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Some insider buying today.
Based on what I could find in SEDI, it appears that:
1. Mark Morabito purchased 15,000 shares on open market @ .65 CAD/share
2. Mark also purchased 35,000 warrants on open market @ .14 CAD/warrant
3. Stephen Twyerould purchased 16,000 shares on open market @ $.54 USD/share.
Glad to see both do so.
Beware of duplicative SEDI filings if you go to the CEO.CA site. If you went by the SEDI filings posted there, there seems to be duplicative SEDI insider buying filings for Morabito which would lead you to believe that he actually purchased 15,000 shares X 4 times on same date (today), and I don't think that's what transpired, but I could be wrong.
Yes, those are some petty conservative assumptions (12% discount, $3.25/lb copper price). I don't mind their conservative share price target, which is still a great return based on the current share price.
Hope the report and share price increase today stifles Meathead on the Stockhouse bull board for a bit. I don't even try to post there anymore.
Hope you and the family are doing well. Doing some part-time consulting work now, and surprisingly, enjoying it.
Thanks PG !! Pretty obvious from reading the report that the PI Financial folks and their technical consultants are much more savvy than nearly all of us on the technical aspects of the CO2 challenge that Excelsior Mining is tackling.
Good volume today.
Comments by "Goldfinger" (Robert Sinn) about his recent field visit to Excelsior Mining project in Korelin Economics Report (KER) interview.
Link to KER website where you can hear Robert Sinn's interview:
http://www.kereport.com/2021/05/15/whats-truly-driving-the-price-action-in-the-precious-metals/
You'll see three separate interviews of different commenters. Click on Robert Sinn's interview, and scroll to 7:06 mark (lasts until 11:10 mark) to hear discussion about his site visit. Sinn is aka "Goldfinger" on the CEO.CA website.
Said he saw copper being produced while he was there (said about 40,000 lbs), and that Excelsior Mining is using some oil/gas techs to help determine where the CO2 blockages are forming and hope to use chemicals to remove the blockages. Overall, he was impressed with the mining operations.
Thanks much for sharing your perspective and conversation with Stephen. Totally agree with you on the medium term horizon/outlook for share value. Just need a little more patience ... we'll get there.
Thanks AB. Hope Stephen has another webinar sometime soon, to discuss the other fluid flow problems (besides the CO2 issue). That's what I gathered from reading the MD&A, but they sound as if they're fixable (but now not until H1 2022 until full production rate achieved).
I like it!! Maybe this delay in full production capacity by Excelsior Mining turns out to be a little blessing (poor rationalization attempt). Yeh, I'd prefer to hear we're going full guns ablazing on production capacity. I think we'll get there.
When can expect quarterly report.
In 2020, it was May 12, 2020 (Tuesday).
In 2019, it was May 14, 2019 (Tuesday).
In 2018, it was May 15, 2018 (Tuesday).
So, my guess it will be a Tuesday (lol), probably May 11? Maybe May 18?
We'll hopefully get an update on production numbers, but more importantly, perhaps an update on their progress on tackling the CO2 problem.
How bullish can it get for copper?
https://www.cnbc.com/2021/05/06/copper-is-the-new-oil-and-could-hit-20000-per-ton-analysts-say.html
Think we'll see their updated production numbers in the quarterly report due out in May. JJ said they're producing copper monthly, but their focus is on wellfield optimization, which continues with several solution-oriented programs in parallel. With that caveat, I imagine their monthly copper production numbers that we'll soon hear about won't knock us off our feet (not a big wow factor).
So, perhaps the microbial test you mentioned is one of those programs that JJ alluded to? But sounds like they're still producing copper on a monthly basis, so I don't know about the 4-month hiatus from copper production that you heard about.
A 4-month hiatus from copper production is okay with me if they think, by doing so, they've found a programmatic solution to the CO2 problem.
Regardless of which of the rumors you heard prove to be true, it's pretty clear that they're working hard towards finding a programmatic solution to the CO2 issue, rather than solely relying on the cyclic water flushing approach mentioned by Stephen in the webinar.
Very copper bullish article - Goldman Sachs predicts $15,000/ton copper by 2025.
If Excelsior Mining can achieve its 25M lbs/yr production rate by then, we're talking about $170 million (USD) annual gross revenue at $15 thousand/metric ton price.
https://markets.businessinsider.com/news/stocks/copper-price-outlook-demand-rise-goldman-sachs-sustainability-commodities-2021-4-1030304102
Interesting YouTube video (released April 10, 2021) of interview with Mark Morabito, primarily relating to Excelsior Mining. Quite candid remarks by Mark and his views and philosophy. Found this on CEO.CA MIN page, in a post by @Legendaryboolo (thanks to him/her).
Link:
Given the low volume thus far today, I hope you're right about the tapering off of heavy selling, whether by the PP participants, Roland Goodgame, or other shareholders.
Curious on whether Excelsior Mining will report quarterly production/sale numbers in a PR, or just include the info in its quarterly regulatory filings. My hope is that they'll issue a PR, which should be more timely than the 2-month lag in issuing the quarterly regulatory filings.
I believe the company plans to hold more frequent webinars -- have you heard how frequent they will be? Monthly? Quarterly?
Copper prices going up even more so, in the short term, due to month-long closure of Chile due to COVID-19.
See article: https://www.mining.com/copper-price-jumps-as-chile-close-its-borders/?utm_source=Copper_Digest&utm_medium=email&utm_campaign=MNG-DIGESTS&utm_content=copper-price-jumps-as-chile-closes-its-borders
OT: Interesting article - copper as catalyst to convert CO2 into multi-carbon fuels. Just add some halogens (e.g., chlorine or iodine) or boron with copper in a gas diffusion electrode, with a sacrificial anode of zinc, and, voila, convert CO2 into a multiple carbon chemical that possibly can be used as fuel.
https://www.mining.com/copper-may-be-the-key-to-turn-co2-into-fuel/?utm_source=Daily_Digest&utm_medium=email&utm_campaign=MNG-DIGESTS&utm_content=copper-may-be-the-key-to-turn-co2-into-fuel
JJ indicated that they will issue quarterly, not monthly, reports on production/sales. He said they are producing/harvesting copper each month. I would expect, though, that the monthly numbers reflect ongoing optimization efforts during the ramp up effort.
One last note: I believe Goodgame had to sell the shares to have funds to cover the tax liability for exercising the options.
Reached out to JJ to ask what was going on with the sales by Goodgame. JJ explained:
"These were options that he was holding for many years; they could not be extended any further.
Stephen had options as well that could not be extended, but he decided to let them expire."
Well, the insider sales just reported by SEDI really suck. What an absolutely terrible indicator/lack of faith by a senior exec.
Roland Goodgame, Senior VP for Business Development and former (recently) COO, had 22 blocks of sales of Excelsior Mining shares. Total sold: 1,335,171 shares. 517,989 shares sold on the public market, and 817,172 shares sold privately.
The dude has an annual salary/compensation package of $547,270 USD.
His self-penned description of his professional attributes on LinkedIn states (and it's hard to not gag reading it): "Specialize in identifying and mitigating risk and protecting the company's assets." (Fail)
Also goes on to say: "... focus on performance, costs, safety, compliance and ultimately exemplary outcomes for the shareholders." (more Fail)
His sales are the proverbial canary in the coal mine or first rat to scurry off the ship. I've lost a lot of faith in the company based on those transactions. Who in the company or on the Board of Directors is next to sell?
You mean the webinar hosted by Stephen T.? The positive from the webinar was that Stephen was quite candid about the technical challenges they have faced, how they've overcome most of them, and that the remaining biggie is the CO2 pressure issue. They have an interim fix, albeit not the most efficient for copper production purposes. I have faith that an engineering fix will be found so that the company is not facing a cyclic SO2 injection, PLS extraction, then CO2 removal water flush, and then restart of the cycle. Not sure how costly or timely such an engineering fix will be.
Time/patience tolerance seems to be bane for some shareholders. I can understand that, and wish the sellers the best in their investment endeavors, and hope they come back when the project production ramps up.
Oh Lord, I so hope that you're wrong on that $.41 prediction, lol. C'mon, we gotta think positive - that this $.57 price is the low for 2021.
Okay, my WAG is $.53 USD.
Need some encouraging production numbers/sales news and stabilization of copper price above $4.00 mark.
OT: Copper in pre-1982 Lincoln pennies worth nearly double the coin face value of one cent, based on today's copper prices. The pre-1982 pennies were 95% copper. Some 1982 pennies were made of similar copper composition, but other 1982 pennies were converted to copper-plated zinc. Have to weigh the 1982 pennies to determine if 95% copper -- if they weigh 3.1 grams, then it's a 95% copper penny.
https://www.pcgs.com/news/three-modern-coins-you-probably-did-not-know-are-worth-saving?spMailingID=69826562&spUserID=NDAyNjM2MTU0NzYxS0&spJobID=2081874441&spReportId=MjA4MTg3NDQ0MQS2
Someone at Excelsior Mining informed me that the company is constantly looking for a quicker, more efficient way to address the CO2 issue.
Optimal solution would be a method that removes the CO2 as it builds up, but still allow injection of SO2 and extraction of copper sulfate at the same time.
I'm not an engineer, but I've worked with engineers who work on environmental remediation systems to address volatile organic compounds (VOCs) in soil overlying groundwater, and VOCs in groundwater. One would think that if you did a soil vapor extraction in the zone above the groundwater, and air sparged in the groundwater zone to force gaseous carbon dioxide to rise into the non-wet soil zone and be captured by the soil vapor extraction, that might alleviate the resisting pressure from the gaseous CO2 that they're encountering.
The water flushing process they're currently using mixes the water and CO2 to form carbonic acid, which is relatively harmless compared to other acids. Not sure how/what they do to treat/handle the carbonic acid mix, but I guess there's an easy process to separate the CO2 from the carbonic acid to reform H2O and then reinject in cyclic loop.
Again, I'm not an engineer, so take what I said above with a grain of salt (and swig of carbonic acid). Maybe the company should discuss the problem with an engineering firm such as Jacobs Engineering (who acquired CH2M Hill). They have loads of experience and talent dealing with groundwater remediation, pumping, soil vapor extraction, etc.
Well, no PR is somewhat disappointing. But, the company has promised that Stephen will provide an operations update and participate in a Q&A session. I'll have to see how that goes, and just cross my fingers that they're on track for meeting their end-year goal.
Chinese metals trader group CEO says copper prices to hit record high in next 12 months. China looking at timing of stockpiling copper in anticipation of future supply shortage?
https://www.reuters.com/article/us-china-copper-idUSKBN2B21MI
OT: Beware of Turkish suppliers of copper. Could end up getting painted rocks.
https://www.msn.com/en-us/money/markets/a-major-commodity-trader-received-containers-full-of-painted-rocks-instead-of-the-2436-million-shipment-of-copper-it-paid-for/ar-BB1es1TM?ocid=BingNewsSearch
I'm betting on a PR early tomorrow, before the webinar. If no PR, then I doubt there will be any significant update provided during the webinar.
OT: MSNBC article on the San Carlos Apache Tribe vs Resolution Copper on proposed huge block-caving copper mine about 180 miles north-northwest of Gunnison project. Resolution Copper pretty much controlled by Rio Tinto and BHP. Rio Tinto obviously has baggage (distrust) from its poorly-managed project in Australia that destroyed some aboriginal sacred sites. Article has a link to YouTube video showing how the project block caving works and the expected surface after-effects. For project to be viable, need US Forest Service to agree to a major land swap with Resolution Copper, and that's being help up in the NEPA (environmental impact statement) process.
https://www.nbcnews.com/news/us-news/sacred-apache-land-death-row-standoff-foreign-mining-titans-n1259331
Webinar on Thursday, March 11 - registration link:
https://attendee.gotowebinar.com/register/2827960812746103307?source=sh
I'm cautiously optimistic that we'll hear positive info, without fluff, from Stephen on March 11. I really do have a lot of respect for him. I'd like to hear his personal take on the Crux Investors articles that were critical of the company and the project. Surely someone on the webinar will ask him about that, if they allow Q&As for the webinar session.
Perhaps we'll get some sense of the progress of their current copper production and sales rate, too. As long as the trajectory is going upwards, demonstrating improvement consistent with achieving their expected end-2021 rate, the share price should pop.
The current share price is appealing, given the potential for good news on March 11. Someone mentioned on CEO.CA MIN thread that if Stephen is poised to give an upbeat report on Thursday, the company may issue a PR before then so that Stephen can speak more freely during the webinar about material info relating to their progress. That makes sense to me.
Here's to hoping! GLTA.
Shawn Westcott from Excelsior Mining said that Stephen Twyerould will be doing a webinar on March 11. Expect email (if you subscribed for emails from Excelsior Mining) or future tweet with info on joining the webinar.
OT: Crazy. Eastern DRC - purportedly 90% soil is gold? Looks like Bitcoin frenzy.
90% gold soil? 🤔 https://t.co/0pdYuiaoIF
— CEO Technician (@CEOTechnician) February 28, 2021
PG - Greatly appreciate you sharing that info. Hopefully, the Crux Investor "Anal"ists read the info you posted. Optimally, Crux Investor should have invited Stephen for an interview or at least an explanation, where that info would have been discussed, before they published their critical article(s).
In case you haven't already seen it, see Comet52's post (relaying Eric Coffin's observations/discussions with Twyerould) on the Stockhouse MIN bullboard. Positive, more upbeat. Lipstick on the pig is not looking so bad -- not Coyote-level ugly. :)
Respect Coffin a lot.
https://stockhouse.com/companies/bullboard?symbol=t.min&postid=32552909
AB - bless your heart, but let's not try too hard putting lipstick on a pig. Think you can guess my sentiment based on that.
PG - thanks for posting link to the Oct 2019 Crux Investor article on the Stockhouse board. Considerably different tone, eh? At least they identified the author of the 2019 article. He seems to be more into uranium lately (checked his Twitter site) - not even sure if he still works for Crux Investor.
For those of you who haven't read the 2019 article, here's the link that PG provided:
https://articles.cruxinvestor.com/the-next-new-copper-producer-in-the-united-states-excelsior-mining
Crux Investor has now posted its "article" on ceo.ca this morning. They have 210 followers on that platform.
Link to the posting of the article: https://ceo.ca/@cruxinvestor/analysts-notes-how-old-tech-with-new-applications-can-ruin-your-investment
Still waiting to hear from JJ on whether the company is going to respond in some fashion to the article.
Did get a response from Matt Gordon, founder of Crux Investor and CIO for Ptolemy Capital. I had asked him why the authors of the article didn't reach out to Excelsior Mining for comment/input/viewpoint.
His response: "I'm not sure what a 'hit piece' is, but it presumably needs to be done for some financial gain. We don't short companies, no-one has paid us to write the piece, and we don't own shares in any company which can be considered a peer. And to your point about signing off what the analysts write about, I let them write about whatever interests them that week. In this case, the topic was about old tech with new applications and new tech in mining. Last week was about stacking in sub zero temperatures. The analysts have highlighted their concerns about how the company has communicated in public as to what its approach is to the project; red flags as we call them. The company has the right to address these concerns or ignore them, as it wishes. We can only go on what information is in the public domain. I look forward to seeing if the company wishes to comment and if they do we will publish it."
fwiw - I think a rebuttal is imperative. It can be in the form of a PR, YouTube video interview, or on their website. Any potential new retail investor, who does a modicum of due diligence, will stumble upon that Crux Investor hit piece and say "nope, not for me" unless there is something out there on the internet that contests/rebuts that article.
I've emailed JJ with my view/recommendation. I'll wait and see what he/Excelsior Mining says. I'll be really disappointed if they decide to "ignore" the article by saying it would be a waste of time/effort. The recent share price drop says otherwise.
Thanks, PG. I hope that Excelsior Mining does a point-by-point rebuttal in a similar format as you presented. Both Shawn and J.J. from the company assert that the article has many, many errors. J.J. said it would take them some time to do a point-by-point rebuttal response. I just hope that they don't ignore doing so.
I really think Crux's motivation on the "hit" piece relates back to some type of tiff between Ptolemy Capital/Matthew Gordon and Greenstone Resources or with Excelsior Mining's management.