Auryn Mining Company SpA, Auryn Holdings Corporation S.A. and their representative BOD and associates would be considered insiders of MDMN based on their possession of material non-public information. In addition, Auryn has previously stated to Medinah its intent to purchase MDMN shares and subsequently they disclosed to MDMN the acquisition of 150 million shares of MDMN. Therefore, it is logical to assume that at the very least, Auryn is making regular public announcements to protect themselves from accusations of insider trading. If they weren't disclosing the developments and keeping it "private", while accumulating public shares of MDMN, then certainly that would be in violation of insider trading laws in the US markets.
Not speculation, it is addressed (minimally) in the original option agreement, section twelve:
"TWELVE: Exploration Expenses Report. twelve.one. Throughout the term of the Option, the Beneficiary shall submit a semiannual report to the Offerors providing a detailed description of the work carried out, the meters of borings drilled, the results obtained and the Exploration Expenses defrayed. The semiannual report shall be submitted within one hundred and twenty calendar days following the end of each calendar year."
Why does there have to be a catch? I know MDMN shareholders have a deep-seeded persecution complex based on past disappointments, so it is probably difficult to trust anything from anyone. However, to date, Auryn has delivered on every intended public goal, and then some. This is what it is like to have a company actually execute in a professional and upfront manner.