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Thanks. I stand, er sit, corrected.
Dino
Every quarterly report has been audited for as long as I can remember. That's why they've often been late.
Dino
So do I.
Dino
Perhaps a new subsidiary of IRMEX TRADING SRL?
https://www.dnb.com/business-directory/company-profiles.irmex_trading_srl.d1d851af46b99eff107542010a0c6c42.html
Or maybe not.
Dino
Does this answer your question?
Dino
Mexus Continues To Produce Gold; Seeks JV at Santa Elena Mine
7:00 am ET January 10, 2022 (Accesswire) Print
CABORCA, MEXICO / ACCESSWIRE / January 10, 2022 / Mexus Gold US (OTCQB:MXSG) ("Mexus" or the "Company) announced it is ready to ship gold laden activated carbon from production at its Santa Elena mine upon receiving assays from the import/export customs office. This shipment will be the second shipment since 12/20/21. The net returns will be published when results are produced by the smelter. Based on recent mining improvements and the opening of new ground the company expects an additional shipment will be made in the next 3 ½ weeks.
Mexus is pursuing a joint venture partner at the Santa Elena mine. Mexus CEO Paul Thompson added "I believe that a partner performing a drilling program with the option to buy for a set price plus a royalty is the best option for the shareholders. We expect to negotiate a good price per oz gold equivalent given the continued high price of gold, production occurring at the Santa Elena mine, and the data compiled to date."
Glad to see you're still around. Haven't heard from you in quite a while.
Dino
I've spent a few days at the Santa Elena. Took a quick trip to the Trinidad just for evaluation purposes, also.
Alaska was in 2016. Summer before last I was in 3 underground US mines and a couple of pits. Come to think of it, the first US mine I was in was in 1959 or 60; Australia in 1984.
It's not hard to get experience if you're really interested.
Dino
You mean the contract I signed last month to buy my new house isn't legal!?!
Dino
Tell that to ConAgra and S C Johnson.
Dino
Nope, wrong again.
My current company is just a DBA. The IRS knows about it because I file a schedule C, but (I hope) they ain't talkin. No other government agency in any country should have any information for publication.
I forgot to mention, partnerships and trusts are similar, just filing a K-1 also.
Dino
I see. There's no such thing as a privately owned company? I didn't tell the SEC anything about mine until we filed to go public. I never told them anything about my second company.
IRMEX sounds to me like a subsidiary of "IR", whatever that represents. How about Ingersoll Rand? There's a company you've heard of, but not their brand new Mexican operation to get into mining. Yup, I made that up, but it could be. Not every company in the world, or even in the mining industry, is listed in the pages of IBD.
In short, "There are more things in heaven and earth, Horatio, than are dreamt of in your philosophy."
Dino
High school English? You mean, like ending a sentence with a preposition?
That is something up with which I shall not put!
Dino
Sorry, too many distractions. I meant to say 6 months. Wish I could blame it on auto-correct, but I blew it all by myself.
Dino
They are restricted until you register them with the SEC, usually via form 144. You cannot file that form until at least 60 days after issuance, however.
Dino
Apparently, the SEC doesn't understand the meaning of caveat emptor, or they think we're too stupid to learn a Latin phrase.
Wasn't it President Reagan who said the most frightening phrase in the English language is "We're from the Government, and we're here to help you."
Dino
Not exactly accurate. There are lots of domestic ones like this, too.
Because rumors of that nature encourage people to dump the stock and drive the share prices down.
Dino
You need to contact your broker and convince them that you are a "sophisticated investor". Generally, that means you have assets in excess of a $million. If you qualify for private placements, you should qualify for trading on the "expert market".
https://blog.otcmarkets.com/2021/03/25/understanding-the-expert-market/
"Only broker-dealers and professional or sophisticated investors are permitted to view quotations in Expert Market securities."
Good luck, and please tell us if you are successful.
Dino
Where did you see info on 103 Troy ounces? Posted on iHub?
Please site when/where.
DINO
https://www.otcmarkets.com/stock/MXSG/security shows
Outstanding Shares 249,998,916 10/08/2021
Restricted 112,038,697 10/08/2021
Unrestricted 137,960,219 10/08/2021
Dino
Mexus isn't going to expand the pad every quarter, etc. Remember, because they aren't in the SEC and GAAP "production" phase, they have to expense what would otherwise be capital improvements.
Cashflow seems to be about $35-40,000 per month.
Dino
Salt (NaCl) is also a poison - especially to plant life. The Dutch developed a breed of grass that would tolerate and remove it from soil. I don't know how well that would work in Mexico, but it's an interesting idea.
Probably worth a try.
Dino
Unless they can find an illegal - sorry - undocumented migrant to carry the carbon across the border, it takes several days to get to the U.S. of A. If you're feeling frustrated, think of how they must feel.
Fortunately, it's only overland. My partner had stuffed shipped by sea in August which didn't arrive in LA until October...and is still trying to get to Dallas.
How does that go? #EmptyShelvesJoe
Dino
I still believe in the company. It's the SEC I no longer believe. Apparently they're too dumb to no the meaning of Caveat Emptor, so they think I don't either.
Dino
That ton of "material" is the carbon. It can be re-used. It doesn't get destroyed in the process. My understanding is that it's clean and ready when then process is complete. I doubt seriously that Mexus negotiated a sweetheart deal and Sipi has been doing this for years, for many customers. I'm sure Sipi planned for proper disposal of any contaminates and built that into their fee.
Dino
Sounds like a great idea. I sure Mexus would be happy to use a closer processor.
Please let me know if you find a processing machine for under $1,000,000.
Dino
Lets see. 5 minutes to move the filters into position, an hour or less for the machine to process them while the operator monitors, another 5 minutes to remove the empty filters and time to smelt the gold removed into a bar. Include the cost of water, electricity for the process and the furnace. Remember that this is part of a continuous process they do all day long and our filters are merely one batch out of ? and the total processing cost is, what $100.
I think that 3% of 76.5 ounces should more than cover it.
Dino
When did they add leach pads? I thought they're only using floatation circuits.
Meanwhile, if you can reduce your costs by going on the grid and conserving water, an expensive resource in much of Mexico, why is that a bad thing? Profits are determined by subtracting costs from sales and since the environmentalists are trying to shut down all mining, phrasing it in "woke" terms is really a good idea.
If you read what they did rather than how they phrased the announcement, you should be pleased.
Dino
Because the bar in the picture is doré.
Dino
He didn't issue a PR telling you what he had for lunch yesterday, either.
Shipping the first carbon filters to a processor was news. Shipping refined gold for sale the first time was news. Shipping the 2nd, third, 314th, etc. shipments is not news.
I'm sure the reason for mentioning the scheduled shipment on the 24th was only to assure sceptics that it has become a repeatable process.
Relax. You might even make a profit. I certainly intend to.
Dino
What makes you think that there's only been one shipment? The PR said every two weeks. I'm sure that was meant to be an approximate number since weekends and holidays affect the schedule. However, my calendar says that the 24th would probably be the third shipment. Three shipments in 6 weeks? Do the math, it's not hard. I told you about shipping delays due to lack of drivers and more recently severe weather hasn't helped pick-up times either, so the schedule is not precisely every 14 days.
Besides, today's PR didn't say when the gold being shipped to the buyer was shipped to the processor. It looks like a two step process. The processor (refiner) is not always the end customer.
Dino
Interesting info from yesterday's edition of John Doody's Gold Stock Analyst.
"Once a worthwhile deposit has been discovered, mining stocks trace a consistent pattern. Good news drives the price higher during the early
years. Those stocks with a bona fide deposit then begin a period of studies and permitting. The flow of news is low – there’s not much action to
keep investors interested. Plus, this stage also involves a lot of financing. Often, the companies issue new shares to raise cash, diluting original shareholders. But once enough money is raised, new potential investors can see how big the “pie” is and how much each slice represents."
I think that Mexus is at that second point.
The second quote is his definition:
"commercial production – when the mine is generating positive cash flow and can stand alone without outside financing"
Mexus has been borrowing $50K or less to complete the new (and expanded) pad, perfect the carbon capture process, etc., and cover the overhead. $50000/30 days/3oz au equiv = $555.56 all in cost per ounce. Assuming only $1775/oz, that means $1219 per day or $36,583 gross profit per month. That's just about the actual net proceeds of each loan if you subtract all the fees and interest.
The expanded pad should begin adding to the daily production rate sometime this month, roughly doubling gross profits by October or November at the latest.
So, break-even in September, cash flow positive in October, and enough extra cash to set up the ball mill and gravity separation line for the high-grade quartz or whatever Paul thinks is the best expansion step next. We've won the battle. Success is not just around the corner. It's here.
That's the way I see it.
Dino
I agree. That's why I bought more today.
Dino
Just rounded off holdings at .0108. Couldn't resist making a quick profit next week.
Dino
No, that means positive cash flow.
Here's where some of that "debt" has been going. Notice the extensions on either side of the pad.
http://mexusgoldus.com/wp-content/uploads/August-2021-mine-site-400x400.jpg
http://mexusgoldus.com/wp-content/uploads/August-2021-heap-pad-400x400.jpg
Dino
The PR included the results from the fire assays, so you can see what he meant by "very few."
http://mexusgoldus.com/wp-content/uploads/Recent-fire-assays.png
Dino
That is correct. However, that same PR didn't say how much carbon was in the 1st shipment, did it.
Let it rest. If there's a point to be made, you've made it. If you really cared, you'd call Paul or Cesar and ask.
Dino
Read the release. 45 days from date of arrival, and we don't know when that was.
BTW the 90% payment is probably based on the assay shown in the PR. They settle up 45 days or so later.
Dino
Do you know the process by which the carbon was shipped? I don't. If you want to export a shipment from Mexico to the US, are there export controls you need to meet? Remember, this was the first (of many) shipment that Mexus has sent by common carrier. The company is in Mexico. If you think the US has paperwork, permits, red tape of other varieties, you ain't seen nothin' yet.
Now that the startup hurdles have been cleared, I hope the shipments will go out in a smoother, more orderly way, but we are talking about Mexico.
My guess is the third party analysis was required by Sipi. It was performed by Laboratorio Technologico de Metalurgia in Hermosilo, Sonora, Mexico. If gitreal will forgive my cardinal sin of averaging the assay numbers, it looks to me like the ratio of gold to silver is about 1.8. In other words, there's almost two ounces of gold for each ounce of silver. Considering that gold today is worth about 75 times more than silver, that's a good thing. You may recall that the assays on the first ore processed were 3 to 1 silver over gold. That's why every shipment has to be analyzed. Even then, you can see the differences in the three samples analyzed from each of the carbon filters.
The 45-day delay for the first shipment is SOP according to Sipi's terms. Once the relationship is established, it changes.
Does that answer your questions?
Dino
Oops. Sorry.
Dino