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James Mattis stood up

A good man.


It's the usual roaring silence from the mining industry on race

It comes as no surprise to this desk to note that, to date, we have not had a single word of support from the mining industry for the George Floyd protests in The USA and the world in general. Not a single company has issued a message of support, not a single captain of this white male dominated industry has stepped up to be counted. And it really is "as usual", this is after all the same industry that treated local communities like dirt for centuries, it's the one that was forced to accept women onto their boards, now it's setting up to be the one that will wait until obliged by law to do something about its race problems. And there are many, starting with the number of black or minority faces you see in mining C-suites, as with very few exceptions your industry either whitewashes boards or has the worst sort of tokenism on show. The only place you see black people in executive positions in mining companies on a regular basis is South Africa, a country that knows all about structural racism and the steps to solve the problem.

The industry has to speak out on George Floyd and the growing movement around his death and needs to do it proactively, because this time really is different. The USA's Black and Afro-American communities have been hitting us with the same message for years, only to be met with silence from those who might agree (or tone-deaf idiocies such as, "Well actually young man, all lives matter!"). This time, white middle class comfy life guy who agrees with their cause, i.e. me, doesn't have the option of silent agreement. We need to speak, say "Ok, we are listening" because a flashpoint has occurred and they've finally, FINALLY, got our attention on the Afro-American agenda, not the one we'd like them to have.

Mining captain of industry, time to step up and put mining into the progressive social lane, rather than let it stagnate in the retro-mentality of always. Be the industry that makes a difference, instead of waiting for the different to happen to you. There are dozens of real mining rockstar influencers to choose from, famous name CEOs, investor moguls and even the big name newsletter writers who could all get a five minute slot on BNN with just a phone call. It would only take one of you to start the ball rolling.

First Mining (FF.v) displays Keith Neumeyer's business acumen

When still being pumped by Neumeyer in 2016 (he was still running the thing and hadn't dumped his shares on you at that time), First Mining (FF.v) purchased the Tamaka Gold Corp for its Goldlund asset in Ontario. Here's what FF.v paid:
"Tamaka will become a wholly owned subsidiary of First Mining and the holders of common shares of Tamaka will receive an aggregate of 92.5 million common shares of First Mining (the "Transaction"). The parties to the Transaction are at arm's length."

Today FF.v has announced it has sold Goldlund to neighbour Treasury Metals. Here's the deal:
Under the terms of the Agreement, First Mining shall receive: (i) 130 million common shares ("Common Shares") of Treasury (the "Share Consideration"); (ii) 35 million Common Share purchase warrants of Treasury (the "Warrants"), with each Warrant entitling the holder thereof to purchase one Common Share at an exercise price of $0.50 for a period of 36 months following the closing of the Transaction (the "Warrant Consideration"); (iii) a 1.5% net smelter returns royalty covering all of the Goldlund claims (the "Goldlund Royalty"), with the option for Treasury to buy-back 0.5% of the Goldlund Royalty for $5.0 million; and (iv) a milestone cash payment of $5.0 million, with 50% payable upon receipt of a final and binding mining lease under the Mining Act (Ontario) to extract ore from an open pit mine at Goldlund, and the remaining 50% payable upon the extraction of 300,000 tonnes of ore from a mine at Goldlund.

Let's see now...
  • At the time of the deal to buy Tamaka, FF.v was a C$0.78 stock. As they paid 92.5m in shares, that gives the purchase a ticket price of C$72.15m
  • FF then spent four years' worth of holding costs.
Today, FF.v will receive:
  • 130m shares of stock currently at 34c, that's $44.2m (and will be less at the open tomorrow on this news)
  • 35m warrants that give FF.v the right to pay (not get, but pay) TML another $17.5m
  • If a mine ever happens there's $5m cash payment  and a 1.5% NSR that's valued at $15m if the mine happens. 

Another multi-million dollar loss, nice going Keith! And let's recall that Keith deliberately set up FF.v as a "mineral bank", the corporate strategy was to buy cheaply and then sell when gold was higher. And everything went perfectly, except for one small detail...

Did you buy the dip this morning?

I bought the dip this morning*.

There's a good thing happening so the earlier you latch onto it the better, kind and esteemed mining investment people. Remember last year when you were gnashing your teeth at the "stonks" players who always bought the dip and always nailed the win? Well folks, now it's your turn! Once you've got rid of your perfectly understandable fear that mining stocks are going to send you on yet another SCUBA diving expedition, you can embrace the long-term bull trend that is now most obviously in place for gold and all its minions then you too will be buying the dips with the same pleasure I had this morning. Have a pleasant day and speak out against racism, don't just be a non-racist and remain quiet.

*Subscribers know my current shopping list

That's Doody dumping his Belo Sun... he gets ready to announce his sale to his paying subscribers, probably. He'll announce it next week. Or Tomorrow. His normal M.O., the poor saps never realize how much they're being ripped off.


Eric Sprott's next big move, revealed

Mining PRs and the Ottotrans™, Part 109

IKN reveals the names of the two gold juniors in late-stage merger talks this week

EXCLUSIVE: IKN breaks the truth about Frank Giustra's mining empire

The latest IKN stock selection is up massively already: Here's the name


He's lost it

A coward. It shows he's never read a single history book in his life, he has no idea what always happens when you try to repress people who are protesting about repression. And another thing, if you couldn't see the checklist of fascist iconography on display tonight, you too need to read a few more books.

And let's not forget all patriotic Americans who stand by the Second Amendment and quite right, too. Odd to think that so many of you voted for your current President because you feared the other would threaten US citizens with its own military. Tonight, your President just threatened his own people with the US military. Many people wondered what this President would be like under a real crisis, as it turned out we had to wait until his fourth year to discover he will go down in history as one of the very worst ever offered up by The United States of America. And be clear this is not party politics, I would welcome Mike Pence as President tonight despite his failings, as he would not bring the US army on his fellow citizens.

Stand outside your house tonight. George Floyd cannot die in vain, time to say enough because if not here's a vision of the future, imagine a knee pressing down on a human neck - forever.

International Tower Hill ( You crazies must be expecting different results this time

Ridiculous company with an impossible project run by scum.

Anything else you need to know?

UPDATE: Well I suppose I did ask. Yes, Marcelo Kim is absolute pondscum:

Look how proud of himself he is, too.

Hannan Metals (HAN.v): Like a rabbit caught in headlights...

...the newsletter writers, smart geologist seed investors and anal ysts who fell for Michael Hudson's poppycock and palaver about Hannan Metals (HAN.v) began to realize their mistake this weekend. We can now watch to see which one can swallow their pride and do the right thing by the people who pay them.

The top three most visited IKN posts this week are... reverse order:

Third Place: "Hecla (HL) and Regulus (REG.v) do interesting online things". I don't know if it got busy due to HL or REG, but it got busy.

First Place: "Welcome to the Pleasure Dome II: This cannot be a coincidence". This is going to be funny.

The IKN Weekly, out now

IKN575 has just been sent to subscribers. This week's edition includes an excellent recipe for sea bass.


Lewis Hamilton forever


Formula One world champion Lewis Hamilton has spoken out on the killing of George Floyd, and offered a damning condemnation of the silence from others in his sport, including his fellow drivers.

“I see those of you who are staying silent, some of you the biggest of stars yet you stay silent in the midst of injustice,” he wrote. “Not a sign from anybody in my industry which of course is a white-dominated sport.”

“I’m one of the only people of colour there yet I stand alone. I would have thought by now you would see why this happens and say something about it but you can’t stand alongside us. Just know I know who you are, and I see you.”

The 2020 'In Gold We Trust' report...

...was published by Incrementum this week. You can get your copy here.


Auryn Resources (AUG.v) and the joke PEA of the year

You just have to see the assumed cost inputs of the Auryn (AUG.v) PEA for Committee Bay (filed to SEDAR yesterday), they are wonderful. So many thing to choose from, but perhaps for sheer chutzpah the fave so far is using the 2012 estimates for the tailings facility capex. Wonderful on wonderful, it's as if this PT Barnum show thought we wouldn't look at the details. It constantly amazes me how the thin the stories from these jokers can be, how easily their spiel is blown out the water by a few basic facts. Kinross is stupid to back this and you do not need Kinross as your investment role model


The Friday OT: Hilary Hahn plays J.S. Bach; Chaconne, Partita #2 BWV1004

The goddess plays the Chaconne.

Youtube here.

Gary's calling bear on copper

Right here, go have a look.

Predicting the next steps in the desperate defence of Hannan Metals (HAN.v)

1) The placement holders are now on Zoom with Hudson
2) Hudson will. cue up a "...we would like to address unfounded rumours regarding our company..." news release
3) When it comes out, look carefully for what they don't say about their concessions, rather than what they do. Sophistry is a Hudson specialty.

PS: Full disclosure: No position at all in HAN, not long or short or anything. Also unaware of anybody short the stock (friend family colleague etc). Zero position, in other words.

An update on Hannan Metals (HAN.v)

Since publishing a slice of the truth about the exploreco pumpjob Hannan Metals (HAN.v) yesterday evening, your humble scribe has received several mails from well-known industry players, all of whom attempting to tell this desk that HAN isn't a rip-off. Which is hilarious (esp considering the people who wrote in), Hudson must have suckered them all and now they are crapping their underwear because they must have bought the placement and are stuck under escrow. That's what happens when you don't do the right DD, suckers. What feels worse, guys? Losing your own money, or leading other people up the garden path of this joke of a junior?

This time Frank Holmes is the rat and GoldSpot (SPOT.v) is the sinking ship

When Frank Giustra bailed out on HIVE Blockchain (HIVE.v), took the cash and ran, he left Frank Holmes holding a massive bag and to this day FH is bitter and twisted about the way Shorty screwed him over (he's bored people at dinner tables about it ever since). However, one thing you can't fault Frank Holmes on is his quick learning ability. He's taken Giustra's playbook and just done exactly the same trick on the people now left behind at GoldSpot (SPOT.v):
Toronto, Ontario--(Newsfile Corp. - May 29, 2020) - GoldSpot Discoveries Corp. (TSXV: SPOT) (the "Company" or "GoldSpot") is pleased to announce that, Vincent Dubé-Bourgeois has been named as the Company's new Chief Executive Officer ("CEO"), effective immediately, while Denis Laviolette will continue in the role of President and will assume the role of Executive Chairman. Frank Holmes, the current Chair of the Board, has retired from that position.
The liquidation will be nasty. Fair warnings abound today, it would seem. Full NR here.

The short report on NovaGold (NG)

On this link right here. I've taken a look at the 22 page report written by one Tim Murray of J Capital Research (nope, me neither) and while some of his argument holds weight, this short attack doesn't stand a hope in Hades of denting Nadagold. This guy must be new to the sector and without a clue about the size of money that backs it up (and the even larger size of money behind the backers). If all he has is bleating about cushy jobs and porn tests, it's more heat than light. The link is there, but only use it if you want an example of how not to short the mining sector. A foolish person wrote that.

Crux Investor does Peter Grosskopf of Sprott (and this is really good)

You might turn up for his gold call (the title is "Sprott CEO, Peter Grosskopf - Why Gold Only Gets to $2,000 by March 2021") but you should be watching for the explanation of the Sprott internal methodology.

Youtube here.


Endeavour Mining ( doing it the right way in Burkina Faso

We shout out the good guys making good moves, too. Here's Endeavour Mining ( donating funds and vital equipment in the battle against Covid-19 to the government of Burkina Faso. the value of the package comes to U$1.5m and the photo show on that link this Thursday morning.

Well done EDV, more mining companies of all sizes to follow this excellent example as soon as possible, please.

POTUS is a disgrace

Hurt by a fact checker when 100,000 US citizens are dead on his watch.

Hannan Metals (HAN.v) goes paid pumper, Michael Hudson ready to scam you all again

And the joke's on you, suckers. That includes Brent Cook of course, who has also fallen for this nonsense and voiced that he likes the thing. Has to be the rocks of course, because the problem with Brent is he needs an AK-47 stuck in his face by a local before he takes political and social risk into account. His track record on Peru stocks isn't abysmal by chance or coincidence. Anyway, this afternoon from Hannan, this;

Hannan Increases Granted Mining Concessions by 50% in Peru

Down in Peru, we take one look at where those concessions are and walk away. The DD is quick, it's conclusive and it means there is one less scam stock to worry about. And by the way, they buried this at the bottom of today's NR as well:

Engagement of Swiss Resource Capital
The Company announces that it will engage SRC Swiss Resource Capital AG ("SRC") to provide investor relations and communication services in Europe to increase exposure and awareness to investors in the German speaking financial community.  SRC is led by Jochen Staiger, CEO. The Engagement is for an initial term of twelve months but can be cancelled by both parties with 30 days' notice. SRC will assist the Company's efforts to grow investor awareness and expanding exposure to retail and institutional investors, including by providing news dissemination and marketing services in German. The engagement, including the payment of €13,500 per month and the issuance of 100,000 options to SRC at a price of 0.28 for a period of three years, is subject to TSX Venture Exchange (TSX-V) approval.  SRC does not currently have any interest, direct or indirect in the Company or its securities.

Yes, it's a scam. Run away.

kai and mark talk mining episode six

You can watch it on this link if you want. Or you can watch it on Youtube here if you want. Or here below if you want.

UPDATE: For some reason the new Blogger back office update of a couple of days ago means I can't hang Youtubes here. I don't know why. Anyway, the links are above.

UPDATE UPDATE fixed now.


Hecla (HL) and Regulus (REG.v) do interesting online things

I've spent the morning on two online shows and as it turned out, both are worthy of extra eyeballs. The Regulus Resources (REG.v) webinar had a glitchy start, but once it got to Kevin Heather on the technical side it became a lot better. Anyone considering any copper investment, this or other, should pay attention to that part of the gig as it explains 1) why AntaKori is good and 2) some of the things you should be looking for at other junior copper companies and deposits. The recording of the Webinar will be available on the website here later today, plus it should have a better audio of the first part.

Then this Q&A between that Kai person and Phillips Baker of Hecla (HL), to which I tuned in more because of a spare half an hour at the right time but it was surprisingly good. That Kai person asked tough questions in a really gentle way, so check out what Baker says about the debt position and the Nevada assets. Above all, I learned more about the way HL thinks as a company in this 15 minutes than I ever had before. So yeah, pumping a pal's interview I am, guilty as charged, but it's worth the sneers from some of you because others will watch and get wise about HL, too.

Newbies to mining get their teachable moment from Vizsla Resources (VZLA.v)

Now you know that what they say...

...will always bear little relation to what they do:
VANCOUVER, May 27, 2020 /CNW/ - Vizsla Resources Corp. (TSX-V: VZLA) (OTCQB: VIZSF) (Frankfurt: 0G3) ("Vizsla" or the "Company") announced today that it has entered into an agreement with Canaccord Genuity Corp. (the "Underwriter"), pursuant to which the Underwriter will purchase, on a bought deal basis, 9,350,000 common shares (the "Common Shares") of the Company at a price of C$0.43 per Common Share (the "Offering Price") for aggregate gross proceeds to the Company of C$4,020,500 (the "Offering").
Whole thing here. VZLA will explain this bot deal by telling you "...they were approached, and under the circumstances it seemed...". Anyway newbies, the interesting bit in your process for your humble scribe begins now because as day follows night, you now resent me for telling you the truth. You realize Otto was right all this time about the dilution and the hiding of true intentions at the company you stupidly fell in love with due to a paid pump infomercial. And you hate Otto even more for it.


Covid-19 is now accelerating Peru: Two charts

Data as per this evening. Here's the chart for new confirmed Covid-19 cases:

Here's the chart for deaths:

That is 5,772 new cases and 159 deaths today, both new 24 records for Peru and I don't know about the numbers of the poor unfortunate deceased, but I will bet money that new infections number is going higher this week. Data from here.

K&MTM: Here's this week's subject

Happening Thursday.

If you'd like to leave a ticker (or tickers, you can leave up to three I am told), go here and stick it under the tweet or you can mail it in (literally) to either of us, usual addresses. The final choice is Kai's by the way. I get the surprises.

The 2020 Sprott Natural Resource Symposium is destined for disaster

Ladies and gents, step right up for your latest example of Alternate Universe thinking that will crash and burn. They want $299 to watch a webinar! I can't wait!

The Shylock is so desperate, he thinks he can sell a web conference when everyone else is giving them away for free. He must be losing it under lockdown, he still thinks it's February 2020.

PS: Nice 1980s photo of Casey

Massive news from Regulus Resources (REG.v)

Regulus Resources (REG.v) today announced the company will be holding a Webinar event tomorrow, May 27th. An excellent and original proposal from the IR team, it beats me why no other mining company has thought of offering a free webinar.

May 26, 2020 (Vancouver, BC) - Regulus Resources Inc. ("Regulus" or the "Company", REG TSX.V) is pleased to announce that it will be hosting an Investor Webinar on May 27th, 2020 at 11:00 am EST. The webinar will provide a corporate overview presented by CEO, John Black, followed by a summary of technical highlights from the AntaKori project presented by Dr. Kevin B. Heather, Chief Geological Officer. The management team will be available to answer questions following the presentations.
Participants may register for the webinar at the following link:

We should expect fireworks from the presentation and announcements tomorrow. Make sure you register today, it's happening tomorrow Wednesday.

The new market feature

The Dow rallies on the first day of each trading week on "promising vaccine news." We should get four or five of these before the world cottons on. And while we're at it, why is the act of bailing out Wall St with money Capitalism, but bailing out Main St with money is Communism?


Welcome to the Pleasure Dome II: This cannot be a coincidence

There is no way that is sheer chance.

What I most love about this name change is that we get a window into how dull the brains behind this deal must be. Sali, Everett, Katusa, Gibson, yes indeed all the slime all the time behind this pablum. So I cannot help but laugh imagining them all together and actually agreeing on this most banal and arrogant of name choices for a junior mining company. Intellectual dullards of international standard, go Team Vancouver.

Good news for Vizsla Resoures (VZLA.v) longs

VZLA should break that 55c line today:

Because the only way fake juniors can do it is using a fake day at a fake market on fake trading. Just throw this one in the pile with MEX.v and AAX.v.

UPDATE: Ah, didn't make it. Never mind.

The IKN Weekly, out now

IKN574 has just been sent to subscribers. Happy Memorial Day, USA.


Claudia Cisneros published genius on Peru and Covid-19 today

This is only really for the Peru watchers among you, not even going to translate any. Claudia Cisneros in La Republica today has written the most impressive piece on what Covid-19 really means to and exposes about Peru. As I told a fellow Perupolitik watcher this afternoon, it crystallizes every thought and semi-thought I've had on the subject into one razor-sharp op-ed, then adds a lot more. If only they were all as good as Claudia Cisneros, link here.

The top three most visited IKN posts this week are... reverse order:

Third Place: "Brazil is infecting a continent (from IKN573)". Seems to have hit a nerve.

Second Place: "Farewell, Rob McEwen". Regarding Emperors and what their tailors may say to them in order to win favour.

First Place: "The Rio2 Ltd (RIO.v) (RIOFF) naked short is getting squeezed today". It's working, too. While most gold stocks took a rest last week, RIO.v was up another 10%. We expect this campaign to move into its next stage soon.


Now it's serious: Colombia's coffee crop in danger

Word from Colombia is that due to a lack of harvesting personnel, its coffee crop is now in imminent danger. Beans in many zones are now ripened and, if they fall off the coffee trees*, the crop is ruined.

*Bush or shrub if you prefer but they are technically a tree.


Jair Bolsonaro is a murderer and now dead man walking

This is so big, it's knocked the 1,001 Covid-19 deaths in Brazil today and new infection record that puts it at number two in the world as the country's headline story. 

Just released in Brazil tonight, the tape of the infamous cabinet meeting. There are many hot points to consider, but perhaps the hottest is what he said about the man investigating his family to his fellow ministers during the meeting, specifically his sons on alleged corruption and connections to organized crime:
"I tried to change the security people in Rio de Janeiro and I couldn't. This is over. I'm not going to wait until they (expletive meaning) ruin all my family just because I can't change someone in security who has the line the structure requires.

I'm going to change him. If I can't change him, I'll change his boss. If I can't change the boss, I change the minister. Period. We are not here to play around."

This is also the President who's been playing eugenics with his own people. Nice man.

Welcome to the Pleasure Dome

Seriously people, you mining executives are as original as a bag of sticks.

Prior to closing the Private Placement and the proposed transaction with Liberty Gold Corp., Barrian will complete a consolidation on the basis of two (2) pre-consolidation shares for one (1) post-consolidation share (the "Consolidation") and Barrian will change its name to "New Placer Dome Gold Corp.". Concurrent with the name change, the Company will adopt "NGLD" as the new trading symbol.

You were lame before lame was invented. Whole NR here.

Illustrating the insanity of silverbugs

They think the Dow can drop 4,000 points and silver will go up at the same time. I'm not joking, I had a conversation (or what passes for one) with one of these nutbars this morning. He also swore blind that silver stocks have massively outperformed gold stocks this week:

Do not feed the animals. Silver stocks are $10 chips in a flashy casino, not a serious investment option.

The awaited IKN explainer on the Metals Investor Forum (MIF) conference structure...

...will happen on these pages next week. You'll enjoy reading about how many ways Vancouver has devised to separate you from your money.

The Friday OT: REM; It's The End Of The World As We Know It (And I Feel Fine)

Other websites blew their use of THE song too early, this humble corner of cyberspace waits until the circumstances are prime. Best lyric is under the second chorus on, the backing chant telling us that "It's time I had some time alone." Must have sounded so cute in 1987.

Dedicated to long-term mailer R, who is a nice person. Youtube here.

Ecuador is tragedy heaped on tragedy

This story is sad, but it's better more people know its sadness. One of the Councillors (city representatives) in the coastal city of Manta, who also happens to be a Doctor, went on local TV shows and live cameras to say this to her fellow citizens two months ago in mid-March:
"The coronavirus isn't fatal, there's no need to wear masks for protection against it. It's not necessary. You are wasting your money. It's better to buy oranges, lemons, maracuyas and fruits with Vitamin C to boost you immunological system."

This same lady died this week, in Manta, in a hospital, from Covid-19. She was well-known and liked by locals all here life, one wonders how many people she took with here thanks to her final piece of public advice.

A Flash update has just been sent to subscribers...

...late this Thursday evening, well after the closing bell. Some thoughts on a stock and a preview of this weekend's edition.


Brazil is infecting a continent (from IKN573)

Here below is the main regional risk Covid-19 piece from The IKN Weekly, IKN573, out last Sunday evening. 


Brazil is your new world top story
This may be the last update on Brazil and Covid-19 on these pages, our sadly correct warnings over the last few weeks of coverage are now coming to pass. Brazil and Covid-19 has moved from a national to a regional and now to the Top Table of issues, it is about to become your Covid Porn of the week, the country they trot out on your TV screens to remind you that whatever else you might think, it could be worse. The basics of out of Brazil last week as it stepped into its next circle of Danté’s hell include the death and infection rates Friday with 15,305 new cases and 824 deaths. Then Saturday at 14,919 confirmed new cases and 816 deaths (8).

The problems now include the way Brazil’s Health minister abruptly resigned on Friday after just three weeks. Nelson Teich had replaced the Health Minister who openly opposed Bolsonaro and in his three weeks, toed the Bolsonaro party line by saying Social Distancing was not needed. Then apparently he had a Road to Damascus moment and walked, citing differences of opinion with his ex-boss. They also include the legal battle to stop a recording of a tempestuous cabinet meeting from getting to the public light, as it is widely said to include enough negatives about President Bolsonaro to cause his resignation. In fact Bolsonaro is now only a matter of time, not if but when he resigns or is removed from office and I for one hope it’s later, rather than sooner. Ironically, he could cause the type of political vacuum that leaves the military in charge and he’d quite like that, so something after the main surge of Covid-19 would be wiser.

Brazil’s Chancellor in the mainly Lula years of 2001 to 2010, Celso Amorim, put not just Bolsonaro but his own country to the sword in this interview for Le Monde Diplomatique (9). He also predicts dire consequences not just for Brazil but for the region due to the pandemic’s firm hold there. LatAm political watchers will click through and enjoy, though the title “It’s very difficult to think of effective regional co-operation without Brazil being at least neutral” sums up the contents nicely.

We are seeing evidence of this already. Paraguay’s leaders (10) are concerned that people now migrating back from Brazil will infect the nation further (they claim a low infection and death rate to date, but “unofficials” are now mounting up and we’re seeing the same type of actuary table anomaly as in virtually every country). In one incident, a busload of emergency evacuees from Brazil were attacked by a local town once inside Paraguay, who did not want them staying the night on their ways home. Regarding Argentina, which has played one of the region’s hardest lockdowns since inception and is now clamping down hard on illegal crossings around the Triple Frontier zone. Uruguay, with a more reliable low death toll to date, quietly beefed up its Brazilian frontier patrols 10 days ago (11). This is not going away and it is a serious regional problem. For example, as well as Uruguay has coped, it will be infected by Brazil the moment it starts doing more regular trade with its neighbour and in fact, its long and porous border means we probable won’t even have to wait for the re-start of official trade. Covid-19 in South America should from this moment be considered an endemic problem and that is due to Brazil.

We know this Covid-19 virus has the insidious habit of attacking the weakest links in our society, how ironic that the weakest link in all of South America turned out to be its biggest and strongest country that had recently elected its biggest and strongest leader. I’ll leave you with some verse.

              Percy Bysshe Shelley

I met a traveller from an antique land
Who said: Two vast and trunkless legs of stone
Stand in the desert. Near them, on the sand,
Half sunk, a shattered visage lies, whose frown,
And wrinkled lip, and sneer of cold command,
Tell that its sculptor well those passions read
Which yet survive, stamped on these lifeless things,
The hand that mocked them and the heart that fed:
And on the pedestal these words appear:
'My name is Ozymandias, king of kings:
Look on my works, ye Mighty, and despair!'
Nothing beside remains. Round the decay
Of that colossal wreck, boundless and bare
The lone and level sands stretch far away.

kai & mark talk mining episode five

Can be found on this Twitter link here.

Or the Youtube link which is here.

Regulus Resources (REG.v): A site visit to AntaKori

Regulus Resources (REG.v) has just published this, the latest video in its series on its flagship AntaKori project. Kevin Heather is your host for seven very informative minutes.

Well worth your time. Youtube here.

Mining PRs and the Ottotrans™, Part 108

Another episode in our occasional series that attempts to transform the language used in mining company news releases into English. Today's example comes from Revelo Resources (RVL.v) and today, we are able to transform 1,252 words into just six:

This is what they said:
Vancouver, British Columbia--(Newsfile Corp. - May 21, 2020) - Revelo Resources Corp. (TSXV: RVL) ("Revelo" or the "Company") reports it has concluded a series of key milestones that set the stage for the company's next phase of development. These actions included capital restructuring, repayment of third-party debt, conversion of management debt and completion of beneficial transactions (as indicated in the company's news release of February 6, 2020). As a result, Revelo approaches 2020/2021 with an improved capital structure and balance sheet, a streamlined and exceptional portfolio of gold and copper exploration assets in Chile and a firm commitment to execute our strategy to fulfill the company's vision.
  • Sold its generative royalty portfolio totaling 20 NSR royalties for approximately $2.11 million.
  • Sold its equity interest in a listed company for total net proceeds of about $0.88 million.
  • Repaid all third-party debt totaling approximately $2.54 million.
  • Significantly reduced overhead costs over the last 12-18 months.
  • Paid the 2020 annual property maintenance fees on 15 properties in Chile totaling about $480,000.
  • Entered into a binding agreement with West Pacific Ventures for the sale of eight of Revelo's porphyry copper projects in order to create a new copper-focused exploration company in Chile. This transaction will result in Revelo owning 19.9% of the new company as well as receiving potential future milestone payments.
  • Completed a 10-for-1 rollback of the stock.
  • Obtained shareholder approval for the conversion of debt owed to the Chairman, CEO and officers of the company.
  • Chairman wrote off $513,000 in management fees owed and converted the balance of $242,000 into 1,613,334 shares.
  • Converted $2.36 million of cash loans from the Chairman into 15,729,348 million shares.
* See news releases dated January 20, February 6, March 20, March 26, April 21, April 27, May 6, and May 19, 2020.
These achievements leave the company in a much stronger position to carry out its strategy and plans for the next 18 months.
Revelo will continue to evaluate all options to successfully explore its portfolio. Exploration work will be done efficiently, either by Revelo (in our gold portfolio) or with our partners (in our copper portfolio). We will exercise considerable influence on the technical programs to ensure our exploration concepts are tested successfully. Despite having negotiated eight joint ventures and having about $20 million spent by third parties over the last six years, many of our projects either remain untested or have specific targets that remain untested.
With 38.6 million shares outstanding and a current market capitalization of about $4.0 million, the Company and its shareholders have significant leverage to exploration success within Revelo's portfolio. Our plans for the next 18 months include:
  • Raising capital to fund the exploration of Revelo's gold projects with an initial focus on Victoria Sur.
  • Assessing capital markets for potential business combinations.
  • Assisting our copper equity spin-outs on getting capital deployed quickly and efficiently to test exploration concepts.
  • Continuing to conduct general reconnaissance to identify and acquire additional precious metal projects in Chile.
Gold-Silver Portfolio - Shareholders will have direct interest in Revelo's gold-silver portfolio that comprises four projects totalling 38,500 hectares, with the key projects being Victoria Sur and the Las Pampas / Loro district:
  • The Victoria Sur project is located along the Domeyko Mineral Belt, one of the world's most productive mineral belts, where several gold and silver mines have operated in the past. Previous exploration at Victoria Sur, including drilling, identified a porphyry gold style target with significant gold intercepts in trenches and drill holes, and higher-grade gold-silver intercepts in high-sulphidation epithermal structures. Several other targets on the property require follow up, including an extensive gold-bearing "lithocap".
  • The Las Pampas and Loro projects comprise a strategic landholding within the Paleocene Mineral Belt, located south and southwest of the multi-million ounce El Peñon district (Yamana Gold). Limited "proof-of-concept" historic drilling at both projects has identified low-sulphidation epithermal "bonanza" veins with extensive geochemical and geophysical anomalies that require further exploration follow-up.
Copper Portfolio - Shareholders will additionally have significant leverage to copper through joint ventures on its three wholly-owned projects totalling more than 30,000 hectares, together with equity spin-outs that encompass a further 65,000 hectares of prospective ground:
  • Joint venture with Sociedad Quimica Y Minera de Chile S.A. (SQM) covering the Calvario & Mirador copper porphyry projects (14,600 hectares) where SQM can earn up to 80% by spending US$13 million and paying Revelo $5.2 million in cash payments.
  • 100% interest in the Montezuma copper project (16,000 hectares) strategically located between Codelco's Chuquicamata and Antofagasta Mineral's Esperanza mines, where the Company will continue to look for a JV Partner.
  • 15% equity holding in Atacama Copper Exploration Limited (see news release dated July 23, 2019) exploring 3 copper projects (7,000 hectares) in Chile, with Revelo having a seat on a technical committee.
  • 19.9% equity holding in a copper spin-out as a result of the recently announced agreement with West Pacific Ventures, which will be exploring 8 copper projects in Chile (58,000 hectares), and in which Revelo will have a seat on the board of directors as well as having significant input into the technical program (see news release dated May 19, 2020).
Qualified Person
Demetrius Pohl, PhD., Certified Professional Geoscientist (CPG), an independent geological consultant to Revelo, is the Company's Qualified Person for the purposes of National Instrument 43-101 Standards of Disclosures for Mineral Projects of the Canadian Securities Administrators and has verified the data disclosed and approved the written disclosure of the technical information contained in this news release.
Revelo is a Canadian company listed on the TSX Venture Exchange (TSX-V: RVL). Revelo has interests in an outstanding portfolio of projects prospective for gold and copper located along proven mineral belts in Chile, one of the world's top mining jurisdictions. The Company's vision is to reward shareholders with wealth-generating mineral discoveries along Chile's prime mineral belts, through leveraged and more efficient capital deployment, exploration, discovery and monetization. For more information, please visit Revelo's website here
The reader is cautioned that when reference to an historic or an existing mining district is made in the above descriptions, this is to help place the properties into geologic context and is for reference purposes only. There is no evidence to date that similar mineral resources occur on Revelo's properties.
Michael Winn | Chairman

Timothy J Beale | President & CEO
T: +1 604 687-5544 | |

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that Revelo expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "indicate" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Revelo believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements.
To view the source version of this press release, please visit

And this is what it means:

We are running a placement soon.


Fission ( has news for us

Wow, surprise! A resignation!

KELOWNA, BC, May 20, 2020 /CNW/ - FISSION URANIUM CORP. ("Fission" or "the Company") has announced today that Paul Charlish has left the Company and Ryan Cheung has accepted the position of Interim Chief Financial Officer and Corporate Secretary of the Company effective May 20, 2020. The company thanks Mr. Charlish for his service and wishes him the best in his future endeavours.

Why does every other NR out of Dev's world seem to include news of a director resigning? All will be revealed very soon.

Y'know, I'm beginning to suspect Vizsla Resources (VZLA.v) may have a problem

You would have thought it could hold the 50c line.

Another Eric Coffin scam stock stalls

Eric must have front run them and taken his profits.

Psst! Dev!

Everything okay, Dev? You seem very quiet, Dev.

David Forest of Casey Research hits a new career low

You know when a newsletter analyst has turned full corrupt; They pump rare earth juniors to the people they scam.

That's Dave Forest over at International Speculator today all right, all the dumb arguments and none of the real issues that limit widespread REE mining. And of course he lays it on thick with the American Protectionist nonsense they use every single time to pump this worthless sub-sector of lies, bribes and junk. Yes indeed, Dave Forest has no problem using dog whistles in order to remove money from your pocket and stuff it into his own. Take a shower Dave, you stink.

David Forest must be praying the Covid-19 lockdown continues forever, that way he doesn't have to feel the shame of showing his face in public. REE plays! And I thought you couldn't get any lower.

Reminder: Do not buy bad gold mining companies

Must be terrible for some newbies. You identified gold as a bull market post-crash, identified gold mining companies as the leverage to gold, then when you arrive in your brand new sector you hand your money over to somebody who invests in the crappy ones and snatch defeat from the jaws of victory.


The Rio2 Ltd (RIO.v) anti-naked short campaign: It looks like it's working

If this stock makes it to the mid-60s by the end of the week, it'll be case closed.

April 30th chosen to start this chart, as that was the day RIO.v announced the initiative.

Vizsla Resources (VZLA.v) just can't seem to rally with the rest of the silver stocks

It tried and failed to rally again today and finished just one tiny cent below 55c, yet again. I wonder why that is, Eric Coffin? I wonder why that is, Gwen Preston? I wonder why that is, Scott Gibson?

Well in fact that's a bit of a lie, I don't wonder at all. Decided on the financing price yet? Will it be a half or full warrant this time? Got your "consultancy" slice sorted, Eric?

A few names

One person calls another person President Tweety and another person calls a person a paedophile and another person calls a person morbidly obese and another person calls a person a sick puppy and the USA passes 90,000 deaths on its way to the big round number, early June latest.

We are watching The United States of America and it's all quite shameful.

K&MTM: Here's this week's subject

Happening Thursday.

If you'd like to leave a question, go here and stick it under the tweet.

The difference between the IKN blog and The IKN Weekly

This is what subscribers read about Excellon ( on Sunday evening:

Excellon Resources ( also getting back to work
The trials and tribulations at Excellon Resources ( have been quite a thing recently but they do seem to have at least kept their mine open, after all. After workers threatened a second protest and roadblock on Wednesday (19) as they still had not been paid by the company according to the agreement of the previous week, management and unions sat down and in light of the improving silver price worked out a deal. Now 20% of employees will be cut, but the mine stays open (20). Along with using complaints about the high electricity price they pay as an excuse to put the mine on care & maintenance, this was probably the whole strategy to begin with.

Time will tell whether cutting 20% of the La Platosa workforce makes the mine and the company profitable and we stress, its issues go a lot deeper. However, traders among you may want to put it on your radar next week. No position and not taking one, here below is what EXN has done against the silver miner’s ETF (SIL) this year.


You may have noticed EXN did this today. Readers of The IKN Weekly knew why from the bell:

The Friday OT on a Wedne...oops Tuesday: Tony McGuinness recreates the BBC Radio 1 Essential Mix 2011

Here are the facts:
  • I was sent this today
  • It was published on Youtube yesterday May 18th
  • It is a re-do of the 2011 BBC Radio 1 Essential Mix. 
  • It's two hours long
  • I've been listening to it all morning while working
  • It's just finished and the room suddenly feels empty

So, putting it on again now. If you too are in need of magical background music for your afternoon, look no further. Youtube here.

Farewell, Rob McEwen

The "Chief Owner" of MUX has made himself a small fortune by starting with a large fortune and investing it in his own abilities:
  • The crazy decision to buy Black Fox
  • Calling Hochschild "the JV partners from Hell"
  • Admitting to working relationships with Mexico drug cartels
  • The eye-wateringly high G&A at MUX, which must have funded so many nice things
  • Los Azules, which is not an asset and never will be. It's cash-draining liability worth nothing

And now, Gold Bar. The mine that was supposed to be up and running years ago with a capex bill of $50m has just seen an $83.8m write down because suddenly there's not as much gold there as they thought. What a thing.

The cold reality behind another "Canadian Legend" is revealed.

Collin Kettel's wealth creation bias

Just a reminder that Collin Kettell is very good at making himself rich.

And very bad at running mining companies.


Gold's astonishing price performance today

With an hour and half to go in today's market, this humble corner of cyberspace cannot bite its tongue any longer:

If you had told me at any time in the last ten years that the Dow could move up over 900 points in one day and gold only loses half a percentage point in USD terms at the same time, I would have called you crazy. If today Monday's market action cannot convince you to own gold, nothing will. If gold hasn't impressed you today, do yourself a favour and stop reading this blog because if not, you're wasting your own time*.

UPDATE: Make that a thousand.

*Probably true even if you were impressed by gold today.

The Rio2 Ltd (RIO.v) (RIOFF) naked short is getting squeezed today

With Canada markets closed and the US OTC open, the naked shorts that have been suppressing the stock price of Rio2 Ltd (RIO.v) (RIOFF) from Canada and via the US market cannot do their thing this morning. The result is this:

The cat is out the bag. When volume returns tomorrow via the Canadian stock, we will get to witness the start of poverty for these slimeballs.

The top three most visited IKN posts this week are... reverse order:

Second Place: "Paid pumper Eric Coffin is scamming them with Northern Shield (NRN.v) again". Surprsingly popular post, and the feedback mails were the best. 

First Place: "More on Gwen Preston's deceit" Wow, we have hit a nerve. More to come on this subject.

The IKN Weekly, out now

IKN573 has just been sent to subscribers. The usual dirge, piffle and nonsense.


Torex Gold (TXG)

This does not look good. The fourth ex-worker at the TXG Media Luna mine fired after the 2017/2018 strike to be assassinated. His family state that TXG is to blame and the company is paying protection money to the armed local narco gang, who carried out the murder and the other dirty deeds.


Jair Bolsonaro is a murderer

World political leaders have shown a disparate range of ability in the face of Covid-19, from the good and the great to the mediocre or bumbling. But only one has been a murderer with intent, that is Jair Bolsonaro of Brazil. His destitution from office should be merely the first step in dealing with this most contemptible of men.
Record increase in cases in Brazil. Brazil has confirmed 15,305 new cases; a record for a 24-hour period, as well as 824 related deaths, according to data from the country’s Health Ministry. Brazil has registered 218,223 confirmed cases since the start of the pandemic, as well as 14,817 deaths.
Your author has been in touch with several LatAm friends this evening since the latest Covid-19 numbers were made known. They and I all have middle class friends inside Brazil, they tend to the right wing and most were Bolsonaro voters. Not any more, they've all turned their backs on their President and are as disgusted as the rest of us.

Moral: Woe betide the President that doesn't look after their citizens in 2020.

Notable trading in New Gold (NGD)

This week has turned out to be more interesting than last week.

The Friday OT: The The; Infected

There was a different track lined up for The Friday OT today, which got bumped when your humble scribe received this from reader F:
I have a suggestion for the Friday OT; Infected by The The. I've been rediscovering Matt Johnson's work, he's a deep thinker with some catchy hooks. Don't know if you like or are interested in his work. Give a listen when you have a chance, I think you may be surprised.
The blurry-eyed morning mailread suddenly changed to "Ah yeah, The The! It's been way too long..." (I liked them back then) so went over to check out F's preferred call. And fell in love again, this is brilliant:

Top vid, too. Good call F, you have spread some happiness today. Youtube here.

Also in The IKN Weekly this weekend

A new buy. A cheap and overlooked exploration stage gold mining company in South America is now a near-certainty to be bought out this year and we will be on it. This trade would have been impossible during the Alternate Universe, now it is obvious. I'm buying it next week and do not yet own a single share*.

*And will not buy any this Friday afternoon either, you wonderful internet vigilante warriors.