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3/11/17

The next Marin Katusa / Casey Research / Porter Stansberry BS rip-off pump jobs

There are three in fact.

There's the silly JDL Gold thing, soon to be re-named Trek Mining and so ugly it should really be called Shrek Mining. And then there are two uranium plays, that metal being the latest bright macro idea this triumvirate of scam runners have decided to pump. One is Uranium Energy Corp (UEC), the Adnani vehicle they've pumped on many occasions before. And the other is Skyharbour Resources (SYH.v), which the front-running Katusa has been buying up hand over fist so far this year and is about to offload onto the mouthbreathers stupid enough to buy into this legalized robbery.

So now you know.


The top three most visited IKN posts this week are...

...in reverse order:

Third Place: "Your 2017 PDAC Bingo Card". This annual post always gets plenty of hits (and fun feedback, thanks people). FWIW my fave this year was "we're not silver/zinc, we're zinc/silver".


Second Place: "The Alset (ION.v) scam gets funnier". Shining the light on obvious scams is something more industry commentators worth their salt should do. This humble corner of cyberspace does it and will always happily feature others doing the same, such as DanO here. If it stops just one person from falling into the clutches of the zero moral scumbag parasites, it's worth it.
 
First Place: "Randy Smallwood bitchslaps Nolan Watson". This one ran and ran.

"Finding That Lottery Ticket Discovery!" Joe Mazumdar of Exploration Insights in a PDAC interview

It's sponsored by Minaurum Gold (neutral opinion on them) but that doesn't matter, this Q&A with Joe Mazumdar is a cut above the normal PDAC talking head fodder. 






3/10/17

Minera IRL news

  • It's a Friday night NR (not normally a good sign)
  • It has a nasty word in the title line, "revoke" (shudder and shake, bizworld)
  • But when you get into the NR itself, there's nothing that readers of IKN407 last weekend didn't know anyway, zero frets in fact. A nice quote at the end of it from CEO Benavides too, the whole "quietly confident can't say too much now folks" thing about it*.
Link here, whole thing below:
LIMA, PERU--(Marketwired - Mar 10, 2017) - Minera IRL Limited ("Minera IRL" or the "Company") (BVLAC:MIRL)(CSE:MIRL)(MIRL.CN) announces that Corporacion Financiera de Desarrollo of Peru ("COFIDE") has advised that it has revoked the mandate to exclusively structure the senior debt to a maximum of US$240 million for the development of the Ollachea gold project in Puno, Peru.
COFIDE has changed its strategy to focus on financing small and medium industry ("Mypes").
The Peruvian Government announced on March 9, 2017 an Economic Impulse Plan that will prioritize the credit for the Mypes through COFIDE, among other measures to boost the Peruvian economy.
The Company is assessing its options to finance the development of the Ollachea Project and has been developing an optimized plan to enhance shareholder value.
Diego Benavides, CEO and Director, of Minera IRL said, "We are confident of being able to obtain the necessary investment to develop Ollachea on shareholder-friendly terms. We anticipate being able to bring news of further developments to the market in the near future."

*With good reason, too.

The Friday OT: Paco de Lucía; El Dengue

A return to Paco after a year or so away and for purely selfish obsessional reasons; he's been taking up around 30% of my Spotify time this week, so now it's your turn:



The chosen track is El Dengue, from his album 'Cositas Buenas'. It's cool, relaxed and should get you Northern-dwelling types thinking about the summer to come as the worst of winter falls behind you. It's also the best guitarist who ever lived showing what he can do. Youtube here.

Tahoe Resources (TAHO) (THO.to) provides a timely reminder...

...of a long-respected mining adage: Even the best deposits in the world can be screwed up by poor management. How this team of numbskulls could take a deposit like Escobal and fail to deliver value to its shareholders is simply staggering, Kevin MacArthur and Ron Clayton have shown their true executive skills to the world.

The 4q16 results hit last night and even in today's rebound, THO has sunk nastily on the reception for another pisspoor quarter, plus of course the lacklustre three year forecasts. The numbers and forward guidance has been panned by every brokerage covering the stock, downgrades flyng around like confetti. What the shareholders of Rio Alto and Lake Shore Gold must think of the way their equity value has been decimated by the duo of numbskulls at TAHO can only be imagined. It's unlikely to use NSFW language and the chances of an activist move against Ferrari Kev and his lackey are rising fast (according to certain jungledrums passing this desk today).




And by the way, a quick reminder that Louis James reco'd this stock to his flock of mouthbreathing sheep in....yes you guessed it...August 2016.

3/9/17

Brent Cook on Alternative Facts

Kitco interview with The Bearded Wonder and Cambone. Link here.




And on the whole "Nolan Watson and liars" issue: "He should know. He's made a lot of mistakes."

HAH! SNAAAAP!

PS: Good straitjacket line, too.

Randy Smallwood owns his decisions

Last night the thoughts of your humble scribe couldn't help but drift back to that Randy Smallwood interview we featured yesterday, when the head of Silver Wheaton (SLW) just couldn't resist sticking one into Nolan Watson, head of fellow streamer company Sandstorm (SAND) (and ex-employee of SLW...no baggage there of course). But not just that "oh he's just a financier" bitchslap, there were two other things
  • Smallwood claims that in thirty years in mining he's never had someone lying to him. That has to be more of a reflection that Smallwood can't spot a liar. 
  • Then the more interesting one: Both before and after his Watson bitchslap Smallwood goes on about the way SLW has this wonderful fantastic technical team, does great DD, doesn't rely on the opinions of third parties and "owns its decisions". He makes a big fanfare thing about the silly buzzphrase in fact, "We own our decisions and that's one of the reasons why we're so strong", just one example.
This is, of course, the company that paid Barrick U$611m for a stream on Pascua Lama. Own it, Randy. Own it. Then write it down in stages.

And just to drop to his catty level for the last line, after watching that video a couple of times he presumably owns the decision to put on all that weight over the last year or so.


3/8/17

Barcelona

Absolutely incredible.

The only one in the world

There's only one website in the whole wide world that can copy every word of an IKN post and then paste it all on their site without asking. That's Biiwii, because Gary Tanashian is the best, he has permanent blanket permission to do just that and when he chooses one of mine it's quite the honour. So it's good to see that yesterday's post "Spotting mining scams, "One of the largest undeveloped in the world" edition" made it to his site. Thanks Gary, appreciated.

PDAC 2017 attendance is 24,161

That's two thousand more than last year and slightly up on 2015 as well. But it's lower than 2014 and we're still a mile away from the 30k+ peaks of 2012 and 2013.



NR here.

Dear Richard Warke

Have a great day, Richard.

A Flash update...

...was just sent to subscribers, a few minutes before the opening bell on this Wednesday morning. Belt'n'braces post done.

Chart of the day is...

...Asanko Gold (AKG) vs the Gold and Silver Miners Index (XAU), from June 28th 2016:


That date chosen because it's the day K2 Associates announced its short position against the company. For all of 2016 there wasn't much difference between the two squiggly lines, but we're suddenly seeing the K2 position validated.

When the short was announced Canadian sell side queued up to mock K2 Assoc for its trade. They're not laughing now and as K2 said at the time there's a potential 90% downside for the stock, there could be more pain for the lapdog stuffed suits to come. Only halfway there so far.

Randy Smallwood bitchslaps Nolan Watson

This Kitco interview, check out the bit from three minutes on. 

The best bit? Around minute 3:25 onwards when Randy Smallwood talks about Nolan Watson's recent comment about CEOs in mining being liars and says,
"You need a technical background to understand the risks. At Silver Wheaton, when we make investments we make investments based on what we believe, we don't rely on other people's opinions and we study that forward and, I think those comments came from someone that was probably a more financial background, that doesn't have the technical side..."

LOLZ. Saucer of milk for table nine.

IKN Exclusive: Milpo to JV Haquira with First Quantum

There are PDAC rumours and there are PDAC rumours. Most of the snippets that come from the big shebang and pass over this desk don't make print because they're not solid enough, but this one passes the test with flying colours.

First Quantum (FM.to) hasn't done much with the big Haquira copper project (close to Las Bambas in South Peru) since buying it from Antares, but that's about to change, as Peru's Milpo (majority controlled by Brazil's Votorantim) is about to buy into the project and go JV.

You heard it here first.

3/7/17

Dear John Youle of Consultandes

Dear John,

It beats me why you're so interested about little old me but hey, that's your problem. However, what I do recommend is that rather than trying to play at espionage (which you're obviously not very good at) for the risk firm* that hired you to find out information, why don't you just drop me a line and ask me a few questions yourself? I don't bite, y'know.

Because unlike you, I have nothing to hide and I'm not being paid on the sly by anybody.

Lots of love, Otto.


*I won't mention their name yet, but I'm sure 'JR' and 'RW' are going to be very interested in this post. Seriously John, wouldn't it be better to talk to me directly rather than having the name of the risk management company that's hiring you get dragged into this?

Nexus Gold (NXS.v) gives us the latest example of grade smearing

H/T reader RB, kind of you sir.

This morning, Nexus Gold (NXS.v) was keen to get its PDAC scam pump NR out to the world with this breathless title line:
"Nexus Gold Drills 26.69 g/t Au over 4.85m, Including 120 g/t Au OVER 1m, at Niangouela Gold Concession, Burkina Faso, West Africa"
Ooooh!!! Over 3/4 oz gold over nearly 5m! Sounds good right? Well yeah, right up to the moment you stick the numbers though the handy dandy drillcore calculator when you see that...

...it's one thin vein, one even thinner vein of semi-nothing and big halo of nothing enclosing it all. That's grade smearing and it's another hallmark of the junior BS scamster company.

Litigation bully and proven securities fraudster, Porter Stansberry is having a bad week

Not only is his BS pump Northern Dynasty dropping like a stone and making him into a laughing stock around the market.

Not only are many of his key staff jumping ship and leaving in droves.

But now word reaches IKN Nerve Centre that on March 3rd 2017 Frank Porter Stansberry (for it is he) "voluntarily dismissed" his lawsuit against IKN and your humble scribe. And this is what happens when you stand up against these lying scumbags. We know he loves litigation, because he was stupid enough to take his securities fraud case as high as the US Supreme Court (he lost of course, the judges laughed him out of the room). 

It's too easy to fold and bend in front of this type of legal bullyboy tactic and that's what Porter is, a bully. But IKN stood up to his bullying and that's due to a simple point: The man is a liar and what IKN writes about him on these pages is the absolute truth. Therefore it's pleasant to hear the suit has been dropped and the IKN position has been vindicated by the man himself. Enjoy paying those legal bills, Porter you asshole.

Fact: I own a Samsung Smart TV

It's over there in the corner of the room, right now. It's also off...I think.

This an excerpt from today's Wikileaks release cover note:

"The attack against Samsung smart TVs was developed in cooperation with the United Kingdom's MI5/BTSS. After infestation, Weeping Angel places the target TV in a 'Fake-Off' mode, so that the owner falsely believes the TV is off when it is on. In 'Fake-Off' mode the TV operates as a bug, recording conversations in the room and sending them over the Internet to a covert CIA server."

Whole thing here and very interesting stuff it is, too.

Deportation news

Thanking wonderpal "T" for passing this over:

Spotting mining scams, "One Of The Largest Undeveloped In The World" edition

Here's one to stick in your notebooks, kind reader of IKN. There's a new fashion among one corner of the snake oil salespeople brigade, who are as usual trying hard to separate you from your currency bills and insert them into their own back pockets, which is using the phrase "One Of The Largest Undeveloped (insert metal of choice) In The World" when talking about their moose/chinchilla/llama pasture. Let us examine a few recent cases:
We start with Seabridge Gold (SEA.to) (SA), which here is framed by its CEO Rudi Fronk* as "...one of the world’s largest undeveloped gold project(s)".

Here's Chesapeake Gold (CGK.v) and its PDAC special zero content arm-waving  NR out today which tells us of Metates and how it is "...one of the largest undeveloped gold, silver and zinc reserves in the world".

Next Northern Dynasty (NDM.to) (NAK) which was pumped sans cesse to the idiot end of the world by the scumbags Katusa, Stansberry and Casey (among others) earlier this year and I lost count how many times I saw the phrase, but helpfully NDM used it in its recent (and weak) Kerrisdale rebuttal NR when stating that Pebble is "...(o)ne of the World's Largest Undeveloped Copper and Gold Resources".

And of course our old pals over at NadaGold (NG), perhaps the daddy gold scam of them all because they've actually convinced large money people to become tight hand holders. Again the phrase will get you hundreds of thousands of Google hits if you stick it in with the company name, but this one telling us that Donlin is "...one of the largest undeveloped gold deposits in the world", is a good example.

All these and more. And the common thread between them is simple enough, they are all uneconomic, crazily expensive BS project that will never, ever, ever become mines. This humble corner of cyberspace could talk at length on the reasons behind that simple but true statement, all of these so-called assets (they're not, they are in fact liabilities) have things in common such as low grades, high capex plans but they also have their own reasons for eventual failure locked into the specific projects. However, those of you just joining us should consider a wider truth, because it's equally as valid:

THEY ARE UNDEVELOPED FOR A VERY GOOD REASON

These are projects that have been known about for many years, in some cases the discovery of the mineralization goes back decades and they've seen work on and off over the many years until today. Therefore they all beg the simple question; if these projects are so great, why have they stayed at project stage all this time and why hasn't some deep-pocketed financier stumped up the billions of dollars (and it's always Billions with a B) to develop them? And the answer is simple: They're not worth developing. Way waaaay too risky to devote real money to them, they'll remain as projects and dreams forever and ever. Talk is cheap.

Conclusion: With the phrase "One Of The Largest Undeveloped (insert metal of choice) In The World" we have a hack, a short-cut to know when a bunch of mining parasites are trying to rip us off. So if you see it in company literature, in a promo pump or perhaps quoted by a CEO in an interview, you now know what to do:



*crazy name, crazy guy

3/6/17

Brent and Joe do BNN

Watch the whole Market Call segment of Brent Cook...


...and Joe Mazumdar...


...better known as the dynamic duo behind Exploration Insights on this BNN video link right here. Quality metalhead teevee.

The Alset (ION.v) scam gets funnier

DanO does it again by taking the Friday NR out from the obvious scam stock Alset (ION.v) and eviscerating its content, but this time in a language that anyone can understand. Read it here, it's great fun and an object lesson in how to cut through the junior scam BS and get to what's underneath all the hype: Nothing.

And on the subject of that Friday NR and its reaction, when a stock that has a paid promoter who has no qualifications at all as CEO of the company...
  • Not a geologist
  • Not an engineer
  • Not a lawyer
  • Dumb as a sack of nails
...and run in the background by brothers with a long track record of shady rip-off activity in the Canadian capital markets has this type of price action...


...you have to be even dumber than Allan Barry not to see what's going on in front of your face. Hint: For examples of said dumbos, go over to CEO.ca and read their brainfartings.

Barrick (ABX): Now we know how Thornton plans to cut that debt load in 2017

Just filed on SEDAR (from full pdf here):

Barrick Gold Corporation (the "Corporation") is filing today a short form base shelf prospectus dated March 3, 2017 (the "Prospectus") with the Securities Commissions qualifying the offering of up to US$4,000,000,000 of common shares, first preferred shares, second preferred shares, debt securities, subscription receipts, warrants, share purchase contracts and/or units of the Corporation (collectively, the "Securities").

(deep breath) Reader Yamana Marrone Brio Secondary Feedback Cartoon Meme Mailbag (breathe out)

IKN and its merry readership will be keen to thank reader 'LD' for this small chunk of pixelated wonderful, reacting to the news this morning that Marrone over at Yamana Gold (AUY) (YRI.to*) has managed to palm off another 6m shares of the abysmal spin-out Brio Gold (BRIO) to some unsuspecting fund manager stuffed suit:


Well played LD, well played indeed.

*As in "why are I long this stock?"

Two things emerging from the Bear Creek Mining (BCM.v) vs Peru ICSID arbitration case

The ICSID/CIADI international arbitration case brought by Bear Creek Mining (BCM.v) against the country of Peru over the loss of its 'Santa Ana' concession in the Puno region of the country way back when has dragged on through the court proceedings but we're now getting to the business end where a decision gets made. The latest filings in the case (dated Dec 21, published late last week) indicate two things in the eyes of your humble scribe:

1) We may be about to get a legal precedent ruling on what the phrase "Social License" truly means. This may turn out to have important consequences and ramifications for many other mining company projects in Peru and further afield.

2) Bear Creek is going to lose. It's going to lose badly, embarrassingly and heavily. Anyone holding this stock for the Santa Ana angle and thinking Swarthout = Payout is in for a nasty surprise.

PDAC joke of the day

Wood Mackenzie just said that "Ecuador is now like Chile, with a stable government and mining policies, it doesn't matter who wins the run-off election". Most people in the first two rows of the Ecuador Day presentation managed to keep a straight face.

Joe Mazumdar and his bearded assistant do BNN Market Call today Monday

At 6pm EST (that's 3pm PST...I think), over on BNN this evening you got a PDAC Special edition of Market Call with the extremely handsome, intelligent and wonderful Joe Mazumdar of Exploration Insights, along with some hanger-on that traipses around with him whose name eludes me.

A full hour on juniors, explorers, miners and related stuff we rockheads enjoy from the best team in the business. One of the better reasons to watch some teevee today and you can also get your questions in by contacting BNN this way:

Call toll-free: 1-855-326-6266
Email: marketcall@bnn.ca
Twitter: @marketcall



So do so. And get some reflected fame in the glory of Joe.

Best "Monday PDAC" news release so far is...

...Tinka Resources (TK.v) and this NR on the new Zn hit. That's a strong hole in the right place, it's also only hole one of its new drill campaign. It's also good because I've owned for quite a while and here this morning pre-bell, I'm fully expecting those shares to be worth a lot more post-close.

Your 2017 PDAC Bingo Card

By poplier demand, begad!

Here it is, the moment you've been waiting for, its the 2017 edition of the IKN PDAC Bingo Card:


Instructions:

1) Print off your copy and carry it around with you at PDAC this week.
2) Hear a phrase, cross it off.
3) First person with a Full House to contact IKN wins the prize. A big beautiful prize. The bigliest prize. I'm telling you, you never saw a prize this good.

The IKN Weekly, out now


IKN407 has just been sent to subscribers. It's 18,750 words and 34 pages long and runs the first part of a two-parter anal ysis on Minera IRL. All sorts of other malarkey as well, of course.

3/5/17

PDAC Mega-fail, Toachi Mining (TIM.v) edition

There's a long-standing rule involved here, one that any mining company working Colombia, any of the "-Stan" countries or other exotic places knows:
IF YOU CANNOT SPELL THE NAME OF THE COUNTRY IN WHICH YOU WORK, YOU'RE NOT WORTH BOTHERING WITH.


The Toachi Mining (TIM.v) booth at PDAC 2017 is the place to see for yourself this massive IR fail. How the hell can you talk to us about caring CSR and being in touch with the people when you don't even get the most basic of basics right, you dumbasses?

Mexico's tax people cracking down on "presumed tax evasors" in the mining sector...

...and the report from the tax auditors, as reported here, includes no fewer than 59 mining companies working in Mexico. Plenty of names you'll recognize too, including Goldcorp (GG), First Majestic (FR.to) (AG), Panamerican Silver (PAAS), Fortuna Silver (FSM) (FVI.to), Primero (P.to) (PPP), Gold Resource Corp (GORO), Endeavour Silver (EDR.to) (EXK), Grupo Mexico, Peñoles, Agnico Eagle (AEM) and a whole bunch besides. We've already seen the Mexico tax people make Primero's life a misery, and misery loves company they say.

Extra information on this interesting and developing story in IKN407 out later tonight, subbers.