start here

start here

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

I say things on Twitter

11/22/19

The Friday OT: Colter Wall; "The Devil Wears a Suit and Tie"

This voice is the reason OM managed to bump Kiri to yesterday, it's Johnny Cash meets James Earle Jones wrapped up in a 24yo kid who shaves twice a week max and also happens to be off-scale wonderful at music.



Youtube here and if you click thru, check comments that include, "I've just grown a beard only by listening to his voice for 2 minutes." When did country get this good? Nobody told me.

In The IKN Weekly this weekend...

..., a significant change in plan as we make ready for what could become an all-time epic tax loss selling season (and if 2020 does to gold what I and many think, one that gets talked about in whispered tones of reverence for generations to come). You never know how tax loss selling season pans out, as deep discounts pop up in strange places but fail to appear in others you thought logical, so the plan is to have options and play the cards as they are dealt. Christmas wish lists aren't just for kids and Santa Claus. IKN548, deep into its 10th year of publication, out Sunday evening Americas time.

11/21/19

The Friday OT on a Thursday: Kiri Te Kanawa sings 'E Susanna non vien!... Dove sono i bei momenti' from Mozart's Marriage of Figaro

The original, the one-and-only, the pioneer "Where did all the good times go?" song. Lyrics of lament over love are a sub-sector of thousands of songs these days and their emotional appeal is as strong as ever, imagine the bombshell this caused in 1786, a well-to-do wife singing about her husband and her broken heart.

We're already into Act 3, the countess has worked out that the Count is a rogue when it comes to women, she's hatched a plan with her servant to catch him red-handed (Susanna the servant had previously refused to sleep with the Count in exchange for cash, not least because she's in love with Figaro) and awaits her return. But Susanna is late, so the Countess begins to reflect on her marriage and when Kiri Te Kanawa absolutely owned this aria back in the 80s and 90s, professional Rugby Union and Australian Rules Football players would weep uncontrollably en masse in opera houses and then stop the shows with standing Os.




Youtube here. Reader OM made it happen on a Thursday this week, so blame him.

There was no point in Rob McEwen cheerleading for U$1,500/oz gold for years on end...

....as his company was set for failure the moment U$1,500/oz gold shows up. MUX vs gold price (GLD proxy), June 1st 2019 to date:



Rob McEwen, poster child for the human being that gets between you and a profitable trade in gold.

Even in failure, Endeavour Silver $EDR.to $EXK CEO Brad Cooke prefers to lie through his teeth

If it weren't for the casual way in which Bad Crooke of Endeavour Silver (EDR.to) (EXK) tossed in a sentence of utter bullshittery that it could not go unopposed, this post wouldn't exist. This morning EDR announced the closure of its trainwreck of a mine El Cubo, an asset that was an unmitigated disaster for the company almost from its very first days back in 2012. But not according to the revisionist claptrap served up by CEO Crooke, who started his comments with these words:


Seriously, that's exactly what he said. Hit the link, look for yourself and when you have, come back and check out the financial results EDR has filed from El Cubo:


Only in mining can a company be so stupid as to pay U$250m for a mine and than take impairments on it to the tune of U$271m in the three years that follow. In total, gross sales have not even reached costs and the net effect of El Cubo of EDR over the period of operations is a loss of over U$243m.

That is what Bad Crooke classes as a "good mine".

11/20/19

African Gold (AGG.v): Another Stan Bharti pump that will later dump

Stan Bharti's African Gold (AGG.v) is getting the paid pump treatment, main distributor Oilprice dot com. Here's the only thing you need to know from the main p&d article (though there are several others to choose from):

"This communication is a paid advertisement. Oilprice.com, Advanced Media Solutions Ltd, and their owners, managers, employees, and assigns (collectively “the Publisher”) is often paid by one or more of the profiled companies or a third party to disseminate these types of communications. In this case, the Publisher has been compensated by 2227929 Ontario Inc. to conduct investor awareness advertising and marketing concerning African Gold Group. Inc.2227929 Ontario Inc. paid the Publisher fifty thousand US dollars to produce and disseminate this and other similar articles and certain banner ads. This compensation should be viewed as a major conflict with our ability to be unbiased."
Can't argue with the last line of that disclaimers. Anyway, this has now popped...


...and its drop back from whence it came is a question of when, not if.

McEwen Mining $MUX to raise U$50m...

....or maybe even U$57.5m, by selling small portions of the company at $1.325 per portion

"...it has priced an underwritten public offering of 37,750,000 units, each unit consisting of one share of common stock and one half of one warrant to purchase one share of common stock, at a public offering price of $1.325 per unit for aggregate gross proceeds of approximately US$50,000,000.  Each full warrant is exercisable for one share of common stock with an exercise price of $1.7225 per share and are exercisable immediately and for five years following issuance.  The Company has granted to the underwriters a 30-day option to purchase up to an additional 5,662,500 shares of common stock and/or additional warrants to purchase up to 2,831,250 shares of common stock at the public offering price per share and per warrant, less the underwriting discounts and commissions.  The offering is expected to close on or about November 22, 2019, subject to customary closing conditions."

And remember: Nobody forced him to buy Black Fox, he did it all by himself.

UPDATE: Here's how well MUX has done in 2019, the year gold moved nicely to U$1,500/oz, compred to gold, the PM miners ETF (GDX) and the juniors ETF (GDXJ):


Winning.

11/19/19

The four year chart for Regulus Resources (REG.v)

On the back of its NR today, Regulus Resources (REG.v) has dumped to its lowest price since early 2017:



Apparently, adding $20/t rock to a $5/t cost rock moving exercise is bad for the company. So be it, not illegal to sell shares. Or as mused on Twitter this morning:







Belo Sun (BSX.to) and INCRA land

Remember this post back on August 22nd as we laughed our fruitiest laugh about the BS pump job being run on Belo Sun (BSX.to) by Porter Scamsberry and John Doody? The post that explained how much trouble BSX was in on its permitting track due to the way they decided to pretend land truly owned by Brazil's agrarian reform bureau, INCRA, was theirs. To jog memories, it includes this:
"...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"

Cut to today, as we just got this from BSX and it includes this as a stipulation for the granting of the construction licence:
"update SEMAS on the negotiations with INCRA (Instituto Nacional de Colonização e Reforma Agrária /National Institute of Colonization and Agrarian Reform) involving the overlap of a portion of INCRA urban development project area within the Volta Grande Project."
And that's not even the enviro licence (the "LP"). This is the LI construction licence and the LP is a whole different and far more complicated thing. Meanwhile, a check on the recent share price action shows that John Doody has managed to ruin Christmas for another section of North America. 


11/18/19

A death at the Great Panther (GPL) (GPR.to) Coricancha mine in Peru

In its 3q19 MD&A, GPL stated that Coricancha is on Care & Maintenance:

Great Panther also owns the Coricancha Mine Complex (“Coricancha”), a gold-silver-copper-lead zinc mine and 600 tonnes per day processing facility. Coricancha is located in the central Andes of Peru, approximately 90 kilometres east of Lima. Coricancha is on care and maintenance and the Company is establishing the conditions under which a restart of production can be implemented.
Therefore, somebody needs to ask this question of GPL management before the markets open tomorrow:
"Do you have a valid operating permit for the Coricancha mine? Do you have all other permits required to operate the mine?"

Here's a NR:
VANCOUVER, Nov. 18, 2019 /CNW/ - GREAT PANTHER MINING LIMITED (NYSE American: GPL;TSX: GPR) ("Great Panther", the "Company") announces with great sadness that an employee lost his life in an accident that occurred during the late evening of November 17, 2019 at the processing plant of the Company's Coricancha Mine Complex in Peru.  The operation was undertaking further processing of stockpiles and limited mining, following the Bulk Sample Program completed earlier this year.  There were no other injuries related to the accident.
Great Panther's personnel immediately initiated protocols to close the plant area, and inform the employee's family and appropriate government and local authorities.  The area of the accident has been barricaded and closed off while an investigation, which is underway, into the accident has been completed.
"We are extremely saddened by this tragic accident and extend our deepest condolences to the family, friends and colleagues of our co-worker, an experienced plant operator who worked at the Coricancha Mine Complex for almost seven years", stated Jeffrey Mason, Interim President and CEO.  "Safety is a core value at Great Panther and we will continue to strive to prevent such accidents from occurring. This includes completing an investigation of this accident and taking remedial action. Great Panther is continuing an in-depth review of its comprehensive safety policies, programs, and training across all operations." 
ABOUT GREAT PANTHER

Dear Wexford Capital

Good morning,

I understand that the CEO of Mako Mining has decided to publish on social media the personal exchange he had with me last week. Very classy.

He may have been under the false impression that I would not like this, or be inconvenienced by my use of strong language in the exchange. Perhaps there was another reason, I do not know, but what I can say is that I am pleased he has decided to take this course of action. It now allows me the full opportunity to use the exact same exchange on my blog with his obvious and tacit permission, which will in turn allow me to go into greater detail about the truth of what happened last week and the insolent and outstandingly insulting way in which that person decided to treat me in order to exonerate himself from any blame. I would also like to point out that the use of swear words is not an issue for me and the only reason there are none in this mail is that you as a company may well run a profanity filter on incoming mail.

Yours, Mark


(also sent to company via mail)

The IKN Weekly, out now



IKN547 has just been sent to subscribers. A rarity.