My thoughts on Medinah's presentation deck:
First of all, the presentation deck has been long overdue, so I'm glad this has been completed and kudos to whomever is responsible for putting it together. It is factual and informative as most geological decks, though noticeably not up to date with recent Auryn information. Unfortunately, that means that there isn't anything in particular that sticks out in the presentation that would compel a prospective shareholder to dig further into the company, let alone purchase shares. However, I'm not sure that was the primary intent of the deck.
What Was Unfortunately Absent
There should've been a mention of how ADL's location, elevation, proximity to infrastructure equates to lower CAPEX and with the current price of gold, this is a hot-button issue and something that most companies tout. There was a general bullet point near the end of the deck, but I think ADL's proximity to infrastructure is one of its standout features from other prospective deposits.
There was no mention of the Perez report indicating the presence of at least 2 low-grade porphyries, the dozen intrusives running at surface over 7 km, etc. They did mention his opinion of ADL being "World Class", but a hint of factual support for that statement would go much further.
While they did mention Auryn's agreement with MMC for a program of sampling, why didn't they just state specifically "bulk" sampling? "Sampling" vs "Bulk Sampling" are two different concepts with two different connotations. The specificity and implication of stating that it is a bulk sampling program carries a lot more weight to a reader than just saying "sampling" and then going on to to explain what the bulk sampling process is (which is unnecessary if they had just stated "bulk sampling").
What Was Conspicuously Absent
There were no recent photos showing mineralization, drilling, the LDM adit and so forth. There are plenty of those photos on MDMN's website, I'm sure one or two of them are worthy for inclusion in the deck. Why weren't they included in lieu of the 15 year old photos?
None of Auryn's geological drawings or charts were included. Why wouldn't you want to present the most current geo-models to prospective shareholders?
There was no commencement date of Auryn's drilling program, no mention of the number of meters drilled/trenched to date by Auryn, nor were Auryn's drill holes or trenches included on the map of historical drilling. You want the deck to not only have the impression of being current, but actually being current. It's like creating a resume and leaving your last job off of it.
There was no mention of the grades of copper and gold, particularly the high grades measured at LDM. Bottom line, junior exploration investors like reading about grades and meters.
There was no mention that Sr. Letts is a current board member of Auryn or that AHC BOD members and associates hold 150 million shares of MDMN. Ordinarily this kind of information is key to piquing prospective shareholder's interest.
MDMN holds 22,000 hectares of properties, though the presentation only focuses on the 7,000 hectares of the ADL "flagship" property and 2,400 hectares of NUOCO. I believe this ADL-centric presentation lends credence to my speculation that MDMN will eventually offload its other properties (to AMNP most likely) so that MDMN only comprises ADL assets to simplify the asset structure and valuation for Auryn. I believe there was no need to include the other properties because the other properties are either dormant or probably aren't going to be part of the company much longer. Do we really believe Auryn wants to deal with JJ's side projects after all they've been through with ADL?
The company mentioned Industry Guide 7 and/or NI 43-101 report as one of its goals. Just this week I had cautioned them on the SEC/CSA's crackdown of non-Canadian filers misusing the term "NI 43-101" in corporate literature and filings (see: LBSR). IG7 only applies to SEC-reporting companies and NI 43-101 only applies to Canadian companies issuing stock. MDMN is neither. They should've just mentioned that the completion of a geological report, or a Competent/Qualified Person's Report (or the geological report applicable to the Chile/Peru jurisdiction). The use of NI 43-101 is ultimately harmless in how it is presented in the deck (they are merely stating it as a goal, which by logic would necessitate an uplisting to SEC-filer or TSX-V). Whatever the case may be, it is ultimately MDMN management's responsibility to follow the appropriate security laws. Regardless, I believe that this hints at Auryn's aspiration to publicly list on the TSX-V.
Bottom line - this appears to be an Auryn-controlled presentation that has been deliberately neutered of any recent data or developments and devoid of any kind of marketing sizzle. While it is generally informative, there is nothing in the deck that would make an investor say "Yeah, I gotta check this company out." Without a doubt, this was done intentionally and I can only think of two reasons why:
1) Auryn wants to make their own splash when they put together their geological data and update their website accordingly.
2) For the time being Auryn wants to downplay their involvement in the property in order to keep a lid on the share price while they acquire shares.
...or both.
