A couple of my friends asked me if they should take the 0 on their MDMN shares for tax purposes. I strongly insisted that they do not do that.
The general plan was made clear in the last 3 updates.
I expect the mill to be operational beginning of Q3 and at full capacity with AUMC self-sustaining by Q4.
I don’t need or expect transparency on the minutiae.
Disclosure: I’ve been accumulating AUMC as others are liquidating. If I could, I would buy MDMN but have not found a way to purchase shares on the expert market.
Here is a brief AI summary for you:
September Update Summary:
• $4M Financing Secured: Enables the construction of a 100-ton/day flotation plant, operational by May 2025.
• Fortuna Site Progress: Access roads repaired, Antonino Tunnel drained, mining camp under construction.
• University Collaborations: Process optimization and water management studies underway.
• Permits: Renewal for Fortuna’s production and flotation plant under Chile’s simplified mining law.
October Update Summary:
• Mining Camp & Tunnel: Mining camp 60% complete; Antonino Tunnel operations advancing.
• Permits & Production: Permit renewal for 1,000 tons/month approved under Small Mining Producers statute.
• Flotation Plant: Progress includes surveys, water studies, equipment procurement, and permit prep for Q3 2025 operational target.
• University Collaboration: Research on regulatory compliance and low-cost water filtration.
Oct 30 Notification Summary:
• Stockpiling & Permits: Preparing 20,000 tonnes of ore stockpile; permits allow up to 1,000 tonnes/month under Chile’s small miner law.
• Flotation Plant: Operational by Q3 2025, aligned with production goals.
• Grades: Testing indicates high mineral grades (57 gpt gold, 978 gpt silver, 3.23% copper); targeting 10 gpt average at plant.
• Sales Strategy: FOB agreements planned with major traders like Glencore and Trafigura.
• Risks: No proven reserves; relying on resource estimates, adding operational uncertainties.