Baldy,
Actually, you’ve never been interested in my point of view here which I’ve been very clear about.
You are only interested in some sort of grandstanding. Every time you decide to “just drop in” you laughably repeat yourself. 
Baldy: I will take your recommendation on my participation on this board under advisement. I certainly don’t want to fall under the label as someone who has a singular point of view.
…but I’d love to hear an objective reason why the company can’t produce more than $30k in cash flow over the past years if they are bypassing and stockpiling valuable ore.
BE, judging just by description of the time line it does seem strange. But my own interpretation of the circumstance from which I would answer is based upon the geometry described here: Auryn/Medinah - 2022 - 1st Half General Discussion - #133 by cornhuskergold
Since they are approaching the DL and the parallel / sub-parallel veins from a roughly 90 deg. angle (plus or minus) they essentially cut through or across these structures as they go and they are only sub-meter to 1m to 2m thick and then they are back into low grade or barren rock. Crossing or going “through” the structure does not produce much ore.
So at any point when they cross one of these structures, a decision must be taken either to take a “right turn” and start developing & mining, that is, abandon looking for the DL for now, or proceed forward once again through low grade / barren rock. Now in a operational mine they might do both. But when you are low budget and have one loader, which breaks, and one truck, and a minimum crew of miners, you must choose one or the other.
Obviously, they chose to keep pushing forward toward what they feel is a more “known” ultimate target and which they incorrectly supposed, at least up to the last update, was not much farther. So the combination of 1. the geometry of approach, 2. the limited equipment and people available, and 3. the mistaken assumption on where the DL would be at this level explain the very low amount of stockpiled ore, which I agree, is painfully low.
Maybe more important is the forward looking question: What will they do if they still haven’t struck the DL by this update? The reality is that something is very different than what they supposed at that point. Will they turn back to the previously crossed structures? How long will / can they keep up this operation under current terms and at what point will the business terms have to change? This set of circumstances can not persist forever. The summer is drawing to a close. This is an important update.
Notes to Medinah financial statements: March 29, 2022
@cornhuskergold - you and I see it mostly the same way, although I don’t put as much weight on this next update.
This is a thin crew with minimal resources. It is being privately funded, at risk, with one goal - hit the DL with the idea of making this bankable for all involved. Yes, they are discovering a lot of other opportunities along the way. However, with the current crew and equipment they cannot do both at the same time, i.e., mine 15-20gpt AU to make a small amount of money and drive through to the DL and cross into the promised land.
Management has made the strategic decision to drive forward to the DL vein where there are known grades, depth, and width. The belief is immediate cashflow from that can pay back the private funder relatively quickly. Also, there will be cash flow to scale the operation and choose the best targets that have been hit along the way, perhaps start a drill program at LDM, or any number of other opportunities.
By the way, that is what I mean by hitting the DL being a binary event. Once hit, it’s a new world for all of us. Also, I suggest that hitting it is not as illusive as some think. They are going straight towards it. They will hit it.
So AMNP is in the Golf business now, gold putters? Oops🤭
I would generally agree with your explanations. Its important to be laser focused when on a shoe-string budget but I would think (guess) that the rock they are clearing should/could still be economic if some of the grades being discussed on this board are half accurate. Just load the truck. Yes, lots of waste rock comingled but…
I do appreciate the objective, grounded discussions vs. those that leap from AUMC trying to find the DL Vein to some of the nutty commentary speculating about mining 5 faces simultaneously. All while the majors are lining up to get involved while the one with front row seats (H) won’t even move forward unless AUMC raises money for additional drilling.
This has the potential of being a homerun (which is why I’m observing from the sidelines) but peeps need to understand that the co is years away from being able to even handicap the possibility of the potential here. Those who continuously fantasize and pontificate about blowing out the candles before the dough has been rolled are really doing their audience a major disservice.
This being said, there do seem to be a handful of investors who understand that this will take patience beyond the current bull market cycle in gold.
although I don’t put as much weight on this next update
The reason I say it is important is:
Presently I am inclined to think that if equipment allowed more tunnel progress in this Q, then they probably hit the DL and are awaiting confirmation or will announce it in this update. But the bottom line is, at some point, just saying, “a little bit farther” until you pop out the other side of the mountain does not make sense. And somewhere around 300m, 350m, 400m in they are obviously way past where they should have hit the DL if things were all oriented as expected and they should be approaching at least 300m if equipment allowed progress at all.
If you would of posted this on the GBR (Great Bear Resources) message board they would be laughing at you. By the way GBR was bought out by Kinross for 29.00/share. GBR rocketed from .85 to 18.00 within 6-7 months. According to KWN the current bull cycle will not end any time soon.
Comparing AUMC to GBR is almost (almost) as inappropriate to your earlier reference to Doge…I believe the laughing on the GBR message board (if one actually exists) would be directed on my posting anything on MDMN in the same context. Theminingplay is a very warm, forgiving blanket when compared to most of the other boards that seem to mandate some actual fundamental debate…there are obviously some exceptions!
Anyways there is no reasoning with you, you always want to be right so I won’t waste any more of my energy with you.
I’m surprised Baldy didn’t contest and deride this all important concluding statement on the Gold Bull market continuing for years.
Instead Baldy finds it necessary to make derisive and condescending comments on individual investors. Many of us have been here contributing insights and opinions for many many years. Baldy imagines himself as helping out everyone here, when it appears he is awaiting an opportunity to jump back in quietly if and when things are more to his liking. Choosing to pick personal attacks on his favor “peeps” does not make him a valuable contributer or admirable commentator here. Peeps are a favorite Easter candy to most of us here, and nothing more.
Most of us are already aware of the shortfalls of this company. It was wise of Baldy to find a way out using his tax loss selling to offset gains in a company such as GBR. Great Bear Resources was an exploratory company that admittedly fit Baldy’s profile for a company proving up a rich deposit defining it by extensive drilling. Personally I didn’t want to see Kinross take GBR out so soon, but the project will be very good for Kinross. I believe the point you were making hulkster is that GBR was brought to our attention by Elrac several years back (AUG 2018?) and some of us followed up and did very well. Best to put new money into projects that are doing everything right. Especially those of us holding Auryn and MDMN in retirement accounts where there is nothing to be gained by selling and moving on. Even if there is not extra investment funds available, many of us do just watch as progress is being made.This stock is still in a sock drawer for many of us for a very good reason. It will do very well if management is persistent in carrying out it’s goals to succeed, especially when working with a shoestring budget. Baldy is just another sour grapes Monday morning quarterback that constantly criticizes management and individuals. Other speculative penny stock companies expect the trolls that show up until the company reverses. You are wise to not waste any more of your time with Baldy’s predictably negative diatribes. GLTA of us still here! 
EZ
So you know better than Maurizio, correct? He apparently is not all that concerned with paying himself back as much as you are. He wants to hit the DL vein and then mobilize.
Is that Nutty? Hit the DL vein and then kick things into gear.
Agreed
AUMC Financials out
https://www.otcmarkets.com/otcapi/company/financial-report/325884/content
https://www.otcmarkets.com/otcapi/company/financial-report/325883/content
Easy, I genuinely hope your patience is rewarded in spades. I’m not sure why you are fixating on the tax profile/benefits of something I brought up several years ago. That ship has sailed and I can appreciate holding on to a lottery ticket in your IRA but, as you know, that has nothing to do with opportunity cost.
If Maurizio is willing to keep throwing money at this ($2.6M million as of 12/21) and there is finally some level of success on the mountain, it is my opinion that I will have pleeenty of time to establish a position around these levels. This thing ain’t moving on the price of gold nor fundamentals as most of the current shareholders are already all in and the general market doesn’t currently care. If the rocket takes off without me, enjoy the ride. I can live with missing the ride but I don’t think I could stomach buying at this (currently rich) level and incur further losses (good money after bad argument).
I think CHG brings up a valid point in answering my earlier question. He probably can’t afford any outcome that doesn’t involve hitting the DL as he does not have unlimited funds to personally bankroll this. Probably up to $3.5M+ now. That is a whole lotta money down in those parts.
As to personal attacks, I’ll try to remind myself that this board is more of support group that relies on the hopium of some posters vs. a forum to debate legitimate concerns.
Onward and upward.
With an expense of $2.6M , trying to dig their way underground, a portion of the money should have been used to drill. How many short drill holes can be drilled for $2.6M , A LOT. Then at least they’d know exactly where the veins are headed, to reduce the huge expense of digging. 5 or 6 10-25 degrees (or shallower) from horizontal holes would have passed through every vein. Since they ‘knew’ roughly where the veins were, the length and number of drill holes could have been optimized to cover the most ground !
AT last some info about the Related Party expenses :
The Company holds a mining option contract with a related party. Pursuant to the agreement with that related party they would incur all expenses related to the exploration and exploitation of minerals. There will be no repayment of those expenses from Auryn Mining. When minerals are found and sold the profits will reimburse the related party for all expenses incurred before profits are shared with Auryn Mining. As of December 31, 2021, the related party has incurred approximately $2,585,000 of expenses. These funds will not be refunded or repaid by the Company and are not payables of the Company and have therefore been excluded from the income statement for the year ended December 31, 2021.
Hulk, I understand your enthusiasm, but one crucial note about GBR. They went through 2 stock consolidations Jun. 01, 2016| & Jul. 08, 2013. In total a 25 for 1 consolidation. So the final price of $28.15 would have been $1.126 w/o . This is even though they had some amazing drilling results during the price rise. Also the resulting share count was 58M. Unfortunately Medinah has 2.9 Billion shares or equivalent 16.1M AUMC shares. That’s a 181 to 1 reduction in MDMN shares (compared to GBR’s 25 to 1).
Baldy, you said Maurizio cannot afford any other outcome besides the DL? Maurizio did find other high-grade veins worthy of exploring. And even if he hasn’t hit the DL as of yet, we already know it’s there and not disappearing any time soon. My only concern is that they might not find it before winter sets in.
Regardless, they will find it and the sp will begin climbing from that announcement. None of us are blind to the pitfalls and possible delays, Baldy. I doubt anyone here is addicted to ‘hopium’ either, especially not since the Les Price scandal. Although I have appreciated some of your past posts, lately your posts tend to be the opposite of ‘hopium.’ 
Whatever it is, it’s neither desired nor addictive. The tone of your attempts to enlighten us is abrasive & condescending; it appears to be exactly what you aim to do. We don’t need that, either.
You already admitted that you will pay substantially more to get back in once all possible doubt is dispelled. These are your opinions and speculation. But, I’m not sure why it’s so important for you to tell us that you may “miss the ride” based on your guesses. I doubt anyone will miss the sarcastic & cynical part of the sideshow you often present, IMHO.
I seem to remember MrBubba having a CPA background. Can you explain how a related party can enter into an agreement with AUMC where the related party holding the “mining option contract” gets paid out of AUMC profits but somehow there is a claim that AUMC is not repaying those expenses? Soooo, maybe their is a AUMC holding company sitting above the AUMC operating co that is paying back this loan?
In the January update the company clearly describes this obligation as debt which will be an encumbrance against production/profits:
“Initial cash flow from production will be used to pay off exploration debts”
I’d like to understand on who’s balance sheet these payables exist? Its admittedly a great deal for shareholders with a zero coupon but it’s a direct liability against the asset if profits are going to be allocated to pay it back. No different from an industry standard forward contract or gold loan but with a related party and no interest. This would/should be recorded as a liability on any balance sheet and it’s not like the company is avoiding disclosing the quantum or that it exists.
What am I missing?
100% agree. This is why 99.9% of mining co’s initiate some sort of drilling program before mining. Yes, it results in some dilution but without it you are basically flying blind. I would guess these guys find the DL vein eventually but without any sort of block model they will need to be extremely precise in following the vein once found. Given that they have already spent over 14 months trying to find the vein, anyone assuming that they will be able to successfully mine and/or expand the mining process once found simply doesn’t understand mining. BB may be a good candidate to address the same.
Anybody else notice that BB’s predictions for the end of the rainbow pots of gold have gone quiet will the Wizard has been trying to tone down expectations? I wonder who has a better read on reality?
Some good sensible thinking going on lately. Thanks.
On the subject of mining more then one tunnel face at a time.
This is too small a tunnel / waste road to do that for now.
This is the dilemma in tunnel mining. "HOW do you move around in there.
These large loaders are made for mostly forward and reverse driving in tight spots. You also use your blast wall as a back stop for loading rubble.
To start anymore side faces along this tunnel is asking for trouble.
Think of working your vehicle around inside that tunnel. Could you, maneuver a pickup around inside such a limited space without running into something or somebody? That is what they are up against. Too many issues concerning peoples safety to start with. Also when you expand a tunnel in width,
you have to start addressing shoring up the roof.
Mining a side face takes out one leg of your arch support. Gets complicated. Best to keep it KISS at this time.
On the subject of loans.
In my youth I was told; If you loan money, you best make sure that person can make twice what that loan was for.
As it will take that much before they can pay you back. It has been so true.
Peace and Good Luck to all of us, while we wait our ship to come in.