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10/5/19

Ecuador: The Rio Blanco mining camp destroyed in protests

The Rio Blanco gold mining project is one of the most controversial in Ecuador, as it is has been hated by local residents since forever and last year a judge ruled that the mine should close as it did not do its permitting correctly. This week's protests and large-scale disruption al over the country didn't go un-noticed at the mine, either:



That's what is left of the camp. Other photos show the camp burning from afar and burned out vehicles. In the words of owners Ecuagoldmining SA (part of China's Junefield group), the camp has been "burned totally" after a group of anti-mining activists forced their way in by threatening the security guards there with rifles.

10/4/19

The Friday OT: Deadmau5: Maths Botnek remix

You too can turn your brain into an omelette by playing this into earphones at a stupidly high volume. One of those tracks you can play 50 times and still spot something new going on, eargasm material.




Still recovering from what I did to my aural tracts on Wednesday, now it's your turn. Youtube here.

Frank Holmes' week as a CEO

Here's the five day chart of HIVE Blockchain Technologies (HIVE.v) on the back of its car crash annual financials statement of last weekend:



I'd really love to meet the person who was buying HIVE.v up on Monday morning. Because I'd love to play poker with that person. Anyway, it's down 15% and will go down more and that's because it's going bankrupt under Frank Holmes. The expert money guy.

10/3/19

Ecuador today and The IKN Weekly last Sunday

Many people have noted the protests that have erupted in Ecuador today, with pressure group and largest indigenous organization CONAIE blocking roads up and down the country, burning truck tires to stop passage and protesting against the "neoliberal policies of Lenin Moreno" (their words). Take for example this recent headline in world mediaville

Many people are surprised about this today's of events, but not those who read these words in the latest edition of The IKN Weekly, IKN540, out last Sunday September 29th. This is what they read:


Ecuador: CONAIE organizing anti-mining marches for October
I cannot say I’m surprised because I worked out how editorial bias worked years ago, but to this day I find it impressive to note how little negative news on mining in Ecuador ever gets to the English language wire services and media channels. On Tuesday September 24th, Ecuador’s largest indigenous organization (and biggest NGO by far) CONAIE announced in a press conference (15) that due to what they say is political persecution of its members who oppose development of mining and hydrocarbons projects, it was calling a national protest and organizing anti-mining marches for the month of October. Its president, one Jaime Vargas, said the following (translated):

“There are violations of human rights, more than 260 leaders persecuted for defending their territories, more than 1.5 million hectares handed over to the petroleum companies and more than 200,000 hectares handed over to mining companies for exploitation.” Those at the presser went on to say that CONAIE will now ignore any consultancy process on mining projects that takes place in indigenous territories which have already decided to reject mining because, “…with or without a prior and informed consultancy, they continue to trample on our rights in Ecuador and continue invading our ancestral territories” and that they “…demand that all large scale mining concessions in indigenous territories that have been awarded without any prior consultancy to date be extinguished, as required by the law.”

As for the upcoming protest marches, CONAIE said that if the mining companies do not retire from their territories, the indigenous “will have to enter them in order the get them out” in clear allusion to illegal and confrontational protests at the location of mining camps and operations. Meanwhile, President Moreno, the mining industry’s big bet, has seen his approval rating drop to just 16% (16). Unlike 99% of mining investors, you have now been warned about what’s going to go down in Ecuador as 2019 draws to a close.


The Doody/Scamsberry New Pacific (NUAG.v) rip-off

The chances that Porter Scamsberry and John Doody are not in cahoots with the nefarious Rui Feng on this are precisely zero, it's long past time that the SEC looked into these scam artists. Just seven trading days after John Doody called buy on New Pacific Metals (NUAG.v) via the Scamsberry promo rags, New Pacific decides to run a $15m bought deal priced at $4.00...
Vancouver, British Columbia (October 2, 2019) – New Pacific Metals Corp. (the “Company”) has announced today that it has entered into an agreement with BMO Capital Markets (“BMO”), as sole underwriter, under which BMO has agreed to buy on bought deal basis 3,750,000 common shares (the “Common Shares”), at a price of C$4.00 per Common Share for gross proceeds of approximately C$15 million (the “Offering”). The Company has granted BMO an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any. The Offering is expected to close on or about October 25, 2019 and is...(continues)

..and unless you were hot button and in NUAG in the very first seconds of trading Tuesday, you are now part of the sponsorship scheme to get NUAG treasury filled at a price that will never be repeated.


The poor saps who bought this stupidity will never even realize how the people they are paying ripped them off, either. NUAG has $27.8m in treasury as at June 30th, but suddenly gets the need to top up the working cap? Gimme a freakin break...

Once upon a midnight dreary, Corvus Gold (KOR) spells out reality for retail

Late last night (though not the stroke of midnight) Corvus Gold (KOR.to) gave us this piece of jolly news:

Vancouver, B.C. Corvus Gold Inc. (“Corvus” or the “Company”) – (TSX: KOR, OTCQX: CORVF) is pleased to announce that it has entered into an agreement with BMO Capital Markets, as sole underwriter, under which BMO Capital Markets has agreed to buy on a bought deal basis 10,000,000 common shares of the Company (the “Common Shares”), at a price of C$2.00 per Common Share for gross proceeds to the Company of approximately C$20 million (the “Offering”). No warrants were issued in conjunction with the financing. Continues here
Which did this to the stock price at the open today:



IKN therefore takes it upon itself to remind readers of a couple of cultural footnotes, plus some practical trading advice. Firstly, Corvus is the Latin word for raven, which is noted as a harbinger of ill-luck and a symbol of regret, loss and death. Secondly, that old refrain heard perhaps once or twice a year in the boardrooms of the majority of junior explorecos: "Retail? If they can't take a joke, fuck 'em." Lastly, that piece of advice: Before you start waving people into a junior this Northern hemisphere autumn, take a long hard stare at its cash position. Quoth the raven, "nevermore".

Sandstorm (SAND) 3q19 sales

Preliminary 17,300 AuEq is 900oz higher than the record set previous quarter which was expected. The nicer things happen when the financial data is plugged in, because the prelim $25.8m in revenues looks like this:


And a few basic assumptions afterwards gets to this:


And with that, price sales drops under 40X again, which is the level from which SAND has rallied on every previous occasion in the last three years. Long SAND on the back of these results is a no-brainer. NR here.

10/1/19

Core Gold (CGLD.v) back under offer from Titan Minerals (TTM.ax)

The official offer from Titan Mineral (TTM.ax) of 2.4 2.5 (typo) shares of TTM for every shares of CGLD was published today (link here, ty reader PB) and though I haven't read every word on its 616 pages, the main sections hold no surprises and it looks solid. Particularly appreciated is the way they address the bullshit peddled by that liar Piggott and answer the main points carefully. Also, we note large shareholder and main debtholder Vertex One is on board and has gone into voluntary lock-up.

CGLD is now out of halt and up sharply, but the arb left means there's likely more to come. Disclosure: I own a few, won't sell into a 2-handle though.

9/30/19

The IKN Weekly, out now


They do news, too


IKN540 has just been sent to subscribers. The main event this week is a site visit report on Integra Resources (ITR.v) and its DeLamar project in Idaho. Words and pictures.