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The Uranium Energy Corp (UEC) secondary

In the classic sneaky, fact-burying junior mining manner, Uranium Energy Corp (UEC) decided to publish news of its secondary offering on SEDAR on post-close Friday evening. So to make sure you know exactly who is dumping their shares, here's the fact table from page 18 of the filing:

They're dumping them at U$1.23 a share, by the way. I wonder how the retail suckers who bought in at U$1.60 a unit in October feel about that?


The massive tailings dam collapse in Belo Horizonte, Brazil UPDATED

UPDATE: The early news reports coming from this story are simply horrendous. I urge you to get to the major international newswires for breaking updates, this is far too big for a backwater blog story.

Youtubes capture several aspects of the disaster at the Vale (VALE) iron ore mine at Brumadinho, Belo Horizonte: Youtube links here, here, here and here.

The Friday OT: Olafur Arnalds; Partial

Just amazing

And just one of the mindblowing tracks on his new album, Remember. Youtube here.

Gold bullion inventories in GLD, 2016 to date

At 809.76 metric tonnes (unchanged since last Friday), we're back above that 800mt line again.

It's been a bellwether level for years, too. Finds 800, sticks around for a couple of weeks of months, then makes its move. Data from here, of course.

The present and future of palladium

Here's a chart:

And as the saying goes, they can't both be right.


No posting on this blog today

For secret reasons.


BREAKING: Juan Guaidó has just sworn himself in as President of Venezuela

This is a big move by the head of the National Assembly (Congress), Juan Guaidó. He has just taken the oath of office and declared himself President of Venezuela. Do not expect Nicolas Maduro to take this lying down.

For those of us looking in from the outside, I'm afraid to say that this is not the end of anything, it's the start. And to lapse into cold hard capitalism for a second (with apologies, but IKN is also a reality show for market people), those of you out there who buy when there's blood on the streets should start paying attention to Venezuela as from today. It will get worse.

Detour Gold ( So if I have this straight...

...first Paulson and his band of merry funsters who kicked up a fuss about the poor performance of Detour Gold (, ran a proxy slate, got the old management kicked out on the promise of a better and more efficient mine. Then when the 2019 guidance arrives precisely and exactly fuck all has changed, up to and including the plans for production of the COO who arrived at the company in 2017.

UPDATE: Just thought I'd stick this here, a quick exchange that came from the above:

Twitter is good. We like Twitter.

More mining M&A: The rumour is...

...that Kinross and IAMGOLD are talking. Big caveat on this; I personally don't know whether it's true (and times like these all sorts of whispers do the rounds), but I've now heard this one from three different places. That's enough to pass it on here, see what you make of it.


Gold Fields and Anglo, says Bloomie (updated)

On the screens, right now:


2019-01-22 14:29:46.792 GMT

UPDATE: Gold Fields have published a NR denying the Bloomie story. Looks like fake news, we now wonder whether Bloomie will do anything about it.

Beta Hunt

Always was a specimen mine, always will be.

Guyana Goldfields ( and the art of the proxy slate news release

A bit of inside baseball this morning and before we go on, I'll point out that I have no dog in this fight and am not a shareholder of This link takes you to the NR out of Guyana Goldfields ( this morning, its first reply to the proxy slate battle brought to it a couple of weeks ago by ex-GUY head honcho Patrick Sheridan. The reason it makes the blog is that the GUY NR is exemplary in its sub-sector. Go have a read and see how it's straight, non-hype, on-point and makes the company's case for the current board of directors without lapsing into mud-throwing (yet). At the same time, it's addressed the proxy issues and whacked that ball back over the net with interest, as well as holding back on the finer details which are promised later when the MIC arrives. That last point is the most important, as it attacks Sheridan at his weakest point. The message is simple, "Dear Patrick, want to talk now, or would you like us to shred your precious reputation in public later?"

This is one helluva good NR and pressurized boards of other companies should print off a copy for future reference.


How to look like a twat at a mining conference

In one easy lesson.

UPDATE: Apparently it's contagious:

PS: If they've done one for Katusa, can somebody grab a black sharpie and draw a pair of fangs on it? Thanks in advance.

Definitely my favourite slide from the October 2018 Continental Gold ( corporate presentation

Strong and supportive:

Why does that remind me of that "Strong and Stable" election campaign run by the UK Conservative party that nearly wiped out its government? I mean, we know the writing's now on the wall about NEM's participation here, while you just have to wonder whether people in RK's head office get nauseous just by hearing the word "Colombia" these days. 

Anyway, after the wholesale annihilation of capital that Ari Sussman has managed in his mine-development career, first Colossus and now Continental, I can't wait to find out where he pops up next. Mind you, has has to do his trick of resigning from CNL and quietly blowing out all his shares before that happens. Shouldn't be long now.


The IKN Weekly, out now

IKN504 has just been sent to subscribers. Lots of words this week.

Happy Birthday Michael McPhie of Prize Mining (PRZ.v)!

Yes indeed, it's Mike McPhie's birthday today, isn't that nice? Hey Mike, let's hope you have a great day, spend this one with your family and the next one in jail, convicted and locked up for your part in the scam you pulled on shareholders. Even though I do realize the criminal scumbags like you get away with murder in the Vancouver junior scene and the chances of you getting what you deserve are slight, one can but dream.

Meanwhile, over at the VRIC show in Vancouver today...

....things are kind of quiet at the PRZ booth (my thanks to reader 'S' for the snap).

Congratulations, Randy Smallwood

It's why they pay you the big bucks, right?

VANCOUVER, June 11, 2018 /CNW/ - Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to announce that it has agreed to acquire from a subsidiary of Vale S.A. ("Vale") (NYSE:VALE) an amount of finished cobalt equal to a fixed percentage of cobalt production from the Voisey's Bay mine (the "Cobalt Stream"). Wheaton will pay Vale upfront cash consideration of US$390 million upon closing of the Cobalt Stream. In addition, Wheaton will make ongoing payments of 18% of the Metal Bulletin market price ("cobalt spot price") per cobalt pound delivered.