I spent some time with MC and others at the booth. He’s a very amicable, enthusiastic, guy who has sincere optimism for all of the various Auryn/Masglas assets. I would say that LDM, Fortuna, etc. is less of a focus vs. some of the other projects where they have spent significant money but they are nonetheless very excited about some of the early results. Peru is clearly a priority over Chile for the indefinite future
They are pretty much deferring to Hochshild to advance things at their pace (which is known to the industry as being very slow). I would be very surprised if MC doesn’t ultimately make the decision to roll all of the assets under one umbrella using the AUMC shell. I wouldn’t hazard a guess as to what that may mean (from a dilution standpoint) to existing AUMC shareholders but it would make a lot of sense for maximizing any value the public markets would assign to a diversified resource play.
The good news/bad news reality is that MC doesn’t need to raise any more money. Good because this means there are no immediate plans to further dilute AUMC. Bad because there is no incentive to move the stock up. If you’re a long-term holder of AUMC shares I would suggest you start to do more work on the other Masglas assets b/c, at the end of the day, they will make up a larger percentage of what you own with each share.
I was told the MDMN/AUMC share issuance/consolidation would happen over the next few days.