Very good news! Note that this is actual “initial production”…ie the removal of gold and trucking it to the mill. They will have to blast some first to get to the actual production ore. With the documents submitted, just need an inspector to come out and give the all clear. Auryn’s mining experts are all business…getting things done quickly and on schedule. What a nice change!
Will continue to keep an eye out on the weather. Don’t see anything really through August 18th and perhaps beyond.
Good news indeed. What a breath of fresh air.
Nice 500000 hit at the ASK before close of bell. Let’s see what tomorrow brings. I’m sure the word is out in South America well not quite😳
CHG what did you think about the trading today?
I’m not chg, but it seems the last few days we’ve had a ton of action to start the day off and then a lull through most of the day (except that notable 500k paint job). If we can keep doing even 5% a day I’ll be thrilled.
Gold moving back over 1350
We’ll see .02 tomorrow…
I’ll be thrilled!
I liked the results. 
I don’t really have a ton of insight about it and did not watch all the L2 players in detail.
There were definitely multiple buyers and mostly modest BID sizes showing, nothing really large of 1M+. I think mostly we hit a bottom at a fairly reasonable valuation all things considered, production looks to be starting up, and so there was a typical bounce as people became convinced they would not be able to buy cheaper tomorrow. Plenty have been selling to use their money in other plays, expecting to buy back in later, and this was the start of the ‘buy back in.’ Sellers for the moment decided they may be able to get a better price ‘tomorrow’ and did not flood the ASK. More showed up at the ASK late yesterday but not excessively so. I think there will be sellers all the way up. Auryn’s performance to plan will provide the buyers as we go. If there are bigger players buying, they did not get lots of shares the last two days. The 4M or 5M in volume is a nice improvement but still modest.
In summary, I think this bounce was mostly still ‘internal’ to existing or former shareholders, some of who were just re-entering and gave up on the ‘price going to sub 1 cent’ idea. It will take some execution over time and formal reporting of results to really start building a new base of investors. That should start in Q4.
IMO if Auryn executes and all goes according to plan we could see 3 to 4 cents by Dec 31 with current 2017 plans and POG continuing to improve. 15 gpt Au @ 5000 tpm with decent recovery will put them close to the 25,000 Oz 2017 plan (around $34M in gold production). If grades are what MG suggests, then production Oz will be correspondingly higher.
I don’t have any further expectations right now given what Auryn has formally stated. But there are plenty of upside potential add-ons: higher tonnage Caren permit, grades higher than 15 gpt, open pit or another under ground effort elsewhere on the property, some type of dividend later in 2017, etc. So there are plenty of opportunities for upside both in production and exploration in 2017 and beyond.
Interestingly, the complexity and size of the property, which in large part is what made it way too much for Medinah to handle, is also what makes it so flexible and useful and valuable in this period in the hands of those with resources and expertise to consolidate the divided mountain, and then to exploit the complexity and size appropriately.
Great post!! Thank you CHG!
I think it’s wise for people to remember that MDMN has, for decades, been a popular stock for penny traders and will continue to be considering the unusual situation we are in. As a former penny trader, there is no nicer stock to trade than one that you feel certain has a profitable future. It is not unreasonable to think that there are many dozens and even hundreds of penny traders out there with a collective amount of shares in the tens of millions. If I were trading this stock I’d be happy to cycle through a few million shares with 20% or better gains every couple months.
There will always be traders on the stock, so those folks who are always thinking it’s the evil MM’s flooding the ask with shares would be best served to keep this mind and relax.
I have observed over the last 20 years that most shareholders have underestimated just how high Medinah will go when it is in run up mode and most have underestimated just how far it can fall when it sinks. 3 or 4 cents at the informational meeting time seems reasonable to me especially if we hit or hold 2 cents this month.
Let’s not forget how quickly we ran from .05 to .16 when we thought we had a solid deal with Partner A in 2012…
I don’t dispute your comment of what ‘may happen’ nor is mine a prediction of what will happen. My comment is nothing more than my estimating what I think would be a maximum fair value before I would view the stock as over valued. I would expect a pull back at that point. If it wants to run up too far to fast compared to the fundamentals (in my view) I am willing to sell into the mania.
And just an observation, one could note that it is the many of the same individuals who only a few days ago were crying out about MMs, manipulation, completely unfair SP, ‘going to sub 1 cent’, that are already dusting off the ‘to the moon’ pom poms and uniforms and starting to line up on the sidelines. Some people are just unable to escape penny stock land. But I think we are mostly past the place where they are able to hurt us.
There are pull backs on most stocks one that has not had it yet is MUX from .84 to over 4:00. I don’t mind MDMN going to .06 and then have a small pull back.
Any talk of “fundamentals” IMO is fundamentally flawed with Medinah. Over the years, the price has never followed fundamentals so why should it now?
Rather, penny investors are forward looking to what the fundamentals will be. Fundamentals will start to turn outstanding later this year when money starts to flow in and when Medinah reduces the remaining debt and its shares outstanding. Any run-up in price short term will be supported by fundamentals latter. Meantime, the large number of shares floating around makes it much easier for penny flippers to jump in and out.
…because hopefully things have changed from it being a pump and dump operated by Les and Juan and into a respectable stock that trades like one, one that is based on fundamentals and not a combination of bull$#:+ rumors and naivety. I’d much rather the SP be based on substance than hype. Crack open the mountain and assign “real” value.
Again, you seem to miss my point. The 3 to 4 cents was not a prediction by me of what WILL happen nor intended to trample on the hopes of those who eagerly desire a quick exit. It is merely my estimation of ‘under valued’ and ‘over valued’ compared to information at hand. I do recognize that stocks go over valued and under valued from time to time and that judgements as to what those levels are differ by individuals. As I said, I am willing to sell into the mania should one be hyped up. But I am unwilling to play a part in stirring one up.
My primary objection to the penny stock mind set is that it is nothing more than looking, hoping for, counting on finding the ‘greater fool’. Many of those bitterly complaining about Juan’s or Les’ greed or other behavior are the same that are more than happy to stick it to the next fool by counting on selling (taking that fool’s money) at the top and letting the other guy suffer the losses. On the other hand, they are typically vocally angry, bitter, and super annoying when they are the ‘fool’ suffering the losses, as they hate being the lesser thief suffering the con.
To each his own. You are predicting. You may be correct. I am not calling you ‘wrong’. I was simply sharing my judgement, not predicting.
Nice Hit on the ASK .019.