Sitman
1 week ago
I wasnβt as lucky as you with Excelsior :) I jumped in way earlier and my average cost is a lot higher. As I mentioned before, my paper loss with Excelsior is in the millions. Iβve spoken with JJ Jennex (former IR), Mark (former chairman), Stephen (CEO), and Shawn. I like Stephen and Shawn. JJ gave me a lot of misinformation; I canβt tell whether he was lying to me or if he just didnβt have the right info himself at the time. Anyway, my loss, my mistake.
Iβll hold patiently.
Sitman
1 week ago
As far as I know, everyone at Excelsior understands that Gunnison is the crown project, but they don't have enough capital to get everything started. Regarding JCM, itβs not just a test field for Nuton technology; everyone believes they can make money from it with copper prices at around $4 per pound. Nuton technology is for sulfide leaching, but roughly two-thirds of the ores at JCM are oxide, which will use traditional leaching. Only one-third is sulfide, which will be leached using the new technology. If copper prices stay above $4, JCM is unlikely to fail. In the short run, the cash flow from JCM will cover most of Excelsiorβs Opex while paying back Rio's Capex and give the company some breathing room.
I believe the company is also considering unloading side projects to secure capital for restarting Gunnison, but there has been no success so far.
Sitman
1 week ago
Excelsior Mining Provides Update on Johnson Camp Mine Construction in SE Arizona
https://www.excelsiormining.com/news/news-2024/xcelsioriningrovidespdateonohnsonampineonst20240808
Phoenix, Arizona--(Newsfile Corp. - August 8, 2024) - Excelsior Mining Corp. (TSX: MIN) (OTCQB: EXMGF) (FSE: 3XS) ("Excelsior" or the "Company") is pleased to announce that construction has commenced at the Johnson Camp Mine ("JCM"), in southeast Arizona, with first copper production anticipated in H1 of 2025.
Following the decision by Nuton LLC ("Nuton"), a Rio Tinto venture to proceed to Stage 2 of a process to restart the JCM mine using Nuton™ copper heap leaching technologies (see Excelsior press release dated May 15th, 2024), Excelsior has completed the bulk of the planning & engineering and has mobilized crews to start construction. M3 Engineering based in Tucson has been awarded the EPCM contract. Earthworks related to the construction of the new leach pad has commenced, including crushing of the over-liner material. Rango Inc. from Mesa was awarded the leach pad construction and overliner crushing contract and is ramping up efforts to achieve the Excelsior milestones.
To facilitate the start of these activities and Stage 2, Nuton recently provided funding of $7.9 million through August 2024. Additional funding and activities will be announced as they progress.
"The commencement of leach pad construction marks a key milestone in Excelsior's partnership with Nuton. The M3 and Rango team we have assembled is world class and committed to delivering a safe and timely project. The opportunity to build and operate Nuton's first demonstration of their state-of-the-art copper leaching technology is a privilege Excelsior and our team is proud to deliver," comments Robert Winton, SVP Operations and General Manager of JCM.
During construction, progress along with an image gallery will be posted on the company website at www.excelsiormining.com.
Arizonabilly
2 months ago
Regarding switching Gunnison to open pit, if that was to occur, that would push Gunnison out at least another five to ten years, IMO. Although Robert seemed to allude that permits were in place to do that (an assertion I question) what will delay an open pit is not only a mine design plan and financing, but having to deal with environmental lawsuits which will surely follow. I hate to say it, but I think EXMGF is dead money, possibly for quite some time. An operating JCM will buy some time and keep the lights on, so to speak, but it's not really a catalyst to drive the stock price higher.
CuJunior
3 months ago
I have been in since 2014, usually post on stockhouse, but of course I follow investorshub and ceo.ca.
I am posting here because I think item four that we have to vote on is important. I think we should vote NO on item 4 allowing Greenstone to convert their accrued interest early. (I think they can convert their principal early, but that doesn't matter, it is at a fixed price)
Allowing them to convert the interest early instead of September 30, 2026, lets Greenstone buy at the current depressed stock price and lets them get over 50% of the company, i.e. control.
Greenstone is not allowed to vote on this, so our vote matters. Sure, management recommends approval, but what else can they do without upsetting Greenstone.
I see no advantage to us to let Greenstone convert the accrued interest now. In case you care, I have 700,000 shares, and every vote helps.
Sitman
3 months ago
Years ago, I sold shares of $BIR, $CVE, $PEY, $CCO, and $DML that were worth millions and put most of the money into $MIN. Now, the stocks I sold have tripled or quadrupled, and $MIN... well, you guys know the story... Sometimes, I just can't understand the board and management of Excelsior. Stephen the CEO holds more than 7 million shares; shouldn't he work harder for the company for his own good? And Greenstone, as the biggest shareholder, shouldn't they do something to fix the disappointing and costly management?