Where did this check go? Can you point to any revenues ever hitting Auryn’s financials?
It will be interesting to see if the company breaks down any economics or just slowly pays down the liability to Maurizio and leaves investors working on the back of napkins to determine the economic viability of what is being mined. Just my opinion but I wouldn’t be suprised if they still haven’t shipped a pebble to Enami by the time we get the update in October. Can’t wait for the new round of excuses if/when that occurs.
I have another personal guarantee (similar to the one on offtake financing). If AUMC is able to deliver an average grade of over 30gpt on their first 1000 tonnes of ore processed at Enami, I will leave you all in peace. No more posting. This is even giving the company the benefit of GEO (gold equivalents) and the knowledge that they are handpicking their highest grade material. Similar to the 200lbs they have referenced in the “experimental batch.”
It’s always fun to speculate on massive grades but very rare (even for the mines who have done things right) to consistently generate high grades over any sort of volume (1000 tonnes is hardly any “volume” but it will be too boring to wait for anything over).
Will BB change his tune when they don’t average 30gpt over the first 1000 tonnes? Do I even need to ask?
Regardless, if they even process 1000 tonnes, regardless of grade, this would and should be considered long overdue progress. No need to set unacheivable grades, expectations, forecasts.
You’re entitled to your opinions, baldy, even tho they are often dark projections of your negativity. It’s difficult to know whether your posts are focused on AUMC or brecciaboy. I sincerely hope you can lose that chip of resentfulness one day soon. Such a burden can weaken your immune system and threaten your health.
or a spotlight on reality…its all in one’s perspective…let’s see how my opinions or dark projections turn out this time…the blind optimists are due for at least one win after two decades.
thanks for your concerns about my immune system…so many sleepness nights burdened by BBoy and the FOMO of missing out here…hoping to one day be a popular participant on this board…I guess we all have a little bit of hopium deep down.
“Where did this check go? Can you point to any revenues ever hitting Auryn’s financials”.
NOTE 4 - RELATED PARTY TRANSACTIONS
Certain stockholders have paid expenses on behalf of the Company which are to be
repaid by the company. These payables are considered due on demand and are noninterest bearing. The total amount due as of June 30, 2023 and 2022, were $94,405
and $79,346, respectively.
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 June 30, 2023, the related party has incurred approximately
$4,640,000 in 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 six months ended June 30, 2023.
I understand the vague details on repaying Maurizio with profits but does that mean AUMC isn’t going to report any financials until the liability is paid off? That could take years. Not a bad idea for AUMC if they want to continue to lean on sparsely detailed mining details and hand picked experimental batches to highlight hyper grade material.
However, if anyone here actually wants the market to pay attention over the next 36 months (or however long it takes to repay Maurizio), the market needs tangible, industry standard reporting to assign a proper valuation.
Or you can just realy on BB’s “modeling” and industry analysis to assign price target.
For all I know they are planning to be fully transparent but I was pointing out that the previous truck loads never made it to the financial statements.
No news update this week. Could it be that no news to report? Surprising after they mentioned in the last update that they will be starting production and shipping ore to Enami.
Not sure this update needs much commentary from the likes of me.
I do find it somewhat ridiculous that they are trying to deflect their inability to process/get into any sort of production. “Armed with this compelling data”?? As covered in previous discussions the refractory nature of the ore should have been well understood years ago. The variance in grade between the lab and the experimental batch sent to Enami shouldn’t be suprising. It should be expected. That’s what happens when you are working with “hundreds of pounds vs. thousands of tonnes”. You simply won’t get an accurate nor representative grade until you’re analzying volume.
I’m assuming a floatation circut is their only option at this point. Also doesn’t make any sense b/c if even if they were only able to get the lower grades (vs. the lab) from Enami, they are incredibly rich and would translate into considerable cash flow for AUMC. If they pursued small scale production while waiting for the permitting and financing for the onsite plant this would a) cover some of the costs and b) play an important role in attracting investors who would have more confidence investing in the company and more visibility into the actual grades being mined.
Regardless of how they plan to land financing, the permitting and build process will take at least a year. This assumes everything goes right. That’s a long time to stockpile and for Maurizio to eat costs.
Thought they were supposed to be in production but instead are stockpiling again? WTF
Also, are we at the mercy of Mdmn to notify us of share distribution and that will only be through OTC? Goodin has graciously used his professional office in Indy for Mdmn address and he is a director on Auryn BOD.
Does that mean he houses the AUMC shares we’re supposedly going to get?
Not a word about share distribution in quite some time.
These two pieces of information – the refractory nature of the gold and the significant variance in lab results—translate to a direct financial impact of around $5,000 per ton. This is the driving force behind our Board of Directors’ decision to take control of our ore processing. Simply put, shipping unprocessed ore to Enami is not giving us the best value.
Needless to say, this investment has made a lot of sense to me over the duration. The point I’m brining up: it doesn’t make any sense for them to stockpile ore for a year while hoping to raise enough money (a Capex that would exceed the current market cap of AUMC) to build a plant. If they had confidence in the grade they would/should send the ore to Enami (at any grade that was economic) while they work on building a plant.
Regardless, that is the decision they are making (which should but won’t raise some suspicions on grade, scale, etc.).
IMHO, this project will not be able to land financing for the plant unless it comes at an extrodinary cost. Remember discussions on the pros and cons of following a typical exploration, mine plan, the importance of establishing resources/reserves, ect, etc. No legimate party will lend this company a dime based on the success and grades of artisenal miners over a multi decade, 2000t operation. Nor will any legitimate party rely on a 200lb “experimental batch” to determine the project’s economic viability.
crickets from those who presumed the “ideal approach” had been accomplished with the project already in production?
Do you sell 4 million shares when you have to uncheck the “risk boxes” or is this a one way street investment strategy?
This is what happens when “factual due diligence” collides with facts.
So now that AUMC is registered they have decided to, once again, NOT ship ore to Enami b/c 1) its refractory and 2) the 60GPT, which should be massively profitable, is underreported vs. results they have at a different lab.
You can’t make this stuff up.
Assuming the Peruvian lab is any more or less accurate than what Enami has reported is impossible to know when working from 300lbs of material (literally three buckets of ore). However, even if AUMC is 100% confident that the lab grades were closer to reality it still doesn’t explain how the company can make the decision to wait over a year to capture the $5000 ton delta. If there are 100’s of thousands of high grade material why not take a small portion and start cash flowing? An indebted company with no cash and no operations will have zero leverage in landing attrative financial terms to build a plant. A company that is acheiving small scale production/cash flows (even at only 60pgt offered by Enami) will look less financially desperate and have empircal evidence of hyper grade. It might even create some bouyancy to the share price, currently trading at all time lows, against which they will be issuing shares to finance (read: higher price, less dilution).
The only explanation for this decision has to be rooted in a lack of confidence in grade and volume. I’d love to hear another point of view.
I agree 100% and this is what they told us they were going to do two years ago. And now it’s back to stockpiling.
And this wonderful nugget from the update “Management is also actively engaged in discussions and presentations with potential investors for financing the construction of a milling facility.”
IMO, in other words, dilution.
If they had been transporting and selling ore for the last two years as they said they were doing, even if it didn’t generate the best profit, it still would have been profit. IMO, they probably could have paid for the flotation plant without having to dilute.
Anyway, back to my bunker to await the shots from the true believers.
Well it looks like Maurizio put the muzzles to the shareholders. The endless waiting has become very frustrating and they still want to continue and stock pile for a year before anything gets build. wow!
“In parallel, preparations are underway for the launch of new mining operations in the Lipangue area.”
Who is going to launch these operations? I would think this is another area and not where they are currently mining.
