Auryn/Medinah - 2024 1st Half General Discussion

Good points, Jimmy. I’d like to add how john’s hostilities toward anything BB posts is the result of his childlike enmity for him. He’s had a bitter vendetta against BB going back more than a decade ago. That’s why he twists BB’s words around and bashes others who disagree with him.


Gold still rising, that pile of ore is looking good DD, whata ya say?!

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Looking good Jimmy looking good! Just don’t tell Baldy that he might get his feelings hurt!

A bunch of children playing with marbles. Gold ripping higher to new and newer highs and the flock can’t make a dime on their investment. Pathetic doesn’t really capture the spirit of this situation. Can’t wait for the next update.

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Just thinking out loud here … :point_up_2: I wonder what MC would think of someone that isn’t a shareholder, insinuating that shareholders in the corporation MC is building are a bunch of pitiful sad sacks, i.e. deplorables?:thinking: I’m sure MC would think such a person was always so right and admirable that he certainly should be listened to on an almost daily basis. :wink: :rofl:


Listen, MC still needs to deliver. Unfortunately Baldy’s track record on this has been pretty on point. Most of the optimists here think he is waaaay underestimating the future outcome. This all remains to be seen of course. From a historical persepective though, he has been far more accurate than BB. That all can change going forward with a big grandslam from AUMC. BB thinks we are primed for that one swing of the bat while Baldy believes this is still gonna be a slow drawn out grind with the potential for dilution before the plant is installed.

If MC can get this FF plant built without dilution, then we will be sitting pretty. BB needs to be held accountable if that fails, because he has touted very confidently that will happen because of x, y, z. If Maurizio continues to let this go month after month, quarter after quarter without successful financing, then its finally time for Doc to look in the mirror. On the flip side, if that does get pulled off, Baldy will need to eat some crow because MC avoiding dilution with a construction of FF plant to go into production is very impressive despite the long wait. Baldy will gladly eat a little bit of crow though as he establishes a nice position at basement prices. Thats why he is here.

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2300 coming Jimmy! That stockpile is getting richer! Sad part is it’s just sitting there getting a sun tan. I hope MC is checking the price of Gold and gets moving on this pronto!


And apparently you didn’t wait for the next update.

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Pathetic is being the most prolific poster on a discussion page of a stock you are not even invested in despite saying on multiple occasions that you would stop posting for a period of time.


April 2024 – Shareholder Update

Apr 4, 2024

AURYN Mining Corporation Shareholder Update

AURYN Mining Corporation (OTC: AUMC) is committed to keeping our shareholders informed with the most current updates on our progress and strategic initiatives. As we step into the second quarter of 2024, we wish to share significant developments and our forward-looking approach to our mining and exploration activities.

Proactive Financing and Economic Planning

Since December of the previous year, our team has been proactively engaged in structuring a financing solution vital for the implementation of our processing plant. This effort is part of our broader strategy to enhance our operational efficiency and prepare for the next phase of growth. Parallel to these financing efforts, we have devoted considerable resources to developing an economic case for our operations, including detailed cash flow modeling. These initiatives are crucial in laying a solid foundation for our long-term success and sustainability.

Pause in Fortuna Operations

In alignment with our strategic priorities and in anticipation of optimizing our processing capabilities, we have made the decision to temporarily pause active operations at Fortuna. This decision was not made lightly but comes as a necessary step to prepare for the construction of our processing facility. By focusing our resources and attention on this next critical phase, we aim to ensure that once operational, our processing capabilities will significantly enhance our production efficiency and overall project viability.

Mining Plan Developments

Our in-house team has completed a comprehensive mining plan, demonstrating our commitment to self-reliance and our capability to advance our projects efficiently. Furthermore, we are eagerly awaiting an additional mining plan from Freiberg University, under the guidance of the esteemed Prof. Dr. Helmut Mischo. Prof. Mischo and his team of experts are currently reviewing an extensive array of data, not only from Fortuna but across the entire Altos de Lipangue mining district. This collaboration is expected to yield innovative insights and strategies to maximize the value and potential of our mining efforts.

Advancements in Financing Discussions

We are pleased to report progress in our discussions with a potential lender, aimed at securing the necessary funds for our processing plant. While negotiations are ongoing, we are optimistic about reaching favorable terms that align with our financial planning and project timelines. This advancement is a testament to the confidence in our project’s potential and our team’s ability to execute our vision.

Commitment to Transparency and Engagement

As always, AURYN is dedicated to maintaining open and transparent communication with our investors and stakeholders. We understand the importance of keeping you informed and engaged with our progress. Consistent with our practice, we will continue to provide updates through required financial disclosures on OTC Markets and our quarterly shareholder updates.

For further details and to stay up-to-date with AURYN Mining Corporation’s activities, please visit our website and subscribe to email notifications.

We appreciate your continued support and confidence in AURYN Mining Corporation.

Submitted on behalf of the Board of Directors.

Forward-Looking Statements

This news release contains certain forward-looking statements within the meaning of the United States Securities Exchange Act of 1934, as amended. This forward-looking information includes, or may be based upon estimates, forecasts and statements of management’s expectations with respect to, among other things, the completion of transactions, the issuance of permits, the size and quality of mineral resources, future trends for the company, progress in development of mineral properties, future production and sales volumes, capital costs, mine production costs, demand and market outlook for metals, future metal prices and treatment and refining or milling charges, the outcome of legal proceedings, the timing of exploration, development and mining activities, acquisition of shares in other companies and the financial results of the company. There can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially and substantially from those anticipated in such statements. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that mineral resources will be converted into mineral reserves.

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" … necessary step to prepare for the construction of our processing facility. "

QUESTION: Does this mean that financing has been obtained and they are proceeding? Not really clear, but a later comment in the update says they are making progress on discussions with a potential lender, so probably not. In sum, it sounds a little like they’re running out of money or just don’t want to spend the money they have right now - in anticipation of future production. So, to me it seems they are still aspiring to the do-it-yourself, no-dilution goal (hopefully) - and that it’ll just take a bit more time.


Hate to say it but Baldy is right once again! No stockpiling of ore and now a pause in Fortuna operations. Gold is at 2300 why can’t he truck down ore to Enami and use those profits to fund the plant and get it going? For 3 months what have they been doing? They could’ve just released an update sooner instead of dragging this out for 3 months. Terrible!

Baldy is correct because he gets the information. He knew the mine was on care and maintenance which is why he posts confidently and somewhat arrogantly.

Honestly this is what I expected from this update. If they had financing, they wouldn’t wait until the quarterly update to announce it. And Baldy was also correct when he said it makes no sense for them to continue burning cash to stockpile more than a reasonable amount to feed the plant for the first few months after construction. He knows all this because he talks to the company and he finds out information.

The major positive to gleen from this is that they did not mention dilution when talking about the potential lender. They are optimistic for favorable terms. Using the term “lender” sounds like debt financing. Otherwise they would have said “investor” or “partner”. This is a huge positive. Their focus has clearly been on the modeling required to satisfy a lender. That appears to have taken considerable resources.
Hopefully its just interest rate and payback schedule terms they are working on which may depend on the cash flow modeling.

The next big step here is securing non-dilutive financing. That will be a major win. If gold holds these levels or keeps rising, we will be in good shape.


Yes & NO! Multiple challenges are in play with dedicated efforts to ensure a diligent, thorough, and inclusive process engaging all stakeholders, including MC, MDMN shareholders and current AUMC retail holders. There is a very tight float that is not amicable to promotion or day traders, but allows investors to sleep well at night as things progress methodically. Can’t put the cart in front of the horse. Need the issuance of permits and mill plans based on metallurgy and data. I like the broader comprehensive strategy planning. This planning is not just for the Fortuna with a FF as a start, but looking to the construction of a Processing Facility meeting the mining needs across the entire Altos de Lipangue mining district. There is conviction that the company is meeting and understanding all of the project’s permitting and regulatory procedures before committing to obtaining funds for a new Processing Facility. Then the mining can proceed in ernest!


Great post Easy. I would rephrase your statement above to emphasize that the prospective lender of the funds is requiring these steps. Internally AUMC is already convinced that borrowing money for the plant is the superior option versus taking a huge haircut by shipping to Enami. The financer is requiring this comprehensive data, economic modeling, and plant permitting etc. The financing arrangement is probably conditionally in place and needs to check off boxes (steps) to secure the final agreement.

Let’s give BB some credit in the face of Baldy’s persistent criticism that non-dilutive bootstrapping was an inferior strategy to obtaining a defined resource. They certainly appear optimistic that they will pull off this self-sustaining approach. They are committed to it and it will pay off handsomely. Keeping a 70M tightly held share structure in place when entering into production with their own on-site plant should not be undervalued and cannot be overstated. They are gaining more and more leverage on a potential JV partner down the road because they didn’t have to give into their dilutive demands and thus will have to pay a much higher premium for a piece of any action since not only will AUMC be self-sustaining, they will be a highly profitable operation. As BB mentioned, the further along in the process you can go without the need for dilution, the more favorable terms with a partner becomes.

Baldy talks about BB spinning, but I would argue Baldy has been spinning that MC was forced into this path because he had no alternative. He continues to spin the theory that the choice for the FF plant was because Enami was not viable. He refuses to consider that AUMC is committed for a bigger payday and that this isn’t all desperation and that they firmly believe the go it alone approach will pay off big-time.


Another potato update, knew it was coming. I don’t see anything happening for at least another 2 years.

So they put a pause on the Fortuna when there is gold there apparently and gold is trading at 2300.00. Does this seem logical to anyone? It doesn’t to me. Why not truck load to Enami if you have the goods? Yes you are loosing some money but you don’t have to wait years to build up the value of your company and it’s shareholders.

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Like Baldy said, what benefit is there to stockpile more than a couple months worth of feed? Start mining again after the plant is in operation.

Secondly, if you can secure financing, why take a $5000/oz haircut on your ore if you aren’t desperate for funding?

To me sending ore to Enami to get yourself repaid personally or to attempt to fund the plant is more discouraging and desperate than a strategic decision to secure financing and preserve a much higher margin on the ore. Remember that higher margin is offering an attrative mitigating risk to the lender in terms of the cashflow modeling.

Maybe BB can give us an analysis comparing interest on a $10M loan versus paying what we will call the “Enami Tax” even using the most conservative of gpt figures. So $5,000oz savings that Baldy keeps laughing about can even be reduced significantly to reflect savings on a realistic scalable grade (10-15 gpt).

Do the math. If you are saving even a $1,000 per oz from a combination of “Enami Tax” and transportation costs at a modest production rate (40tpd) compared to interest on a $10M loan annually. You don’t need to be Einstein to figure this out. Hence, why AUMC’s experts are making these decisions, not Baldy.


Optimizing our processing capabilities with guidance from Prof. Dr. Helmut Mischo, Freiberg University is a big plus. Yes, cash flow modeling is essential in securing a structured non-dilutive financing solution that lays a solid foundation for long-term success and sustainability. A comprehensive mining plan has been completed in-house, however MC’s team is also awaiting an additional mining plan from Prof. Dr. Helmut Mischo, Freiberg University that ensures maximizing potential efficiency and profit.

BE continuously fails to realize there are shareholders that did not have the luxury of a tax loss write off as he did, and wisely advised for those that could. That opportunity passed years ago. He has failed to move on from that perspective. Tax write-offs do not work for retirement funds. For my current investing strategy, I can continue investing in those miners that are producing at a profit or will likely profit near term, especially with the POG rising. I have a more than full place holder position here, so I continue to preserve my position as I invest and trade elsewhere.

BE’s “entertainment” in this forum no longer shows professional insight to me personally. Most here fully understand this stock has been progressing in a slow and tedious process focused on producing long-term success in a viable profitable mining outcome.

For those with speculative funds to invest with a long term investment strategy we appear near a bottom that may take a year or two to show results. There are other speculative stocks out there with some funding in place that have taken a more traditional approach to proving up their assets in the ground. Rather than drone on endless on that, I will state I have taken on a perspective much like Rick Rule professes when it comes to longer time horizons for the more speculative type of investment. I’m always willing to be pleasantly surprised for when this one puts everything in place! :laughing: