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So here's the juice on the "BTO is buying SBB" rumour...

...that's been doing the rounds this morning.

It's Bullshit.

But like all the best rumours, it's wrapped in a package of small facts and logical assumptions. We know The Clive has had informal chats with Sabina and we know BTO likes the project, but for one thing the asking price is too high and for another, the whole sale will be one of those shopping processes, an auction that won't kick off til 2018 earliest. SBB isn't even going to entertain formal offers before then.

Bottom line: Another BS tale doing the rounds in order to try to drive BTO's share price down.

The brainstorm meeting at the junior mining company

"Well gents*, we need to do something. Commercial production has been delayed again, we're going to run out of cash, the balance sheet is an unholy mess and we're going to have to raise via another dilutive placement soon."

"But that's going to kill our share price! And it's already a pig this year!"

"Yeah I know, so we need to think of some way to pump it up and get a bunch of sheep to run it up before we announce."

"Hey! I have an idea! Why don't we announce a "three year plan"? We can tell them we're going to explore and add a boatload of ounces. After all, getting a resource out of all the sulphide stuff we have will be easy!"

"But we can't leach the sulphide like that! Totally different thing!"

"Dude, the dumbass sheep won't catch onto that! They'll just look at the headlines like they always do. This is a way of sounding serious, making it look long-term and adding resources without it costing much. And the longer we do this, the less they'll look at our financials. We can talk up adding oxide ounces too if you want."

"Hmmm...not a bad idea. When can you get a NR out there?"

"I'll put it together this weekend, we can publish on Monday."

"Great. Do it."

Welcome to the Rye Patch Gold (RPM.v) news release this morning.

*There are no ladies present. This is, after all, a junior mining management team.

There aren't many certainties in this world, but... thing you can bet the house, car, dog and contents of your kitchen upon is that after its production NR today, in the next few days Eric Sprott is going to choose one of his preferred lines of media communication and pump the merry bejeez out of Excellon Resources (

And don't say you weren't warned.

Fernando de Szyszlo 5


The IKN Weekly, out now

I don't know if that number's still accurate. I presume it must have been.

IKN439 has just been sent to subscribers. Gold producers day.

Fernando de Szyszlo 4


The top three most visited IKN posts this week are... reverse order:

Third Place: "Fernando de Szyszlo", on his passing this week aged 92. Also, during the week I've featured a few of his works in separate posts here, here and here. I'll do a few more next week.

Second Place: "The reason why Tinka Resources (TK.v) isn't up further". A short rant-ette that hit a few nerves.
First Place: "Re-re-reiterating on Novo Resources (NVO.v) (from IKN438)". Yeah, fashion stock wins the race, lah lah lah. I won't be on this subject any longer, my piece is said and I'm not here to chase hits. Neither do I run this blog to reap another harvest of dumbass mails from idiots, the type who actively deserve to be separated from their net worth. Go spout your inanities at, Tommy loves you and always will.


The BCSC needs to close down Asanko

They've just tipped off a bunch of sell side analysts that their resource model overstates resources at a breakfast meeting. Yet again selective disclosure of material information to friends first.

The Friday OT: Equador; For Always (live)

My brand new earworm group and when I went over to their Youtube channel, this is the first track they offer up. A beautiful thing to put in your ears, they've only had a debut album out so far (this is the last track on it) so such a great start, but above and beyond all my stars this lady can sing! She sends shivers straight down the spine. Thanks again for the intro, MB.

Youtube here, Still no spelling mistakes in the title line.

The reason why Tinka Resources (TK.v) isn't up further

I get regular mails on the whole "why isn't Tinka Resources (TK.v) moving up, what with the property looking very good and zinc at $1.50/lb and..." etc etc thing. The reason is simple, TK refuses to drop its underpants and give the Vancouver money masters the financing at this level (with the half warrant) that they're insisting upon. TK thinks that the warrants exercise in November plus the resource update and then the PEA in early 2018 will make them suddenly irresistible to the world, while the people who really run the sector are just laughing their asses off and know that they can suppress this share price from here to eternity until the company plays ball and gives them their juicy slice. You seriously think they care if TK finishes this cycle with $10m at bank and a PEA organically when everyone knows the PFS drilling and study in 2018 will cost them three times treasury? 

When TK runs its placement, the brakes will be lifted. Simple as that.

PS: The only difference between this blog and the sector voices is that this blog has the balls to publish the things other people just furtively whisper to each other.

Fernando de Szyszlo 3

A good quarter from B2Gold

Right here. Libertad sucked, Limon improved, Masbate was in line, but the win was how Otjikoto kicked ass. Then Fekola added bonus ounces.

With gold running over $1300 pre-open, if BTO can't rally on the back of these numbers there's no hope left for it.

UPDATE an hour after the open: Seriously, what's a guy gotta do round here?



A Flash update...

...has just been sent to subscribers, Thursday evening post-bell. A trade.

My favourite bits of the Tahoe Resources (TAHO) ( 2016 Sustainability Report...

...which came out yesterday and can be found on this link right here. First this guffaw-inducing segment from the intro, signed off by Ferrari Kev and his sidekick Clayton:

Then, just under their signatures, this chunk of hilarious:

Further in the document and to underscore the accidental comedy, this:

You cannot make this stuff up. The single worst Canadian mining company offender in LatAm that's so bad it's even managed to get an operating mine closed down painting itself as a paragon of CSR wonderfulness. And by the way, in this document TAHO has finally, FINALLY spoken up about the accident at Escobal which killed one of its workers.

The Clive does BNN

B2Gold's alpha male in chief with Andrew Bell, right here.

The second half of the interview is the best.

Panoro (PML.v) at 40c

That puts its market cap at over C$100m.

You gringos will buy anything.

Fernando de Szyszlo 2

After reading Caretas in Peru today, IKN can confirm...

...that Jaime Pinto is shitting his pants. Good.

I see Rye Patch Gold (RPM.v) moved up strongly yesterday...

...on the pre-announced new of a weak Q3 of production. This can only be explained by the undoubted fact that there are thousands of people who trade mining stocks who don't have the first clue about company financials. Or as The IKN Weekly put it in IKN435 dated September 17th.....


" at end 2q17 RPM was working cap negative, its debt now a clear and present issue. In its 2q17 MD&A, RPM tries to play down this working cap deficit by saying this:

However, the deficit includes $7,126,070 contingent consideration relating to the purchase of the Florida Canyon Mine and includes provisions to satisfy this amount by way of equity or equity instruments. The Company considers that it has sufficient cash resources to complete the ramp-up phase and enter into production.

Now that’s true, but personally I don’t care so much about that $7.126m line item. The thing that should worry RPM longs is the Macquarie debt and to illustrate that, here’s the 2q17 balance sheet ripped from the financials with some red ink scribbled on it:

The problem is the bottom bit. RPM has drawn fully on the $25m revolver facility, its interest rate is an eye-watering 16% to 36% (depending on the tranche) and in just six months, it’s expanded by over $13m. What’s more, $19.2m is due in the next 12 months.

Also, please note that “says who?” comment about the value of its property/plant/equipment line item, which is basically its Florida Canyon mine. We only have the company’s opinion on its fair value at this point (and that’s expanded generously since the end of 2016, too). If we take the numbers as gospel, RPM has a book value (all assets minus all liabilities) of 18.5c per share, which means it’s still trading snugly over book. That might be fine for an operating and profit-making company of a hot exploreco with an exciting asset that’s now being developed, but when it’s a company that continues to fail to deliver on production and has a whole bunch of debt on its books….well, that looks expensive even if every penny of that $107.8m valuation is justified. Add in the expansion of the share count, now 427.16m and with that $7.126m contingent liability looking likely to turn into equity and dilute things even further and you have a balance sheet wouldn’t be particularly pretty even if 3q17 turned out to be good. I was considering the stock as a purchase by assuming RPM would finally deliver on its promises in 3q17 and give us positive free cash flow from its mine. It’s obvious now that it won’t and the debt clock’s ticking is now very loud. “Not particularly pretty” has now become plug ugly and I don’t see how RPM pays down that debt in time, now we know that commercial production won’t happen until 2018.

The bottom line to this is line: It’s the balance sheet, stupid. They matter, you cannot hide them behind promises of a happy shiny future, RPM is now in serious financial straits and when that happens it’s the equity that suffers. The only people who could recommend this stock are people that don’t open company financials (or if they do, don’t know what they’re looking at). Avoid this stock.


Fernando de Szyszlo 1

Novo Resources (NVO.v): The drill hole at Pilbara

EDIT: Seriously, are you people this freakin' dumb? What does "I am neutral NVO", repeated time after time, mean to you? Do you have a problem with 5th grade English language comprehension? Stick your dumbass mails where the sun doesn't shine. My stars, the mining sector attracts some seriously stupid individuals.

After posting what I posted on Novo Resources (NVO.v) yesterday, I received a very interesting mail from A. Reader who told me that my post was nearly correct, because there has in fact been a hole drilled in that neck of the woods. It was sunk in 1987 by CRA Exploration and it was a deep one, too. Here follows the pages of the report published by CRA on that hole and I think anyone interested in the story should have a good read of it. Half a metre thickness? Hmmmm...

I remain neutral NVO.v.

Paging Allan Barry Laboucan

How's your massive viral campaign to get IKN blocked, suspended and removed from the world due to the "racist stuff and lies" going, Allan?

Oh hey Allan, is that your company Alset (ION.v) at new 52 week lows of 7.5c? And as you're about to run out of cash again, when's the next Pacific Ocean dilutive financing happening, Allan? Isn't it about time you did some real work instead of flapping your unqualified gums on or playing endless rounds of golf, Allan?

Checking in on East Asia Minerals (EAS.v)

Here's the chart of East Asia Minerals (EAS.v) from the time IKN ran this post exposing the return of the previous scam running chief Mike Hawkins until today:

What, 45% down in a month? Is that all?

Another pump job run from the scam centre that is Tommy Humphreys' bites the dust. No wonder RocketRed/ (aka Mister Renneberg) was so keen on telling bullshit lies about your humble scribe, he was the one at the very centre of this pump and dump. 

"For health reasons". I'm still laughing about that one.

Get on the Alpha Mining mailing list

Good news! Rob Alpha over at Alpha Mining has now set up free the daily mailer option on his blog, so you can get his posts piped to your inbox every day instead of going over to his page. In very much the same way as the IKN blog daily mailer (loved by thousands of you) all you have to do is...

1) Go over to Alpha Mining

2) Click right here...

3) ...put in your e-mail address and the non-spam code, then hit the button.

4) Then a confirmation mail turns up in your inbox (check your spam if it doesn't). You open that, click the link inside and hey presto you're up and running. All free, gratis and for nothing.

So do it and get a decent mining brain on your side.

Lithium X (LIX.v) runs a bought deal

Oh what a coincidence that the LIX bought deal closes on the very day its annuals are due!

Tahoe Resources (TAHO): Bullets in Copters

The photo from the report

The last time we heard from the liars and idiots running Tahoe Resources (TAHO) ( on the snafu at San Rafael las Flores (aka the Escobal mine in Guatemala) was September 26th when the company said, "The Company is making progress with engaging stakeholders at the Casillas roadblock."

Cue owly:

Here's the cruel reality, in this report out of Guatemala today. Your humble scribe translates:

A helicopter headed toward Minera San Rafael was attacked by firearms and hit by one bullet that put a hole into its tail, close to the rear rotor.

According to the mining company, the helicopter was carrying supplies needed for the maintenance of its environmental mitigation commitments and had to make an emergency landing inside the company's installations.

Also, the mining company said that the mine had not as yet re-started its operations, but the Environmental Ministry has ordered the company to continue with its environmental mitigation measures and due to this, the transport of fuel for electricity generation was necessary.

"These actions do not only put at risk human lives, but also the environmental commitment that we have agreed upon with the government of Guatemala as we are not able to transport supplies that are needed for the mitigation processes", said Andrés Dávila, director of corporate communication. The mining company said that even though it had shown good faith in continuing its compliance with its environmental commitments, the blockade at km80 of the roadway that runs to San Rafael Las Flores continues, which stops supplies from arriving via the road link.

Great community relations you got there, Ferrari Kev. Really making progress.


Re-re-reiterating on Novo Resources (NVO.v) (from IKN438)

This is somebody else's show, not mine. This published to subscribers on Sunday. By the way, interesting that NVO has removed that original video from youtube.


Re-re-reiterating on Novo Resources (NVO.v)
Due to the continued hype and noise being generated by Novo Resources (NVO.v) and all who sail in her (or have hitched wagons on her back) and to a new raft of mails, inquiries and general prodding of your author, though slightly annoying to do here is another short note on NVO.v and the position of The IKN Weekly.

Here’s a segment of what I wrote on NVO.v in IKN426, the weekend after the whole circus started (that Youtube video (22), remember?):

“NVO is already a $150m Market cap company and that’s expensive for a junior, exciting discovery or not. I’m not saying there’s not speculative potential in the stock, I am saying it’s hardly a riskless trade by any means.”

Here’s a bit of IKN430, mid-August:

“For what it’s worth I stand by every word in my IKN426 note and it matters not one jot that the share price happens to be +200% since then. It was expensive then, it’s expensive now and I may end up telling people that it’s expensive at $10 when it rockets through that level too.”

And here’s what I wrote in IKN433 on September 3rd, the last time the stock got a mention:

“…I’d like to take the opportunity to state again and for the record that I am on the sidelines about NVO, strictly neutral, no dog in this race.”

Are we clear now? Now you may call me a fool for not getting involved with “The greatest discovery story of the last…(etc)”, call me a yellow-bellied chikkinshit coward, call me weak and jealous of missing out, call me what you want, I don’t care and what’s more I’ve been called much worse by uglier people than you. On the flipside I could start pointing at the gold fever hype, the one-way traffic of bullish opinion, the way any dissenting voice to that of the now near-Godlike Quinton Hennigh is deserving of The Spanish Inquisition, the way in which the whole geological narrative is being driven by newsletter writers who not only are not geologists but, more dangerously, think they are. I will name names on that specific matter, those names are Kaiser, Moriarty and Taylor and if you want just one example of the potential problem, look at how John Kaiser promoted Arizona Silver earlier this very year (and for my money he’s the most respected of the three). This isn’t me being catty and taking a side-swipe at people in the same sphere, it’s me knowing about one of the biggest pitfalls of this thing I do on a weekly basis and try hard to avoid (and even then come up short). For geology, either 1) be a geologist or 2) understand clearly what a geologist is saying to you when she or he opens their mouth before writing things down and publishing them. To its credit, NVO has stated on several occasions that they do not know what Pilbara etc is yet but that hasn’t stopped the shouting when it should at least have given some pause. Two words: Gold Fever.

Yes, I have been watching the hype and hoo-hah going on (it’s impossible not to if you’re an observer of the junior sector) but my position hasn’t changed a jot. I still do not understand the stock and its deposit, the only way any of us will know is once the thing has been drilled, we haven’t even had a single hole let alone the series that will be necessary, its valuation is sky high and the risk/reward leverage has climbed exponentially as a result. And once again, you the investor/trader/whatever do not need my opinion; for one nobody knows yet, for another a thousand other people are lining up to give you their opinion so one more voice is neither here nor there. I am neutral NVO, period. Any more inquiries to this desk regarding this stock will be answered with, “See IKN438”. Thank you for your attention.

Fortuna Silver ( (FSM) at Lindero: What a difference a year makes

That was then and this is now:

It took a year and a bit to show that the parameters under which FVI bought this dog of a project were just another bunch of BS lies. And the thing is, the complete BS that FVI bought into wasn't a PEA or a pre-feas, it was supposed to be a feasibility study! It's even had the Argentine Peso devalue heavily since mid-2016, lawd help this project if local costs hadn't got that much cheaper in dollar terms.

And of course, there's the dirty little secret about Lindero; FVI will tell you they're commissioning in 2q18, but the cyctle times at this heapleach are so slow that you're not going to get a year of full production until well into 2020. And they sold this to its shareholders as "first year of ops 2018...gotta laugh.

And of course, it's in Argentina, where angels fear to tread and fools rush in. In other news, nice to see Ganoza finally buy a few shares of his own company (under duress from shareholders), which takes his skin in the game from almost fark-all to not quite fark all.

UPDATED Peru prepares for the big match tonight

Peru vs Colombia in Lima. Peru wins and they quality for Russia at the expense of Colombia. Colombia wins and they qualify at the expense of Peru. A draw and anything can happen, depending on the results of the other matches.

A nation awaits. With beer.

UPDATE: In a wild and nerve-wracking night of Association Football in South America, the dice were cast, Peru went one down and equalized to draw 1-1 but it was enough for both teams. The four automatic qualifiers are Brazil, Uruguay, Argentina (Messi hat-trick) and Colombia (that point was enough), Peru scraped into the 5th place playoff spot on goal difference, while Chile finished 6th and are out of the Finals. So are Paraguay.  

Peru now plays New Zealand in a play-off for the last spot in Russia, first leg in Wellington on November 6th, second leg in Lima November 14th.

PS: Check out Messi's 3rd goal on this Youtube, minute 2:53 onward. The more you watch it the more you see that it's sheer footballing genius.

WHY so serious

Plenty of feedback from the West High Yield (WHY.v) story featured last week (and done better by Alpha Mining) and yes it is an obvious scam. Are you that stupid to believe otherwise? Anyway, mailbag came and the best was from reader SS, who brings up a previous theme but really, he's dead right and this woeful WHY.v thing brings it into sharp focus. Take it away, SS:

Hi Otto –
Just learning about this West High Yield scam now. I saw a number of headlines about it, but didn't pay much attention to it until this morning. It’s an obvious scam.  But one that issuers could have been fooled by (not saying WHY is innocent -but it’s possible and if so incredibly stupid).  But, how on earth can the exchange and the securities regulators allow this to go through?!!!
The amount of nitpicking these bureaucrats undertake while doing the most basic and innocuous of transactions is overwhelming and cumbersome, yet they let something so blatant trade for days after?  Given the obvious peculiarities, this thing should’ve be halted 30 seconds after that news until further investigated.
It's shameful. The governing bodies need to be called out – aggressively, and held to account.  Last thing the industry needs are bullshit artists like these stealing money from dupes.

The Jekyll & Hyde metal

You may have picked up on the fact that I'm no big fan of silver, but a trade is a trade and...

...that's looking pretty bullish to me in the short term, at least. And the move this morning is 2X that of gold.

Fernando de Szyszlo

Another light goes out.


There will be no more posts on this blog until Tuesday morning

For secret reasons.


The IKN Weekly, out now

IKN438 has just been sent to subscribers. Lots of LatAm legalities, crushing copper comments and super sandy sales. Plain sailing.

The top three most visited IKN posts this week are... reverse order:

Third Place: "Correcting on Golden Queen (". This makes me happy, when one screws up one should admit the mistake, get the correction out and make sure it's seen. All good.

Second Place: "From IKN437: "Leagold ( WWWB? (What Will Woodyer Buy?)"". Which also makes me happy, this was the best thing on the blog last week.
First Place: "The perfect Christmas gift for mining investors". Yeah, come to think of it this was the best thing on the blog last week. It was also the very first of the week and went out on Sunday, which makes it a rarity (weekend traffic is light). My thanks again for reader C and to reply to a few mails, sorry I don't know where to buy one. I want one, too. In fact I'd buy a dozen and give them as Christmas presents.


The Friday OT: BT; Dreaming/Giving Up the Ghost/Godspeed/Namistai

BT's album 'Movement in Still Life' isn't perfect from wall to wall, but the UK version is miles better than the US version and inside it are these four tracks running on from each other that are mind-blowers. Your Friday OT of the day:

This runs from 30:05 of the album, the start of Dreaming, and old timers among the audience may remember it as an extremely adapted cover of a Judy Tzuke song. It's great start to a set that just gets better, with the four track sequence ending at 59:40 (yup, nearly half an hour of bliss). Your author's current music of choice on short-haul flights, it's got to the point when I don't want to get off the plane. Again, as with anything BT don't skimp on the speaker quality. Youtube here.

Remo Resources (RER.v)

One to watch. Serious Peru team. See today's news for more.

The Alset Scam (ION.v): Get the picture

Oh how we laughed when Alset (ION.v), one of the Vancouver cesspool's most obvious scams (and my stars there's competition) released yet another waste of space NR this week and...oh what a surprise...the stock proceeded to pop on the news then immediately drop.

Why the ironic use of the verb between ellipses? Well folks, all you need to do is check back over the last six months of this scam to see the pattern, it's like deja vu all over again.

1: April 4th and April 19th: Firs the classic scamsters move of a name change, then a NR with flashy showy headlines with content of nothing. 
2: May 15th. A month later, we get another empty NR with flashy sounding headline to fool neophytes, with BS spiel by scam head CEO Allan Barry Laboucan.
3: July 11th. We need to wait and wait for overdue drill results and when they turn up, same story. The showy header, the stupid BS spiel by scam head CEO Allan Barry Laboucan, the pop, the drop.
4: August 9th. And now we just copypaste. Another empty NR with flashy sounding headline to fool neophytes, with BS spiel by scam head CEO Allan Barry Laboucan.
5: October 2nd. Another empty NR with flashy sounding headline to fool neophytes, with BS spiel by scam head CEO Allan Barry Laboucan.

Only a Rex Tillerson level moron would keep falling for this scam time after time. However, the parasites of this world like Allan Barry know there are plenty of them, which is why he hangs around because a guy like Tommy Humphreys (aka Lord Haw-Haw) attracts them like flies to shit.

Keith Neumeyer, August 2016

At the time our everso everso special CEO Keith Neumeyer spoke these words, silver was at the U$20/oz mark and gold was revolving around U$1,350/oz:
We’re obviously at $20 silver. We’re at $1,350 gold, currently. I think, quite honestly, there’s a chance that we’re going to see $25 silver by the end of the year and then we could likely see $1,500 or $1,600 gold by the end of the year. Maybe those will prove to be too optimistic, but if it doesn’t happen between now and the end of the year, it’s going to happen sometime within the next 12 months.

And here's how First Majestic ( (AG) has done since those wise words were spoken:

Down over 60%. Emperor's New Clothes.

Another copper dailies chart

Considering the macro backdrop...

...copper's doing well to hold above $3/lb today.

Bad news for the Neumeyer / Ameduri pump, Zinc One (Z.v)

Daniel Ameduri must be getting pretty nervous. After all, he promised his flock of sheep in May that if Zinc One didn't get to $1.30 a share by May 2018, he'd close down his sordid little business. Here's the quote:
 Dear Reader,

We are so certain that this extremely undervalued company is a strong buy here, we are staking our entire careers on this single stock pick.
I, Daniel Ameduri, fully expect this company to lead the rally for zinc stocks, to the point that if my recommendation to you here today at CAD$0.65 doesn’t at least double over the next year, I will officially close down my letter.
In fact, I see this stock as a coiled spring, and I believe that I may be proven right over the next 30 days, with 11 months to spare!

With Z.v not even getting close to $1.30 and here today October priced at 52c he's surely antsy about the future, what with the clock ticking louder. That's the reason for his teaser mailer earlier this week and it's why he so keen on getting his sheep into this thing.

Therefore we have bad news for you, Dannyboy. IKN has learned this evening that the drill permit submission made by Zinc One (Z.v) to the government of Peru has just been turned down. That means the drill program planned to kick off this month is on total hold and what with the rainy season about to kick off in that corner of tropical Peru, the whole promo is now staring down the barrel of big fat delay.

No way you can pump flashy twin-hole drill results without any drilling done, right Danny? Looking forward to watching your piece of crap rip-off scam business close down.


West High Yield (WHY.v): "If it smells like a scam"

"If it looks like a duck, and quacks like a duck, we 
have at least to consider the possibility that we have a 
small aquatic bird of the family anatidae on our hands."
Douglas Adams

I'm getting to like Alpha Mining. Here Rob Alpha does the post on West High Yield (WHY.v) so that I don't have to. Check out  "If it smells like a scam....West High Yield" for yourself, it's all you need to know.

PS: Great follow-up post by Alpha Rob, too. Right here.

Minera IRL: It's beginning to dawn on Cofide...

...that they're deep in the excrement. About time too, the freakin' dumbasses. I mean, this band of fools try to get an asset for U$70m, then when Minera IRL doesn't just roll over and play dead demand an arbitration procedure without even noticing how weak Cofide's case is, then when they see their case is weak try everything in their power to stop the arbitration from moving forward. And now the connection between Cofide's chief Pedro Grados and the piece of crap hired by Daryl Hodges to steal the company back in 2015, Jaime Pinto, is finally coming to light. The truth behind that cosy partnership has only just begun to be revealed, too.

Meanwhile, according to the on-record statements of the IRL chairman, the company can't wait to get the arbitration process going. What does that tell you?

After the Fiore (F.v) debacle, the pressure on Deepgreen

The whole of Frank Giustra's Vancouver empire rests on his ability to turn paper into hard currency, which means that the recent Fiore Gold (F.v) fiasco is not good for his business. So all eyes now on the next charge about to leave his stable, the very silly Deepgreen. Frank's obviously worried about this one, because in the last 48 hours he's sent the word out to his minions Tommy Humphreys and Brian Paes-Braga to hit the phones, call up all those "lucky friends and family" who were given dirt cheap pre-IPO shares in HIVE and get them to prop up the Deepgreen IPO. Or else.

We can, therefore, state the obvious: The Deepgreen initial offering will fill and Frank, using OPM as usual, will make his money. But we can also state that Tommy and Bri-Bri are going to pump the merry hell out of this one. Also that the anointed few who sold their HIVE shares for obscene profits are now aware that there's no such thing as a free lunch, especially when you get hooked into Giustra's nefarious world. The ex-escrow rush for the door on Deepgreen is set to be one for the ages.

Chart of the day is...

...copper, last week's trading:

Getting jiggy this morning.

Correcting on Golden Queen (

When IKN gets one wrong, your humble scribe has no problem in eating a slice of humble pie. That happened last night when in this short post I wrote that the big share price drop in Golden Queen ( was due to selling from the partner Clay family. That's not right. In fact, the drop was due to John Doody issuing a sell call to his newsletter subscribers. Therefore, IKN corrects.

Widening the subject slightly, As for the real reason behind the GQM drop, the dumbass Doody has a really nasty track record of screwing his own subscribers this way. In fact the comment on the promising Alphamining blog here yesterday said it well:

"If the massive sell-off today was due to a newsletter writer's recommendation and you are a subscriber, ask yourself if you really should follow his or her advice on small cap stocks with limited liquidity.  You'll overpay to establish the position and you'll get crushed when the herd heads for the exit, which may explain the action today."

Or as one of the people kind enough to wrote into IKN this morning noted, "They did the same thing to Minefinders, Eldorado and most recently, as you are aware, Sandstorm. Each time was a great buying opportunity". True that.

CORRECTED Golden Queen ( dropped today because...

...the Clay family did some hefty backdoor selling. Just so you know.

CORRECTION: Turns out I've got this one wrong. The reality in this update post published Thursday morning.


The Ameduri/Neumeyer pump on Zinc One (Z.v) begins

Less than a day after IKN told you the score in this post, the paid pusher whore Daniel Ameduri began his campaign to pump the merry hell out of Keith Neumeyer's Zinc One (Z.v). Here's the Ameduri 'Future Money Trends' mailer from this morning:

The soft teaser beginning, but as FMT only has one zinc name on its roster there's no doubt about the real game going on. Also no doubt, when the very centre of this pumpjob decides the time is right they're going to give this thing both barrels. For one thing, Ameduri promised his dumb flock that if it didn't make $1.30 by mid 2018 he'd close down his bucketshop. That and he has to keep his paymaster happy, as Keith has paid him $250,000 to run this thing at the world.

From IKN437: "Leagold ( WWWB? (What Will Woodyer Buy?)"

Here's a piece that formed part of IKN437, out last Sunday evening, that muses on what targets Neil Woodyer has in mind for his new toy Leagold ( Interestingly, since this was published (2.5 trading days ago) Guyana Gold ( is up 10.3% and Argonaut Gold ( is up 8.6%. But that's probably just coincidence, innit guv? After all, nobody takes IKN seriously.


Leagold ( WWWB? (What Will Woodyer Buy?)
In the last two weeks, the question in that title is one that I’ve spent time and conversations on. It’s about narrowing down the potentials for M&A activity too, because although I’m in no hurry to buy into Leagold (, the company originally formed to buy Los Filos from Goldcorp (GG) last year, if we can identify the next things on the shopping list for LMC there’s money to be made.

The background is as follows: Now that LMC is off and running with Los Filos (e.g. announcing a few days ago the first part of the underground development program it will need to get the underground project at the mine working) it’s clearly looking further afield. In recent days its CEO Neil Woodyer has confirmed to the market that LMC will adopt a “build and buy” strategy similar to the one he used to great effect at Endeavour Mining ( in West Africa. Also, a little over two weeks ago at a meet and greet lunch at BMO he was heard saying that LMC planned to buy “in LatAm” for its next purchase, with acquisition number three “in Guerrero”, the province where Los Filos itself is located. That little lot gives us clues, as does the M.O. Woodyer used to build EDV.

  • Although other metals aren’t out the question, this company is obviously a project with gold in mind.
  • LMC is the LatAm version of EDV. The formula works, it’s lather/rinse/repeat time.
  • EDV bought late-stage projects, mines working sub-optimally, or companies with balance sheet pressure (subsequently alleviated by share placements) (also see how Crocodile Gold transformed itself and was bought out…same plan).
  • EDV has at least two purchases in mind, even as it progresses with Los Filos.

I don’t want to make this a long-winded piece, so let’s get straight to the point. I’ll be very interested to hear what other ideas or suggestions you out there might have for potential targets, but after due consideration and plenty of chinwag with a range of contacts, here are my three calls as logical contenders. Two are best fits, one is a possible alternative.

For next purchase: Best call Argonaut Gold ( Argonaut ( has the right mix: It’s an operator, it’s in Mexico (same as Leagold), it’s been woefully run over the years and its assets are in need of a shot in the arm. After a string of bad purchases which AR refuses to write down, it currently runs a book value of U$627m, so considering that its operations turned a minor profit in Q2, just considering its market cap of approx U$347m (CAD$1 = U$0.80), the price/book of 0.55X points us at one dysfunctional company that could do with a new broom. Its market cap is roughly equivalent to LMC’s at the moment too, so it would work on a “merger of equals” marketing frame.

For next purchase: Possible call Guyana Goldfields ( If it weren’t for the fact that GUY is 1.5X the market cap of LMC at the moment, this would be my prime choice. As things are, it might be too much of a reach at the moment. GUY operates the Aurora mine in Guyana and had a problematic Q2, which along with a piece of minor bad news about Q3 recently has seen its share price drop quite sharply. Again a producer, again a great fit, GUY also has some financial debt on board which weighs on its bottom line results and that’s a fit for the Woodyer model, too. However, in order for this one to be a live possibility we’d need to see its PPS climbing first because no board in its right mind sells out at lows unless under serious strain.

For subsequent purchase: Alio Gold (ALO) ( After hearing recently that LMC planned to buy its next thing outside of Guerrero before buying again inside, I put a potential spec on hold. But it’s only on hold, because if the circumstances pan out it’s my most likely buy of the three. Alio Gold (ALO), previously known as Timmins Gold and owner of the Ana Paula project in Guerrero as well as the San Francisco operating mine in the North, is the only one that truly fits (Torex is way too big, nothing else there has the advanced project status Woodyer would require). At a market cap of C$190m approx, it’s the right size too. Another potential synergy is that if (repeat IF) LMC does a deal with Argonaut, the San Francisco operation would fit right in with the AR assets, geographically close and with obvious cost benefits for the larger corporation.

Bottom line: We know LMC plans to repeat the EDV model, be aggressive and build something with specific gravity in LatAm in the same style as EDV has in Africa. It’s always tough to second-guess M&A targets, but on consideration I think there’s a chance that the first target will be Argonaut. I don’t plan to trade that myself, it’s a little too much like trying to convince myself I’m right. However, once LMC jumps and makes its purchase, it would then make all the sense in the world to take a long position in Alio Gold, first because LMC’s plans were then off and running, second because LMC wants something else in Guerrero as purchase number three and ALO is the only thing that truly fits the bill. If the second purchase (i.e. Los Filos is number one) turns out to be Argonaut that would just add more conviction to my ALO thesis, as San Francisco would fit into the plans more closely.

But one thing is sure: It’s not guesswork or conjecture as to whether LMC will go the M&A route, it’s a case of when. CEO Woodyer has not hidden the corporate strategy and the roadmap looks very similar to the previous EDV success. The only issue is the timing.

Chart of the day is...

...zinc, six months:

And though it doesn't show it on this Kitco daily close chart, check Kitco's 24h chart here and you'll see that Zn just broke U$1.52/lb. She be flying.

Minera IRL: Jaime Pinto has been a naughty boy

And now Jaime Pinto is going to pay. Yup, Pinto is indeed the "certain third party" now charged with corruption and from what IKN understands, the case against him is very strong. He goin' down. Link here.

LIMA, PERU--(Marketwired - Oct. 4, 2017) - Minera IRL Limited ("Minera IRL" or "the Company") (BVLAC:MIRL)(CSE:MIRL)(CSE:MIRL.CN)(CNSX:MIRL) reports that the Superior Council of Arbitration of the Chamber of Commerce of Lima ("CCL") has rejected the arguments submitted by Corporación Financiera de Desarrollo S.A. ("COFIDE") in opposition to beginning the Arbitration requested in June, 2017 by the Company's subsidiary company, Minera IRL S.A. The Council has admitted all of Minera IRL claims despite COFIDE's objections, and decided that the Arbitration should continue. The formal announcement of the Arbitration Panel is expected in the coming days.
Minera IRL has become aware of irregularities at COFIDE that appear to be preventing COFIDE from honoring its commitments under the Mandate Contract to structure the US$240m financing package for the development of the Company's Ollachea gold project. As a result, the Company has filed, before the authorities, a criminal complaint of corruption against certain officers of COFIDE and third parties directly involved with the alleged events. MIRL has taken this strong step in order to protect the assets of the Company and all of its stakeholders.
In addition, the Company understands that COFIDE has filed a lawsuit against some of its own former officers, alleging violations of internal procedures and, without any apparent foundation, COFIDE has named the Company as an additional defendant. It appears that, rather than trying to find a joint solution to the existing dispute, COFIDE would prefer to harm the Company's good name and commercial reputation.
Minera IRL's Executive Chairman, Gerardo Perez, stated that "We are pleased with the CCL Superior Council of Arbitration decision rejecting COFIDE's opposition and ordering continuation of the arbitration. We intend to provide all necessary evidence during the course of the arbitration process in order for the arbitrators to find in our favor. Likewise, we reject the complaint and abusive attitude of certain COFIDE officers who appear intent on destroying our Company's reputation and commercial viability through a media campaign that threatens our ability to access possible means of financing."
The Arbitration was requested by the Company last June. COFIDE submitted its opposition by the end of July. In August, the parties were called by the Superior Council of Arbitration of the Chamber of Commerce of Lima in order to present their positions regarding the continuation of the procedure. In September, by means of Resolution No. 0234-2017-CCL, the Council decided that "the Arbitration shall continue with the participation of Minera IRL S.A. and COFIDE regarding all the claims previously submitted by Minera IRL, so that the Arbitration Panel to be constituted can decide on any objection to its competence".
Following said resolution, the final composition of the Arbitration Panel is expected to be announced and constituted in the near future.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this news release.


Angry Geologist does Regulus (REG.v), part deux

TAG runs the ruler over the latest NR from REG with the second set of holes from AntaKori. Apart from being wrong about his guess on where the centre of the skarn might be, it's very good. Go here.


An interesting new blog

It's called Alphaminingblog, it's new today, the owner sent over a mail to ask whether I'd check it out. I did and thanks to posts such as this one that rips quite correctly into the mediocre BS that is Los Andes Copper (LA.v) in good style, it's already looking like a promising source. Here's how that post ended:
"If anybody from Los Andes Copper reads this, I'm sorry to pick on you in my first blog post.  My view is that you wasted money paying biased newsletter writers to hype your story to make it sound better than it really is.  That is not serving your shareholders well and it takes capital away from other projects with better economics that should be advanced.  Oh, and you should remove the paid research report from your website because the regulators take the view that it has to be NI43-101 compliant if you disseminate it and that report is not compliant!"

Well said, apart from the apology Rob; never apologize to a mining sector parasite (a statement which includes John Lee and Vic Alboini, of course). There are two other posts up on the blog already, so go check out the whole thing on this link right here. I'll be keeping my beady eye on Alphaminingblog, wishing it godspeed.

PS: And Greg Johnson, of course.

The next Daniel Ameduri/Keith Neumeyer pump...

...will be Zinc One (Z.v).

Now they've fleeced a bunch of sheep via HIVE.v, the Keith and Danny show is about to turn its attention to Zinc One (Z.v), the zinc project thing Keith runs in Peru. Drilling is set to kick off in a couple of weeks and when it does, we'll probably get the first volley of BS from Ameduri at Future Money trends (he's being paid $250,000 by Neumeyer to pump it...get to work sonny). Then comes the first set of drill results and as they're virtually guaranteed to include 20%+ Zn hits, Ameduri will then hit the hyperdrice button.

You may feel like positioning yourself before it all kicks off.

First Majestic (AG) ( Not good

What's even worse: This happened Sunday and that sociopath Neumeyer decided to keep it quiet. Seriously Keith, WTF? You loll around your office, trying to make yourself out as the coolest guy in town, sipping añejo tequilas and espousing on the spiritual benefits of yoga, but when reality intrudes into your pathetic fantasy world you just fold up into a corner and pretend nothing's happened. Coward.

Four Dead in Explosion at First Majestic Mexican Mine: Excelsior

2017-10-03 01:57:20.579 GMT

By Cyntia Barrera Diaz
(Bloomberg) -- An explosion at La Encantada mine, located in the northern Mexican state of Coahuila, left four workers dead, Excelsior reports.

* Explosion happened Sunday afternoon at one of the mine’s scoops

** Subsequent fire affected part of the mine

To contact the reporter on this story:
Cyntia Barrera Diaz in Mexico City at 

UPDATE: Published to SEDAR at 12:27pm today Tuesday; How freakin' pathetic.


Sandstorm Gold (SAND) ( 3q17 sales

A decent number, 14,290oz AuEq,which means SAND is a virtual lock to beat the top end of 2017 guidance now. They need 12,403 o in Q4 and if they don't make that, it would be the worst quarter since 1q16.

NR here and there's plenty more to chew over in it.