Auryn/Medinah - 2024 2nd Half General Discussion

Hard to argue that the MDMN BOD doesn’t deserve a handsome compensation package given their tireless efforts and results. Their only job, literally, was to make timely financial filings. But, why not give them a break. If I were a shareholder, I’d be the first to approve a billion shares/options for each director at the current market price ($0.00 per share). They deserve it!!

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Doesn’t look like these guys will have this plant up and running in the 1st quarter. Obviously something hit a big snag!

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Obviously? I haven’t seen that tidbit of an update. Which one of Marizio’s team are you talking to on the sly? :hushed:

We have lots of choices to brace for in the meantime. Will it be a ‘big snag’ or is management finally wrapping it up with a big Xmas bow? Either way, we still must wait to find out, unless you reveal your source. I’m not gonna worry about it. :face_with_peeking_eye: :shushing_face:

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It’s been 20 years of this type of talk. Isn’t it about time for you to stop cheerleading, sit back quietly, and just wait for whatever comes our way?

You and a few particular others are batting 0%, yet you attack those batting 1000%. It doesn’t matter how many cut & paste repeat posts come out here, right now (and for the last 15 or so years) we’ve had nothing but disappointing results.

I understand desperately wanting something, I really do; but you’ve gone wayyy too far with this, and quite frankly, it’s embarrassing (or at least it should be).

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There are tunnels, vents, company reorganizations, etc. No one here is batting zero OR 1000.

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Okkkkkkkk, whatever you say…

Grimm, sounds like you’ve been gone wayyy too long. Otherwise you could not claim that Auryn has had “nothing but disappointing results” for the past 15+ years. And your perception of ‘attacks’ in the direction you stated has no basis. Are you a shareholder? Skimming thru the forum occassionally and having little understanding of company updates can only result in wild speculation. Shareholder or not, it makes little sense to post these assumptions. Even bald eagle cannot compete with such pessimism.

If you’ve been lurking for 15 years, you would know that AUMC has made significant advances toward bringing this mountain to production. Note some statistical facts (posted by brecciaboy) when it comes to junior miners: The odds of any junior miner bringing the mine to production and still be profitable thereafter are very low due to hurdles facing them. The many regulations, permits, weather impediments & having the finances to bring the mine(s) to the point where AURYN is at right now, without diluting the shares into oblivion are just a few out of many possible hurdles.

Auryn was able to assemble an impressive BOD with successful mining experts. Albeit the slow progression, Auryn is still on track with the average for junior miners — from discovery to production. We still need more details and better communication, I don’t dispute that.

Auryn has made some tough decisions, which includes holding production back until a FF plant is built. Maurizio has invested around $6M of his own money to reach the desirable goals we all want to see. Just about every mining expert opinions we have on this forum comes to the same conclusion: The question is no longer IF, but WHEN.

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The time line delay dictates a snag. Last update they had production 1Q 2025. We are in September.

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We’ll find out soon enough. Nothing we can do until Maurizio shows his hand. I don’t believe it’s a 'big snag" to wring our hands over until he does. AUMC BOD are taking too long to let us know details, I don’t like that either. But after taking into consideration all the facts we do know, I don’t see the logic in stating, matter of fact, that there’s something seriously wrong.

Grimm’s misdirected post does have good advice on that note “…sit back quietly, and just wait for whatever comes our way…”

What do you mean by this? Are you talking about BB’s 20 year 1 in a 1000 references? I can only hope you understand how this situation has zero relevance to these random ratios. BB is referencing a typical discovery to production timeline. This was not a pile of dirt that started with a few drill holes. This is a historical mine that traded hands across a few penny stock promoters that basically shammed shareholders while sitting on an asset (while doing nothing). Those 20 years that BB myself and others sat on this investmebnt don’t apply to the timeline.

Maurizio diluted shareholders another 99% and made a “go” at actually advancing the asset. Pretty crappy performance, many poor decisions, but hopefully knocking on the door of trying to acheive small scall production after 8 years. None of this is applicable to the 20 year timeline of a gold project nor is AUMC within a year of production.

Exploration, ,more exploration, pre-feasibility study, another drill program, expansive drill program, feasibility study, tighter drill studies, bankable feasibility study…this might take 20 years and be the 1 in 1000 outcome of a typical project.

This situation is not comparable. Anyone who can’t recognize the same is in deep denial.

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UPDATE!

September 2024 – Shareholder Update | AURYN Mining Corporation

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Looks like we’re moving forward, not backwards.

And it looks like there’s a GERMAN university involved - interesting.

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Looks like second half 2025 is the beginning of our pay day.

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Agreed. Albeit slowly. As speculated on this board they wanted to get this deal done before putting out another update. Seems reasonable. For those thinking that the delays were due to some sort of extravogant mine plan/ cash flow analyis, this was clearly misplaced as it is still in the works:

Our management team is diligently developing the Mining Plan for Fortuna with the goal of achieving our mineral extraction production targets as quickly as possible

Based on my experience, May could be a tough target just given how much longer these things tend to take. They will need other permits (environmental, engineering, etc) beyond the exploitation.

Based on the “mechanization”, or lack thereof, of this project it might be tough to be mining 100tpd and, as they disclose, they will only be permited for 1000t a month. However, this would put the company in play. If you appply a very generous 20gpt average graded (they are targeting 10gpt) and assume they run for 12 months, uninterrupted (unlikely given all of the weather interruptions in the past), they could be producing over 7,000 ounces a year. Based on my experience with underground mining of this nature, “chasing the ven” their cost to produce should be ~$1500oz which would mean they “could” earn as much as $7,000,000 a year. Not too shabby. Maurizio gets paid back in a couple years, the debtors collect whatever portion of their “dividend” and AUMC is able to slowly re-invest the balance into advancing other assets on the mountain.

IMHO, AUMC’s current valuation of $35M is “fully priced” (assumng the plant is built and production of 5,000 ounces +). Downside if they don’t get there or experience further delays but upside if they acheive higher grades, higher production rates, and identify new assets through exploration. It’s a 5 year play from here for those wanting to play.

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Baldy, I know you love to cherry pick to make assumptions. You like talking down to me as if I’m a newbie, but you know that I am a shareholder who has also been waiting these past 15 years. So be it. But, your assumptions about that tiny little blurb you quoted is out of context with the rest of the post.

My post never referenced the 20-year, one in a million Jr miners that might make it to production scenario, as you claim. BB posted about that a few times. Apparently the estimated calculations indicate that only one junior miner out of a million will make it to production without going under, and why. My post only referred to ‘the why’ without the one in $1M estimate. This is a good comparison to the obvious point that Auryn is still progressing without the same pitfalls most juniors face, not to mention the doom & gloom often posted here. Auryn’s shares have not been diluted to oblivion. And Maurizio was able to fund the mining himself since he took over, at least up until this point.

From the previous paragraph:

I don’t care what the statistics say regarding every little detail. Nor do I care about the remaining 95% of your post trying to make a mountain from a molehill. I specifically mentioned why most junior miners fail, as noted in the previous paragraph.

In other words, it helps when you follow-the-bouncing-ball. Please tell your dog to stop growling and baring his teeth.

Using an onsite FF plant and assuming grades of 10-20 gpt you are estimating $1,500/oz? Seems very high.

Now that the financing has closed, it would be nice for them to begin publishing forecasts. They said they would publish forecasts several updates ago.

Where’s the details on how the dividend is earned for the financers? Why do we have to wait for the specifics. Seems ridiculous that they cant share their financial analysis now that the deal has been closed. Instead they say they are commited to transparency in the last part of the update. Well how about just be transparent versus saying you are. Walk the walk, not just talk!

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High altitude. Using Diesel. Water sources? Still have massive transport costs for the FF concentrate. Very little mechanization. Chasing a small vein. Technical underground mining with a lot of barren rock. etc, etc, etc…This is just a simple FF plant. No CIL. Small scale=low capex, higher operating expenses.

Could be lower than $1500oz over time but I think thats a good starting point.

But hey, at $5000 per ton of “direct financial impact” these guys should be making $500,000 a day!! LOL. That one never gets old

They should file so mdmn can trade on the pinks again. Do we have to wait till mid 2025 so this stock starts moving? I don’t understand why they left the stock drift into no mans land. Terrible a lot of people have invested more money in Medinah than in Cerro. Now medinah shareholders are left holding the bag. It doesn’t require much to get back on the pink again.

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How about MC taking the brunt of the criticism in making what you consider such an outlandish statement. The fact of the matter is though, that the difference in payout between the 2 labs was $5,000 per ton based on those grades.

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That is absolutely true. Taking the delta between to the two assays and multiplying by the spot price of gold at the time did equate to $5,000t. I would agree that Maurizio should have taken the opportunity to clarify this point in subsequent updates. He should be well aware, by now, that some shareholders will push the most outlandish extrapolations of any datapoint to underscore their narrative. AUMC should also share the blame by stating that this $5,000 metric was the catalyst for them pivoting on their mult-year (decade) aspirations of sending ore to Enami. We all know that making an existential business decision based on a handful of ore taken DIRECTLY from the vein, compared between two labs, would not/could not/should not have influenced any decision. At the end of they day Maurizio made the right (only only) decision to move forward and build the FF plant. You have to commend him for this. It’s not easy to shred the existing business plan, endure the long wait of financing/permitting/building a plant, and “own” the reality that Enami was not a viable pathway to profitability. Nobody has more skin in the game than Maurizio.

However, it IS hard to reconcile why this decision took so long given the near identitical similarities to the Caren mine (7 years prior) but that is water under the bridge at this point

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