Mike are you suggesting just MCs portion of those AUMC shares or the entire portion of the AUMC shares that Medinah holds which include mine, yours and the rest of the mdmn base?
If the latter, would that not require a vote?
Medinah is in receivership so whatever the judge decides is in the best interest of shareholders probably goes. This is too speculative to discuss further but I mention this to illustrate that with Glencore around, there are lots of possibilities on what may develop near term.
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The fact they waited for mdmn to go into receivership before distributing AUMC shares is very disturbing
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Hi Dentman,
If the plan is to “wind down” the Medinah corporation in conjunction with a receivership, then the Nevada Revised Statutes state that you have to first settle with the creditors BEFORE you distribute any assets to shareholders.
Medinah has a couple of options in order to settle with the creditors. They can sell either a handful of their 16.4 million “AUMC” shares or sell some of their over 10 million shares of American Sierra/AMNP AT AS HIGH OF A SHARE PRICE AS POSSIBLE.
With the recent transaction with “EGM” and the pending transaction with Glencore, “AMNP”, in essence, just went into production. Of the 20,000 ounces per annum that EGM is currently producing, American Sierra/AMNP has a 45% stake, via ownership of AMNP shares, in those 20,000 ounces of gold production.
American Sierra/AMNP is also about to put their Princessa Lara Mine into production by the end of 2026. There can be no guarantees, but when a junior explorer transitions into a “junior producer”, like AMNP is in the midst of, the market often gives it a “MARKET RE-RATE” and a nice bump in the share price. Why? Because it’s such a rare event. If a junior producer like American Sierra can put two different mineral properties into production, pretty much simultaneously, and at a time in which the metals being mined and sold are trading at or near their all-time highs, then the “MARKET RE-RATE” might be significant. Therefore, Kevin, the Nevada District Court appointed “receiver” might want to take advantage of any “MARKET RE-RATE” BEFORE selling any AMNP shares if that is his plan.
There’s a similar phenomenon going on with Auryn/AUMC. They too are in the midst of putting one of their mineral prospects into production i.e. the Fortuna Mine, at a time in which the 3 metals they have been stockpiling and are about to sell are all trading at or near their all-time highs (gold, silver, and copper). The market has not given any well-deserved “MARKET RE-RATE” yet to AUMC. Pretty much nobody has ever heard of Auryn (or American Sierra) yet.
As mandated by the courts, Kevin is playing his cards close to his vest. On paper, Medinah’s 10-plus million shares of AMNP should easily cover Medinah’s debts especially if that market is about to get its well-earned “MARKET RE-RATE” for having, in the near term, two producing assets, one of which appears to have an offtake agreement with Glencore in hand (once AMNP creates their new class of “B” common shares within the next dozen or so days).
If this ends up being true, then all of Medinah’s 16.4 million “AUMC” shares will go to its shareholders which would put the ratio at about 175-to-1 which equates to 2.88 billion to 16.4 million. I think that “the market” may take notice when a mining entrepreneur like Maurizio was able to put THREE separate mineral prospects into production all at a time in which the metals being mined and sold are trading at or near their all-time highs.
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Sorry, but wasn’t Glencore the ‘partner’ that screwed us for 3-4 years with their BS agreement.
Me too, I might be mistaken but wasn’t Glencore the company that screwed us for 4-5 years with there bullshit ‘agreement’ ?
I believe you are referring to a JV with Hothschild at LDM. They decided basically that it wasn’t big enough to put their exploration funds into it.
And of course, the longer AUMN waits to distribute the rightfully owned shares, the more ‘debt’ MDMN will accumulate & hence the lower the share distribution will be ! Sell the AMNP shares NOW to reduce debt or have us in a + financial position, stop screwing us on the distribution of shares, In my opinion this delay is thievery. MC should hold the MDMN shareholders above even his holdings. This company is what provided him with his GOLD.
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Sorry Mike, you are correct. Still a BS agreement.
Yes Mike, you are right. They decided the LDM wasn’t big enough! This was about the same time Hochschild Mining walks away from another project they decided wasn’t worthwhile. At that time they were involved in a B.C. gold project they abandoned.
Currently, the Snip deposit is a key piece of Skeena Resources’ (SKE $30.48) long-term plan, specifically acting as a high-grade “satellite deposit” to support their flagship Eskay Creek mine.
… and interestingly enough, The value of the Snip area was further validated on April 8, 2026, when Seabridge Gold announced a massive maiden resource estimate for the adjacent Snip North deposit. This discovery of 9.2 million ounces of gold underscores the district’s potential and suggests that the original Snip deposit is part of a much larger, highly profitable gold system.
Interesting what Hochschild walked away from back then and where it is today.
EM
Rod,
Medinah isn’t a going concern or a Company in a normal sense anymore so it isn’t accumulating any additional debt. I believe the time to put a claim against Medinah has passed. Let the court do their thing. It is in their hands; not Auryn’s or anybody else’s. Yes, some undue patience is needed to reach some sort of conclusion. I think we will have some exciting developments with the floatation plant long before we hear a peep out of the Court.
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Rod, this simply is not true. Medinah (MDMN) has been placed into court-appointed receivership. This creates a structured, court-supervised process to secure Medinah’s assets and establish a court-approved claims process. The distribution is explicitly subject to a final recommendation by securities attorneys and subsequent approval by regulatory authorities. All Medinah shareholders are awaiting on the completion of this process, including those shares held by MC in Medinah. The greatest value to shareholders occurs after AUMC is in production and has FCF, not before. So, if AUMC is in production and the shares are trading higher, it will benefit all MDMN shareholders, including those held by Maurizio. I know I want AUMC shares trading as high as possible when my MDMN converted shares are eventually cleared for release.
EM
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BELOW IS AN AI DERIVED SUMMARY OF THE CURRENT “SMELTER CRISIS” THE WORLD IS EXPERIENCING. [my comments are in brakcets]:
"The global copper industry is currently experiencing a severe “smelter crisis” (as of early 2026), characterized by a sharp, artificial overcapacity in smelting—particularly in China—colliding with an ACUTE SHORTAGE OF COPPER CONCENTRATE FROM MINES. [NOTE: What Auryn/Medinah’s Fortuna Mine is producing is a gold, copper, silver "concentrate. China absolutely insists on dominating the ore processing facilities for copper, gold, silver, rare earths, etc. What China is currently doing is traveling through West Africa and South America offering huge bonuses for any new “concentrate” producers willing to enter into long-term offtake agreements. Most “concentrate” producers are already committed to aiming their concentrate production to certain other offtake partners. The new “concentrate” producers, like Auryn, are in a wonderful position to take advantage of this current “smelter crisis”. Instead of charging about $100 per Tonne in “T/Cs and R/Cs”, China is literally PAYING concentrate producers for the right to smelt their concentrates. It’s cheaper for them to do this than to put these new multi-billion dollar smelters on “care and maintenance”.]
This crisis has inverted the normal economics of copper processing, with smelters in some cases paying miners to take their material, leading to widespread margin squeezes and some plant closures.Key Aspects of the Crisis, Treatment and Refining Charges (TC/RCs) Plunge: TC/RCs, the fees smelters charge to turn ore into metal, are a primary revenue source. Spot TC/RCs have been in NEGATIVE TERRITORY since early 2025, a historic low. In January 2026, the annual benchmark settled at a record low of zero, indicating intense financial pressure.
Excessive Chinese Capacity: China has aggressively expanded its smelting capacity, now controlling over half of global refined copper output. This expansion has outpaced the available supply of mined concentrate. Mine Supply Disruptions: Key mining operations in Chile, Peru, and Indonesia have faced operational issues, further limiting the availability of raw materials. Survival Mode & Closures: While some smelters in China are utilizing by-products (gold, silver, sulphuric acid) and high-copper scrap to survive, others, particularly outside China, have been forced to pause operations (e.g., Glencore’s Pasar plant in the Philippines). [Note that GLENCORE, AMERICAN SIERRA’S NEW PARTNER is also desperate for concentrate. AMERICAN SIERRA is Auryn’s “cousin”. It is run by Maurizio also. It owns a 45% stake in Maurizio’s privately owned “Eagle Mine” in Antioquia, Colombia. They are producing about 20,000 ounces of gold per year, 9,000 of these ounces are attributable to AMERICAN SIERRA (45% of 20,000). AMERICAN SIERRA (“AMNP”), also owns the Princessa Lara Mine, which is the next door neighbor to Auryn, on the northern border of Auryn’s ADL Mining District. They will soon be producing about 12,000 ounces of gold per year. Auryn’s “Fortuna Mine” is just now going into production. Once they get their froth flotation plant fully dialed-in and they commence their “ramp-up” in production, they should be producing approximately the same number of ounces per year as the P. Lara Mine. In essence, Maurizio is putting 3 separate mines into production right in the midst of not only this “smelting crisis”, but also at a time in which the metals being mined and sold are all trading at or near their all-time high price levels. What Maurizio did over the last dozen or so years, was he went up and down the Chilean “Coastal Cordillera” i.e. the Chilean Coastal Mountain Range, and bought up all of the mining concessions he could get his hands on. He tucked these assets into a variety of companies including Auryn/Medinah, American Sierra, “Masglas”, etc. Privately owned Masglas is now sitting on about 20 packages of mining concessions. About 95% of the mining done in Chile is done in the Atacama Desert and up high in The Andes. These two regions have tremendous issues regarding the lack of water and the lack of electricity. The Chilean Coastal cordillera has plenty of both for the most part. My advice would be to keep a close eye on not just the impressive gold and silver grades at the Fortuna Mine BUT ALSO THE EXTREMELY HIGH COPPER GRADES which you saw when Auryn sent ore to Enami for that “smelting test”. The copper average grades came in at 3.23% copper.]
Impact on the West: This crisis is seen as a major threat to Western smelting, as low-cost Chinese refined copper floods the market, placing pressure on, for example, U.S. copper mills. OutlookProduction Cuts: Chinese smelters are starting to cut production to ease the concentrate shortage. Structural Shortage: The industry faces a long-term deficit of copper, with the International Energy Agency anticipating a 30% deficit by 2035 if more mine capacity does not come online. Revaluation of By-products: Smelters are heavily relying on sulphuric acid and precious metals sales to offset losses, but this strategy is risky if those markets weaken."
[What Maurizio is doing is acting as a “project generator”. His team will go out and find early stage promising mineral prospects. He’ll throw a bunch of money at them in order to advance their stage of development and “DE-RISK” them. When the timing is right, and the world all of a sudden needs mineral prospects like these, for instance during a “smelter crisis” or the current lack of copper crisis, Maurizio is in a position to funnel these projects to the largest actors in the industry who have opted not to do much of their own exploration because of the ultra-high RISK involved and the inordinate amount of time needed from the commence of exploration efforts to the first day of production, which now approximates 17 to 24 years worldwide. “Project Generators” need a huge amount of PERSEVERANCE and the investors in junior miners acting as “Project Generators” need truckloads of PATIENCE. Things can be awfully boring for decades at a time but when all of the stars align just right, this approach can be EXTREMELY rewarding. This is because metals prices are very CYCLICAL. When the metals prices are on a roll, the majors, mid-tiers, and offtake partners need to move fast in order to line up things like sources of “concentrates”.
In a period of time like this when firstly, the prices of metals are through the roof, secondly, we’re in the midst of a “smelter crisis”, and thirdly there is no way that the copper producers will be able to catch up with demand, the “Project Generators” will be in great demand. What the majors, mid-tiers, and “offtake partners” will want is “EXCLUSIVITY”. They’ll be willing to pay a successful “Project Generator” through the nose if the “PG” will “EXCLUSIVELY” promise to send their concentrate production to them and nobody else.
Behind the scenes, the Glencores of the world and the Chinese are probably involved in bidding wars for a currently greatly restricted flow of “concentrates”. When smelting fees (“T/Cs and R/Cs”] are essentially ZERO if not NEGATIVE, then the ALL IN SUSTAINING COST (“AISC”) for a concentrate producer drops like a rock. This means that the MARGINAL PROFIT per ounce of “gold equivalent” produced goes up. When you layer upon that high metals prices, the ECONOMICS of a project can be very compelling ESPECIALLY IF THE INTRA-ADIT “HEAD GRADE” IS EXTREMELY HIGH AND THE “RECOVERY RATES” ARE ROBUST.
HOW DOES THIS RELATE TO THE HOCHSCHILD SITUATION WHICH SOME SEEM TO BE OBSESSED WITH
“HOCH” entered into a joint venture OPTION agreement with Auryn on the LDM mineral prospect. Hoch had an OPTION, not a legal mandate, to put “X” amount of money into the ground in exchange for a “Y” percentage of the project. Before signing the agreement, they re-studied the core samples taken from previous drilling by Auryn/Medinah. They didn’t find any evidence of any hanky-panky so they entered into the OPTION agreement.
They spent a fair amount of money doing preliminary mapping and Geochem sampling and they executed 6 line-kilometers of induced polarization studies. The IP/IR revealed 3 promising spots to drill out via diamond drilling. This is a good thing.
Hoch did what almost all majors and mid-tiers do. They said that they wanted Auryn to “DE-RISK” the project from their point of view, by paying for the drilling of the 3 holes. This is just how it is done in this sector. Auryn replied that we’re extremely excited about our early production opportunities at the Fortuna Mine and, for now, we’re going to concentrate on that because the metals prices are getting very interesting and we want to concentrate on NEAR TERM CASH FLOW OPPORTUNITIES.
Now the ball is in Auryn’s court in regard to the LDM project. From Auryn’s point of view, the last thing in the world they want to do is to sell shares in order to fund a diamond drill project. Even if extremely successful, cash flow from that project was probably 5 to 10 years out. Recall back at the “informational meeting” held in Las Vegas about 10 years ago. Maurizio had 2 main messages. First he pledged not to issue any more new shares above the current 70 million shares outstanding. Then he made it clear that the overall goal was to do what is necessary to become a “mid-tier” miner.
The LDM prospect is what is referred to as a “MANTO” prospect which is a layered mineral prospect. A “manto” is a “tabular”/“stratabound” deposit oriented horizontally like a flat pancake. In order to be “ECONOMIC”, the deposit needs to show “CONTINUITY” probably down to perhaps 250- to 300-meters of depth. This means that there needs to be a stack of these pancakes oriented on top of each other. The 3 drill holes would confirm or deny the presence of a stack of pancakes. In Chile, you may have heard of the “El Soldado” Mine. This is a manto project as is the “Mantos Blancos”. These deposit types are common in the Chilean Coastal Cordillera, near where the ADL Mining District resides. They are often associated with “porphyry” deposits. The amount of information suggesting the presence of at least one “copper-moly” porphyry at the ADL is very compelling and got even more so during the drifting of the Antonino Adit which revealed huge expanses of strong “alteration” which tend to surround porphyries.
Maurizio has told me that he is extremely excited about both the LDM and the Pegaso Nero mineral prospects. He would prefer to further develop them not by selling shares, which he pledged not to do, but by using some of the profits from the Fortuna Mine and Caren Mine. In the meantime, there is plenty of work to do putting the veins into production while the metals prices are high and the smelter crisis is in full bloom. The smelter crisis may only last for a couple of years, so time is of the essence. What Auryn has in their favor is that copper deposits typically involve CAPEX figures measured in the billions of dollars and timeframes until production commences measured in decades. Current copper production levels will in no way keep up with the insatiable DEMAND for copper associated with building out the AI infrastructure, electrifying the world, and EV production and charging station production. Keep in mind that Hochschild has one of their guys, Isac Burstein, on Auryn’s BOD. He is one of the pre-eminent deal cutters in South America having designed over 60 different mining contracts.
I could easily see Auryn executing some organic changes and placing longer term projects into a separate vehicle in order to force the market to ascribe the proper amount of value to it. Right now, solid mineral projects like the LDM and Pegaso Nero are probably not being ascribed any value whatsoever.
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Looks like Glencore will be our new partner at the Alto. I think we just have to wait for various formal announcements about it as pertains to the Auryn specific side of the mountain to see this all come together. We have been waiting years/decades for a large credible mining partner to emerge. Here we go.
**American Sierra Gold Corp. Announces Closing of Strategic Equity Investment by Glencore** INDIANAPOLIS, IN — May 11, 2026 — American Sierra Gold Corp. (OTC: AMNP) (“ASG” or the “Company”) today announced the closing of a strategic equity investment by a wholly owned subsidiary of Glencore plc (“Glencore”), following stockholder approval of the amended Articles of Incorporation contemplated by the parties’ previously announced letter of intent dated April 28, 2026.
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Wow, I had no idea they had 2 Billion shares outstanding, possibly now 2.1B shares.
Valuation $210 Million !
From QUARTER ENDING MARCH 31, 2022
In addition to shares in AURYN, Medinah owns 9,950,000 shares of American Sierra Golf Corp (AMNP) and 171,000 shares of Auryn Mining Corporation (AUMC).
Through a settlement with Leslie Price, Medinah will own an additional 600,000 of AMNP and 165,000 of AUMC which are expected to be converted to Medinah’s name in Q2 2022.
Once converted, Medinah will own 10,550,000 shares of AMNP and 16,440,200 shares of AUMC.
AMNP shares worth $1,266,000 today.
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I believe this implies that existing AMNP shareholders will have a reverse split of their shares outstanding at about a 2.05 to 1 ratio.
Maybe we at MDMN could use our AMNP shares to satisfy all our creditors including lawyer fees. This could be a big step in the final issuance of AUMC shares for MDMN. Here’s hoping!
That’s why I posted the info. But as the wise one’s know, the court will decide what to allocate & to whom. I just thought it was a feather in MDMN’s cap to have some assets to reconcile any debts.
These small number of shares may be distributed to MDMN holders but it wouldn’t worth holding 273 shares *$0.12 (at this point) = $32.78 hardly worth the commission paid, but still +.
Now today $0.14 , figure out the math.
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I would think there would be more trading volume than 28k?