The Mining Play

Auryn/Medinah - 2022 - 1st Half General Discussion

And it gets worse by the day as inflation rages.

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Shouldn’t stop them from reporting assay results which are way overdue
They throw a lot out there and then silence
Getting old

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Hey Dent maybe the company is waiting for the next quarter to publish the assays results. I sure hope so because there is no excuse not to after how many months now? Also I’m hoping the company is starting production already and will state this in the next update. I mean that is what they stated when they hit the DL vein in the last 2 updates. Let’s hope these guys don’t fall for the in the 2 feet forward 2 feet back

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Well hopefully the PDAC has gotten a few interested (looks like it may have). Look forward to seeing the next quarterly, it should be very interesting…

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Thought they were going to notify us of significant events meaning we shouldn’t have to wait for a quarterly update which most likely won’t tell us anything.
If they hit the DL vein and sent assays in they should have them back and let us know as that would be significant
If they’ve increased production then they should let us know as that is significant
If they are generating revenue from shipments they should tell us as that is significant.
If something has changed with any of those they should tell us as that would be significant.
We shouldn’t have to wait to decipher tid bits in quarterly reports.

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Hi Kevin,

With the gold producers, at least they have a built-in hedge when it comes to inflation. The current inflation scenario is going to separate out the low cost, high margin, high-grade gold producers from the high cost, low margin, low-grade gold producers. This is because GRADE is the single most important parameter when it comes to the cost to produce an ounce of gold. A 20-tonne truckload of ore will cost Auryn a certain amount of money to mine and process. With high-grade ore there are more ounces of gold to divide those costs up in order to arrive at a cost per ounce. Profitability will be determined by what Auryn is paid per ounce (the POG) less the cost per ounce multiplied by the number of ounces produced. With high-grade ore you get not only more ounces contained in that 20-tonne truck, but you also get a lesser cost per ounce and therefore more profitability PER OUNCE. More profitability per ounce times more ounces results in much better profits. IT’S ALL ABOUT GRADE.

This is exactly what an investor in Auryn/Medinah wants because the DL1 Vein has historically been ALL ABOUT GRADE. Auryn’s predecessors, SMFL, produced from a 250-meter-long section of the 1.7 Km long strike of the DL1 Vein. They produced from the top 70-meters of the 700-meter-deep vein. Their production came from Levels 0,1 and 2 over the course of 30 years. From the top level, Level 0, they averaged about 54 gpt gold. From Level 1 they averaged about 64 gpt gold. From Level 2, they averaged about 74 gpt gold. In the aggregate they averaged about 64 gpt gold. By reference, the average grade of gold produced worldwide is 7 gpt.

In one of the quarterly updates, management informed us that the grades and widths have been increasing with depth. This is the hallmark for one of these “mesothermal veins” which form way down deep where the pressures and temperatures are much higher than it is in the case of the epithermal vein counterparts. The differential between the sizes and grades of the average “meso” versus the average “epi” vein is significant.

Auryn will commence production from the new “Level 3” which is at the level where the Antonino Adit intersected the DL1 Vein. It’s about 10-meters below Level 2. Many months ago, Auryn already executed a 16-channel sample program where Level 2 and Shaft A met. The grades averaged even higher than that 74 gpt figure. What this taught us was to trust the historical production grade figures that came from Enami.

There are about 7,000 junior explorers out there to choose between for investors in the juniors. I’m impressed that Auryn management has not wasted resources for promotional efforts to date. What they have to do is to DISTINGUISH themselves from the others and then promote. There is no better way for a junior explorer to DISTINGUISH itself then to have already negotiated all of the hoops and hurdles needed to go into high-grade production.

A junior explorer with a property with a couple of high-grade drill intercepts may be a dozen years from going into production or may never get that property permitted and financed all of the way into production at all. A junior explorer/”wannabe producer”, like Auryn/Medinah, is not at the “finish line” and an investment therein not mostly “derisked”, until all of the pre-exploitation steps outlined by management are completed. In Auryn’s case, these included intersecting the DL1 Vein via the Antonino Adit, gaining access to the ventilation raises and chimneys contained in the “old workings” and setting up the “gallery” which would allow access to the NNW and SSE approaches to the DL1 Vein.

My guess is that management prefers to wait on “shipping” grades rather than in situ grades within the DL1 Vein structure. The difference between the two has to do with the vein width as a percentage of the working face width and whether or not the wall rock carries any grades. Simple on site “beneficiation” techniques can enhance the grades being shipped over that of the average working face grade. High G-force gravity separation circuits like a Sepro/Falconer system, can greatly enhance the “shipping” grades for a de minimis cost. This represents the LEVERAGE that only a junior on the brink of production can access.

Once you have the average “shipping” grades, you can take pencil to paper and estimate earnings based on management’s production forecasts. Anybody that has studied the DL1 Vein can tell that it will probably be in production for at least a couple of decades. A simple “back of the napkin” volumetric analysis assuming average grades of 1 ounce per tonne (a little less than half averaged by SMFL at the DL1 Vein) tells us that there’s at least 2-3 million ounces present at the DL1. As far as the other 5 or so mesothermal veins present, who the heck knows how many contained ounces might be present?
I think where Auryn management really excelled, is that they are arriving at this “finish line” with not just very high-grade ore but also with a very tight share structure. Shareholder rewards are going to be predicated primarily on EARNINGS PER SHARE and a multiple thereof. Because of this, even MODERATE EARNINGS can result in over-sized shareholder rewards.

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Does anything phase your pie in the sky optimism?

I thought that we were waiting for assays. Now you say that we are waiting for shipping grades. Hyper inflated costs are inconsequential if you have hyper grades? How about incorporating scale. The bigger guys are inherently most cost efficient.

Yeah but Maurizio said AUMC would be a mid-tier miner (5 years ago). They all say that. Is there any piece of news, or lack thereof, that dents your enthusiasm? Do you really think that AUMC has a pipeline of major fundamental catalysts that they are storing up so that they don’t seem promotional or is it simply (Occam’s razor) that they haven’t sent any material to be assayed and aren’t in a position to mine yet? Not the end of the world but most likely the most sensible explanation.

If Maurizio opened a hot dog stand on the Alto I’m fairly certain we would see an in depth post from BB outlining analogies/comparisons to the new Jean-Georges of the Chilean Andes.

Make your reservations now.

Credibility comes with some sort of balance (vs creative misdirection) when thing don’t pan out the way one predict.s Pot calling the kettle black? Maybe, but I was very bullish on this investment for a period of time. BB has never, ever been on the other side of the trade. Just ask Les.

Not a big deal if execution isn’t flawless. Mining never is. If you want to be bullish on this stock, acknowledge all of the missteps, focus on the positives (without making them up), applaud Maurizio for best efforts in an extremely challenging/risky endeavor, and “pray” for a profitable outcome.

John,

You seem concerned about my optimism for the DL1 Vein project. I sense that the concept of “going into production” means a lot more to me than to you. For me, it has a lot to do with statistical probability and just how challenging this industry really is and how rare this accomplishment is. I don’t think there is any development or accomplishment in this industry that can lead to investment success more than putting a high-grade deposit “into production”.

In the case of the ADL Mining District and Auryn/Medinah, I can see the DL1 Vein project going into production as acting as a potential catalyst for the development of the entire ADL Mining District of which the DL1 is only a tiny percentage of.

LEARN THE “SWEET SPOT” FOR INVESTMENTS IN A SECTOR BY PAYING HEED TO THE INDUSTRY STATISTICS

In the mining industry, I’ve learned that investors can either pay heed to industry statistics or fall victim to them like I have in the past. The PDAC Annual Convention has recently wrapped up its 2022 “in person” event. The PDAC website supplies a lot of information especially that involving the statistical realities in the mining industry. I found the below quote from their website under “ACCESS TO CAPITAL” particularly informative:

“Exploration is the riskiest stage of the mineral development cycle. Out of every 10,000 identified mineral prospects, only about 10% will lead to a drilling program (1 in 10), and just 0.01% (1 in 10,000) will lead to a new mine.

As a result, attracting capital to help finance exploration projects can be challenging, whether the exploration agent is a prospector, mineral exploration company or the exploration division of a mining company. Once a discovery has been made, additional resources are required to help develop a deposit and move into production.” (END QUOTE)

Another statistic, that I found particularly revealing comes from the World Gold Council (WGC) and none other than Pierre Lassonde. For the owner of that lucky 1-in-10,000 mineral deposits that makes it into production, it takes an average of 24 years from the commencement of exploration efforts to the first day of production. When you factor in that junior explorers do nothing but spend money and that they typically need to sell shares out of the Treasury in order to service their monthly “burn rate” until they become cash flow positive, USUALLY by the time they do go into production and create “earnings”, there are so many shares outstanding that their “Earnings Per Share” (EPS) is de minimis.

The share price, a measure of shareholder rewards, will be predicated on the EPS multiplied by the appropriate “earnings multiple” for that industry, (30.21 average for the mining industry). If the EPS is de minimis because of dilution of the share structure, then the shareholder rewards will be de minimis.

Those three highlighted stats are beyond scary in this industry, but there’s a lot we can learn about how to invest in this particular investment niche by studying those scary statistics. The 1-in-10 mineral prospects that end up getting drilled out and the 1-in-10,000 prospects that go into production and become a mine tell us that simply raising funds to drill out a property by no means leads to success and shareholder rewards. I would define “success” as operating a profitable mine. That 24-year stat is very sobering when you appreciate the fact that shares need to be constantly sold just to pay the bills.

What an investor really wants to learn from the statistics is where is the “sweet spot” for an investment in this industry? The “sweet spot” for an investment in this industry has a lot more to do with getting a deposit OR AN EARLY PRODUCTION OPPORTUNITY WITHIN THAT DEPOSIT, into profitable production than in getting it drilled out.

What is the takeaway from these horrendous stats? First of all, even for a junior explorer with a bona fide mineral discovery, there is still a significant risk that they won’t be able to access capital at a decent “cost of capital” in order to advance the discovery into production without inducing massive dilution of the share structure.

The discovery alone does not guarantee success for a junior explorer. This “financing risk” is but one of the RISKS in this industry characterized by investors (actually speculators) assuming ultra-high RISKS in search of ultra-high REWARDS. I would assert therefore, that there are two types of mineral discoveries. There are those that have been successfully financed all of the way into profitable production WITHOUT UNDERGOING MASSIVE DILUTION, like Auryn’s DL1 Vein project, and then there are those that have NOT been financed all of the way into profitable production independent of the dilution status. The seldom achieved ideal scenario is financing in place all of the way into production without massive dilution having been incurred.

Secondly, the odds of making it into production are so bad (1-in-10,000) that any providers of capital along the way are USUALLY going to have to charge a fortune for that capital because of their chances of losing all of that which they invested. In the case of Auryn, note the accent on “USUALLY”. To say that Auryn is a bit of an outlier wouldn’t be doing it justice.

If the provider of capital is a major miner, it’s going to insist on a big piece of the action in order to mitigate its risk. It’s also going to want the junior to drill out the prospect on its own nickel, in order to “derisk” the investment made by the major. The major miners typically get their way during negotiations with a junior explorer.

The junior explorer’s percentage of the action is typically going to get heavily DILUTED by the major which often demands 51% and the junior’s share structure is likely going to get heavily diluted by raising the funds needed to drill out the prospect as per the whims of the major miner.

Two goals for a junior with a bona fide discovery thus become firstly to NOT need the services of a major miner. Secondly, is to be in a position to arrive at a POSITIVE PRODUCTION DECISION without enduring the dilution of selling shares in order to fund a drill program. The ideal scenario is to bypass the need for a major and for drilling out the property or at least any early production opportunity within that property. In other words, the ideal is to avoid DILUTION because it diminishes EPS and therefore shareholder rewards. As you might guess, this is easier said than done.

If the providers of capital are investors willing to take shares (equity) in the junior, they’re going to demand a significant number of shares at a significant discount to prevailing share prices in order to mitigate their enormous risk. This too is a recipe for massive dilution.

THE ODDS OF GETTING A PROSPECT INTO PRODUCTION (1-in-10,000) ARE SO BAD THAT MASSIVE AMOUNTS OF DILUTION ARE GOING TO BE INCURRED BY EVEN THE LUCKY JUNIOR WITH A LEGITIMATE DISCOVERY VIA DIMINISHING OWNERSHIP PERCENTAGE OR SHARE STRUCTURE DILUTION OR BOTH. In other words, pick your poison. What’s scary is that this is USUALLY the fate of even the lucky juniors with a bona fide discovery. How about the juniors that have no discovery? Again, note the accent on “USUALLY”. Auryn, the outlier, is also a bit of an enigma.

So, how exactly does a Main Street investor/speculator in the junior explorers circumvent this inevitable massive DILUTION as well as these distant odds for getting a prospect into production? I think the answer is to patiently wait until you find a junior explorer with a significant discovery that is ALREADY on the brink of going into production. This way that huge “financing risk” will have already been mitigated as well as that 24-year wait period been served.

In regard to the Auryn/Medinah scenario, now that I’ve been blessed with 20-20 hindsight, I can summarize a successful investment strategy in this sector as DON’T BE EARLY. Recall that 24-year stat from the WGC. I personally was “only” about two decades early in regard to Auryn/Medinah and the ADL Mining District. OOPS!

But there’s another catch. You need to find a junior that made it to the brink of production via patiently “bootstrapping” its way along and that DID NOT need to drill out the prospect prior to gathering the information needed to make a POSITIVE PRODUCTION DECISION. This pretty much rules out the juniors with deposits that will be open pitted because of the need to drill just to design the most beneficial “pit design”.

That leaves us with the junior explorers with either high or low sulphidation vein deposits that have enough information available to bypass the need to be drilled out prior to arriving at a positive production decision. The goal is to find a junior with a high-grade, near surface, vein discovery, heading into production that DID NOT suffer dilution of either its ownership percentage of the project or its share structure by financiers facing horrendous odds.

The terrible odds for success in this sector are directly related to a usurious “Cost of Capital” USUALLY. I’ve been hands-on in this industry for 42 years and I’ve never seen a Maurizio-type figure do what Maurizio has been doing for Auryn and Medinah. I’ve also never seen a mining corporation go into high-grade production with only 70 million shares outstanding and 60% of them held by management in a semi-restricted manner as per Rule 144. I’ve also never seen a junior explorer like Auryn, whose share structure is so tight that it went through a phase in which a decent-sized investor couldn’t buy or sell a block of shares without affecting the market adversely. That’s crazy.

You want a tight share structure but there is a phenomenon of a share structure being too tight. The other thing I like about the share structures of Medinah and Auryn is that almost all of the existing shareholders need a 5-bagger or so just to break even. If a shareholder has not taken his loss yet on especially Medinah, then it is likely that they’re intent is on getting back to even or near even.

So, where does this enigma known as Auryn stand? They didn’t have to suffer the dilution associated with funding a drill program, yet here they are on the brink of production with only 70 million shares outstanding and most of them semi-restricted. How exactly did they avoid the need to spend many millions of dollars on a drill program, and avoid the need for a financing from either a major or a punitive financing from outside financiers?

The last two questions are easy, so let’s start with them. Management was willing to advance the funds necessary ALL OF THE WAY UNTIL PRODUCTION NOT ONLY COMMENCED BUT WAS GENERATING PROFITS. That’s insane. Management didn’t even charge interest for these cash advances. Why?

It might have something to do with the fact that they already own around 60% of the Auryn shares and are the largest shareholders in Medinah, which owns 24% of the Auryn shares. Management is already “all-in”, and more importantly, their financial goals are already aligned with the smallest of shareholders. Contrast this with a management team that owns 1% of the shares and whose financial interests are centered on a fat salary and a highly dilutive option package.

HOW DID AURYN ARRIVE AT A POSITIVE PRODUCTION DECISION WITHOUT DRILLING AND SUFFERING THE ASSOCIATED DILUTION?

Auryn didn’t need to drill out the DL1 Vein property for a couple of reasons. The primary purpose of drilling is to provide INFORMATION leading to the evaluation of a pending “production decision” i.e. a simple thumbs up or a thumbs down. Auryn already had the information needed to make a positive production decision and it not only was made, but it was made under the terms of interest free cash advances all of the way until the profits from production would pay off the debt. Once again, that’s insane.

The DL1 Vein had already been in high-grade production for 30 years. The artisanal miners, “SMFL”, mined about 250 lineal meters of the 1.7Km strike length of the DL1 Vein (about 13%) to a depth of about 70-meters of the known 700-meter depth of the vein (about 10%). In total, they mined about 1.3% of the known dimensions of the DL1 Vein. They mined enough to provide plenty of information, but they left plenty for any successor production efforts.

Within that 70-meter depth, SMFL produced from 3 different levels i.e. Levels 0,1 and 2. In the aggregate, they averaged 64 gpt gold over the course of 30 years. The production from the top level, Level 0, averaged about 54 gpt gold in the early years. The production from Level 1 averaged about 64 gpt gold and the production from Level 2 averaged about 74 gpt gold. Clearly, the grades were improving with depth as is the norm for these mesothermal vein systems. The DL1 Vein is but one of the 5 main mesothermal veins present at the ADL Mining District.

Auryn management stated in a press release that the grades and widths of the DL1 Vein were improving with depth. Mesothermal veins form much deeper than their much more common epithermal vein counterparts. Here the pressures and temperatures are much higher, and the average grades and vein widths are also much higher.

The purpose of drilling out a vein deposit is to gather INFORMATION and to create a 3-dimensional “block model” of the deposit. The very well-documented work of SMFL gave the Auryn geoscientists a good look at the top 70-meters of the vein system. Later, Auryn performed an exhaustive surface trench sampling program that revealed over 5,000 meters of veins making it all of the way to surface at the ADL Mining District. Several geophysical surveys including a hyperspectral satellite imaging survey (CSAMT) and Induced Polarization studies (IP/IR) filled in a lot of the remaining blanks.

The 350-meter-long Antonino Adit gave the Auryn geoscientists a good look at what was going on in the 55-meter vertical area under Level 2 of the “old workings” i.e. from 1,888 to 1,833 meters above sea level. Level 2 is the lowest level from which SMFL produced. This area, immediately under Level 2, is the current target of production. Management also obtained 16 channel samples from the area where Level 2 intersects Shaft A. The results were stellar and averaged even over that 74 gpt gold figure.

So, now the Auryn geoscientists have a pretty good working knowledge of the DL1 Vein WITHOUT the need for an expensive and hyper-dilutional drill program. They got lucky, their predecessors did a lot of the heavy lifting in terms of building out the infrastructure and providing the assay data from historical production.

Auryn shareholders were fortunate to have a management member, Maurizio, advance all of the funds necessary, with no interest being charged, to advance the project all of the way into production and profitability. From that point on, the profits generated could pay off the existing debt and fund the ramping up of production. During the building of a mining corporation, there is one stretch of time in which extremely dynamic production growth profiles can be achieved. This is right after the commencement of production when positive cash flow can be realized.

There are two separate issues here. One is the AVAILABILITY of capital, and the other is the zero “cost of capital”. The net effect was to allow Auryn to become one of the fortunate 1-in-10,000 to get a project into production BUT ALSO TO DO IT WITHOUT SUFFERING THE DILUTION ALMOST ALWAYS ASSOCIATED WITH THIS RARE ACCOMPLISHMENT.

The net effect of this accomplishment is that even MODERATE earnings are going to result in an over-sized EARNINGS PER SHARE (EPS) ratio due to the small number of shares outstanding i.e., the denominator in the EPS fraction. The resultant share price/shareholder reward will be tied to this over-sized EPS.

The question arises, if 1-in-10,000 mineral prospects ever go into production and become a mine, 1 in how many mineral prospects can make it into production WITHOUT SUFFERING THE SHARE STRUCTURE DILUTION ASSOCIATED WITH FUNDING A DRILL PROGRAM AND WITHOUT SUFFERING THE OWNERSHIP DILUTION ASSOCIATED WITH DOING A DEAL WITH A MAJOR MINER. I couldn’t even venture a guess.

Another question would have to do with the nature of the transmission mechanism linking the industry characterization involving investors/speculators assuming ultra-high risks while seeking ultra-high rewards and a scenario like this without the junior explorer with the discovery suffering the usual untoward dilution. I would assume it has to do with the over-sized EPS figure resulting from this scenario.

The risk/reward analysis in making an investment never ends. In this sector, what you need to do is to familiarize yourself will all of the risks and list them out. Then the key is to realize WHEN a certain risk, like the “financing risk” or “permitting risk”, has been successfully mitigated. The goal would be to deploy investment funds when low to moderate remaining risks are offset with ultra-high rewards. It’s similar to a card-counting blackjack player increasing the size of her or his bets when they know they have the advantage over the house.

WHAT DOES ALL OF THIS BOIL DOWN TO?

The $64,000 question becomes how tough is it going to be for Auryn to generate MODERATE EARNINGS with the grades of ore that the historical production results and recent sampling results suggest they are likely going to be producing. Clearly, those grades are a far cry from the worldwide average of 7 gpt gold. There seem to be an awful lot of stars lining up here.

Make no mistake, there are inflationary pressures out there that are increasing costs. There are also supply chain issues and manpower issues. I think prudent investors will adjust the TIMING of their expectations accordingly.

In a scenario like this, GRADE IS GOING TO BE EVEN MORE CRITICAL THAN IT USUALLY IS. The majors and mid-tiers are still going to need to replace the ounces that they annually produce. The difference is that they will be putting a higher emphasis on GRADES.

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Not concerned. Just bewildered.

I tried to read through most of you post. Most of it is rinse and repeat. I don’t know where you get some of your stats (P/E of 30??). Not sure what market you are investing in but, bottom line, it reads as though you are already assuming AUMC has reached this magical 1 in 10,000 milestone. This is where we “disagree”. Not only has AUMC not delivered on any of their previous forecasts (yet) within any reasonable timeframe but they are simply knocking on the door of becoming just another artisanal miner. The 1 in 10,000 lucky souls have a resource, mine plan, infrastructure, exploitation license, etc , etc. All the stuff that requires the unnecessary dilution that you are so focused on. This could definitely turn out to be a small , profitable, project but it doesn’t warrant a public valuation as there is no way to assign a multiple. There are thousands of these types of projects in South America. This is exactly why Enami exists. Family run miners are the lifeline of many of these communities.

I don’t disagree with your guesstimates on the historical metrics and it’s all very exciting. However, from an investment standpoint (you seem to have a major issue separating the mountain from the investment) this bird has no wings. This is not a wild assertion for anyone who has “actual” experience investing in this space. Otherwise everyone and their brother would stake out historical claims, chase a vein, and claim they have hit the lottery (1 in 10,000). The market doesn’t reward those endeavors.

I think most here, who have a sense of reality, are more focused on questions like: where are the assays? Why have they only delivered two truck loads of ore to Enami if the grades are so high?

Your posts of reaching the promised land (over the last 20 years) seem a bit hollow from this “biased” vantage.

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My opinion is that this next Update from Auryn should answer many questions. I hope so

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…and your fanciful misdirection outlining analogies/comparisons to the new Jean-Georges of the Chilean Andes isn’t clasical Baldy derisive misdirection? Perhaps instead of staying entrenched in the past with the bitterness expressed with the “Just ask Les” comment, some here prefer to look forward at the real progress being made. You truly have remained the one constant comment to throw cold water on any postive perspective expressed by those that actually have money on the line here. Of course, if and when things turn around, you say you may just go ahead and jump back in. Please refrain from trying to save all of us that are still invested here John. Your personality and personal attacts are less attractive than you think. Just sayin … Look Forward, NOT Backward!

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I appreciate the effort in the last post to respond without condescension. No question, mining is more difficult than I first realized. As I mentioned earlier, I know MC is an optimist and anyone reading the quarterly updates must read them that way.

The property is vast and there are many, many targets that can payout. My hope is that they can turn this into an artisanal mine quickly so that the company can continue to explore without going further into debt. Then they can scale when it is warranted.

::: edit - and I know hope is not an investment strategy, but it is warranted here given the last two decades. :slight_smile: :::

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SANTIAGO, June 22 (Reuters) - Workers at
Chilean state-owned mining giant Codelco,
the world’s largest copper producer, launched
a major strike on Wednesday to protest the
closure of a smelter over environmental
issues, though the government downplayed
the impact on operations.
The Federation of Copper Workers (FTC), an
umbrella group of Codelco’s unions, said
50,000 workers were expected to strike,
including staff and contractors after the
Ventanas smelter was shuttered despite calls
for investment to keep it open.

Going through papers and looking at Certs. for Medinah Minerals from 2001. Anyone else in this long? Just curious. Take Care.

The way I see it, ‘hope’ is not needed as long as we can trust Maurizio regarding the arrangement with a 3rd party paying for AURYN’s exploration plans … interest-free. No dilution of Auryn shares is anticipated, that’s a huge plus assuming nothing derails the plans or partnerships already in place.

As long as Auryn will “use future cash flow from production to pay off [interest-free] exploration debts and expand operations,” the impact of inflation should be muted. Especially since Auryn also has an agreement with North Chili to provide them with “samples” of the latest & greatest safety equipment to be used (as if on loan) for updating & constructing a chimney for evacuation, ventilation, and other safety constructs. (in exchange for facilitating demonstrations?) Also to create a “T” tunnel system to exploit the DL vein in both directions.

That is a lot of work to get done before production. But we know Auryn has the goods, and Maurizio has a few great plans already negotiated … so far.

So, I plan to just watch how this goes during the next few months until we get the next notice or update. Losing patience or thinking about every possible doomsday scenario is not an option, especially after waiting so long til now. :pick::rock: I want to focus on what we know.

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Quarterly update coming either late next week or week after.

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Hopefully its not a nothing burger.

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Hopefully it’s a Tomahawk Steak! What better way to start the 4th of July

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Closed. New topic:

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