Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
@CuJunior, looks like they added open pit optionality for Gunnison in the recent presentation (most likely after the question was posed) but if you move to slide 7, it still lists Gunnison as ISR, with JCM and Strong/Harris as Open Pit, so doesn't seem like their roadmap has changed hopefully.
Pretty sure you misinterpreted the webinar Q&A. Someone asked if Gunnison could be operated via traditional open pit and Excelsior responded hypothetically they could (if permits are received) but also stated this was not in their plans. Please correct me if I'm wrong if this was stated firmly elsewhere and not hypothetically. It was simply a response to a random question.
With the comment period ended Dec 31 2022, anyone know what the general timeframe for an answer on the permit amendment?
I think the biggest joke is they're complaining about the comment deadline of Dec 30 when it was released on Nov 14 and they submitted last minute on the 30th. What a joke, if they actually cared, they wouldn't have submitted that half ass comment on the last day. Like a kid cramming his essay and writes nonsense.
Lol you sold out awhile ago and took huge losses. Stop being bitter and move on with your life. Yes we're all bagholders, but how are you still hung up on this stock and even wasting time watching the webinar... Don't listen to anything this guy says, we all know the company has development issues, but this guy rams at the company nonstop on this board cause he can't get over his losses. It is what it is. Invest or don't, but crying to strangers isn't going to do anything.
16 cents and still no insider buying ..
Photonics guy you still in this?
So much for CO2 being finite... So they're stopping acid injection and putting mine back in maintenance mode... So basically water flushing was mostly pointless? Now JCM is 2023... Management predictions keep missing. Good to know I'll continue to be a bagholder.
It is what it is, at least you made money. I'm a bagholder, but I probably would stop following the company after I sell my holdings. For now it's so low may as well hold the bag and hope for the best. Not every investment turns out the right way.
For a guy who's "made a few hundred G's", you sound wait too bitter. If you're out, you're out, this is eating too much of your time. Sounds to be like you're still invested. If you're not move on lol. IR talking shit about his own company? Give me a break. I'm not happy with the company but you're treading a thin line.
So I think the next question is, if there is another funding round (and probably will be) -- will Greenstone participate? I care less about the dilution and more about confidence in the project. If Greenstone adds, then I'll be happy, but if they decide to sit the next funding round out, then it speaks volumes in my opinion.
RE: compensation, it does look like net management compensation has gone down over the last few years
Thanks Billy... Whew... Couldn't use more negative news at this point but I guess it's old.
What? There's a class action?
Much appreciated. I've already waited 6 years, and honestly, I wouldn't mind waiting if it weren't for the pending financial crisis/major recession that will happen anyday now. We're going to dilute (if we can raise) and honestly them mentioning Nebari willing to finance JCM scares me. If copper prices tank due to recession we're done. JCM is no good if we drop back to sub 4/lb. We will have debt we cannot pay back and then comes bankruptcy. JCM isn't a proven commodity. It made the last producer file for bankruptcy and I hope it doesn't take us out either.
Anyone have a summary of the webinar? Wasn't able to join. Guess it did nothing for the share price?
Pretty pissed. I was told that capital costs for upgrades would be cheap... 45mm pre production is almost half our market cap lol. More raises and dilution? Guess we're all bagholders.
Lol copper futures don't mean jack unless we can prove the copper production. As per triple flag's report, my guess is we're at 1mm lb/year... Yet aren't we supposed to have 5/41 wells flushed out? That should be approx 12% of 25mm capacity at 3mm/lb. What gives? Were the 5 fully flushed out or not? Why was the rinsing moved to the next 5 wells if the first 5 aren't 100% cleared? Appreciate clarity on this of anyone has. If triple flag is releasing their sales numbers, MIN should too. This doesn't instill confidence because no news is always bad news. If they have been increasing copper production it should be released as news. Please correct me if I'm wrong. Do not take my estimations as fact as I may be misreading it.
Sorry meant to say above average volume.
10% move on average volume. What did I miss? News from a day ago is expected.
Looks like they mentioned the build out of the raffinate neutralization plant. So I guess that other supposed solution for CO2 they were testing didn't work out?
$6 copper doesn't matter if we aren't producing much copper lol
Sigh hopefully not bagholders in 2022 too.
I guess that was new a month ago. Market seems to be moving upwards?
So mark is no longer chairman and he deleted his many tweets regaeding MIN. Is this good or bad?
RE: Nebari loan. Didn't realize we had a leverage ratio grace period.. so we need to come to agreement with Triple Flag AND Nebari, or we'll need more financing to find JCM... Old news I guess but didn't realize this. Hopefully negotiations to well
Pursuant to the Copper Purchase and Sale Agreement with Triple Flag (the “Stream Agreement”), the Company is required to maintain a leverage ratio of 3.5:1. The leverage ratio is calculated as the ratio of indebtedness of the Company to net income (adjusted for certain items). The applicability of the leverage ratio has been suspended until March 31, 2022 (the “Leverage Ratio Grace Period”). Management does not expect that the leverage ratio will be able to be met until sometime in 2023 if the Nebari loan due date is extended. The Company and Triple Flag are currently discussing an extension of the Leverage Ratio Grace Period, but have not yet reached a final agreement. If the Company and Triple Flag are unable to agree to an extension of the Leverage Ratio Grace Period, then the Company expects that it will require additional sources of financing to execute the plan to restart JCM, while repaying the Nebari loan from its existing cash balance. The Company's ability to continue operations, fund its mining interest expenditures and meet its obligations as they fall due is dependent on management's ability to secure additional financing or renegotiate terms of existing financing agreements. There can be no assurance that management will be successful in these endeavors. The Consolidated financial statements do not give effect to adjustments that would be necessary should the Company be unable to continue as a going concern and therefore to realize its assets and liquidate its liabilities and commitments in other than the normal course of business. These adjustments could be material.
Anyone have an update on the supposed cheaper solution for Gunnison for Q1 2022 that someone mentioned?
Good point, forgot about Gunnison's capacity.
Hmm, as per the webinar, MIN's schedule (below) seems quite optimistic, anyone have any insight if it is even realistic? They've missed so many deadlines, that I would expect them to overestimate the time-frame by a bit, as to not miss another deadline, not underestimate it.
They have Q4 2021 for kick-starting permitting at JCM (I believe this is only for a new leach pad correct?), and Q2 for building the leach pad. So they expect permitting to only take roughly 3-4 months? That seems quite fast, especially with Biden's green infra plan, would this sway EPA differently vs. pre-Biden? Which organisation is involved in the permitting the leach pad and how easy is it to get a permit for this?
Lastly, Q2/3 for commencing operations, so it would only take a month or so to build the leach pad?
If they plan to use JCM to fund Gunnison, it would mean that Gunnison, our flagship project, is probably being delayed by an entire year (some time after Q3 2022 since there's no indication of a date for the design and build of raffinate plant).
Sorry to be such a bear, but it's hard not to be after being in this for so long. How likely is JCM to succeed, after Nord failed to operate it profitably in a +$3/lb copper market (which is probably the average copper price we will settle at over 5 years).
So we are using up our remaining 20 MM to build out JCM? If profits aren't reached as quick as Q2/3 like they say, does that mean Gunnison will be pushed by longer than a year? We also need to think about the upcoming possible market crash everyone is talking about. We have debt, and while that can be rolled over now, it may not be in the future. If we sink all of our money into JCM and it fails, well that's possibly gameover, as we wouldn't have cash to pay off the debt and during a market crash/recession it would be hard to raise capital.
Catalysts
Updated Gunnison Copper Mine 43-101 Economics – Q4 2021
Infill drilling and permitting of JCM pits – Q4 2021
Drilling of Strong and Harris – Q1 2022
Build JCM Pits Mine leaching pad – Q2 2022
Start JCM Pits Mine – Q2/Q3 2022
Design and build Gunnison raffinate neutralization plant – out of JCM cash flow
In what context was this article sent to you by Shawn? Why would he send an article about another company having disruptions? Was he saying Excelsior could be impacted too, and casually mentioned other companies as a comparison?
Well since it's only a temporary shut down, this shouldn't impact us I think? I know we had acid supply issues before, but if I recall correctly, that was when we were attempting to use all wellfields before running into the CO2 problem. However, since the delayed ramp-up, we're only flushing 6 wells at a time and rotating water, so I doubt acid consumption is extensive in the short-term anyways. Appreciate any thoughts.
Not sure empty words mean much. He needs to put his money where his mouth is and buy a few million shares. Last time he tweeted it did nothing, what's he expecting this time?
Wouldn't this be bad for us? Since we need to permit the pond and piping for Johnson? Not exactly the same area or situation, but still.
While I wish for a buyout in a best case scenario, when have buyers gauged acquisition prices without considering current market value? Yes we trade at the low 10s% of NPV, and even if the average buyout is 60% of NPV, do you really think any smart buyer would pay a 500% or even 300% premium on market value? I think we need to get back to reality, since we've (myself included) have been dreaming too long and left holding the bag. We would be lucky to get a 50-100% premium and a takeout at $1+ at this point, as that is the average mark-up on acquisitions.
RE: AB - see quote below. And this was when prices were around $3/lb, not the $1.5/lb you seem to quote from nowhere. Nord's filed for bankruptcy in the later years, not when copper prices were that low.
https://www.newswire.ca/news-releases/nord-resources-reports-2012-year-end-results-512150441.html
The average cost per pound of copper sold during 2012 was $5.04 per pound. The amount of abnormal production costs, which is down 30.8% from the 2011 level, is primarily related to the suspension of mining and crushing of new ore effective July 2010 and the resulting decline in production from residual leaching activities. The average cost per pound of copper sold excluding abnormal production costs was $1.44 per pound, unchanged from the 2011 level.
AB, I suggest you go back and look into Nord's old releases. Their had issues that resulted in "temporary" operational costs of around $5/lb. Even with today's copper prices, that would've been cash flow negative. Of course Nord said it was temporary since they didn't have the capital to implement upgrades and bring the project to fruition, but this was due to miscalculations in necessary funding, hence the bankruptcy when they couldn't find it. I know MIN is targeting exposed copper, and only portions of the mine, so it won't be exactly what Nord did, and probably will be cheaper. However, these are all assumptions, and past high cost failures of Nord doesn't necessarily breed trust. Furthermore, if MIN wanted to mine Nord and Strong/Harris, they should've talked about this in the past? Copper prices rose half a year ago, and we've had webinars and press releases. Should they not have at least mentioned that they were considering mining the other properties? Dropping on this out of nowhere seems like an emergency measure, not a carefully planned execution.
This seems like mediocre if not bad news to me. What the hell is Strong and Harris? I've been following MIN for awhile and don't even recall this name. And they decided to restart Johnson Camp which was full a hiccups and bankrupted Nord? Really? Such projects were never in the future schedule and all of a sudden they take on two new side projects? Seems like a distraction to make up for longer delays to Gunnison which is worrisome for me. If they really planned on mining Johnson and Strong/Harris, this should have been outlined years ago. Seems like scrambling to find substitutions for failures. After about 5 years of being with Excelsior, I think it's time I'm seriously considering on giving up and selling at least half. Gunnison was our flagship property, maybe this is why JJ bailed.
Copper prices don't mean anything until we can prove that we can produce enough copper. Can you please explain why our cash went down approx $3 million when operating costs were only 600k? What exactly is "mineral interest" on the statement?
So it seems that majority of the change in cash was attributed to -3.579mm in "Mineral Interest" under the Cashflows Related to Investing Activities section. What exactly is this mineral interest? To my understanding, this would be related to royalties no? But we did not mine enough copper to pay this much in royalties. Clarification would be appreciated. Thanks!
I find it ridiculous that a fund with a 79B market cap even invests into Excelsior Mining only to pull out in the short term. Like why? Even if they lost their entire investment, it's pennies to the fund, and liquidity was obviously going to be an issue. It's either long-term or nothing and doesn't make sense why they invested in the first place.