What is so good about this play?A buddy told me about this a few weeks ago. I've been looking into it, called the company a few times. Read news releases and company propaganda.
They were supposed to send a bunch of rock to Kinross to process a long time ago. 1000 tonnes? something like that. Kinross processed a short tonnage. I called Kinross to get clarification and when they process a short tonnage like that they actually charge more to get it done because they generally need a 1000 tonne minimum.
I did this call without mentioning EZ, so there is a chance that there was some extenuating circumstances, but I know they will not give specifics on companies, but they will tell you their policies.
This leads me to wonder why EZ would have this processed as a short tonnage and not truck the remaining tonnage down.
I asked EZ at their info number and they couldn't give me a straight answer all he would say is that they are working ahead to blah blah blah.
The only conclusions I can draw are that EZ realized it would cost more to ship the remaining tonnage than the penalties for running a short tonnage
Another possibility is that EZ was so desperate to get some news and a cheque that they just pushed it through.
Either way does not really give a good impression of the stock.
Given how much it cost then and how long it has taken to get such a small tonnage run through and a cheque cut, I don't know how anybody can have any faith in this company at all.
Maybe the land will yield something, but with current management I don't see that happening. They do not have any kind of resource. As Jennyb2 or b3 or whatever has been saying, EZ does not legally have ore. They have gold mineralized rock. The loose definition of ore is "a defined mineral resource that is economically viable to mine".
EZ has actually lost money trying to process the minute amount of rock they've sent to Kinross. So this is definitely not ore (yet).
Maybe I'll own a small amount of this one based on speculation, but I will wait until the price drops well below 0.10, I honestly don't see how it can remain above 0.10 after it starts trading. If someone can explain that to me (without saying Go EZ Go) I would like to listen to the response.
Also, I see that they have done almost the exact same thing but under the name of Consolodated Goldwin (Is that spelling right?).
If this were a regular TSX I might not think too much about it, but on the TSX-Venture, when a company repeats the same losing process but has a name change, it sets off a lot of red flags.
And does anyone else get weirded out by the fact that the old name was often shortened to "Con-Win" and now this one is "EZ", it almost sounds like the management is telling you to your face that they're going to take your money. May just be a coincidence, but you have to admit that's really strange.
Conclusion, nobody can say that this play is going to earn you money. Nobody. Anyone who says this is lying, delusional or simply ignorant.
Nobody can say that this play will lose them any money, essentially the same thing as above.
The only thing we can do is go by gut feeling. There are some old drill results that give hope, but in themselves it means nothing. Without a 43-101 this play is only worth as much as their management, and they haven't proven to be worth anything.
Does anyone have any additional insights I may have missed in my analysis?
After doing a reasonable amount of DD on this play, I don't see a high probability opportunity here at all. I see at best, a nice property that can be sold off, but only after a lot of money has been raised because there is no way they can afford to do a 43-101 or even to mine and truck what they mine to kinross. They're going to run out of money since they can't PP. At worst it's a scam pump and dump company.
The probability, currently, lies closer to the latter.
GLTA the longs, you're going to need it in the short term.
King