BB: this has already been a long wait, and from what I have recently found out, it may be an even longer wait until the market receives an update on the mining efforts of Auryn. Hopefully this update,if it ever is made, will appreciate the share price of AUMC shares.
In a previous post, I posted that Raul del Solar, who is an Officer/Director of Medinah, will remain with the company until the allocation of AUMC shares to Medinah shareholders. Before the exchange/allocation of shares, he is waiting for an update from Auryn. Because Medinah has substantial debt, they want the share price of AUMC to appreciate. AUMC is an asset of Medinah, which allows the officers of Medinah to sell AUMC shares. Medinah needs to sell AUMC shares to retire their debt but at the highest price possible. If the share price of AUMC shares appreciate, that of course will be to the benefit of Medinah shareholders, in that it will take less shares of AUMC to be sold to retire Medinah's debt. According to Raul, Medinah's debt must he paid before any allocation of shares.
But here is the problem! According to a reliable source with Hochschild Mining, Hochschild Mining has chosen to opt out of the JV contract they signed with Auryn Mining in 2018 to monetize the LDM. I believe many shareholders were anticipating announcements regarding Hochshild's mining efforts on the LDM would have a positive impact on AUMC's share price. Now it seems that isn't going to happen. If what my source told me is true about Hochschild opting out of the JV contract, then IMO, Auryn has an obligation to inform Medinah shareholders of this event.
The question is, "does Auryn have other mining efforts that they can update the market on, with the hope that it will bring about an appreciation of the PPS of AUMC shares?". Until the PPS of AUMC shares appreciate, Medinah's officers cannot sell AUMC shares to retire Medinah's debt. With no update, no exchange of shares will happen and the wait continues and continues and continues......!!!!!
