start here

start here

The Daily IKN email digest, get all daily posts sent to you next day (& no ads)


So I get this message from a short seller firm...

...this morning, quite a well-known one in fact, that said (quote) "When you have a minute to chat I want to run something by you". I think fine and replied "Tell me". Just a couple of minutes later the phone rings and the representative of the short selling firm offers me a gig. What happens is that they would do the legwork on A.N. Other stock then send over the information, I would publish the info on the blog, presumably they are already short when they give me the juice, the stock goes down and as a result they would profit. The short selling firm would then pay me 20% of their proceeds for my time and effort. He also said that the firm in question already has this type of arrangement with other outlets, so I can only presume their business model works just fine. I told the person in question that I'd think about the offer. He can consider this post as my definitive reply and if he wants to push his luck, next time names will be named. 

IKN has always been, is and will remain utterly independent. Sometimes right, sometimes wrong, but always true and never dishonest.

Paging David Duggan

You're next on IKN.

Seriously Bri-Bri, I'm just warming up.

All you need to know about First Mining Finance's ( Springpole project...

...was covered here in February. Neither last week's PEA announcement, the company's efforts to pump the thing at Beaver Creek, nor today's paid pusher volley from the nefarious Ameduri changes a thing. Swamp Castle!

Lithium X (LIX.v): The company reacts exactly as predicted

Remember on Friday evening when this humble corner of cyberspace predicted that Lithium X (LIX.v) would release a really REALLY carefully worded NR on Monday morning? One that would try to deny? And one that would go the sophistry route? IKN even said this at the time:
"...that's not even half the truth because drilling in a different area under a different permit emitted from a different office doesn't change a jot."

Well sure enough, they've done just that. Check out the NR from LIX right here and as a further clue, see how many times they love talking about SDLA and how few times they mention Arizaro.

Therefore, to return to the point made by IKN on Friday, when is LIX going to stop ignoring the Canadian market authorities' rules and provide continuous disclosure on material events at its projects? We would still like LIX to come clean about 1) the well blow-out and 2) the permit suspension.


Knee Jerk Reaction

No further comment necessary

The IKN Weekly, out now

IKN436 has just been sent to subscribers. 14,655 words on 27 pages, most of them spelled correctly.

The top three most visited IKN posts this week are... reverse order:

Third Place: "I'm surprised Dalradian ( isn't down a lot more today...". That was Monday lunchtime, in the end DNA did drop more heavily than most on the week. There's a section in today's Weekly, IKN436 on this subject.

Second Place: "A few extra thoughts on Lithium X (LIX.v)". The follow-up to this week's most popular post (below) with background and the way in which people's bias confirmation suffers when faced with facts that contradict their beliefs. I get snotty mails, I don't care.
First Place: "Just in case you're wondering about Lithium X (LIX.v) and its Argentina problem...". We scoop. Company gets caught with its regulatory pants down. The hits come. Normal. Let's see what LIX has to say for itself tomorrow Monday as they twist themselves into knots trying to find a way of denying this.


DanO does soil samples and Golden Triangle

I'm a little late to this, but still thank reader TZ for the heads up*.  Either way, late or early, IKN still heartily recommends this essay by DanO on the Golden Triangle exploration plays, some of which are currently kicking butt at market (while some are getting their butts kicked. Most of the thrust is on soil samples and their results, some good advice given (and I've learned plenty about working the GWN rocks as a result).

*DanO, do me a favour and shoot me a mail next time you publish something, yeah?


A few extra thoughts on Lithium X (LIX.v)

Following on from the post this afternoon, responding in public to questions sent in by mail (some of them rather seething in nature), adding a couple of thoughts:

1) The company told many people this afternoon that it was about to publish a press release on the subject. It's now over five hours since the market closed and we've still heard nothing from Brian Paes-Braga and Lithium X (LIX.v). That's because they know they can't flat deny it any longer, they know IKN knows the truth about what's been going on at its dog's dinner of a project, therefore they need to think really hard and phrase the NR really, REALLY carefully before publishing. 

2) They are likely to state something along the lines of there has been drilling in Argentina. Sadly, that's not even half the truth because drilling in a different area under a different permit emitted from a different office doesn't change a jot. What LIX has done is simple; they are a public company, they are subject to continuous disclosure rules, they have kept their shareholders and stakeholders in the dark for literally months about the disaster drill blow-up and the subsequent suspension of their permit.

3) Why have LIX not released a single result from their drilling program so far, despite that drilling and exploration program having started in May? We've been through June, July, August and most of September. We've had 115 days of nothing, despite the fact that the brine they were searching for is easy and quick to collect, collate and assay. What's more, tonight LIX IR is telling the few people they're answering the phone for (normally instos and fund managers who have the IR guy's personal number) that we should get "first results" in "about four weeks"! They're still "stoked" about the PEA which is due out "end of the year", though. You cannot make this stuff up.

4) Here's a question: Why was Stan Bharti happy to accept $5m cash and 6m shares of LIX in exchange for the 50% of PLASA that LIX did not already own? This is, after all, a company that boasted a market cap of CAD$170m when it traded at $2.00/share. The deal was announced in late June and closed mid-July. Hey, y'think Bharti might have known something you didn't? Because I'll tell you something, Bharti may not be IKN's cup of tea but he sure is a smart operator. Smarter than Bri-Bri, that's for sure.

5) IKN is not the only desk to know the facts about the LIX screw-up. Ask Orocobre, who were for a time considering LIX as a JV partner before seeing the slipshod way in which it went about business and then the corner-cutting and rule-breaking it ran to try and cover its tracks. Another neighbour on those flats, Advantage Lithium, knows about all this but didn't want to cast its own company in the bad light created by LIX. As for the regional governments (LIX has to deal with two), they've known for a while (after all, they are the people who suspended LIX's licence) and they're highly annoyed because they have strong directives from the Macri national government to get lithium moving, but worked out too late that they'd let a bunch of amateurs in through the back door (they sounded so convincing at the time, too).

Anyway, I'm still hopeful that we get a NR out of LIX this evening, but I kind of think they're going to wait until Monday morning now. Certainly looking forward to reading how they try to deny the facts and explain to the market authorities why they decided to keep material disclosures away from the market. And one last thing, LIX longs; you may not like the fact and you may read some squirmy prose from Bri-Bri that tries to find a way of denying it all, but IKN is giving you the straight dope. There's no way I would have gone public on this without hard facts on my side and as a quick reminder, many nefarious mining people have opened legal actions and threatened to sue this humble corner of cyberspace over the years, but not one has succeeded: That's because IKN tells you the truth. Hard, uncomfortable truth. You're the one who fell for the Giustra bullshit, live with it dumbass.

The Friday OT: Nirvana; Lithium

Rocking out a quiet week on the blog:

Youtube here.

PS: Mind you, their best track always will be Breed.

Asanko Gold (AKG): Yes, they really are this stupid

A couple of interesting things arise from yesterday's NR out of AKG:

1) As other people such as Muddy Waters have noticed, the company QP Phil Bentley has quietly been removed from the company and its website. This is of course the same Phil Bentley whose work did for Great Basin Gold way back when.

2) To prove how stupid these people are, IKN has been told by more than one reliable source that in the days running up to yesterday's NR, AKG was quietly phoning round (what it deemed) "friendly desks" in the analysis/brokerage world, tipping people off about the upcoming negative news that would be in the NR. As Muddy Waters is currently short AKG, doing things like this is tantamount to suicide as 1) all insto desk phone calls are these days recorded 2) any smart US lawyer can subpoena for recorded information 3) Muddy Waters is full of smart lawyers. Once the smoking gun is discovered on these tip-off phone calls (and I am told they were most definitely in the plural) the USA listed AKG may well find itself in even more trouble than it is today.

(UPDATED) Just in case you're wondering about Lithium X (LIX.v) and its Argentina problem...

...and what Brian Bri-Bri Paes-Braga needs to disclose in his upcoming annuals, it's that the company has had its permits suspended in Argentina. That's because it made a godawful mess when it started to drill, the well literally blew up on them (and there's a video out there to prove it), the government went ape on them and closed the amateur freakshow down immediately.

Bri-Bri and his pals have been trying desperately to get the suspension lifted before the annuals come out, but to no avail. We're now in the interesting position where we get to see just how much they decide to disclose of this obviously material event. What's really worrying the other people working the zone is the fall-out this disaster might have on the whole Li exploration gig going on down there. They're less worried about Bri-Bri and his upcoming pinkslip.

UPDATE: Oh, was it something I said?

UPDATE 2: We hear that LIX is preparing a press release. This is a good thing. When they deny everything (they're telling people that this post "is not true") and say "the permit is on standby", IKN strongly suggests that inquiring minds phone up Orocobre and ask them about that video of the LIX well blowing up they have over there. And also the regional government of Salta to ask them about the permit suspension.

Extra thoughts in a new post, here.