Auryn/Medinah - 2023 2nd Half General Discussion

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“We’ll be extracting minerals directly from the Don Luis vein for processing at ENAMI.”

August 2023 Update

“Our mining team will spend the remainder of this quarter and the next preparing the mine for exploitation at the current level and sub-levels. Minor production will occur during this process”

January 2023 Update

“We anticipate our mining teams to spend most of quarter preparing the mine for exploitation at the current level and sub-levels. Minor production will occur during this process.”

October 2022 Update

“We anticipate our mining teams to spend most of quarter preparing the mine for exploitation at the current level and sub-levels. Minor production will occur during this process.”

July 2022 Update

"Management and the mining team are extremely bullish. We expect to immediately be in production once the Don Luis vein is intercepted. "

January 2022 Update

“Q4 2021 – OBJECTIVES
Ship all stockpiled ore to ENAMI for processing.”

October 2021 Update

“AURYN’s objective for Q1 was to achieve a mining rate of 40 tons per day. However, this was not possible without completing the tunnel. With the tunnel being completed shortly, AURYN will hit the 40 tons per day target this quarter.
AURYN is analyzing which type of concentration and processing plant is best for ore from La Fortuna de Lampa. Meanwhile, we will continue to sell ore to Enami.”

April 2021 Update

“Q1 2021 – OBJECTIVES
Start selling ore (mineral) to ENAMI for processing or smelting, permit pending and expected to be obtained within this period.”

January 2021 Update

“On January 13, 2017, AURYN received a liquidation from ENAMI for its first test shipment. ENAMI received the shipment of approximately 12.4 tons of ore on December 26, 2016. The ore returned grades of 11.5 gpt of gold, 31 gpt of silver, and 1.62% copper.”

January 2017 Update

Does anyone else recognize the idiocy of parsing through the company updates like they are the gospel? Bread crumbs to analyze and anticipate what’s next ?

Or might it make more sense to question how a company who’s plans to process ore at Enami for the better part of six years took a radical U-Turn because, based on a 300lb sample they could get more money stockpiling all of the ore even though:

the company is swiming in debt

in desperate need to cash flow

in despearate need to show empircal evidence of grades over volume

and looking at a minumum 12 months away from building their own plant (which they can’t afford based on all time lows on the stock price nor any security to offer via resources/reserves).

It reads like Doc has now made the giant leap to speculate that another AUMC asset has enough value to help finance the mill. Including in these dormant assets (with no defined resource) would be the LDM which Hochshild bailed after clearly assesing that it wasn’t worth the investment. Now, all of a sudden, there’s interest even though no money has been spent to advance this “stranded assets.” Maybe, but it seems like yet another ill conceived fantasy to bridge the gaps of a failure to deliver.

The “deal makers” have been on the board since March. They were on the board in August when the company was aware of the refractory nature of the ore and the grade difference and clearly told investors that production was FINALLY happening, no really this time, and to look out for financial reports from ALL of the ore that was being sent to Enami.

Maybe the “deal makers” miraculously landed the mother of all deals over the past few months. Its a ripping bull market in precious metals and weather annd mine closures over this period be damned! That could explain the change of direction! But, the company clearly states that they are still presenting to and trying to find potential investors. Maybe they are just blufffing!

Is it finally time to assume the best and ignore the worst even though that has NEVER panned out? Could be but the ducks just don’t line up on this one. I’m hoping a CHG or other legitimate, pragmatic investor will engage with the company to get answeres. Maybe even Wizard who’s been pretty level headed in his posts all year may chime in.

It’s pretty clear that the Doc would rather spend 15 minutes posting a rinse and repeat “hopium” forecast vs picking up the phone to speak to AUMC. Very similar to the last go around when Les was being accused of malfeseance.

A possible explanation: some people would rather focus on the “what could be’s” instead of the less exciting “what is.” Its like knowing you have a cavity but resisting going to the dentist to confirm the same.

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Another broken promise here

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I was referring to my dialogue with Jaded. I was starting to have flashbacks of playing Bridge with my grandmother.

Whether it be trying to decipher AUMC PR’s or properly reading posts on this board, literacy does not seem to be a strong suit held by many around here.

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Here’s a company with a defined resource of 3.7 million ounces and a $1.5 million market cap. It’s a rough market out there. They are trying to raise $5 million to build a fully permitted plant in Peru (it’s going to cost them a lot more)

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It’s funny that you try to gaslight “literacy” as a way to make yourself feel superior. But your countless incidents of misspellings to venomous posts sealed your legacy long ago, baldy. I’m an editor for an international online publication with over 1M readers. I have extensive knowledge in certain fields that you know little or nothing about. Does that make you ‘illiterate’ for not knowing what I know?

Nice try anyway, baldy. I’m curious, do you feel a great deal better about yourself after trash-talkin’ someone?

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incidencts???

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An editor (for millions of readers…ha) tries to poke me for spelling mistakes (of all things) and can’t even finish a post without spelling errors. Unlimted comedic relief on this board.

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Baldy, please stop blaming the markets for the pathetic performance of these companies. The market is doing its job by reflecting the true value of the stock.

Per the 5/31/23 financial statements:

This company has a financial statement book value of $15million. the market values this stock at $1.5million. 10% of book value. There is a major problem!!!

They have $212,000 in cash and $5.45million in current payables. The notes to the financial statements indicate a dire concern about liquidity. Note 18 (subsequent events indicates they had to cancel a debt offering due to market conditions (Probably no one interested).

They generate no revenue and are paying most of their bills with common share issuance ( dilution).

You always argue that these companies have all of these defined resources. May be so, but if they can’t get it out of the ground and sold before they go bankrupt those resources are worthless to that company.

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Well at least they have some cash. The payables are comparable to AUMC. I guess the only differnce (aside from one having a multi million ounce resource) is that AUMC still, inexplicably has a $28m million market cap. Do you not think that the liquidity at AUMC is even more dire or is it your position that disclosures in financial statements trump reality? Keeping in mind that AUMC doesn’t even file the normal requirements.

IMHO, there is enough overlap b/w these companies to warrant a discussion. Maybe they find a way to buy AUMC on an equal merger (1 for 1 basis). The consolidated value of the assets would be pretty attractive and neither company has a realistic chance of raising $5 to $10M as a standalone.

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AUMC is not obligated to pay the amount the related party has expended or will expend. AUMC’s balance sheet is pristine compared to the others.

Liquidity is a non issue currently for Aumc. All costs incurred are the responsibility of the related party.

AUMC’s related party is producing product on Aumc property, not selling yet but producing.

Element 79 is losing $6million per quarter with no revenue generation. There financing sources are drying up. The market is valuing the company at 10% of book value.

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Pristine. Absolutey.

Unfortunately, based on the company’s latest PR, it reads as though the “sugar daddy” is not willing to put up the dinero to build a plant. Can’t wait to see the terms of a financing.

If you honestly belive that AUMC is in a better position than Element 79 you get what you deserve.

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That post wasn’t nearly as important, and autocorrect is not an option. And have you forgotten that you were the first to bring up “literacy” as an attack on others here? Do I really need to give you this lesson? :roll_eyes: The best of writers or editors misspell sometimes. Bakers sometimes flop cakes, electricians sometimes zap themselves …and you can turn that high powered middle-school microscope on your profession as well. Is it time to grow up yet?

An added touch to your romper room showmanship, nice. You’ve probably heard of the publication, but the News pieces lean prominently to the Middle East & Europe. Still, it’s known fairly well in America too.

Over time, I’ve learned that what you happen to spew out (as in most of your posts) is usually irrelevant to the subject of discusson. :musical_score: SO, what does it matter, if you’re crawling for gold, you ain’t gonna get too far. :notes:

Forget buying any shares, just keep on bashing and searching for your …

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I think you forgot a group, those who are justifiably upset that management lied to them about being in production for two years, and have no way out when holding a 99% loss on their investment other than tax loss harvesting.

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Pointed out the same updates myself a while ago, and it has resulted in my 180 turn on current management. Current management replaced a liar and told us it would not lie to us in the future. Well…

Not only did they specifically state they were shipping an processing ore, they did it more than once, and other than the test sample, it was a lie. There’s no other way to classify it.

They could have told us they were suspending shipments to better determine processing, methods, etc., but they didn’t. They continued to state they were shipping and processing ore with Enami over a period of years when they were not doing so. A lie.

Struggle to perform, fail because unseen obstacles arose, come up with an idea which doesn’t work and then try again, change to a new way of doing things because it’s a better way of doing things, these are all things businesses struggle with to become successful. Just don’t blatantly lie about conduct which you 100% controlled, over and over again, and expect me to like it.

At this point, as I said previously, I have found the silver lining through utilizing my tax losses. I have kids moving into college and I will gladly use the current losses from this dumpster fire to lower my payments to Uncle Sam. Please don’t succeed. At least I will see some benefit.

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Can anyone even comprehend the insanity of this comment? Most investors are down 99% on their investment. Countless missed milestones. The ONLY positive spin has been that AUMC managed to take the “ideal”, untraditional, non- dilutive approach to get into production. The Doc and many others have nonstop projections on cash flows, earnings multiples , etc.

And now, the company discloses that there is no production, they are seeking (highly dilutive ) financing which, IMO, they will never find and yet some posit they have hit the lottery?

Insanity.

It’s crystal clear that non of the resident longs have bothered to call the company (based on never being right on any predictions). Maybe after 25 years of being wrong it’s time to pick up the phone. Pretty much inexcusable at this point not to do so and I hope they are transparent with what they learn.

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Rather astonishing that someone who doesn’t own any AUMC or MDMN stock has the most posts on the mining play by more than double. What is really going on with you John?

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Hey Z. What can I say? I’m passionate about offering counterpoints, take some personal satification when my analysis pans out and enjoy the entertainment.

I’ve stayed involved on this board to monitor the evolution/progress of Maurizio and team with the hopes of re-establishing a position if and when the opportunity presented itself. I can say that the odds of my ever buying shares in AUMC has gone down signficantly post the last update but we shall see.

Thanks for asking.

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Would it make sense for AUMC to stock pile when gold is trading at 2100.00 and over? I can’t see common sense stock piling when let’s say Gold is at 2100.00+ in the beginning of 2024.

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Gold moving closer to 2000! If we have that much ore stockpiling up at the Fortuna, sure like to know how much $$$ that is just sitting there

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Yes it can make sense. They know that not processing the ore themselves at an onsite flotation plant is like throwing money in the toilet. This strategy only makes sense if you are UBER confident and not desperate. They appear to be both.

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