekeno Mine as Chief Engineer for Alexco Resource Corp.

That's the whole thing, strange how it totally fails to mention Banks Island Gold, isn't it? Fails to mention the bankruptcy. Fails to mention the total losses taken by equity holders. Fails to mention the way he was constantly accused of environmental damages at the mine site by authorities, including obstructing enviro officials from doing their jobs and eventually found guilty of violations of the BC Fisheries Act and Environmental Management Act. Anyway, over at Rise Gold (RISE.v) we have this news out today.
In it, we read that RISE.v has (and we quote) "...increased the size of the non-brokered private placement previously announced in its July 3, 2019 news release from C$1,750,000 to C$4,500,000 through the issuance of up to 64,285,714 units (each a “Unit”) at a price of C$0.07 per Unit, with each Unit comprising one share of common stock (a “Share”) and one-half of one share purchase warrant (the “Private Placement”). Each whole warrant (a “Warrant”) entitles the holder to acquire one Share at an exercise price of C$0.10 for a period of three years from the date of issuance."

Okay fair enough, it's a private placement that coincided with a surge in the gold price and the junior has taken advantage of the interest by expanding its placement. Potentially shady, but nothing particularly unusual and if it were just that, it'd be worth a shrug. But then comes this:

The Company announces that it has entered into a non-binding letter of intent with Eridanus Capital LLC (the “Lender”) for a US$1,000,000 loan (the “Loan”). The Loan has a term of 4 years and an annual interest rate of 10% for the first two years increasing to 20% in year 3 and to 25% in year 4. Interest will accrue and be paid along with the principal upon the maturity date. The Lender will be issued 11,500,000 bonus share purchase warrants as additional consideration for advancing the Loan. Each warrant entitles the holder to acquire one Share of the Company at an exercise price of C$0.10 for a period of three years from the date of issuance. The Loan may be repaid prior to the maturity date, in whole or in part, provided that all accrued interest is paid. In addition, if total interest payments are less than $200,000 (two years’ interest), the difference will be paid to the Lender as prepayment compensation. The Loan will be secured against the assets of the Company and its subsidiary and will be used for permitting, engineering and working capital at the Company’s Idaho Maryland Gold Project.
Turns out that this entity, Eridanus Capital LLC, was only registered as a company a couple of weeks ago and its business address is a Biz PO Box drop service out of Sheridan Wyoming (an old clapboard railway station building, in fact). Which makes one wonder why RISE.v is so keen on getting its hands on this U$1m for "working capital purposes" from a brand new start-up registered in middle-of-nowhere USA when it's just raised C$4.5m for exactly the same purpose, working cap. Also, why is RISE.v willing to pay a minimum of $200,000 in interest (if they pay back in two years or less) or up to $650,000 (if they pay back in four years) for this loan that they really do not need? All on the back of a CEO with an extremely dubious past history (that he's obviously keen on burying). Perhaps if Mossman helped us with the identities of the people behind Eridanus Capital LLC, it would surely help the transparency on this junior's activities. Or maybe he prefers keeping us all in the dark again...


8/19/19

Solidly good news for Alexco Resource Corp (AXU)...

...even if I do say so myself, the long-term shareholder. This just released:

YELLOWKNIFE, Aug. 19, 2019 /CNW/ - Canada is moving forward with a long-term plan to clean up contaminated sites in the North.
Today, the Honourable Carolyn Bennett, Minister of Crown-Indigenous Relations, announced that the Government's new Northern Abandoned Mine Reclamation Program will invest $2.2 billion over 15 years to address remediation of the eight largest abandoned mine projects in the Yukon and the Northwest Territories.
These projects are the Faro, United Keno Hill, Mount Nansen, Ketza River, and Clinton Creek mines in the Yukon; and the Giant, Cantung, and Great Bear Lake mines in the Northwest Territories. The Great Bear Lake project consists of multiple smaller sites in close proximity to each other.
The new program will leverage expertise gained over 15 years of...

Falco Resources (FPC.v) and IKN's First Law of Mining NRs

Here's a mail I just wrote back to a pal, twenty minutes ago:

"I laughed out loud. Not just "LOL", seriously. That's a classic and in truth, you don't even need to underline "geotechnical" in para1, anytime "challenges" comes up early in an NR it's runawaytime.

"Can I use your mail in a post? Refusal does not offend..."
...etc and my kind mailpal readily agreed, so here below is the mail that elicited the above reply. It concerns this evening's fried offering from Falco Resources (FPC.v), with my fine correspondent's intro line and red ink to help one's eye pertain the important information. By way of introduction a reminder of the all-important IKN First Law of Mining NRs:
"The IKN First Law of Mining News Releases: Considering that anything contained in a mining news release is presented in the best possible way for the company in question, any piece of information contained in a NR that comes across in any way negative means the real news and/or events behind it must be very, very bad indeed."

And now, my kind friend's missive:

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Just read this announcement by Falco Resources... I was already frightened by the first sentence:




8/18/19

The Harte Gold (HRT.to) hedge position cannot be unseen

They plan on producing around 40k oz this year and a little over 60k oz in 2020. And have this to cover:


Those of you who remember the last days of Phelps Dodge under Whisler will recall just how much damage a so-called "costless collar" can do to your business if the metal prices find a way out of the edges of the contract. In this case, HRT has already taken a $10.57m hit on the book as at June 30th and that because gold was at U$1,409/oz! Imagine what the hole will look like at the end of 3q19 and gold at $1,500/oz (or above).

There should be a law against allowing geologists to take deposits into production.

The IKN Weekly, out now


Look how cool and youthful I am, listening to such jolly tunes

IKN534 has just been sent to subscribers. It has many charts. For your information, we are just four editions away from the picture that will accompany IKN538.

8/16/19

Angry Geologist does copper

Right here.

The Friday OT: BT; The gathering darkness

Despite its pretentious title, the BT album "If the stars are eternal so are you and I" has been on repeat at this end of the pipe in recent weeks. One of those situations where you go back to a lesser played album by a fave artist and wonder why you didn't fall in love with it the first time around. Perhaps it was that album title, but judging a book by its cover is a bad thing. This is the last track on the album and is wonderful.



8/15/19

The Cobalt 27 KBLT.v change of control awards

Okay, the 4th person since yesterday just sent me this, let's get it out the way. This is the payments for change of control at Cobalt 27, as it's OPA'd by Pala:


Yes you are reading that right, for his two years at the helm after a) IPO'ing under Pala sponsorship b) suckering thousands into the cobalt pump c) watching the stock deflate then d) approving a takeover by Pala Investments at these new lows, CEO Anthony Milewski gets U$7.72m (and the others get theirs accordingly). But that's not all, Milewski has 840,000/RSUs which magically become C$3m in cash. He gets shares of the nickel spinco and gets to be its exec chair, too. Not to mention his salary for the two years of work, which after bonuses came to North of C$2m. All very nice I'm sure, but no matter where he goes or what he does, Anthony Milewski will always have "A Russian Oligarch Owns My Ass" tattooed on his forehead so fuck him, he's made his life choice and there ain't no going back now, Tony.



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Eira Thomas, the Mines And Money 2018 "Outstanding Achievement for a Woman in Mining" award winner

You remember that? We do. Meanwhile over at her outstanding achievement as CEO of Lucara Diamond Corp (LUC.to):



We did a lot on BS round Lucara last year, starting with that sneeringly self-serving Marin Katusa pumpjob just after Thomas's appointment as CEO, then things LUC didn't want Katusa's readers to hear about (we know them as "facts"), right to that $2.00 margin call that, when cracked, sunk the stock right on cue. Seems as though the best plan the Mines & Money 2018 Achievement Award winner's could come up with was to hire her promo pal to pump LUC to the masses on some cockamamie Clara innovation. While they were making all that noise, that chart tells you the people who can really do sums and math and things were taking full advantage of the fortunate and completely unexpected opportunity.

Oh and by the way check out who were the private owners of Clara when it was bought out by LUC. Interesting.





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Regulus (REG.v) does videos

An interesting initiative from Regulus Resources (REG.v), episode 1 of a series covering its AntaKori deposit, what the company is doing and what they hope to achieve at the project. 



Plenty of rock stuff to chew over. Youtube here.

RNC Minerals (RNX.to) 2q19 financials

Remember this one? The Beta Hunt mine and all that shiny gold specimen rock? Stick a fork in her, she's done:



Working cap deficit of $8m and even if they sell all the inventory at spot prices they only get to working cap neutral. 556.1m shares out at 51c, you gotta be mad to like this price. Going back to 20c.

The bit that Gran Colombia Gold (GCM.to) always forgets to tell you about

Beats me why it slips their minds every time. This does not include the $3.843m in finance costs, by the way:


That and the way they pay a fine to Colombia in order to dump raw waste water directly into the local river. Nice people.

8/14/19

A flash update has been sent to subscribers

Wednesday morning.

8/13/19

Exclusive: How Argentina's stock operators ripped off the market

To understand how a group of people in Argentina ripped off the Northern market players to the tune of many hundreds of millions of dollars, one must return to the action seen in Argentine stocks on Friday August 9th, last trading day before the PASO elections of the weekend. On that day and for no apparent official reason, the main MERVAL index jumped 7.94% on outsized volume and many of the stocks on the list made 10% and 20% improvements as a raft of new money came in from instos and funds from North America, Brazil and Europe.

They did so because they thought they were in the possession of super secret information, but as things turned out they were done in much the same way as the Duke Brothers in Trading Places. Our Ackroyd and Murphy this time were  a private consultancy company called Elypsis (of Argentina) and a Brazilian investment bank BTG Pactual (which is part of UBS, class action lawyers may be interested in knowing) who on Friday morning both published private voter intention polls that put sitting President Mauricio Macri in a stronger position than the final sets of official polls released before the blackout period, one week before. As a matter of fact, Elypsis put Macri on 38% and Alberto Fernández on 37%, while BTG Pactual put Macri on a three point advantage. As a result of these private polls, published at almost exactly the same time Friday morning Americas time to coincide with the opening of the market (not suspicious at all), traders piled into everything Argentina expecting a strong result from Macri that would place him in the box seat for the October first round election (with a view to getting the re-election nod in the November round two run-off).

However, and to literally translate one of my favourite dry humour Spanish sayings, "the reality is other". Sunday came, Argentina voted, Fernández beat Macri by 15 points and both the Elypsis and BTG Pactual polls were shown to be the tissue of fabrication and lies that they most definitely were. Traders who had bought the Merval like there was no tomorrow (and the big question is "from who?") were left strung out to dry, the Merval immediately dropped 10%  at which point its standard circuit breaker clicked in, then on re-opening the stampede for the door saw the Merval drop 48% on the day, the world's second largest ever one day market drop anywhere in the last 50 years. 

When rip-offs are this big and done this well, I am forced to sit back and applaud. The people behind the Elypsis and BTG Pactual polls have pulled off one of the biggest white collar crimes of all time, right in front of your noses and instead of it causing an international financial scandal, it takes a pissant blog in a dark corner of the interwebnetpipes to point it out to you all.


8/12/19

Mexico: President AMLO has a message for USA and Canadian mining companies (from IKN533)

Having seen this issue repeated erroneously on a few media channels today. This from The IKN Weekly IKN533, out last night. Cost creep comes to Mexico.

Mexico: President AMLO has a message for USA and Canadian mining companies
This weekend, while on a visit to the mining town of Concepción el Oro in Zacatecas State, Mexican President Andrés Manuel López Obrador had a few things to say to mining companies, especially those domiciled in The USA and Canada. The following quotes translated from this report (5):

Regarding new concessions
Our posture is that they maintain their (current) concessions, but we’re not going to keep Harding over new concessions for mining exploration because we’ve already given over a lot. They won’t finish exploiting the 80 million hectares of previously granted concessions in a thousand generations. Why so many? Because they get these concessions not to produce, but to speculate financially so what they have already is enough for production, if that’s the principal motive and not speculation.”

Regarding the environment
What we ask of the mining companies is that they care for the environment, that the companies act in the same way they do in other countries. If they are Canadian companies, they should apply the same rules they do in their own country so that they do not affect the environment or their territories.

Regarding Mexican mineworkers
“…they should pay mine workers well, pay the miners the same as they pay in Canada or United States. Why do they pay ten times less to Mexican mineworkers than they pay to those in Canada and The USA? They need to increase salaries for their workers.

Regarding community relations:
“…they should leave benefits wherever they operate mining. Four years ago, without exaggerating, we (his party) were the ones who got the mining companies to pay taxes when we were in opposition, because under Salinas they gave out tax breaks for mineral extraction. –that up to four years ago, as after a long struggle they started to pay taxes that would be used by the communities.”

You may agree or disagree, but this is the President of the country speaking and his words get repeated by many others.


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The IKN Weekly, out now




IKN533 has just been sent to subscribers. A sub-standard edition.

8/11/19

(Repeat post) Argentina: A flowchart on country risk for mining companies

First published on April 25th 2019, which means you had three and a half months to prepare. Don't say you were not warned.

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I've tried to make this as simple as possible, so that even people who subscribe to Casey Research, Louis James and Byron King can understand:



Further questions?


8/9/19

Cordoba Minerals (CDB.v) and The IKN First Law of Mining News Releases

A reminder of the law:
"The IKN First Law of Mining News Releases: Considering that anything contained in a mining news release is presented in the best possible way for the company in question, any piece of information contained in a NR that comes across in any way negative means the real news and/or events behind it must be very, very bad indeed."

And now this, which in my book has to stand as one of the best examples ever. Can you imagine how long it took to write this? And why on Earth did they wait until after the close on Friday to release it?

VANCOUVER, BRITISH COLUMBIA, August 9, 2019: Cordoba Minerals Corp. (TSX-V:CDB; OTCQB:CDBMF) (“Cordoba” or the “Company”) today provides a progress update on security at its San Matias Project in Colombia.
Following the Company’s news release dated May 9, 2019 (, Cordoba submitted a request to the National Mining Agency (“ANM”) to temporarily suspend all obligations of the Company relating to the El Alacran title (III-08021). The ANM and Ministry of Defense subsequently conducted a review of safety at El Alacran, determined that the Company’s request was appropriate, and approved a suspension of all obligations as a result of force majeure until May 23, 2020. Suspended obligations include the minimum drilling requirements and completion of the Environmental Impact Assessment (“EIA”) and the Mining Technical Work Plan (Programa de Trabajo y Obras or “PTO”).
Cordoba may request that the ANM lift the suspension at any time, if conditions allow, so that exploration drilling at the Project may restart. In the interim, the El Alacran title will remain in good standing.
The Colombian authorities have identified the San Matias Project as a project of national interest and have pledged their assistance in advancing the Project as quickly as possible. The Company wishes to thank them for their ongoing strong support.
Cordoba continues to maintain good relations with local communities in the surrounding area and will focus its efforts in the next few months on exploring its San Matias regional prospects, including exploration drilling to locate the porphyry source of the Montiel West satellite deposit, located 2 kilometres northeast of Alacran.
About Cordoba


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