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a plague o both your houses

Mako Mining (MKO.v): Akiba chickens out

First they say yes, then they say no, then they say yes, then…

Maybe Akiba heard how all One-on-One’s with your humble scribe at Beaver Creek this week are about mining and business matters. No small-talk, instead we’ve enjoyed productive one-on-one meetings focused on their companies. Maybe why Mako Mining (MKO.v) is so keen on talking to its paid pumper lapdogs, less so with real analysts who understand financials.

15 Comments

    Was it something you said ?

    Reply

    I’m a Mako shareholder. Who are the paid pumper lapdogs?

    Surely you aren’t referring to Adelaide Capital that way. I have found them to be very professional.

    Reply

      Mark, why allow the question to be posted if you aren’t going to answer it?

      Is there a level of cash flow produced by Mako that would make you change your mind?

      With no other research coverage, a lot of investors depend on your Mako analysis so it would be helpful to know if you are open minded.

      Reply

        Am I limited to judging MKO on cash flows? Akiba has been successful in leading the Twitter conversation, hasn’t he? 🙂

        This company is a joke run by liars. They suckered one old fool Paul Aloha Stephens into it, no other takers. These days Wexford bats shares to itself & try to drum up business among non-morons, but no takers. They couldn’t even get a slice of Eric Sprott’s cash!

        They built a mine on top of 100k oz of gold!

        Reply

          Seriously, can’t you see that? The most obvious thing of all, the elephant in the room? They knew the old GRR resource was a crock, that didn’t stop them launching on the back of its M+I+I number.

          Since then they’ve looked and looked (on a big property) but found nothing worthy. Why? Errr….same reason, artisan miners! Please people, it’s past time you erased the idea of pristine Nica hills with sparkling gold seams, just waiting to be discovered by the Canada exploreco.

          Reply

            Now we’re in a situation where they have to raise money to expand their drill program! Have you seen the books, by the way? That current liabilities number? What part of “we own a gold mine” goes byebye when those cash liabilities are weighed against a mine in danger of running out of feed?

            Also, consider Nebari. Would it be advantageous for MKO’s corporate profile to have kept Nebari on board? I think so, two happy lenders are better than one, etc. Instead, Wexford is paying Nebari’s exit and gets a juicy deal in the process.

    These are the things I consider when looking at MKO. That and its black-box relationship with Sailfish and Wexford (those guys can play pass the sausage between them for years), and the slimy CEO everyone hates (Gordon Beekeeper at Crux can’t stand him, for example). And the constant BS. And the Twitter Moron promo technique. For further information, read Mark Twain.

    Reply

      Thinking about it, a PS is required before the Twitter Morons jump on some sidebar issue. No, it’s not about personalities or personal tastes. For the record, I’m a happy shareholder in several companies run by people I wouldn’t hang with socially (and others only just manage to put up with my presence), the people at MKO wouldn’t be an issue if it weren’t for the financials. By their fruits shall you know them and the fruit of any business is its balance sheet, period. I’d go further in this case, it’s particularly true for a miner trying that job of converting from developer to operator. That’s MKO today and all the cash flow you can get by selecting from that famous stockpile isn’t going to change the issues that speak from the GAAP compliant numbers. Also, one issue is the deteriorating quality of lender, another more important is the simple size of the current liabilities. Wexford, Sailfish, Mako can play with that, boot it forward and people like me can play hunt the financial sausage. But why should I care? This company ticks the boxes for “shady canadian junior” and as there are so many other fish in the sea, even if I’m wrong (and I’m not), it doesn’t even matter. That’s why i don’t care about MKO and don’t write its financials up. An unserious company.

      Reply

    Thanks for the response but you didn’t answer the question.

    Do you believe there is zero probability you are wrong in your assessment?

    We haven’t seen a quarterly report during commercial production yet. Isn’t that important to financial statement analysis?

    What other “shady Canadian juniors” are majority controlled by a $4 billion dollar multi strategy asset manager besides Mako and Sailfish?

    Reply

    Ok. I just don’t understand why you aren’t being objective. Your analysis is basically other people don’t like it so that’s evidence that you are right not to like it either.

    Reply

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