Fair question. From day one I’ve said “the mountain will succeed despite management.” I’ve admitted, on many occasions, I consider my six years investested in MDMN as a failure by underestimating the extent of the BOD’s self-serving incompetence. I have many friends who have traded the stock and done exceptionally well but I regret introducing the many others who have taken a more passive buy and hold strategy.
The “shoulda coulda” is irrelevant and each new day needs to be an evaluation of risk/reward which I clearly believe is in our favor but I was adding at 5, 3, and 2 cents so what do I know?. The upside, IMO, is now closer to 10-20 cents. Still a favorable ratio but it will never make up for the opportunity cost nor the headache of time spent sifting through the criminal ongoings of our BOD nor the nonsensical evangelical optimistics who will be stay irrational longer than the market is solvent.
I bought my first shares of MDMN at .016 and imagine will add again at that level in the next few months before finally exiting with a decent return. Now that we only have one remaining legacy board member remaining, it’s finally time to focus on next steps over past stumbles.
Passiveness by a segment of the shareholder base over the past 5 years directly contributed to the BOD’s braziness in structuring insider deals (LDM) with unsavory characters (Ulander) while diluting the piss out of common shareholders (preferred shares). They knew they could get away with it. If we had a shareholder base that held this company accountable instead of praising them for a fictitious “grand plan” led by “Sr. Quijano” we’d also be in a completely different financial position. I’m not being combative with generally nice people like Decosta b/c I don’t like them but they have been the enablers and I can only blame myself for not recognizing the same at an earlier date.
Nothing more for me to add until we see developments from AMC.
Good honest discussion tonight. Bravo!!! It seems like all we have to do is learn from our mistakes, and apply them to the future. Although at this point, it seems like Auryn will hopefully take care of most of that for us. Nevertheless, it would be constructive if we could finally be on the same page. This could be helpful during the upcoming Shareholder’s Meeting, where we may need to be more proactive…
3,000 shares bought a short time ago. Any chance this is a new buyer as a result of the tweet who is just testing the water? Just seems like a low amount of shares for our usual suspects (including the contributors here).
This chart is about GRADE, not deposit size, not annual gold production. Note the rather small sizes of many of the deposits. Only 4 of the top 10 have greater than 1 MOz.
Pretium’s BruceJack would appear on this chart in the next year or two as it will be the largest deposit on this list and average around 16 g/t. It just isn’t quite into production yet.
Nevertheless, the Caren / Merlin / Fortuna mine does have an opportunity to be a standout on this list. It certainly has a chance to be one of the top 4 or 5 in grade. Fortuna averaged more than 60 g/t historically which would put it at the top of the list.
But even if you have 60 g/t gold but have very limited tonnes of ore, as was the case with the original exploitation of Fortuna, it is more of a curiosity than a big mining story - like FireCreek at the top of the list - with only 170 KOz of reserves.
But the Caren / Merlin 1 vein is at least 1.8Km long, and at least 150m deep on the north end of the plateau. A 1.8KM vein with 1m width and 150m deep would probably take you up to over 350KOz of reserves once proven via drilling. Further, Auryn has stated there are 5 Km of veins identified now. And the depth is probably significantly greater than 150m.
So it is easy to see that there is the potential for quite positive news on the reserve front in the future as they are able to formalize those reserves. The Caren / Merlin / Fortuna mine could take a strong position on this chart with enough ounces in reserves to make it stand out.
I believe they have already very roughly outlined several million ounces which wouldn’t be unusual for a complete epithermal (High Sulfur) system. Some have exceeded 10 million ounces of high grade ounces elsewhere in the World.
