Some people don’t seem to understand that no matter what the market dictates share prices. We are in a bull run, you miss this you wait another at least 10 years before the cycle starts again. I don’t know about some of you waiting years for Maurizio to build value but personally I don’t want to miss this one because if we do then were fuc**ked. Look at NEM before the metals started rising it was at all time lows and the biggest gold producer. Who cares what value you have or how much gold you have when nobody wants it!!!
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Your point is not falling on deaf ears, but the metals will still be in a bull cycle once the plant is financed and built. They are moving forward on all fronts and the POG now is definitely a contributing factor toward successful financing.
From that perspective, bullish run on Gold now is not being wasted.
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This post was written after the Aug 2023 update which reported 57 g/t results trucked to ENAMI when hope was still alive that ramping up production and incoming revenues would soon breath life into the SP of AUMC & MDMN: Auryn/Medinah - 2023 2nd Half General Discussion - #119 by cornhuskergold
Today this hope officially died.
As suggested there they attempted to mine in the 2nd half of 2023. It is now apparent that the hope that they could maintain 57 gpt (or at least something profitable) turned out to not be the case. This is the problem, to beat a dead horse (but then again these days dead horses come to TMP just to receive a good beating), with very narrow vein high grade underground mines.
That is you can cherry pick via a variety of slow and meticulous processes and get amazing grades. But by the very nature of what you have to do to increase mining rate, that is, mixing lots of low grade / no grade rock with a small amount of high grade rock, there is no way to maintain profitable grades in the rock you remove from the tunnel. It’s all one big hodgepodge of rock by the time you get it outside. And what is apparent now is that the grade of this hodgepodge could not support transport costs and be meaningfully profitable. Add to this a large amount of variation in the quality of the vein as you move forward and you have a difficult knot to untie.
As I have pointed out it is quite possible to suffer 90% dilution blowing up a narrow vein, collecting the remnants, and dumping it outside. I am sure they tried everything they could think of to come up with a process that would get them decent grades to the truck. But they couldn’t. Either you suffer huge dilution within the mine. Or you go so very slow,manually keeping the ore separate from waste rock that other costs like labor eat you up. So here we are. It is a place many who have gone before have ended up at while trying to mine narrow veins.
Fortunately there seems to be a technical solution. But it requires money, a processing plant, construction time, etc. And once you need someone to write a check you need to be able to convince them it is going to work so you have to do work to convince them, etc, etc.
All hope is not lost. But production is now definitely a ways off in time.
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A little dramatic and not even accurate. This decision was made much earlier than TODAY and was communicated to shareholders.
CHG firmly in the Baldy camp that transporting to Enami was not economical which was never stated by the company. To simply make this assumption because they chose to go a more profitable and bigger picture route is irresponsible.
Do the math, paying interest on a $10M loan is simply the cheaper option and better long-term option to scale the entire property. Pretty hypocritical to previously cite transportation concerns via the roads, distance and number of truckloads required, but now crapping all over a strategic long-term decision to make the operation more efficient, legit, larger scale and significantly reduce transportation costs.
I’m tired of the polar opposites on this forum. This unfounded assumption that they couldn’t be profitable shipping to Enami should be challenged as vehemently as Baldy challenges BB’s assumptions. BB claims we could be making a killing shipping to Enami now and Baldy/CHG claim it wasn’t even a profitable option. Both are probably major exaggerations from what is actually true. Smh
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After reading the update and the previous update it seems that they have stopped production to get a bigger grasp of not only the Fortuna but a bigger range. They are relying on the professor and his team from Germany for instructions on what to do next. So in the not too distant future production on a bigger scale?
“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.”
Awww, poor horse.
I have held MDMN shares since 1999. I been here for the early London based $5M JV in 2001, the Gordon pipe promotion, which Jimmyp1127 you probably never even heard of, NUOCO and the ldm glory hole, Johan Ulander and Amarant Mining Ltd, Mike Gold, Doc, Karl, Wizard, all of it. Recently I finally found and eliminated my last 35,000 shares of MDMN recently in a lost TDA account as TDA meets its comfortable sleepy end in the bosom of Schwab. It seems symbolic. It has been 25 years. It’s enough.
The only people who have made money here beyond the scammers along the way have been those providing web hosting and selling the domain name(s). (And btw, Cabezon definitely has my vote for Medinah hero). So, for whatever it’s worth, if we ever choose to consider popular opinion again, in light of yesterday’s news, I vote for taking the analogy all the way to its glorious traditional western end and provide a equine head shot mercy killing and burial for TheMiningPlay. The coyotes are ugly in their slow feasting and continuous howling. And I promise, in case it makes you feel better, if/when Auryn ever announces construction or production on the ADL I will personally pay for the first year of the new optimistic and rejuvenated TMP rebirth in order to discuss something, anything actually, new and substantial.
On the other hand, I know some people still enjoy the old-fashioned banter, that good-old deceased steed bludgeoning banter. I suppose there is some little bit of purpose there perhaps defending that last square meter of ADL plateau. And I confess I enjoy some banter on occasion as well. But I do have some minimal standards.
I expect until this generation completely fades, the TMP, which basically started at the very dawn of the age of the World Wide Web (consider that!), will probably continue down to the last hand full of ADL homesteader holdouts. And as this generation slowly winds down toward its last days habitually turning and glancing south, at least in so far as their stiff old backs and necks can still turn and their weak glasses-enhanced eyes can still glance, still clinging to hope for a view of that glimmering plateau gold promised a quarter century ago ago at the dawn of this rush, maybe it’s an appropriate reflection of things that the banter here has degraded to the quality of grumpy-old-men/women conversation at the nursing home card table.
Carry on if you wish. I’ve registered my vote and voiced my opinion.
Hasta luego.
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Yet another former shareholder attacking the company! Welcome to the table “GRUMPY”.
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With the POG now hitting a record 2320 this should help even more to get the lending we need. 
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Seriously, move along CHG. We all know the past. MC is building a self-sustaining company with minimal to no dilution. We have outstanding head grades and with a plant installed we are in for exciting times. Get the financing landed at no dilution so the haters can start eating some crow.
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Exactly. It seems that some of these naysayers bashing the credibility of AURN and MC haven’t even read the details of the progress already made.
Yes, it’s disappointing to hear the anticipated production will be delayed. But instead of bitterly whining about the delay, you’d think some of them would understand the reasons why. I know that MC and the experts surrounding him aren’t just rolling the dice on wild guesses. Tired of waiting? That’s understandable. So why not be honest about that — and quietly sell without the drama.
Shareholder Update April 2024: "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."
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Thanks, CHG. Even though there’s not a lot to talk about sometimes, we keep TMP going to keep in touch. It’s not like we each have a club list of everyone’s contact information, especially if we let the forum go dark. If and when news comes around, even if it’s just the q-updates, it’s a place to find the gang.
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Looks like the buyer / buyers is back accumulating a position this morning.
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After all these years this company is still hanging on even if its by a thread, and at .001 if might be worth the risk for a Hail Mary
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Hey, I have been here in the background almost as long as CHG. I have listened to a lot of posters for and against during that time. I appreciate that Baldy is still here as the opposing/grounded voice. Seems like a lot of the pro voices have drifted away. This has cost me! But not anywhere like some posters who bet eveything and lost. I remember many sad stories. I have made and lost in life but most importantly learned. I am financially comfortable and now consider this site as an expensive entertaining pastime. Remember penny stocks are a gamble. Play accordingly. My next post will be in another 10 years unfortunately but keep the faith and THIS SITE GOING.
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Welcome topside, SPRINGSTER! A few other members from years gone by have recently popped up to express similar feelings & praise for one contributor, in particular.
That certainly happens, especially when you put all your ‘faith’ in a single contributor/basher who infers he knows more than anyone else. All that information mixed with some shifty misinformation wasn’t easy to wade through. I’ve been a shareholder here since 2015, and I’ve read a variety of postings that provide a wealth of information about precious metals, the mining process, the market, charting and geography on the mountain … just to name a few. TMP has been a source for sharing both knowledge & potential outcomes.
I don’t personally know anyone who “bet everything and lost.” Some ppl lost significantly for various reasons, and I feel bad for them. Since 2015, I’ve read the same posts as anyone else here. As I was adding to my positions with both MDMN and AUMC (CDCH), I also averaged down over the years. I have no regrets. I’m still down about 15-16%, but not near as much as a few here who had a sudden inspiration to sell at a loss & walk away. 
We began buying high-risk shares knowing how rare it is for a Jr Miner to go full production with potential pitfalls. We’ve seen our share of those. I’m confident that AUMC will prove to be profitable in due time.
Here’s to repeating myself:
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That pile of feed destined for the floatation circuit is looking more valuable by the day 
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Hi MDMN jaded,
I need to gently push back on your comment “it’s disappointing to hear the anticipated production will be delayed.” I have to admit, I thought the same thing when I first glimpsed at the most recent update.
Auryn was in “mining and stockpiling” mode for over 200 days. We don’t have any official tonnages or grades yet but we do know that they have enough stockpiled to keep the new facility busy for a long time once it is commissioned. That was Phase 1 and that box is now checked.
Once the preliminary civil work starts, Auryn’s 2 wheel-loaders are probably going to be busy moving dirt and prepping for the laying of a cement pad and or the roughing in of the tailings facility, a “bowl” shape would be my guess. So, there’s the equipment aspect.
Then there’s the allocation of capital aspect. The potential financiers demanded and apparently got, what amounts to a bankable feasibility study or BFS. These cost money. Management referred to it as a “detailed cash flow model”. The company requesting funds will be asked to produce a BFS with tons of data incorporated into it, by the potential financiers. Auryn needs to proactively sell the deal to the potential financiers and produce the data needed to seal the deal.
In this case, the key element of the data will be the information behind Auryn’s calculation that the addition of the FF circuit will allow Auryn to realize an “extra” $5,000 in revenue per tonne OVER AND ABOVE WHAT ENAMI WAS WILLING TO PAY FOR THAT SAME ORE BEING “DIRECT SHIPPED” TO ENAMI’S SMELTER (about $4,900 per tonne). The potential financier will essentially say “PROVE IT”.
We shareholders got the $5,000 “bonus” figure but we never got the exact breakdown. This is no doubt, where those 2 new BOD appointees figure in. That’s what they do, especially Isac Burstein. Incorporated into that $5,000 “bonus” figure is how well the froth flotation circuit performed in the lab studies in regards to what they call “grade and recovery”. The University of San Sebastian has been running the FF studies at their Mining Engineering facilities for over 27 months. That $5,000 “extra” figure suggests that they got the “flow sheet” dialed-in quite nicely.
Many updates ago, management cited that the lab results being conducted behind the scenes were going “EXCEEDINGLY WELL”. That’s all they said at the time.
From a logistical point of view (not to mention from an equipment point of view), I don’t think you can both “mine and stockpile” ore and build the new facility simultaneously. The thing to focus in on is that $5,000 per tonne “bonus” and then do everything needed to make it a reality. The “temporary pause” in the stockpiling wasn’t bad news, it was “necessary news” for the greater good. Like Dr. Mischo said, first dial-in the froth flotation flow sheet and then the ramping up in production “would be straight forward and highly effective”.
From a RISK point of view from the point of view of the potential financiers, that $5,000 “bonus” is a huge source of DERISKING. It’s the very facility they’re funding that produces that “extra” $5,000 per tonne. The stockpiled ore represents that much more DERISKING. Contrast that with a potential financier lending you money to go out and drill 50 diamond drill holes that may or may not find anything ECONOMIC and even if they did find something ECONOMIC, it might not go into production for 5 years. At the DL2 Mine, the Antonino Production Adit is already in place. The new ventilation system providing the means to simultaneously mine from several sub levels at the same time you’re mining from level 3 IS ALREADY IN PLACE. The price of gold trading at all-time highs is ALREADY IN PLACE. Auryn only having 70 million shares issued and outstanding fully-diluted is ALREADY IN PLACE. Where’s the RISK to the potential financier?
Is there much of a PERMITTING RISK present? Wasn’t SERNAGEOMIN just on-site praising this project for all of its compliance with ESG principles and fancy new technological innovations? Didn’t SERNAGEOMIN just retain the Auryn guys to host workshops for other miners pointing out all of these new technological innovations in regards to safer blasting, etc.
Behind the scenes, Auryn management has no doubt been told by the potential financiers to absolutely ZIP IT in regards to putting out any information that might attract competitive bids from other suitors. There was no way we were going to get management to tell us the grades and tonnages of the stockpiled ore. I was naïve in pushing them to do just that.
MDMN jaded, I’m sorry if I pushed back too hard,
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No apology is due, BB.
Thanks for continuing to piece together this challenging puzzle with potential outcomes while the company provides very limited info. Come what may — you share the possible scenarios of The Good, The Bad & The Ugly with sharholders so we can use our own brains to connect the dots from there. The communications & praise from SERNAGEOMIN & Dr. Mischo cannot be overstated, either.
Understandably, Auryn is very tight-lipped as they comply with the financier’s demands.
Your posts are always appreciated, doc.
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Gold has officially hit a new high 2400! The Fortuna alone is worth millions Jimmyp. We still have the rest of the Alto 
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