Weekend Show – Sat 16 May, 2020

Hour 1 – All you need to know about ZIRP around the world

Full First Hour

This week was packed with company updates and introductions. Please check out the links below to all the interviews. It really helps me out when you all send me questions so please keep them coming to Fleck@kereport.com.

I hope you all have a great weekend and enjoyable long weekend for all our Canadian listeners.

  • Segment 1 and 2 – Peter Boockvar, Chief Investment Officer at Bleakley Advisory Group kicks off the show with his thoughts on ZIRP and the damage it has done to other Countries. We also comment on the markets ability to ignore the consistent bad economic data.
  • Segment 3 – Marc Chandler, Managing Partner at Bannockburn Global ForEx outlines how the currency markets have reacted to ZIRP around the world.
  • Segment 4 – Mike Konnert, President and CEO of Vizsla Resources wraps up the first hour with an update on recent drill results and an overview of the exploration plans for this year. Vizsla is a new silver exploration company that is exploring a newly consolidated land package called the Panuco Project in Mexico.

Exclusive Company Updates and Introductions


Peter Boockvar
Marc Chandler
Vizsla Resources – Mike Konnert


Comments:
  1. On May 16, 2020 at 3:14 am,
    Thomas says:

    Cory thanks for all your work !!!

  2. On May 16, 2020 at 3:29 am,
    Thomas says:

    Victoria Gold had an impressive +58% last week (I am a long term shareholder)

    On SH there are comments that this was because of a recommendation from John Doody of Gold Stock Analyst https://stansberryresearch.com/products/gold-stock-analyst-pro

    Does anybody has a subscription and knows more?
    Seems to be a large community, if they have such an impact on a share price

  3. On May 16, 2020 at 6:06 am,
    Charles says:

    Thanks for the show Cory. Great discussion of NIRP.

    • On May 17, 2020 at 1:09 am,
      Excelsior says:

      Yes thanks Cory for a jam-packed week of daily editorials and company updates, and another great weekend show.

  4. On May 16, 2020 at 8:26 am,
    Thomas says:

    Argonaut made a loss of $9.5 million in the first quarter

    https://seekingalpha.com/pr/17869026-argonaut-gold-announces-first-quarter-2020-operating-and-financial-results

    There share price doubled from the lows in March. Unlikely I sold to early. Never really was convinced with the management performance they deliver. AISC of $1323 is not a good sign.

    • On May 17, 2020 at 1:08 am,
      Excelsior says:

      As we’ve discussed before, only looking at the current operating mines, and missing the huge impact that their 2 primary Development projects have is missing the forest for the trees.

      Cerro Del Gallo (with 2.8 Million ounces of Gold) , and in particular, the monster project Magino (with over 2 Million ounces of Gold proven and probable, and another 4 Million ounces of Gold measured and indicated – for a total of 6 Million ounces of Gold) is where the future value is.

      https://www.argonautgold.com/English/assets/development/magino/default.aspx

      (AR) doubled off the lows in March, like most other Gold & Silver stocks because that selloff was ridiculous, but that just gets it back to the very under-valued it position it was in prior to the late Feb into mid March selloff that hit the whole sector.

      • On May 17, 2020 at 1:32 am,
        Excelsior says:

        Also comment was skewed to only the one negative in their press release, and one could have just as easily ran with the headline:

        “Argonaut Gold – quarterly net cash increase of $6.0 million and adjusted net income of $8.4 Millon”

        Let’s post the whole summary, and it paints a much better holistic picture:

        “Argonaut Gold Inc. (ARNGF) (AR) is pleased to announce its operating and financial results for the first quarter ended March 31, 2020. The Company reports quarterly production of 41,536 gold equivalent ounces, a quarterly net cash increase of $6.0 million, cash flow from operating activities before changes in operating working capital of $14.8 million, net loss of $9.5 million or loss per share of $0.05, and adjusted net income of $8.4 million or adjusted earnings per share of $0.05. ”

        Pete Dougherty, President and CEO stated: “We are starting to see the benefits of the operational changes we implemented in late 2019 and early 2020 and expect to see the positive impact of these benefits throughout the balance of the year. During the quarter, we delivered strong cash flow that allowed us to reduce our accounts payable balance by $10 million, reduce our debt by $3 million, invest nearly $13 million in capital projects and still increase our cash balance by $3 million. While mining, crushing and stacking operations were ceased in early April due to the COVID-19 restrictions in Mexico, we are preparing to restart these activities on May 18, 2020. The safety and security of our workforce and the communities in which we operate is paramount and we are going above and beyond the government requirements for re-opening full operations. Given the nature of heap leach operations, metal production and sales have not been impacted to date. Also, since we were ahead on our leach pad construction year-to-date, we will have the opportunity to quickly ramp production back up to planned levels given our ability to place ore very close to plastic.”

        https://www.argonautgold.com/English/news-and-events/news-releases/news-releases-details/2020/Argonaut-Gold-Announces-First-Quarter-2020-Operating-and-Financial-Results/default.aspx

        • On May 17, 2020 at 1:38 am,
          Excelsior says:

          Then on top of all of that, (AR) Argonaut should complete their acquisition of (ALO) Alio Gold in June, and that brings in another producing mine and another key development project into their portfolio. Obviously that will be adjusting their production profile and costs as well.

          ___________________________________________________

          Argonaut Gold Provides Operations and Alio Merger Update

          May 15, 2020

          Pete Dougherty, President & CEO stated: “We have implemented strict protocols for all employees in our phased approach to bringing them back to work in an effort to protect both our workforce and the communities near our mines. We recognize that while mining has now been deemed an essential business, the Mexico federal government yesterday outlined June 1, 2020 as the date by which mining operations should recommence.”

          Pete Dougherty added: “In discussions with Alio, we both agree the health and safety of our workforce and our communities is paramount and the strong rationale for the merger of our companies remains valid in spite of any near-term disruptions to operations. Therefore, we both agreed to waive the 45-day opt out clause to provide stakeholders with clarity and remove uncertainty around the merger. We expect the transaction to close in June.”

          https://www.argonautgold.com/English/news-and-events/news-releases/news-releases-details/2020/Argonaut-Gold-Provides-Operations-and-Alio-Merger-Update/default.aspx

          • On May 17, 2020 at 1:41 am,
            Excelsior says:

            With all of these positives stacking up in (AR) Argonaut Gold’s favor, I’d expect their performance to be much more positive over the next 2 years as an emerging Mid-Tier Gold / Silver producer, with 3 Producing mines, and 3 large Development projects, than some of the more bloated fully valued Mid-tiers like Equinox/Leagold.

          • On May 17, 2020 at 2:00 am,
            Excelsior says:

            Here is a 1 month performance chart of Argonaut Gold versus Equinox Gold.

            I’d expect this same kind of ratio over the balance of the next 2 years. While EQX may go up 100%+ in market cap, I could easily see AR go up 300-400% in Market Cap.

            http://cdn.ceo.ca/1fc1v50-Argonaut%20Gold%20and%20Equinox%20Gold%201%20Month%20Performance%20Chart.JPG

        • On May 17, 2020 at 1:45 am,
          Excelsior says:

          (AR) (ARNGF) Argonaut Gold – Corporate Presentation May 13, 2020

          https://s22.q4cdn.com/115151820/files/doc_presentations/2020/05/AR-Q12020-FINAL-WEB.pdf

    • On May 17, 2020 at 10:17 am,
      Thomas says:

      Ex, I stick to the following
      „Pure management can destroy a good company, even with great assets“
      „Great management can create a great company, even without great assets“

      At the moment I see pure results with great assets

      • On May 17, 2020 at 11:17 am,
        Excelsior says:

        Understood, but I feel they have solid management and are on a good trajectory for their turnaround, and the results are in line with their guidance (barring this odd Covid-19 pause that almost every miner). They are opening back up June 1st, and I expect they’ll get the Alio Gold transaction wrapped up next month, lower their costs as a result of bringing their mine into the fold, and keep moving forward on the 3 large development projects.

        I’ve been following them for a long time, and I’m more excited about their future now that I ever have been and feel they’ve really started to their ship around.

        In 2 years, I believe they’ll be one of the solid Mid-Tier producers everyone feels comfortable owning, but by that point the re-rating will have happened. Just my 2 cents.

  5. On May 16, 2020 at 8:34 am,
    Matthew says:

    Dw Jones: My reply to you yesterday regarding Scorpio Gold somehow triggered an “awaiting moderation” and it still hasn’t appeared. So again, yes, I think Scorpio is worth holding now that the company has gotten its finances in order. At a market cap of $5.6M Cdn, it looks cheap even accounting for the debentures, of course, and I still own about 2% of the outstanding shares (which is down from 5% but up considerably from what I had 2-3 years ago). I’ve been adding to my position lately including yesterday.
    https://stockcharts.com/h-sc/ui?s=SGN.V&p=W&yr=5&mn=0&dy=0&id=p26027377471&a=659712508

    • On May 17, 2020 at 1:02 am,
      Excelsior says:

      Agreed Matthew. I’ve been holding my Scorpio Gold and may start nibbling at it again.

    • On May 17, 2020 at 1:59 pm,
      dw jones says:

      Matthew, thanks for your opinion on scorpio gold. I have a strong position and was worried that it wasn’t doing much in this market and thought maybe it was dead. appreciate your graphs and intelligent comments here on KER.

      • On May 17, 2020 at 4:45 pm,
        Matthew says:

        Thanks Dw. You probably know this but for those that don’t, the net present value (NPV) of the heap leach material that they intend to process has more than doubled since the updated feasibility study was done 2 years ago. That’s based on a very reasonable $1500 gold price. At $1750 gold, the NPV is roughly triple $35M of 2 years ago. At $1500 gold, the base case 30% IRR (internal rate of return) turns into 50%+
        Refer to pages 12-14 here:
        https://www.scorpiogold.com/site/assets/files/5652/corporatepresentation.pdf

        The above is a great “safety net” but my main reason for holding it remains the exploration potential. A great drill hole or two can have a fantastic impact on the valuation of a $5M company, especially during a bull market and in Nevada.

  6. On May 16, 2020 at 9:08 am,
    Matthew says:

    Brixton Metals insider(s) purchased 450,000 shares on Monday and weekly volume hit a 9 month high.
    https://stockcharts.com/h-sc/ui?s=BBB.V&p=W&yr=5&mn=0&dy=0&id=p18730816383&a=681845445

    • On May 16, 2020 at 9:19 am,
      David says:

      Brixton was inching up last week and I thought this time it may move. They elected to close it out on a sale I assume. Looking for a sign of life next week. They have had some decent drill results, but it appears nothing gets it out of its range.

      • On May 16, 2020 at 10:08 am,
        Matthew says:

        By Thursday, it was at resistance, overbought and up 168% since the March low so I don’t see the pullback on Friday as a bad thing. At least not yet.
        The weekly chart is far from overbought and looks good.
        Daily:
        https://stockcharts.com/h-sc/ui?s=BBB.V&p=D&yr=1&mn=0&dy=0&id=p27313336711&a=642531471

        • On May 17, 2020 at 7:36 am,
          Wolfster says:

          I’m ok with it pulling back since I haven’t bought yet. Yes it’s selfish of me but I have only so many funds to spread around. Have some winners I have sell orders in at the moment that are slowly getting filled. Hoping to add brixton and jag to the portfolio

  7. On May 16, 2020 at 9:36 am,
    dpd says:

    Financial Sense had a very good show today in the last 20 of the 127.

  8. On May 16, 2020 at 10:34 am,
    Dick Tracy says:

    Hole GSDL2001 drilled by Freegold Ventures, was a Space Odyssey! The share price was up more than 43% on Friday. It is just getting started! LOL! DT

    • On May 16, 2020 at 2:52 pm,
      David says:

      I believe During the Friday interview of Sprott, he indicated he made a 3rd buy and now owns 28% of Freegold.

    • On May 17, 2020 at 6:45 am,
      Dick Tracy says:

      David, by the looks of things, like a gambler at Vegas Sprott is all in. Freegold’s 6 million ounces will be re-rated. I wonder how many ounces of placer gold have been mined from the creeks that drain The Golden Summit? DT

      • On May 17, 2020 at 7:07 am,
        Dick Tracy says:

        I contacted the IR department at Freegold and they haven’t resumed drilling of 2001 because of covid 19, but it will happen very soon. DT

        • On May 17, 2020 at 7:43 am,
          David says:

          I will be looking at both Freegold and Azimut to see if they can followup on some impressive drill results. I think Azimut is held up by Canadian weather following their initial strong start. It is still early but a good time to be having successes.

        • On May 17, 2020 at 8:01 am,
          David says:

          Short term I am watching the the halt on Discovery Metals that occurred Friday. I am hoping it is good news as Sprott made comments in support of Discovery Friday before the halt. Best guess is drill results, but with the apparent silver break out, maybe it is something more they have been saving. Halts…add spice.

          • On May 17, 2020 at 8:13 am,
            Dick Tracy says:

            Hi David, Freegold’s neighbor is Kinross’s Fort Knox property, they are mining grades of 0.34 G/T. That mine has another 10 years of life, FVL’s resource has a grade more than 2 times Kinross.

          • On May 18, 2020 at 6:18 am,
            David says:

            Sprott did a $10 mil PP with DSV. I assume the halt will come off.

          • On May 18, 2020 at 6:36 am,
            Excelsior says:

            DSV Discovery Metals is a solid Silver Developer and Explorer and has been performing well lately, so I can see why Sprott has been buying more…. I have as well. 😉

            We were just talking about Mark O’Dea and the Oxygen Capital Group being a solid management team for Pure Gold, but they are doing great with Discovery Metals as well.

          • On May 18, 2020 at 8:23 am,
            Dick Tracy says:

            T.FVL is up in The US currently trading at .41 or 57.5 cents CDN, up 16%

          • On May 18, 2020 at 6:59 pm,
            Excelsior says:

            DT – Freegold has been on fire lately. You’ve done well with that one man!

            I completely missed that one, but celebrate the success others are having in it.

      • On May 17, 2020 at 8:12 am,
        David says:

        I keep thinking of things I heard or read recently. This one caught my attention, but either the CEO or someone was being interviewed by I think a woman. She asked the question whether MAko would consider a reverse split to elevate themself on an US exchange and he responded that it was a possibility. I guess the end result of a reverse split is fewer shares at a higher price, but my experience is that announcing one, much less doing one, results in an attack of shorts. There are situations where price keeps going up and limited impact…but, nust gets my attention.

        • On May 18, 2020 at 6:39 am,
          Excelsior says:

          Yeah I’ve now reduced down my Mako Mining position to see how this all plays out, but still my position in Sailfish Royalties which will benefit from the Net Smelter Royalty on San Albino.

          • On May 18, 2020 at 11:28 am,
            David says:

            Ex:
            I was thinking the same thing on my Mako position as I really don’t care how good a stock is I just don’t want to hear reverse split. But, late last week I cut back my uranium position already as this silver “wake up” program as well as Pure Gold moving got me shifting things. Added to Pure Gold last week and today bought back Minaurum. Also added some Metallic earlier today. May take some Mako and put in Metallic, GR Silver or Kootenay. Wonder if it matters which. I hope this trading opportunity lasts another 20 years. I hate corrections. I find them unnecessary.

          • On May 18, 2020 at 6:57 pm,
            Excelsior says:

            That strategy makes sense to me David. Agreed, I don’t generally like reverse splits, but the ones that USAS and EQX did to get listed on the big board made sense strategically. Still, I’ve been talking with some investors over at ceo.ca about Nicaragua and have become a bit more concerned about it as a jurisdiction that I initially was taking a deeper dive, and am reducing the exposure to that country.

            Again, I still have FISH, but they are diversified in Mexico, and Nevada, in addition to their NSR on Mako’s project.

            Also like you I’m looking closer at adding to Silver explorers & developers like Metallic, Vizsla, Kootenay, Discovery Metals, Orex, Dolly Varden, Bayhorse, Aurcana, Defiance. I’m just holding my Brixton position waiting for it to break out so I can sell it. I recently sold my Abraplata position into the strength. I may add Southern Silver. With Silvercrest I traded back out of it into recent strength, and am debating staying out to focus on smaller cap stocks instead. With Alexco, it’ so much larger and liquid than those other stocks that I trade it like it already is a producer, just trading around the core position.

          • On May 19, 2020 at 6:24 am,
            David says:

            Ex:
            Interesting. I sold my Aphrabrata may 6 months ago and have wondered if Brixton and Bayhorse would ever go. Both of them will get a bid all day long and then go back to where they were to start another day. Bayhorse got a trade yesterday and Brixton been moving some. I used to have a bunch of southern silver and sold out twice in past but was looking again yesterday. I like Alexco and Metallic grades. I am watching Discovery after the halt comes out but have a bunch. Thanks for your thoughts.

          • On May 19, 2020 at 7:29 am,
            David says:

            Ex:
            Got some Metallic and Southern Silver before picking up more TLT.

  9. On May 16, 2020 at 11:09 am,
    Matthew says:

    Last Saturday:
    On May 9, 2020 at 10:03 am,
    Matthew says:
    Next week looks like it will be a good one for silver and the miners, silver juniors in particular.
    https://stockcharts.com/h-sc/ui?s=%24SILVER&p=D&yr=1&mn=5&dy=0&id=p85486604946&a=647228156

    • On May 16, 2020 at 11:10 am,
      Matthew says:

      All the charts I posted last weekend look better now!
      http://www.kereport.com/2020/05/09/hour-1-9/

      • On May 17, 2020 at 2:05 am,
        Excelsior says:

        Gold-Mining Stocks Will Outshine Gold in 2020

        By Andrew Addison – May 14, 2020

        “But now the more bullish story is in the gold-mining stocks rather than bullion. From now until year end, my work projects that the gold miners will outperform the S&P 500 index by a considerable margin.”

        “the Gold Miners index is poised to outperform the S&P 500 by 25% to 40% by year-end. The second chart shows that the Gold Miners broke out of a three-year rounding base. Having gained the support of its various moving averages, the underlying base provides powerful support for the advance.”

        https://www.barrons.com/articles/gold-mining-stocks-will-outshine-gold-in-2020-51589474377

        • On May 17, 2020 at 2:17 am,
          Excelsior says:

          Silver Weekly Price Forecast – Silver Markets Explode to The Upside

          Silver markets have broken significantly to the upside during the week, reaching towards the $17 level.

          Christopher Lewis – May 15, 2020

          “Silver markets have exploded to the upside during the week, initially pulling back but then smashing through the $16.00 level. That was the first sign of extensive bullish pressure, but the real fix was on Friday one the market simply shot straight up in the air, gaining 4% premarket. Ultimately, this is a market that is going to continue to look at the $17 level, an area that was previous support. This is an area that will attract a lot of attention, so therefore I think at this point in time Silver markets have proven themselves to be bullish. Now that we are here, it is highly likely that we will continue to see buyers try to take advantage of “cheap silver.”

          https://www.fxempire.com/forecasts/article/silver-weekly-price-forecast-silver-markets-explode-to-the-upside-649602

          • On May 17, 2020 at 2:22 am,
            Excelsior says:

            Silver Begins To Accelerate Higher Faster Than Gold

            Between 2008 and 2011, Gold rallied over 300% while Silver rallied over 600% just after the Credit Crisis event.

            Chris Vermeulen – May 15, 2020

            “Precious metals have been on our radar for many months and, if you’ve been paying attention, you probably already know our research suggests Gold and Silver are one of the best investments you can make right now. Recently, we shared this article suggesting Gold would need to rally above our proprietary Fibonacci Price Amplitude Arc (GREEN Arc) level near $1745 before it would attempt a bigger upside price move. Additionally, just a few days ago we published this article suggesting Silver would begin to rally even faster than gold.”

            “Today, both Gold and Silver are making bigger upside price moves with Silver up over 3% while Gold is up 1.3%. We believe this nearly 250% faster Silver advance may be the start of what we have been predicting for many months – an incredible parabolic upside price advance in BOTH Gold and Silver.”

            https://www.fxempire.com/forecasts/article/silver-begins-to-accelerate-higher-faster-than-gold-649617

          • On May 17, 2020 at 2:58 am,
            Excelsior says:

            Looks like Christopher was spot on as Silver futures closed on Friday at $17.07

            https://www.investing.com/commodities/silver

          • On May 17, 2020 at 11:38 am,
            Matthew says:

            If I remember correctly, Chris V. did not remain very confident during and after the crash. Like nearly everyone else, he was worried about “major the technical damage” that really wasn’t there. Again, that’s IF my memory is correct. I might be confusing him with one of the many others who played the aftermath all wrong.
            https://stockcharts.com/h-sc/ui?s=%24GDM&p=W&yr=10&mn=0&dy=0&id=p71483168210&a=727381853

          • On May 18, 2020 at 7:09 pm,
            Excelsior says:

            For clarity my post about Christopher being spot on was about Christopher Lewis’s analysis, not Chris Vermeulen’s.

            Yes, I believe you remembered Chris V’s analysis correctly Matthew. When I was raising more cash to buy in mid-March, Chris V. had come on here and put out articles at the time saying there could be more weakness and a larger correction, that it was a risky time and far to crazy to be trading it. He mentioned telling folks to wait on the sideline in cash.

            This was a real head-scratcher to me because he focuses on swing-trading, and that kind of volatility is a swing-traders dream. It’s hard to swing trade stagnant markets and the more volatile, the easier they are to trade if one just uses the lessor hourly charts in concert with the daily charts. He definitely wasn’t alone in opting for “safety” of going to cash over seizing on the opportunity, but that is how things are at most bottoms. When most people think it’s an insane time to buy in a asset, my contrarian alarm goes off and makes me much more interested in buying. When most investors were shaking on the sidelines, I was moving funds out of deep storage into my trading account to deploy into the amazing deals, and huge pullbacks in stocks that I already liked when they were 30-50% higher in valuations. Why wouldn’t someone want to jump on those deals. Most were at 38.2% or 50% Fib retracements, and that is a great place to add or start new positions. Obviously that was the right call as most mining stocks went up 100%+ coming out of that March bottom.

  10. On May 16, 2020 at 11:30 am,
    Dragonite says:

    USD is the world reserve currency. It needs a big pool of bond market. Negative rate can damage it or even destroy it. So unless US financial market is on its last leg, I don’t think NIRP will happen. If NIRP happens, just run as fast as you can.

  11. On May 17, 2020 at 5:31 am,
    Wolfster says:

    So Americas gold and silver did the Friday after the close release. From my quick scan the part that concerns me is the AISC at relief is now over $1,000. Don’t believe I’ve seen that before.

    https://ceo.ca/@newswire/americas-gold-and-silver-corporation-reports-first

    • On May 17, 2020 at 11:31 am,
      Excelsior says:

      Most of the the operations update was very positive at Cosala and Galena, but the Covid-19 shut down came right at they were ramping things up at Galena so they ended up reporting a net loss, and it was compounded by a few start-up hurtles at Relief Canyon.

      A for Relief Canon, i has taken longer than expected, as they are still are ramping up (said every miner that has ever taken a new mine into production). This has happened at almost 95% of all mines during start up, so I’m not too concerned.

      __________________________________________________________________________
      Operational and First Quarter Financial Highlights

      > Relief Canyon continues to ramp-up following first gold pour in February and the Company is focused on achieving commercial production by late Q2-2020 or early Q3-2020.
      > Subsequent to Q1-2020, the Company closed a bought deal public offering for gross proceeds of approximately C$28.75 million which provides the Company with available capital to address working capital needs including bringing Relief Canyon into commercial production, particularly in the COVID-19 environment.
      > As a result of Relief Canyon being in pre-commercial production, the Cosalá Operations producing for less than a month during the quarter, and the exclusion of operating metrics from the Galena Complex during the Galena recapitalization plan, Q1-2020 revenue was $7.3 million resulting in a net loss of $4.1 million or ($0.03) per share.
      > Cosalá production for the first 26 days of Q1-2020 yielded 420 gold equivalent ounces or 0.3 million silver equivalent ounces at cost of sales of $7.19/oz equivalent silver, by-product cash cost3 of negative ($11.32/oz) silver, and all-in sustaining cost of negative ($0.83/oz) silver.
      > The Galena Recapitalization Plan is proceeding better than expected with the Company seeing both increased production and encouraging exploration results.
      > Outlook for 2021 continues to be 90,000 to 110,000 gold equivalent ounces at expected all-in sustaining costs of $900 to $1,100 per gold equivalent ounce.
      At March 31, 2020, the Company had a cash balance of approximately $16.4 million.
      ___________________

      “The Company is in a great position to benefit from the strong gold price environment moving forward as we addressed common start-up challenges at Relief Canyon and it continues to ramp-up,” said Americas President & CEO Darren Blasutti. “All operating aspects at Relief Canyon are trending positively, the Cosalá Operations should be able to resume production early in the second half of 2020 as we have had several encouraging developments in Mexico and the Galena Recapitalization Plan is proceeding better than expected. The recently completed financing provides the Company with sufficient working capital to bring Relief Canyon to commercial production.”

      • On May 17, 2020 at 11:38 am,
        Excelsior says:

        If the Covid-19 shutdowns hadn’t happened Cosala would have continued kicking butt, with negative all in sustaining costs with the fantastic Zinc & Lead credits.

        “Cosalá production for the first 26 days of Q1-2020 yielded 420 gold equivalent ounces or 0.3 million silver equivalent ounces at cost of sales of $7.19/oz equivalent silver, by-product cash cost3 of negative ($11.32/oz) silver, and all-in sustaining cost of negative ($0.83/oz) silver.”

        _________________________________

        That Eric Sprott money for Galena is all on track and really helping, but the excluded the mining metrics at Galena during the quarter due to that recapitalization plan, but it will show on the next quarter. It reads well that Galena is on track as planned:

        “The Galena Recapitalization Plan is proceeding better than expected with the Company seeing both increased production and encouraging exploration results.”

        They’ll get things fixed at Relief Canyon, and the balance of the year should be great.

        • On May 17, 2020 at 12:11 pm,
          Wolfster says:

          That’s all great Ex but bottom line is this management has always been underperforming their own guidances every time. I might be wrong but I don’t think they ever stated until Friday’s release an AISC over $1,000 for relief. No comparison between pure gold and Americas when it comes to management staying within their own guidances. I’ve said it before with Americas they need to start lowering expectations so they actually meet or exceed their guidances going forward

          • On May 17, 2020 at 12:35 pm,
            Excelsior says:

            I think that is a fair critique over the last 1-2 years. Prior to that they were overachieving their guidance and regularly hit their guidance, but they’ve been too ambitious in what they felt they could get done, and when they hit those milestones they were underwhelming after it being a quarter or 2 late. I agree with you there, that it would be better to under-promise and over deliver, than the opposite.

            Hopefully they tighten it up moving foward.

  12. On May 18, 2020 at 5:04 am,
    Marty says:

    $18 US Silver today ? ( 8 am EST, Monday)

    • On May 18, 2020 at 5:25 am,
      Wolfster says:

      Oops. You spoke too soon. Right at 8:00 the huge sell in gold took the steam out of the run. Golds negative now.

  13. On May 18, 2020 at 6:11 am,
    Wolfster says:
    • On May 18, 2020 at 6:30 am,
      Excelsior says:

      You beat me to to Wolfster. I was just getting ready to post that news from Silvercorp now outbidding Gran Colombia to acquire Guyana Goldfields.

      I resonate with the comment from this contributor over at ceo.ca:

      _______________________________________

      @dimi123 – “This is what I was afraid of which you could probably see from my previous posts. I was worried that $SVM will enter into a bidding war with $GCM and this is what happened despite some early signs that they know better.”

      “I’m not too happy but the market seems to disagree with me. $SVM is up 7% premarket. Probably mostly due to the jump in the price of silver but the deal doesn’t seem to have a negative effect, so that’s definitely a good thing!”

  14. On May 18, 2020 at 6:39 am,
    Wolfster says:

    Sight for sore eyes. 🤣🤣🤣

    What a change from when I got up this morning when gold was up $14 and silver up .80

    • On May 18, 2020 at 6:44 am,
      Excelsior says:

      Yeah my trading account is rocketing higher right out of the gates this morning.

      Quite a strong start to the week, with many stocks gapping higher and breaking out.

      • On May 18, 2020 at 7:11 am,
        Excelsior says:

        Most of the Silver stocks are up quite nicely in tandem with the Gold stocks.

        Very nice to see!

        • On May 18, 2020 at 7:15 am,
          Wolfster says:

          Well it certainly is a challenge for me today as the Canadian markets are closed so I’m relying on the otcbb for quotes on my stocks and then convert it to Canadian dollar…..if I got pure gold right it is trading at $1.23 as it is at .88us. Wow is all I could say to that

          • On May 18, 2020 at 7:39 am,
            Excelsior says:

            Pure Gold Mining (PGM) (LRTNF) – We can get started for life (tonight)

            CRUX Investor – May 16, 2020

            Interview with Darin Labrenz, President & CEO of gold developer, Pure Gold Mining

            https://www.youtube.com/watch?v=Hh8qxdeCfSo

          • On May 18, 2020 at 7:50 am,
            Excelsior says:

            Yes, I’ve been doing currency conversions as well, but there are plenty of dual listed stocks where I have the more liquid US holdings that have been on a tear. Some of them I traded in the premarkets because they were so active this morning. It’s wild out there today in the markets!

          • On May 18, 2020 at 8:07 am,
            Wolfster says:

            I guessing your talking plays like Americas and Alexco. They’ve had a big range on the day

          • On May 18, 2020 at 11:12 am,
            Excelsior says:

            Yeah in the premarkets and big open in the main trading session I was selling just a tiny bit of USAS, SVM, AXU, EXK, ASM, but not touching my positions in MUX, MMX, MXSG, SMTS, PLG, etc…

            Also Uranium stocks are up today so some positions like UUUU, URG, UEC, NXE are in the green.

            It will be interesting to see what happens tomorrow with both markets open if the Canadian positions will gap up or if the US positions will gap down, or if they’ll meet somewhere in the middle.

  15. On May 18, 2020 at 6:46 am,
    Excelsior says:

    (NEE) (NHVCF) Northern Vertex Reports Production Results and Continuous Improvement Initiatives at Moss Gold Mine Located in Northwest Arizona

    by @newswire on 28 Apr 2020

    “Gold production in the current quarter increased as compared to the quarter ended December 31, 2019. The Company expects quarterly gold production to continue to increase following the completion of a second leach pad and the implementation of a new intermediate leach solution system as described below under the section Operational Highlights. In addition, Management continues to evaluate other opportunities to potentially increase gold production while reducing costs. Consequently, the Company continues to advance its tradeoff study for utilizing a 3/8-inch crush size versus the current 1/4-inch crush size, which if successful could significantly increase ore volumes processed.”

    https://ceo.ca/@newswire/northern-vertex-reports-production-results-and-continuous

  16. On May 18, 2020 at 9:48 am,
    Marty says:

    Stink sale 30% of position SVM @ $4.85 near opening.

    • On May 18, 2020 at 6:41 pm,
      Excelsior says:

      Yeah, I trimmed 1/4 of my SVM in the premarkets and early trading in the general markets.

      • On May 19, 2020 at 6:43 am,
        Excelsior says:

        For continuity, I just added that SVM position back at the open today for a far better price than I sold it for yesterday morning. I love these markets!!

  17. On May 18, 2020 at 10:55 am,
    Matthew says:

    Gold is hanging out $9 below Michael Oliver’s magic number which happens to be at mine (1730). This pullback is for buying but you can bet there are plenty going short considering all the experts that did not see this strength coming.
    https://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=1&mn=1&dy=0&id=p72304933547

  18. On May 19, 2020 at 7:22 am,
    David says:

    Ex and Other TLT Followers:
    Theralase received US FDA approval to proceed with Phase II cancer treatment. They already have been treating patients in Canada Phase II. Twelve treated but results not reported. US sites to be announced.

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