lol - Thanks for the good humor you bring to the conversation Rich.
I totally agree that life is good and have trust that the current management intends to make good on things. There is no disagreement that the current situation is what it is. Only time will tell if AURYN can salvage something from the crappy situation we all were left with. I know from the Informational Meeting we have real miners making an honest effort to extract whatever value can be exploited from the ALTO. I especially recall a post by a shareholder I met at the meeting that perfectly expressed the thoughts of many of us that were present:
There was an extraordinary amount of information conveyed in a relatively short period of time yesterday (the morning session was just two hours, the afternoon session about two and a half). Even if you were there, it was probably impossible (especially for someone like me, with no business, legal, or mining background) to absorb it all or to tell what was important or what threads to follow or even think about. Whackamole comes to mind. Snippets from the meeting kept popping into my mind on the flight home, and during my restless sleep.
Perhaps the most important thing that I don’t see reported on this site was that the newly-hired lawyers have said (and this was emphasized repeatedly) that this share mess (the Les Price bombshell) will not get resolved quickly. “This will not be over in six months!” That assertion was made repeatedly. Wizard and Goodin said that on Friday the lawyers said (repeatedly) that it would take “a minimum of 18 months” before any sort of conclusion might be reached. A time frame of “18 to 24 months” was (repeatedly) referred to as being perhaps the best case scenario. But every discussion of time-frame was always followed by the observation that there was no way to tell — the investigation has barely begun, and there is no way to tell where it will go or what further entanglements might be uncovered along the way. Plus, Medinah needs to figure out how to pay all the many hundreds of thousands of dollars in legal fees — or perhaps millions! (And Maurizio was clear — this is not Auryn’s job, it is Medinah’s job.)
Bottom line: Even if the mountain blows us away in good ways, even if money does start to flow in to Medinah from Auryn distributions, no one is expecting this share mess to sort itself out until at the earliestsometime in 2018.
I found that sobering. And I’m not sure (and no one at the meeting was speculating) about what implications this has for Medinah’s stock price. But no one at the meeting was calling this a “buying opportunity” or was recommending loading up. Everyone was excited by the geology reports, but everyone was also, it seemed to me, advising that we go into hunker-down mode in our expectations of any upward movement in the stock price any time soon.
Again, it was a relief to have Les, finally, so completely exposed, and the news from the mountain was euphoric, but I found the share mess details absolutely sobering (and far, far, far from resolved), and I do not think I was the only one.
— madmen (brad)
Thanks for your original impressions after the meeting, Brad. Hope you don’t mind me re-posting it. We are definitely in hunkering down mode awaiting some kind of valuation to be assigned to the minerals in the ground. I expect much of the valuation will ultimately be based on what the evaluation by Dr. Sillitoe provided to management. There is every indication from the management team that was brought on board that the company is optimistic that the ALTO can be profitably exploited. As a shareholder I tend to share that optimism.
