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PPX Mining (PPX.v) joins the amateur hour parade

That'd be Brian Maher and Kimberly Ann Metalbizcard.

Vancouver, British Columbia – January 24, 2020 – PPX Mining Corp. (the "Company" or “PPX”)
announces today that the Company will not file its annual financial statements for the fiscal year ended September 30, 2019 (the "Annual Financial Statements") by the deadline of January 28, 2020 as required by applicable Canadian securities laws.

ps: not a joke.

BridgeMark news on (ex-Prize Mining) Boundary Gold and Copper Mining Ltd. (BDGC.v)

Making sure you see this, because for some strange reason Mr. Van Skiver* decided to publish the NR late on a Friday evening. By the way, did Mining Maven Gwen Preston mention anything about the quality of the Prize Mining people when she recommended this stock to her bleating sheep, after being instructed to give it a buy reco by Scott Gibson? 

Boundary Gold and Copper Mining Ltd. Expects to Sue Former Director David Schmidt for Incompetence, Negligence, and Breach of Fiduciary Duties

Vancouver, British Columbia--(Newsfile Corp. - January 24, 2020) - Boundary Gold and Copper Mining Ltd. (TSXV: BDGC) (OTCQB: PRZFF) (FSE: MQSP) ("Boundary" or the "Company") announces it has decided to pursue legal action against David Schmidt, claiming gross incompetence, negligence, and breach of fiduciary duties as a director that has resulted in significant loss in shareholder value.
The company has reached out to Mr. Schmidt repeatedly without any response from the defendant. The claim is supported by current and past management and alleges that while serving in the role of director of Prize Mining Inc., Mr. Schmidt failed his fiduciary duty which has led to substantial shareholder loss. Mr. Schmidt made a series of very poor financial decisions on behalf of the company which has resulted in significant loss in shareholder value.
Directors are regarded as fiduciaries of their corporation and, as such, directors must ensure the corporation's interests are paramount. It is the fiduciary duty of the director to act honestly and in good faith, with a view to the best interests of the corporation. If a director fails to meet his or her fiduciary duty, courts will hold the director strictly liable.
"It's unfortunate that Mr. Schmidt does not respond but it seems to be regular course of business for him based on his issues with other companies. Boundary is looking to move forward from his time with the company and bring success to our shareholders," states Russell Van Skiver.
About Boundary Gold and Copper Mining Ltd.

*Indeed all British readers, that really is his name. You cannot make this stuff up.


CEOs and liars (from IKN556)

Well, it was $1.80 last weekend when this was published. It's now $1.68. And yes, my error in the intro last weekend has been pointed out several times (and I'm not changing the script today), he's the exec chair rather than the CEO, which makes it worse rather than better.

CEOs and liars

Ivan Bebek of Auryn Resources (AUG.v) (who was until yesterday an IKN Weekly subscriber) decided to accuse me of being short his stock instead of facing the justified criticism of yet another fluff NR out of his company on Friday (1). To be clear, if somebody decides to falsely accuse me of such or similar financial matters directly, I will reply (and later more forcefully if required) that it is not true, but it usually gets resolved between the two parties and no bad feeling is carried forward. However, when said CEO decides to use a “That IKN guy/Mark/Otto Rock/whoever is shorting the stock, that’s why…” with third parties when it is simply untrue, that is the work of a liar. Ivan Bebek, CEO of Auryn Resources (AUG.v), is a liar.

From this point the decision on what to do with this information is subjective, as my personal reaction of calling the liar out in public and avoiding anything the person ever does again in the mining sector may not be for you. We should also note the bad track record of CEOs who blame shortcomings on shorts, as it were. But my main point here is more general; if your mining company is not making a profit, all they have to sell you is a story (and this is doubly true for exploreco stocks). Therefore, if you are happy about buying into a story when the narrator has  a propensity to use untruths to try and weasel their way out of a tight spot it is your decision and money. On the other hand, it would make me wonder just why you’re spending U$40/month to read The IKN Weekly, a publication written by a market commentator who has developed a reputation for shining light on this type of corporate behaviour. In the long-term, there is no point at all in reading The IKN Weekly and being long stocks like AUG.v.

With 95.3m shares outstanding and a price this weekend of C$1.80, AUG has a market cap of C$171.5m, which is impressive for a company that has tried and failed to find anything of worth on its properties for the last four years. Hot air only works for so much time, lies for less. I’m not short today, but I’m now tempted because there’s a lot of downside potential here.

In The IKN Weekly this Sunday...

...we take a good look at a junior gold exploration company. Your author does not own any shares yet, but will be buying some next week because at The IKN Weekly readers get first dibs, it's been like that for over 10 years.

And while on the subject, unlike many other letters we get no cash payments, slushy options or any other fringe benefits of any type from any company, whether covered, owned or not. But hey, maybe you like your newsletters to care more about the companies than its subscribers.


The IKN Weekly, out now

A real beauty

IKN556 has just been sent to subscribers. Searching for elephants in gold country.

The hottest company booth at VRIC is Elephant Exploration Inc

Yes that's right, Elephant Exploration. Go check it out, it's an amazing story, bound for success and surely one of the best stories you'll hear at VRIC 2020. Unmissable.