Hey jak167: I agree that management has a lot of explaining to do. They made some projections that haven’t panned out yet - a lot of them. All I’m saying is this: I’ve never read where they claimed to be in full production prior to July 4th. I know they’ve made projections about being in full projection several times over the past few years. But it never panned out the way they thought it would.
So, If you offered to pay me $1M by the end of next month, and you are very sincere about your debt … would you consider yourself a liar if your bank went bust the very next day? I wouldn’t.
Management made inaccurate projections. A LOT of them! I just want to point out that I wasn’t disagreeing with you jak167.
Nor have I ever stated they lied about full production. In fact, I have never used the phrase full production nor has Auryn. I stated they lied as to shipping ore to Enami since two years ago. And they have. Please show my Auryn’s factual documents (press releases, financials, etc) which show they were shipping ore to Enami over the last two years as they factually stated they were doing. If you can’t, they have lied. End of story. Please don’t try to gaslight by changing what I said and what Auryn stated in writing.
If you had no idea my bank went bust because I never told you so all you were left with is the one factual statement that I was going to pay you, then I lied to you. If a person makes a factual statement then a change of circumstances results in the factual statement not occurring, wouldn’t you think you would inform the person to whom you made the statement of the change of circumstances? Auryn has NOT done so. Auryn has stated, factually, multiple times it has been regularly shipping all its ore to Enami for processing and has stated multiple times the additional steps they were taking to support and increase the ore shipments to Enami. Auryn has made no factual statements indicating they could not ship ore to Enami and why. They have made no factual statements indicating any unforeseen events prevented them from shipping ore to Enami and why. They have just stated they were shipping ore over the last two years, then suddenly pivoted late Summer, early Fall of this year to we are now stockpiling and won’t ship until we have a flotation plant. No reasons why they change, no justifications for the change, no excuses for the change. Therefore, they have lied.
First you indicated Auryn made objectives (projections), and then I showed Auryn’s statements under accomplishments, not just objectives. Then I showed how objective (projections), could also be lies. Auryn told us, factually, what they were doing and going to do and all of it never occurred. That is a lie.
Auryn is not a three year old child just learning right from wrong and speaking truth versus lies. Auryn, supposedly, is a junior mining company, listed on a stock market who has legal ramifications making forward looking statements. Auryn has attorneys and supposed mining experts running the company. You don’t tell investors you are shipping ore to Enami for processing if you are not shipping ore to Enami for processing. They know what they were doing and they lied.
I’m done commenting on this issue. I have stated my opinion and my refusal to justify Auryn’s conduct. You have a different opinion, which you have every right to maintain, giving Auryn the benefit of the doubt and believing in methods. Neither of our opinions matter at this point, as Auryn’s actions have screwed both of us, other than for tax loss selling.
No matter what Auryn does at this point, even if they started shipping all the ore they have or dillute everyone’s interest further getting a flotation plant running, it’s would be at minimum another two years before any stock appreciation would occur.
Absolute BS……has been for too many years. Cannot believe a word said. Start trucking some of this rock and maybe there would be some hope to not be delisted.
The math starts to get interesting (please let me know if any of my numbers are off)
Current market cap of MDMN (2.85B shares @ .0005) is $1,425,000
16 million shares (give or take based on accrued liabilities) in AUMC is valued at $6,400,000 @ 40cent.
For the past 4 years I’ve been very adamant about buying AUMC instread of MDMN (if one wanted exposure to these assets).
Given the valuation gap, at this point, I would buy MDMN over AUMC. Yes, MDMN could go lower with tax loss selling and yes, I think AUMC is rich at 40 cents but MDMN is finally the better risk/reward profile (shares should be at .0022 or 440% higher if the ratio was at par).
Or, said another way, if you’re buying MDMN here its the equivalent of buying Aumc at 10 cents (which is prety close to becoming attractive value).
I can’t do either personally. Just sharing my opinion.
Well, I got rid of my expensive shares a long time ago so I could take the tax loss. All I have left are the shares I bought cheap (about 14 million). I plan to hold them from now on.
Auryn will be in full production with regular shipments to ENAMI. It’s not a matter of if, but when. Most of us here agree on that much, at least. If anyone doesn’t believe this will happen, hopefully you’ll be pleasantly surprised. Before long we will both be jumpin’ 'round the crude oil spout when it starts to flow.
Question: if Mdmn gets delisted, (disappears), what happens to the AUMC shares it supposedly possesses? Is there a way Aumc gets them back without being distributed to Mdmn shareholders?
Something seems slippery right now
We see Auryn’s horizon changing every few months, with many accomplishments for the better. Aside from the dreaded delays, Auryn has never been in a better position than they are right now. Risk is lower and assets appear to be greater. While there are new concerns, management’s progress cannot be ignored, either.
I find it difficult to focus solely on potential negatives while tuning everything else out. This is my perspective. Overall, there are far more pros than cons, imho.
Stockholders (i.e.“stuckholders”) those with shares in IRAs, and then moved them to ROTH accounts as I did (because the share price sank so low), have little to add to all this squabbling. There are a very few shareholders engaging in discussions here. I don’t see the vast number of shareholders contributing to any meaningful discussion here, although I’d guess they follow and check in occasionally. Most shareholders have accepted the disappointments endured with this stock. I’m responsible for the decisions I made and see no value in assigning blame to others. This stock is not a trading stock, and therefore, I don’t see buying or selling as an option for my very full position. It simply does not meet my present trading/investment goals. I’ve said repeatedly this company’s shares are in my sock drawer. I actually like management’s strategy of stockpiling excavated ore until permits are in place and the processing mill is completed. Then Management may purchase whatever trucks are needed and make the appropriate road improvements required for reduced tonnage of loads hauled to the destination. While we shareholders see what challenges management is facing, chasing after new investors by management does not make any sense at the present time.
With all the delays from Covid, bad weather, fires and equipment breakdowns, it makes sense to me what management has endured along with shareholders and continues to progress. No one keeping up with the information shared is happy with all the time it’s taking, but dynamic planning is a strength. Management’s stated primary goal is strategically on maximizing profits, especially now that work to find the ore bodies has been accomplished. Couldn’t help but notice how many times “plan” or “planning” appeared in the notices and overlooked by critics. These shareholder notices aren’t promotional PRs. That will follow when all is in place. This market has shown that the mining sector is largely a speculative business. Fully loaded and patient in MDMN/AUMC while I look to buy/trade and invest in other miners that are in a profitable promotional mode. MDMN/AUMC is clearly not in that category of investment. Yes, certainly disappointed that not all my investments are home runs, especially this one. I see nothing to gain by criticizing and blaming others how one may choose to invest. Understand what a sock drawer investment is and I choose to move on to less risky speculative stocks. Time for the non-shareholder critics to move on to profit elsewhere in IMHO.
EZ
Most of the Gold and Silver miners if not all are at their all time lows although gold is in reach of making new highs. Big disconnection between precious metals and miners, hopefully this will change soon.
Documents … which show they were shipping ore to Enami over the last two years as they factually stated they were planning to do.
To expound on that, I want to point out at least one example of the alleged fraudulent behavior
In the August 2023 Update, mgmt says: “We’ll be extracting minerals directly from the Don Luis vein for processing at ENAMI.”
That is an accurate statement at the time this Quarterly Update was released on 8/10/23. The plan was to have ENAMI do the Floatation Processing for Auryn’s lower grade ore. (below 20 gpt gold)
But Auryn put out another Update since then, The Update cited the results from a Direct Smelting Test at Lima, Peru’s Plenge Laboratory which convinced management that, if Auryn were to build it’s own “Floatation Facility” on site, they could earn an extra $5K per tonne of ore produced over and above the profits from selling 70 gpt gold equivalent ore.
So management decided to build an on-site floatation facility to cash in on the huge $5K per tonne differential — as opposed to shipping the raw ore to ENAMI’s floatation facility, which was their intent/OBJECTIVE at the time of the August 2023 Update. Now the profit amounts to an extra $100K for each 20-Tonne Truckload.
But our TMP group said that this change of plans was “an abrupt u-turn” from the earlier plan to have Enami “float” the ore, based on only a 300 lb sample sent to Peru. Auryn sent another 200 kg of ore to the University of San Sebastian’s “Froth Floatation” testing facility.
So why would somebody mislead investors about management’s change in plans due to the discovery of vastly superior economics, as evidence of a LIE? Auryn’s BOD owe shareholders a fiduciary duty to do what is best for the corporation even if that involves a change from an earlier plan.
But a member posted that ENAMI has been promising, for 6 years, to process the ore. Until mgmt took a U-TURN based on a 300 lb sample. But, the truth is, the sample sent to Peru’s Plenge lab returned a 157 GPT “gold equivalent” was just under 300 lbs. The amount of ore sent to ENAMI is unknown, but it resulted in ENAMI offering to pay 70 gpt “gold equivalent” after charging their fees. That’s significantly lower than the 157 gpt determined by the Plenge lab in Peru.
That shipment was only an “experimental batch” according to the Update. But our member accused management of manipulating the smelter results by sorting & discarding non-mineraized ore prior to the shipment. Really? What’s the point in making up these allegations of fraud out of thin air?
Personally, I’m glad management didn’t settle on ENAMI’s 70 gpt. The ore estimated in Peru is what tipped off Auryn Management that their plan to ship to ENAMI was NOT a good deal. There are still more examples. This is but one of them.
I’m also confident that is the best decision for all concerned. Discarding non-mineralized ore prior to the shipment to a final destination is an essential necessity for Auryn to maximize profits. Auryn’s strategy to accomplish this is establishing a flotation plant. Ask yourself, what is the value of one tonne of raw ore compared to the valuation of a tonne of ore that has been through a beneficiation process? Beneficiation is any process that improves (benefits) the economic value of the ore by removing the gangue minerals. “Comminution is the reduction of solid materials from one average particle size to a smaller average particle size, by crushing, grinding, cutting, vibrating, or other processes. “ (Wikipedia)
October’s update states, “AURYN Mining Corporation is happy to report that our mining operations at Fortuna are going strong. We’re consistently pulling high-quality mineral from the Don Luis vein.” Further it states, “Simply put, shipping unprocessed ore to Enami is not giving us the best value.” Also, regarding the decision to build a floatation facility, “Our decision is rooted in rigorous data analysis and a well-considered strategy, positioning us for a more profitable and efficient operation. We’re confident that this is the right move for maximizing the value of our resources.”
Management has carefully analyzed the steps needed to position Auryn Mining Corporation into a producing mine that is a profitable and efficient operation. Refer back to my post from several weeks ago:
This strategy leaves many possibilities for what is designed into this flotation circuit. With the screening, crushing and grinding to different sizes of material I would envision a portion of the circuit devoted to a comminution of larger sized material returning a portion suitable for refining free milling gold. This could be processed to a concentrate by gravitational methods allowing the much finer grind to proceed through additional flotation steps. I don’t know if such a component will be put into the overall flotation circuit, but we do know that historically much of the ore is amicable and available as free milling gold. The addition of Isac Burstein and Mark Dingley to the Board of Directors will put much of their expertise and industry contacts into ensuring the likelihood of successfully meeting the goal of the overall plant operations that include a well designed flotation circuit. I’m looking forward to the continuing quarterly notifications that keep shareholders apprised of progress being made towards making the transition to full-scale production.
Hi TradeRich, and thank you for your perception of what you’ve read thus far. I value your opinions about most everything, so please know that what I’m saying makes no slight against you, personally. You see what you see. But please know that a few other shareholders may see something you don’t.
Make no mistake, I am very focused on Auryn. And I’m plenty happy doing just that. I’m not bitching about this investment, but if there’s someone trying to spin things into the ground, you’re damn right I’m gonna say something. Some are paying very close attention to management’s communications and the parts that have been either omitted or slanted by a non-shareholder. Whether it be Intentional or not, we have a problem where dated announcements and facts are often regurgitated with baseless twists. This has a negative impact on our investment. One of those examples has been exposed, but there’s still more.
Of course, the bottom line: Can’t we all just get along …?" I get along with other ppl quite well, in fact. What’s important to me is my investment and vindication. I’m assuming you do, too. You debate in a civil manner, and so do I. Most shareholders here do as well. But I have to ask, do you tolerate anyone making unwarranted personal attacks against you on a public forum?
That’s only one part of this story. Until recently, I was often pointing out how baldy attacks others here on a personal level if they post something he doesn’t like. Or sometimes for no reason at all. I was very kind & patient with him for a long, long time, in case you’re not aware. I asked him to please keep his posts focused on mining instead of degrading others, including management. I pushed for more civility. It seemed to help for a little while, but the problem eventually persisted.
But, personal attacks aside, these baseless accusations claiming that management is deliberately lying to us in the Shareholder Updates is simply not good for my (our) investment. When management comes under attack like that, they’re not able to defend themselves. So, some naïve investors may think that, by management remaining silent in the midst of those claims, then that’s some form of admission of guilt to the accusations. The person making such claims bank on naive investors listening to him.
I already presented one example to show that management was falsely accused of lying, even tho the accuser knowingly omitted an even more recent update from management to justify the accusation. Otherwise, his claim could not be valid.
Other inaccurate statements made: Baldy stated there is no such thing as “International Metals Traders” to buy ore from a producer and then put that ore through gravity concentration to eventually resell to a different party.
Baldy recently advanced his “Management are Liars" thesis a step further, by citing evidence of lies from 9 separate management updates, which is in addition to the one update with 5 lies. The lying accusations stem around Shareholder Updates that mention ore production or shipping.
I’m not gonna go thru all if them in this one post, but here’s evidence that management was not lying as baldy claims. Did management make poor decisions in the past? Sure they did. But not about THIS …
EXAMPLE #2 of Alleged Fraudulent Behavior by Auryn Management …
JANUARY 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.”
NOTE: Management said nothing about immediately ‘shipping’ this minor amout of production to ENAMI. Management cannot make any regular shipments to ENAMI until SERNAGEOMIN signed off on the new ventilation system and until Auryn qualified for the Chilean “Mining Registry,” which they finally did on July 4th, 2023.
After seven months, only small “test shipments … and often with no economic advantages” other than the assay and metallurgical information gathered, are allowed prior to the full permitting by SERNAGEOMIN.
[EXAMPLE #3]
“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.”
This happened on Jan 4, 2023. The final sign-off by SERNAGEOMIN had not yet occured. And again, nothing was said about immediately shipping this “minor amount of production” to ENAMI. At that time, they’re still in the Antonio Adit, which is significantly less mineralized than The DL2 Vein.
Management’s “Objective” was to construct the gallery and the “Ventilation/Safety Egress Chimney,” thereby creating a “Minor Amount of Production.” The Intersection had not yet occured, so why bring up delays in achieving a goal/objective as if providing evidence of a lie.
[EXAMPLE #4] 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 productionwill occur during this process.”
Again, they still haven’t made the intersection that would allow them to construct the Gallery and Chimney. Doing that would allow them the ability to produce a “minor” amount of gold.
[EXAMPLE #5] 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.”
NOTE: Management is giving us a warning that production will begin “once the DL2 Vein is Intercepted …” They warn us not to expect production and shipping UNTIL the vein is intercepted and the construction of the gallery and chimney are completed; which would create a minor amount of production. LIARS would never volunteer that warning.
I’ll stop here for now, though there are a few more EXAMPLES where management has been accused of lying in the updates. If the claims against management continue, I’ll cite those examples as well. No shareholder wants these lies spoiling their investment. I’ll speak up when I read unprovoked personal attacks here. But I’m determined to expose accusations against management that just don’t pass the sniff test. I hope more shareholders here start doing the same. You have to draw the line on blatant BS.
No. Not yet