RE:It just happensJust got this from my son's buddy at Cannacord. He's a broker and does a lot in the mining space.
I've been bothering him for his take on this.
I'm not meaning to bash. I'm only communicating thoughts here. Take this as it is which is just one guys opinion.
To: 'Al R'
Subject: FW: Excelsior
Hi Al,
We've looked at MIN a few times and aren't buyers. Yes, the study numbers are good but they are just numbers. It's not unusual to see these numbers change dramatically as the studies are advanced.
Our other concerns include:
-People; where are the development/operations experts?
-Permits; when was the last time a new in situ leach operation was permitted in Arizona?
-Price; how much do they spend on IR? Who haven't they marketed this to already?
-Structure; they will have 500m shares out by the time this gets turning over
-Encumbrances; how much of the upside is gone due to royalties already?
-Take out? not a chance. Too much risk and too far from production to be of interest.
I know you like this stock and you've owned it before. I wouldn't suggest owning it again until it's been derisked.
Thanks,