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Straight from the 10Q:
Interest is payable semi-annually. For the first two years, interest will be payable, at the option of the Company, either in cash or in the form of additional Debentures (or a combination thereof). For the third and fourth years, interest will be payable only in cash. The Company elected to pay the first two semi-annual interest payments in cash in June 2017, and December of 2017. In June 2018, the Company elected to make the third payment of $437,852, in the form of additional Debentures (Payment in Kind).
So, first two payments were in cash - $$ from Tonogold was paid against the principal and that is why the overall debenture debt is lower. Had they paid the interest with new debentures, like your post suggested, the overall debt would be growing at a rather significant rate.
Unfortunately, they did elect to use the "payment in kind" feature for the interest payment that was due July 1, so the debt did go higher - from 7.9m to 8.4 mil.
Saildone - from what I can see - the form 4s filed on 6/13/2018 and on 6/18/2018 show it is INTG that is selling. Keep in mind that INTG is a fiscal tax filer - June 30 is their year end. So, my guess is that we are seeing tax loss selling as part of their "tax planning". Just a guess.
Small article about Itronics - one of the green tech companies LODE is working with:
http://www.kolotv.com/content/news/Made-in-Nevada-Local-green-company-turns-toxic-waste-into-fertilizer--426860481.html
Get RSS notifications when there is an update https://www.comstockmining.com/corporate/ceo-blog?format=feed&type=rss
I just tried to send you an email to the last known I had from the old LODE group.
Pathetic losers that cannot do anything on their own and cannot wait to put their name on the work of others. Too funny.
You do know that the agreement - which TNGL has not even committed to - is for a FRACTION of the holdings you were pointing to, right?
So...is that before or after the massive dilution that is coming TNGL's way? They have zero cash.... have not made a "commitment" to anything...at least nothing that has been publicly announced. Should they decide to get off the pot and make a decision they either have to come up with $1 million or $2 million. How many shares is that? Common? Preferred? Warrants? At what discount?
What did your hummingbird tell you about that?
Rich2 - good to hear from you.
Check your email.
We'll see what happens over the next six months. TNGL has until then to make a decision and winter is nearly upon the Comstock. If they get buried in snow / rain like last year - there will be no opportunity to drill until spring. Just never know how it's going to go with the weather there.
That is the same website that shows Steve parent with 40 million shares. That is completely false.
That is the plan, from what I read in the last 10Q and press release.
SEC tells a different story.
Van Den Berg filed their last 13F-HR on 8/14/2017. Shows they hold 30,671,322 as of 6/30/2017. Of course, they could have sold since then. Won't know until they make their next filing. Due by 11/15/2017.
https://www.sec.gov/Archives/edgar/data/1142062/000139834417010224/xslForm13F_X01/fp0027150_13fhr-table.xml
You need to do a tad more due diligence.
I am curious. What did you expect to hear today?
How do you think that will be achieved? I can think of only two ways:
#1 - TNGL raises significant capital so that LODE investors have confidence that the JV has any possibility of success
#2 - Sufficient non-mining assets are sold to clear the debt - possible since some of the water rights and a few of the parcels have sold and Corrado indicated that conversations are on-going with respect to the Daney Ranch and Silver Springs properties.
My mistake. TNGL files on the Pink Sheet board:
https://www.otcmarkets.com/stock/TNGL/filings
Last filing showing on SEC website appears to be from 2014.
https://www.sec.gov/cgi-bin/browse-edgar?CIK=tngl&owner=exclude&action=getcompany
I'm very familiar with Moelis & Company. I have no doubt that Moelis will make money.
There have been no insider sells or buys for that matter. You are out of your mind - or you just lie.
So that people can see for themselves:
https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001120970&type=&dateb=&owner=only&count=40
Comstock Mining has not sold a thing. TNGL has paid $200K (which they had to raise capital to get BTW) for an option to purchase a 51% interest in the Lucerne project. Approx 1200 acres of the almost 9,000 acres that Comstock holds. Of course, TNGL is going to have to come up with $20 Million dollars to achieve this feat and well, considering they have no money, we shall see.
Then, to process any material they manage to develop and mine - they need to come up with another $25 million more to purchase 51% of the existing facility. Again - we shall see.
Considering you have been ranting and raving about how the Lucerne is worthless, seems kind of odd that you are telling people to buy stock in a company that doesn't keep their filings current, or rather, doesn't bother to file at all and that will get diluted by who knows how much while telling them to short the stock of the NYSE American listed company that is going to be the recipient of all the cash.
Oh, and no matter how this plays - Comstock will still own either 49% of all these assets that you now think are so great + the cash or they will hold 100% + $1 million of TNGL's money (less actual Lucerne development expenses) if TNGL fails to raise the cash - and decides not to move forward with the option.
Best part of latest filings is that Van Den Berg, US Global, Sun Valley, and Royce held. Those are the key players in this game (as well as JW, of course). The rest is noise.
So far we are at a net decline; however the top 3 have not yet reported.
Those that have taken new or increased slightly are unremarkable.
We'll know by Wednesday.
Then I will get more than $2.38 for my shares, assuming no more shares are issued. And more shares will be issued, btw.
You are not accounting for recovery rates to start with.
You are not accounting for infrastructure costs for Lucerne UG or Dayton/Spring Valley.
Why not go with what the Company has set for a goal?
https://www.comstockmining.com/news/press-releases/623-tuesday-august-1-2017
Corrado De Gasperis, Executive Chairman and CEO of the Company stated, “Our second quarter was very productive as we signed one new strategic agreement and advanced three others. These ventures are designed to enhance liquidity, accelerate mining activities, strengthen and grow our land position and reduce costs, all with the goal of delivering $500 million of accretive share value in the next 2-3 years.”
Now, divide that by your 210,000,000 shares outstanding. What do you come up with? Should be approx. $2.38 per share in 2-3 years IF the company meets the goal and not another share is issued.
And your credentials are? Your alias does not exude confidence, in my view.
Regardless, Comstock Mining has never claimed reserves, their SEC filings, presentation and technical reports are clearly state RESOURCE. So...who is being completely mis-leading? That would be you.
As for me, Behre-Dolbear and their more than 100 years of experience trumps whatever you type over and over. I also think that Micon International knows a tad more about mining and technical reports than you do.
I cannot help it if you cannot read or are just simply demonstrating willful ignorance.
Once more:
https://www.micon-international.com/ni-43-101-technical-reports-theyre-not/
An NI 43-101 Technical Report can be any of the following:
A first time report on a mineral property (exploration or operating).
A summary of the exploration activities with inherent Quality Control/Quality Assurance (QA/QC) on a project.
A summary of the mineral resource estimate for a property.
A report outlining ownership of a non-operating interest in a property (Royalty or otherwise).
A report containing the results of a Preliminary Economic Assessment.
A report or summary of the results of a Pre-Feasibility Study, depending on the complexity of the project.
A summary of the results of a Feasibility Study on a mineral property.
A summary of work conducted on an operating project possibly containing updated resource and reserve estimates.
Any variation of the above.
Little blip by Cycladex CEO (thanks to ST poster)
Lester - Comstock does not have reserves. They have resources. Look at their presentation - page 15. There is not a single reference to reserve, there are several uses of the word resource(s).
Look at their 10K and 10Q filings. You will find this phrase:
"Our Comstock exploration activities include open pit gold and silver test mining. As defined by the Securities Exchange Commission (“SEC”) Industry Guide 7, we have not yet established any proven or probable reserves at our Comstock Lode Project."
There is no need to raise your "voice" or keep posting the same thing over and over.
Comstock Mining does not claim to have reserves. Never has.
Now, for those that want to learn a bit more about the difference between resources (measured, indicated, inferred, historical) and reserves (proven and probable) you might want to take a look at:
https://www.geologyforinvestors.com/classification-of-mineral-resources-and-reserves/
And for those that want to know more about the NI 43-101 and what may be included (and still be completely legit) may want to take a look here:
https://www.micon-international.com/ni-43-101-technical-reports-theyre-not/
An NI 43-101 Technical Report can be any of the following:
A first time report on a mineral property (exploration or operating).
A summary of the exploration activities with inherent Quality Control/Quality Assurance (QA/QC) on a project.
A summary of the mineral resource estimate for a property.[color=yellow]
A report outlining ownership of a non-operating interest in a property (Royalty or otherwise).
A report containing the results of a Preliminary Economic Assessment.
A report or summary of the results of a Pre-Feasibility Study, depending on the complexity of the project.
A summary of the results of a Feasibility Study on a mineral property.
A summary of work conducted on an operating project possibly containing updated resource and reserve estimates.
Any variation of the above.
You do realize that people buy a $0.20 stock for its POTENTIAL, right? Want to buy reserves and profit? Buy Newmont, oh wait, they lost money in 2016. Ok, how about Yamana - nope, they lost money, too. How about Barrick - yep, they turned it around and posted a profit in 2016. Of course, they had to borrow $2 BILLION to show net income of $8.6 MILLION and had negative retained earnings, but all we care about are reserves.
Before you go all crazy and start "yelling" again, I'm not telling a single person to buy this stock. Seriously, this is penny land. The land of day-traders and dreamers. People (I hope) are only gambling with what they can leave on the table.
I say nothing. Buy the stock or don't.
Now we are having a real discussion. Finally.
Lester, I don't have a clue who the potential JV partner(s) will be. Has to be company with a ton of cash to develop the Lucerne. Keep in mind that CMI has an SUP allowing for the exploration and development of nearly 1300 acres in that particular area. The Harris Portal hasn't gone anywhere and the first 6 drill bays that have been developed also haven't gone anywhere.
Maxbet - The Cycladex theory is intriguing. For any that have not read about it, you might want to check out:
http://cycladex.com/
https://www.sbir.gov/sbirsearch/detail/874015
http://www.telegraph.co.uk/business/2017/03/15/nobel-prize-winner-sir-fraser-stoddart-hopes-turn-gold-mines/
If it works on both oxide and sulfide ore, the impact to the mining industry would be phenomenal. CMI having a 10% ground-floor stake in such technology has the POTENTIAL to be astounding. However, what works on a small sample may or may not translate when processing millions of tons of material. I certainly desire that to be the case - on many levels. I am also curious as to whether they could use it on tailings. CMI has a whole lot of material already stacked that, while at the end returned around 87% AU, was not the case at the beginning. I have no idea if they could test on the existing heap material.
Baystock - you've come pretty close to nailing what I consider the true assets of the company.
Land - owns or controls approximately 8,631 acres of mining claims and parcels [2,266 acres of patented claims (private lands) and surface parcels (private lands) and approximately 6,365 acres of unpatented mining claims].
Water rights - in Storey County which provides the water needed for processing and those up for sale in Silver Springs.
Permits (and this is a BIG one)
Storey County (Lucerne) mining and processing Special Use Permit boundary of nearly 1,300 acres.
American Flat Processing Area (Storey County)
Air Quality Permit allowing for material processing of up to 7.3 million tons per annum with up to 20 hours of operation per day.
Water Pollution Control Permit with the crushing and processing capacity to operate at a rate of up to 4.0 million tons of material, crushed and stacked, per annum and authorizing additional cell expansion of the heap leach facility. The WPCP also enables the expansion of the heap leach for the foreseeable future (see PR dtd 2/3/2016 - which speaks to 90 acres).
Exploration SUP in Lyon county - allowing for exploration of the Dayton & Spring Valley (let's not forget that the company also got the land zoned for mining).
Oh, and then there is:
The state of the art on-site lab currently being used by Cycladex for testing
The fully permitted and functional Merrill-Crowe processing facility with all the necessary infrastructure and expertise to go from "dirt to dore"
Of course, since this is a gold & silver exploration company - we need to have geological evidence that PM's exist. We have that in spades. It's THE COMSTOCK LODE.
Will it be easy to pull it off? No. Is it going to take time? Yes.
IF, AND I DO MEAN IF, they can sell the non-mining assets for what they hope to get (approx $14M) they will be a debt free company with ZERO preferred shares or warrants, very little NSR's, and a couple million dollars in the bank. That would give them leverage and enable them to move forward with delivering on their promise to increase shareholder value.
These are MY opinions and speculations taken from is publicly available on the company website and 10K and 10Q filings.
Vanguard SOLD 146,730; Calpers HELD (no buys - no sells) and UBS ADDED 110,941 = net reduction in holdings = (35,789).
http://www.nasdaq.com/symbol/lode/institutional-holdings
At a $0.20 stock price you are talking about a net difference of less than $7,500. Really, who cares???
For the life of me, I cannot figure out why you would not highlight the real assets of this company rather than focus on minuscule movements in index funds from a computer algorithm.
And, I'm not talking about the 3.2M oz of resource - and let us be clear - it is a resource - measured, indicated and inferred (including historical data).
The short answer - Absolutely false.
Find the section in each of the 10Ks (annual reports) under Part II item 5 labeled "Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Price Range of Common Stock"
You will find what you are looking for.
It will take time if you really want to know.
Looking back is not going to tell you a single thing about this company. The path has changed. You'd probably be better served spending your time reading the MD&A (Part II, Item 7) from the last couple 10K's and 1st qtr 10Q.
Contact information:
Comstock Mining Inc.
1200 American Flat Road
PO Box 1118
Virginia City, NV 89440
http://www.comstockmining.com
Corrado De Gasperis
President & CEO
Tel (775) 847-4755
degasperis@comstockmining.com
Zach Spencer
Investor Relations
Tel (775) 847-5272 x151
questions@comstockmining.com
The answer is here (in their 13F form filed 5/12/2017):
COMSTOCK MNG INC COM 79,973 SH
https://www.sec.gov/Archives/edgar/data/73124/000125648417000009/xslForm13F_X01/ntc-13f-hr-2017-03.xml
The best resource I have found for accurate holding information is:
http://www.nasdaq.com/symbol/lode/institutional-holdings
Q over Q there has been a decline in institutional holdings. It will be August before we know what changes occurred in 2nd qtr. The funny part, with all the talk, is that of the nearly 50 "institutions" listed, I have personal friends that own more than all but the top 5. So, by and large, the retail investment community holds the shares that are traded every day. I do not view this as negative.
I don't know what the "following" thing means on IHUB. The only way I know to utilize the private reply feature is to be a paid subscriber and I'm not one.
If you are not excited about the PR's or any other presentation put forth by the Company - whether website, Facebook, Twitter, etc... then let them know. No matter what people say - shareholders of all sizes are valued. Sometimes he is just super busy and you have to "nudge" him a little. Try to be specific, if you can. Email the IR / External relations people that are listed at the bottom of the PR and cc Corrado. He knows how to reach me.
Crazy - 4200 followers on ST - mostly retail and mostly traders.
Not much time for extra work (especially free work), but for them.....I'd probably find some. They know how to reach me :)
Our friend Lester has been saying the same thing for quite some time now, although the evidence is counter to his claims.
http://www.nasdaq.com/symbol/lode/institutional-holdings
He hasn't yet learned that many of these "institutional holdings" are based on a computer formula based on sector/industry/cap segment.
He also does not quite understand how to read the reporting. BlackRock did not increase by 94,000. They did increase - but by 7,336 shares.
The 13F's must be filed within 45 days of the end of the qtr. So you have all the info by Feb 15th, May 15th, Aug 15th, Nov 15th. And that info is based on their holdings as of the last trading day of the qtr - Dec 31st, March 31, June 30, Sep 30.
So, holder xyz could be holding zero at March 31st - buy a ton on April 1 - sell them all before June 30 and you would never know they were in the game. Yet - volume spikes could show up all over the place.
Investors in Comstock are better served by the Van Den Berg's and the US Global's and the Sun Valley Gold's and the Royce's of the world.
NOT the index or hedge funds that are driven mostly by a computer or day trading scalpers.
Just my two cents worth.
"real old west caretaker at the stamp mill late May" - wonder if that is Irish you are referring to? If so, I met him on my "interview" visit in Feb 2012. He gave me a single gold nugget earring and Corrado took our picture.
Love the history and the "nuggets" you keep passing along.
For all that know me - and for those that don't - Don is the reason I'm here at all. I defer to his expertise. I just like to contribute - if I can - while learning as I go along. Thanks for the kind words of welcome. I have been a holder for quite a long while - years, actually, and while I look forward to see this company develop into a grand thing, most know that my heart belongs to another.....
To all the fathers out there - Happy Father's Day!
I only wish I had the talent to produce the videos. :) My former team members get all the credit for that.
I was just hoping that seeing how the process works might ease the nerves of some. I only know the way they did it in Gold Hill. In-house testing before the blast, after the blast, blend the material for best recovery, crush, agglomerate, stack, leach, and then process through the Merrill-Crowe. In-house tests all the way. Once the dore was poured they'd assay so they knew how much they were selling. To my knowledge there was never more than a slight variance at the refinery.
I don't understand the 3rd party "proof" thing unless they are confused about front-end. As in when the exploration drilling is taking place - in-house testing verified by 3rd party. That is a far different animal than poured metal.
As for time-line - Comstock put their first material on the heap on August 10, 2012, leaching began on September 13, 2012 and 3 bars and a button poured on September 29, 2012.