The Mining Play

Cerro/Medinah/Auryn- 2018 Q2 General Discussion ⛰

Much of the discord, aside from management being late in it’s filings, is that CDCH has only the ownership (title) of the claims. Unless AURYN becomes cashflow positive shareholders could be held to another cash call resulting in further dilution. This is offset somewhat because CDCH is presently the entity to ink any future JV deals. Immediate overhead expenses are decreased by the current arrangement, but it is not the final structure to gain and secure a direct ownership in AURYN. Once shares are unrestricted and consolidated, the easiest route to provide operating cash to exploit claims is through the sale of additional treasury shares created during consolidation, further dilution. Shareholders need clarification on defining the path forward and actual progress being made. Unfortunately, it is unlikely, IMO, that shareholders will be provided much beyond minimal information required under limited disclosure before all shares become free-trading. Only then will AURYN release the detailed information needed for an intelligent investment that every shareholder would like to see and that provides the eventual liquidity to all shareholders.

Medinah’s fourth of the action in EACH of the 5 subdivisions and deposit types present at the ADL (including the PN) might be the obvious route to take. That large of a chunk of the action should command some type of a control premium.

Is a 25% interest “control”? Seems like a minority to me. Maybe you mean the fact that all five subdivisions are burdened with a 25% in favor of Medinah?

Medinah’s yield sign has been removed:

C’mon Cerro. Get in the game. :slight_smile:


Nice pop and mdmn!


When you look at it this way, it looks impressive!


I think somebody said the other day that the Mining Claims on the Balance Sheet are $13 Million (I don’t even bother to look …).

So, I divided the $13 Million by 2.85 Billion shares outstanding and came up with .00456.

I was thinking that the $13 Million does NOT take into account the fact that we have “rights” to only about 25% of the mining claims. But, I think that was wrong, as the only amount that should be on MDMN’s books int he first place is MDMN’s 25% interest.

So, maybe people were seeing the “opportunity” here?

I’m too “lazy and/or dumb” to spend time on the conversion ratio (CDCH/MDMN) but would point out that, unless you are buying more shares of MDMN (which will ultimately convert to CDCH) the price of MDMN is actually irrelevant. Whether MDMN is at .01 or $1 you are going to receive the same amount of shares in CDCH (where the price is more relevant for any valuation discussions). The obvious problem with CDCH, for the moment, is the lack of liquidity.

1 Like

Yeah, I’ve been a buyer over the last few weeks, as I remember very well when I started purchasing at 14 cents and have managed to average down to about 3 cents. Plus, I do have to admit I believe from this price we will be in for some good profits … eventually. I think I’ll take a break though for a couple more sessions.

Recently DOC asked why has there been only “a cone of silence” and no press releases bragging about progress being made?

Presently, illiquidity is quite likely strategic and purposeful, IMO. One thing we do know is that there are only about 200M free trading shares of CDCH in which AURYN presently owns very few. By the end of the year AURYN will have the majority of 7B free-trading CDCH shares. It makes no sense to promote Cerro until AURYN can directly benefit from ownership in CDCH. This is not possible until all 7B shares are unrestricted, consolidated and free trading under a new name, and new store of treasury shares have been authorized to fund operations, IMO. AURYN intends for all shareholders to be treated equally as AURYN moves forward to work it’s mining plan. There is no reason to primarily benefit only the relatively few current shareholders of Cerro who can directly benefit from increased liquidity and trading today if information was publicly promoted. Treating all shareholders of CDCH equally, a stated goal, is only possible after all the shareholders have their access to the public markets secured in their individual brokerage accounts.

There is very legitimate concern for shareholders that makes this an extremely speculative “investment” with high risk. Currently there is no direct ownership in AURYN to the public markets. It is important to remember AURYN is a private foreignly owned company desiring wider exposure to the public markets, and may well desire access to more than just the US market. Was there a sudden change in plans last December when AURYN “sold” only it’s mining claims to Cerro, or is it a carefully mapped out strategy to navigate the regulatory requirements needed to eventually file an F-1 with the U.S. Securities and Exchange Commission and become a fully reporting company? Does AURYN still intend to move onto the OTCQX® or OTCQB® tier of OTC markets? Mining activities and recent asset acquisition have not been publicly disclosed by AURYN (or CDCH). Are these acquisitions part of the delay in getting the current Q1 filed? I would think even under CDCH’s alternative reporting requirements the current reorganization is complicated and problematic. It is only through the DD of MG and CHG that we have learned of the extensive additional properties. These acquisitions did not come for free. Where is the financing coming from? What contracts exist that have not yet been revealed?

Almost certainly, any existing contracts will need to be shown if the new Cerro (yet to be consolidated and renamed) is to move to a higher tier. Let’s assume that AURYN is not generating a cash flow from the Caren Adits at the present time (probably a safe bet). How much cash does AURYN need to adequately fund exploitation of the Larissa adit? Does AURYN have authority to write it’s own deals for mining operations on Cerro’s claims? Has AURYN (a private company) secured a private equity deal or sold a free carried interest in a specific project (the Larissa and associated adit veins) and/or the recent acquisitions? Will AURYN wait to extensively mine the Larissa until it can fund operations from CDCH treasury shares or the offer of a debenture? What will be shown on AURYN’s balance sheet? When will AURYN operations show up on the CDCH balance sheet? How long before AURYN/CDCH/MDMN has a free cash flow from mining operations and/or any JVs that are inked? There is only speculation until AURYN starts promoting what it has accomplished and the progress being made. I don’t have answers to the questions I have asked here.


Easy. Thanks for thinking out loud and posting here. I welcome your thoughts and comments.


I realize that we Medinah/Cerro shareholders have become used to operating in the dark but the new revelations about the recent acquisitions of pedimentos and manifestaciones made by “AMC”, especially those 15 or so groups contiguous with the ADL Mining District, could POSSIBLY reveal information that we previously didn’t have access to including WHY management finds it prudent to operate in stealth mode. The new acquisitions that Mike Gold (thankfully) discovered via learning how to navigate Chile’s “boletin oficial de minera” website,

reveal two areas of extremely recent (May 7,10 and 14 of 2018) activity by “AMC”.

To the immediate north of the ADL Mining District there are a group of new AMC acquisitions most of them named “chancho de oro” (golden pig) in close proximity to Masglas’s Empressa Caballo property. To the South are the new acquisitions contiguous with the ADL. Each area involved the addition of about 3,500 hectares or a minimum of 7,000 in total that Mike was able to corroborate. This brings the landholdings at the ADL, IMO, to about 14,000 hectares (up 33% from the previous 10,500 ha figure). Mike Gold’s research efforts went back about 5 months so the current size of the ADL Mining District could be larger and future acquisitions certainly can’t be ruled out.

The question that arises might be what other websites might there be out there to tell shareholders more about what’s going on behind the scenes i.e. permits applied for, design plans submitted for any mineral "processing facilities, nondisclosure agreements entered into, etc. From what I understand, in Chile, a large amount of mining activities are a matter of public record.


We Medinah/Cerro shareholders have been operating in the dark within what might be construed by some as an informational vacuum for quite some time now. IMO, this is not atypical at this stage of development of an aggressively expanding “district scale” mining project but it’s not very fun UNLESS you receive at least a periodic glimpse into reality and behind the scenes developments.

I personally sense that these recent developments have provided us with this glimpse but may (according to history anyways) have zero effect on the share price which is the only thing most of us concentrate on. The rewards in the long term will, IMO, probably be larger due to this secrecy policy but no doubt about it, the rewards tend to get postponed with the lack of the revelation of share price supporting positive news as it develops. For those of us who have already been through the stress-filled ringer from a delay of investment rewards point of view that’s difficult to accept. However, it is what it is.

If AMC management would have told us every single detail about progress within the Larrissa Adit or on the surface of the mountain and where the ore is trending I don’t think they could have scooped up another combined 7,000 hectares of strategically placed concessions at whatever price they paid or against whatever competition they faced in procuring them. Many have been postulating that nothing is going on behind the scenes or AMC would have communicated as much. Others postulated that management ran out of funds. I think the most important takeaways here with these new developments are manifold. Firstly, Mike’s actions in opening up the door a crack clearly indicates that the lack of news IN NO WAY SUGGESTS THAT NOTHING IS GOING ON BEHIND THE SCENES. Secondly, this secrecy can actually be very productive when it comes to acquiring neighboring concessions of strategic value. Thirdly, somebody not only has a vision but appears to have or perhaps has gained access to deep enough pockets to make it a reality. Fourthly, the size or potential ounces of gold equivalent threshold needed to attract the majors appears to have been met. Fifthly, if the dozen or so Masglas assets acquired indirectly through Inmet via First Quantum as well as the Caballo Empressa assets somehow become part of this overall ADL package then this overall play moves from a “district scale” play to a “regional play” that could be of significant importance to Chile itself.

If you have time to refamiliarize yourself with the process involved in acquiring mining concessions in Chile you might do so. The logistics of QUIETLY acquiring 7,000 hectares of new pedimentos and manifestaciones in areas with previous robust staking activity is actually somewhat remarkable. To me the implications are that there is some serious monetary and technical resources behind the scenes available to explore/develop both the new and older mining concessions. What rings in my ears is Maurizio’s recent citing of a planned “massive” exploration effort apparently to be executed by “specialists in the deposit types found at the ADL”.

I think we need to keep in mind that in this particular development, management still didn’t reveal anything to us and the cone of silence is still in place. Maybe it’s management’s point of view that in regards to matters of public record like this, which they DO want to keep secret for obvious reasons but can’t, it’s our job to do the digging as it’s right there in front of our noses. Mike forced the door open a crack by learning to navigate that website. CHG’s mapping of the location of about 20 of the 29 new acquisitions helped us localize them and perhaps indirectly gave us a hint at developments within the mountain. The assumption would be that management would tie down concessions with strategic value in the direction where they had positive previous results or where the developing geomodel suggested the location of high grade ore to be found.

The additions around the ADL were mainly to the south and west with a smaller addition to the north (the 200 ha suisui concessions). If you circumnavigate the mountain there are about 30 ridge crests that descend from the 2,000 meter in elevation plateau to the valley floors. To date the best studied one is probably the ridge crest extending from the plateau near the “Gordon breccia” area and Merlin 1 Vein southwards to the valley floor. This area is near the “South Road” and AMC’s surface sampling (not trenching due to the steepness) revealed a N to S oriented swath of 3.6 Km length and 1.2 Km width of high grade moly and copper including a tourmaline breccia and an intrusive breccia. Note that a distance of 3.6 Km down the downslope of a 2 Km in elevation plateau places you at a very low elevation probably amenable to year-round mining. This is in very close proximity to the “South Road”.

The “road cuts” made during the construction of the “South Road” offered a view of the bedrock under the surface soils similar to what trenching provides. This view revealed 2-plus kilometers of “veinlets and stockworks of veinlets” along the course of the road. When the roof of a magma chamber explodes and releases its metal-bearing hydrothermal fluids the micro-cracks caused by the explosion in the nearby rock often fill up with these hydrothermal fluids which are then allowed to cool and become these “veinlets and stockworks of veinlets”. The relict magma chamber and the area above its previous roof/carapace becomes what is referred to as a “porphyry” which is composed of these metal-bearing and closely spaced “veinlets and stockworks of veinlets”.

After coming up with the stellar results on the first ridge crest sampled, management noted at the time that they were going to work eastwards to sample the ridge crests along the 7 Km long swath of about a dozen intrusives that the hyperspectral satellite imaging survey already revealed. Sure enough, several of the newly acquired concessions occur in the area of the next two ridge crests towards the east. There is no guarantee but perhaps similar positive findings were found on those two ridge crests (also within that same 7 Km swath of surface alteration) which led to the desire to tie down those concessions. Recall that it is the hydrothermal fluids coming out of magma chambers that induced that 7 Km of surface alteration and it is the explosive release of those hydrothermal fluids that causes the micro-cracks which fill up with mineralized fluids to form these porphyritic “veinlets and stockworks of veinlets”. Since these magma chambers are gigantic, it might stand to reason that surface sampling results might be similar along the 7 Km swath of surface alteration.

One point I think we need to keep in mind is that as the amount of information contained within the GIS database (many layers of all historical information put into an easily retrievable computerized format) grows and the geomodel becomes more defined the more strategic might be the new mineral concessions being acquired. By having access to the historical GIS database and the knowledge of what is being found within the mountain management has an ECONOMIC ADVANTAGE over competitive miners and acquiring new concessions is a way to lever that advantage. One might appreciate the levels of of secrecy needed to most effectively lever this advantage. The massive number of these new acquisitions might explain to frustrated shareholders the need for secrecy as well as the positive results attainable while operating in a stealth mode.


The short answer is no, no “guarantee”, but let’s walk through some logic. First of all, if the Cerro transaction hasn’t officially “closed” yet then Medinah continues to hold a 25.3% stake in “AMC” (this includes Medinah’s 10% ownership in Cerro and their 5% stake in AMC) and therefore one might suppose that Medinah will own a similar 25.3% stake in the new “AMC” acquisitions. They would probably be on the hook for their perecentage of the acquisition costs. Similarly, as 5% owner of “AMC” the “old Cerro” would also theoretically participate in these new acquisitions if the transaction hasn’t closed. So if the Cerro purchase transaction hadn’t closed then Medinah shareholders probably would be sitting just fine as benefitting by those new concessions.

If on the other hand, the Cerro purchase agreement had already closed and if the “AMC” private entity survived this purchase transaction, which they must have if they were out making new acquisitions AFTER the closing, then Medinah shareholders would be sitting pretty as far as these acquisitions. (I am not a lawyer so tread lightly on these suppositions). I do recall from prior contract law studies (admittedly written on papyrus) that in order for there to be a valid contract the “consideration” being offered by the purchaser, in this case Cerro which is tendering shares, must be “in good form”. I don’t think restricted shares which may have complications in removing the restrictive legends, are considered “in good form”. My guess is that the official closing of the transaction would be tied to the removal of the restrictive legends but that’s only a guess. In studying Cerro’s recent financials, it appears that Cerro DID NOT own the ADL Mining District’s original 10,500 hectare as late as at the end of Q 1 of 2018. Their assets only totalled $570,000 at year end 2017. Perhaps TMP forum member “Jak” could weigh in on this matter. I’ve noticed that the new acquisitions being made in the name of “AMC” induced a little anxiety amongst Medinah shareholders but I don’t think we have anything to worry about for a variety of reasons.


  1. The “New Cerro” is not funded currently and their outstanding share count is bumping up against the authorized count. Why not continue to house these assets within “AMC”? Of interest is that the nominal owner of the new concessions, both the north and south groupings, IS NOT MASGLAS WHICH OWNS THE EMPRESSA CABALLO TO THE NORTH. Instead it was “AMC”. I would have thought that the northern block might have been purchased in Masglas’s name. Might this portend to a future amalgamation of all of these concessions under one roof? Who knows?
  2. Furthermore, Patricia del Carmen Opazo, the “Mining Claims Advisor” for AMC is now a member of the “senior staff” of the management team of the “NewCerro”.

As noted, on the recent Cerro financials dated year end of 2017 it appeared to me that the value of the ADL mining assets were NOT reflected as being “owned” by Cerro yet. Cerro’s Chilean mining assets were valued at a mere $570,000. I would assume that the “historical expenditures” on the overall ADL Mining District over the years is north of $30 million. To my knowledge, both the IASB and the IFRS suggest valuing mineral deposits at “historical expenditures” until a bankable feasibility study is available. (I am not a professional accountant) Cerro management also stated that in Q-1 of 2018 there were no significant changes to the year end filings through April 26 of 2018 which suggests to me that the transaction didn’t officially “close” in Q-1 of 2018 either.

It appears to me that there might be a clause within the sales contract that states that legal ownership of the mining assets (probably the original 10,500 ha and any new additions within “X” Km of the perimeter of that block) will change hands when the “consideration” paid by Cerro i.e. restricted shares, become free trading or “in good form”. This is only a guess that appears to make sense. Otherwise you’d have a mess if there were some type of hiccup in removing those restrictive legends on the new Cerro shares. (I don’t anticipate this in any way, shape or form.)

Until final “closing” (if indeed it hasn’t occurred yet) it would make sense that new acquisitions be made by and held by “AMC”. The recent acquisitions up near the Empressa Caballo mine in Colliguay might be a different matter but don’t be surprised if some major miner insists on the consolidation of those Colliguay assets into the other ADL package of assets. If not, any processing plant at the ADL might be able to process any ore from the Empressa Caballo deposit on a tolling basis.

This might explain both why the Cerro financials say what they do and why “AMC” currently appears as the nominal owner of the new concessions probably FBO “New Cerro” upon official closure of the deal. AMC and its non-Cerro co-owners i.e. Medinah and Maurizio and friends need to cover their butts in case of a hiccup within the Cerro acquisition transaction. Of course this is pretty much a moot point with Maurizio and friends controlling all of these entities but lawyers will be lawyers and fiduciary duties owed to shareholders are what they are even if a conflict of interest appears.

Perhaps we should prepare ourselves now for any JV agreements Cerro enters into after the deal officially “closes” (if it hasn’t already). As Maurizio outlined at the information meeting, any JVs will probably be set up as a series of OPTIONS. A major miner may be given the OPTION to fulfill a work commitment costing “X” amount of money in order to earn “Y” percent of the action on perhaps the Pegaso Nero or the LDM stratabound deposit. Phase 2 might include a second OPTION to earn another “Y” percent of the action by fulfilling a work commitment of perhaps 1.3"X" amount of money. Another work commitment as well as the production of a bankable feasibility study might be part of any phase 3 deal.

IMO, as the owner of somewhere around 600 million Medinah shares (which IMO is accurate and many owned by his personal friends) Maurizio is not about to screw over friends and family in regards to any of these activities. They bought “Medinah” shares and a lot of them. Not that it’s legally binding any longer, the original agreement between Medinah and AMC during the $100 million option period, did indeed have a clause that stated that any concessions acquired by AMC within 5 Km of the perimeter of the Medinah concession block would be thrown into the package and be subject to the deal. We’re now in the midst of another “holding period” this time associated with SEC rule (# 144) pertaining to Cerro, a non-fully reporting issuer paying restricted shares for an asset. The holding period is 12 months by law. If they happened to be fully reporting (which, IMO, would have been insane under the circumstances) then the restriction period would have been 6 months.

The question arises as to did the “value” of Medinah go up recently when they (probably) transitioned from being a 25.3% owner of 10,500 hectares to being a 25.3% owner of 14,000 hectares. I guess it would depend on what was perceived to be contained in that new hectarage. The more important point might be that management probably wouldn’t be on an acquisition binge like this unless they already had lined up the financial wherewithal to explore and develop these claims.

Mike and CHG’s very informative posts on TMP were numbers 263, 264, 266 and 269 dated May 14 and 15. If you have time to familiarize yourself with the “boletin…” website it might be well worth your while. You’ll notice most of the acquiring of concessions activity occurring in the Atacama Desert and in The Andes. When you see how AMC dominates the acquiring of mineral concessions in Region 13 (Metropolitan Santiago) you get a reminder of the infrastructural advantages of the ADL Mining District.


Thanks again for your insights, DOC.
I appreciate the new Chapter in your book, or perhaps I should say Volume II … ! :wink:

I would guess there was a great amount of insight in the modeling and mineralization of the area that was provided by Dr. Richard Sillitoe’s visit back in March 15, 2017 through March 19, 2017. It’s not much of a leap to surmise that evaluation report provided “for internal purposes" was behind the impetus for locking down additional claims surrounding the area around the ADL and Northern claims area. Patience in mining development cannot be overstated.

Several of your comments in your analysis really caught my eye as being very significant and a direct result to the follow-up by AURYN to insights provide by Dr Sillitoe’s assessment … summarized by the excerpts below:

1 Like

While actually speaking to the company (AMC/MDMN/CDCH) management might remove some of the fantastical speculation, it’s worth pointing out that this is a group of very accessible and transparent people (including the former CEO, Wiz). There is no mystery/speculation/nor postulating as to what happened. As is common in mining, the company ran into problems and a lack of funds. Targets were missed and extensive delays have been the result.

I have no idea if the new acquisitions will ultimately fall under CDCH. These are dirt cheap to secure but can only be taken as an incremental positive sign. However, there is no doubt, the company still needs money and investors need to be cautious until there is a path to some sort of “progress” with minimal dilution. The main problem with entering a JV, at this stage, is our lack of formal resource. The clack of reserves, let alone inferred resources, means our “partner” will have significant leverage in dictating terms. Not unlike what current shareholders in MDMN/CDCH faced when partnering with AMC. The alternative would be drilling enough meters for a formal resource and/or trying to reach a cash flow positive state of production to self fund the same (which requires money/dilution).

These are difficult waters to navigate in a pretty nasty market for micro cap miners. Look at Northern Dynasty. Maurizio seems pretty solid so anybody adding at these levels needs to have absolute confidence in his ability to execute. I STRONGLY discourage anybody from buying because of a fictional “cone of silence.”


Who from the company provided this information? And, why was it not provided to all shareholders?


Would someone please put up the link to “other mining stocks”. TIA


Here’s a link to a really good interview that just occurred within the last couple of days at the IMIC conference. The 3 interviewees are Brent Cook from Exploration Insights, Ivan Bebek from Auryn Resources (not Auryn Mining Chile) and EB Tucker from The Casey Report and Stansberry.

When the interviewer asked Brent what he’s looking for in a junior miner he cited he wants a junior with a high quality, early stage discovery that a major will want to buy (or perhaps do a JV on). He noted that the majors are not replacing the reserves they are currently mining and they are getting DESPARATE. Although the retail and institutional investors are currently not flocking to the mining markets for juniors the majors like Kinross, Barrick, Newcrest, Goldcorp, Newmont and Oceana sure are. These majors are looking 2 to 3 years down the road. This has been Brent’s investment niche ever since the new discovery occurrences fell off of the cliff.

The shortage is of ECONOMIC DEPOSITS specifically and this problem is not solved easily. He cites that the industry has explored the surface of the planet almost everywhere and there aren’t many surface discoveries left to be made. Instead the majors are needing to look deeper and because of the added costs of mining any deep deposits must be of even higher grade to be economic. He noted that any new discovery in this environment is going to be worth a lot of money.

Brent’s investment thesis in this sector is a little different. He’s basically saying think like a major miner and what they need right now. Don’t worry so much about retail and institutional investors, they’re on the sidelines.

Ivan Bebek made some interesting comments on the “high grading” of ore in markets like this when gold is not exactly off to the races. The result of the “high grading” of ore is to make the more moderate to low grade ore worthless unless you have a lot of money to cover the added capital costs. His complaint is that the current “high grading” of ore is only ruining the large mines that would play the role of our future producers. (Superior economics are associated with a “blend” of ore being shipped to the mill.)

In regards to the extremely high grade ore in the Larrissa Adit, if there is no (“high grading”)mining going on currently there has to be a reason for it with grades that high. This phenomenon might have something to do with it. Another possibility for not mining that ore now (if this indeed is the case) might have to do with Maurizio’s comment to an interviewer that he wants his own processing plant functional within 2018. Why get scalped by ENAMI when you can crush and grind and concentrate the ore 100-to-1 on site? The transportation cost savings alone could be immense.

Bebek cited his sale of a deposit with no MR/MR whatsoever for $200 million a couple of years ago. I’m assuming that the huge demand for discoveries and the short supply of discoveries might force the majors to make their move prior to any blocking out of MR/MR by the juniors. The majors will have plenty of time to do that on their own. The markets just don’t reward the juniors very much for blocking out MR/MR in this environment.


Back in the 002’s again. Oh god…

He/you are referring to the Agnico Eagle acquisition of Cayden Resources for $200M for shares of AgEagle back in 2014. Cayden owned over 55,000 hectares in two interesting deposits but you are absolutely correct in that Cayden had no formal resource (only historical production of 250koz and preliminary drilling/met work).

The same offer for Auryn/CDCH today would equate to a little over a double in CDCH’s current price (2.8 cents) assuming no further dilution.

As a side note: for those trying to understand the conversion/arb between MDMN and CDCH shares, it’s important to note, in both cases, the “generous loans” made be Maurizio were reversed. CDCH had to issue 38M shares for the $300k capital call before the 7B shares were issued for the Auryn acquisition. Similar to MDMN, CDCH’s percent ownership took a haircut (ended up with something closer to 4.5%). Either way, we are currently looking at a market cap for Auryn/CDCH of ~$84M. That ain’t all that small for an exploration stage junior junior. If the company can come up with non-dilutive solutions to expand the project, and the project evolves into a world class deposit this could be a 10 bagger over the course of many years. However, there are a lot of “ifs” in this type of outcome, and there are a lot of similar size companies with the same upside potential but less hurdles to clear. Inevitably, there are going to be many people who are too mentally, emotionally, and financially involved in this “story” to ever move on BUT it’s important to A) stay as objective as possible and B) constantly be looking at relative value within the sector. All IMHO.


you’re not really surprised, are you?