IKN

Can we bin all this “Aww gee shucks guys, it’s not our fault that inflation is running rife” spiel from the idiots in charge of mining companies, please? While last night’s post on Argonaut Gold (AR.to) tried to inject some (gallows) humour into the dog’s dinner at Magino, the market reaction today…

…is nobody’s idea of a joke and while the broad market isn’t much fun, this latest example of the deception and lies foisted upon us by the sociopaths running Canada’s mining scene has certainly contributed to the chilling effect. The board of directors at AR.to, the ones who signed off on this statement in its December 14th NR…

Level of Confidence Going Forward

Argonaut has a much higher level of confidence in the current EAC now that it is a year into the Project, has worked through the process facilities’ foundational preparation challenges that were encountered due to rock unevenness, stripped approximately 75% of the TMF area and completed construction of approximately 20% of the TMF. Going forward, many of the unknowns when the Project commenced were in the area of civil works and are now very well known. The bulk of the remaining work is primarily construction-related (i.e. bolting items together). With the remaining civil work is better defined and understood, the Company believes the risk of further significant increases to the EAC are low with a significant contingency in place. 

…won’t face criminal charges because of that Forward Looking Statement slide you get at the top of every corporate presentation these days, but they at least need to feel the abject shame of what they’ve done. Apparently, “Bolting items together” now comes with an extra $120m of cost to a mining project! How on earth can they sign off on a statement like that in December 2021, add another $120m to the capex less than TWO QUARTERS later and think we normal people will care about anything they ever promise again? But don’t expect a shred of accountability from the AR board, there will be no contrition or resignations from these serial wealth destructors. There are DSUs in their near future.