PDAC 2019 Toronto – Day 4
Well the final day as arrived at the 2019 PDAC, and as is usual, the show opens earlier, at 9 am and closes at 12.00 pm, meaning a quick three hour burst around those booths where you’re looking to connect with people.
At 9 am today, probably half the booths were not manned, indicating a hard night of partying had possibly taken its toll.
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PDAC 2019 Toronto – Day 4
Well the final day as arrived at the 2019 PDAC, and as is usual, the show opens earlier, at 9 am and closes at 12.00 pm, meaning a quick three hour burst around those booths where you’re looking to connect with people.
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At 9 am today, probably half the booths were not manned, indicating a hard night of partying had possibly taken its toll. This is the norm for the last day, but not impressive really. Normally on the final day the numbers are light, so I was somewhat surprised to see fairly good traffic, especially given people were being asked the pay the full daily entrance fee of $23 for a three hour session! This looks to be grossly unfair.
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I checked the Raddison (RDS.V) booth and listened to a very upbeat presentation from Mario Bouchard, who is very optimistic now they have obtained some deep pockets to help them finance their project going forward.
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RDS are about to commence a new drill campaign, and the targets looks very exciting based on the newly released 3D model.
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I met with Philippe Cloutier of Cartier Resources (ECR.V), who is as passionate about his Chimo project as ever, and also has a strong partner in Agnico Eagle, and shareholders such as JP Morgan in London.
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Cartier has a standstill agreement (extended last December) with Agnico Eagle, which would cease should an offer be filed by a rival company for ECR. Clearly at the current low share price Cloutier would want bid friction to drive a take out price up as high as he can.
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I passed by the Tinka Resources (TK.V) booth and they are also about to commence a drill campaign to prove some additional areas are prospective, as well as some infill drilling where they have known deposits.
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Wesdome (WDO.V) were also in the show, and that was one very popular booth after the rise in share price recently. One successful and well known Swiss fund manager mentioned that Wesdome was the largest company in his portfolio after the steep rise, and was lavish in his praise of management.
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Another of the stocks we follow, Condor Gold (AIM: CNR) had their usual booth, but when I passed by CEO Mark Child was engaged talking to people, which is just as well really. After CNR did not inform the market about the protests that took place against them in Nicaragua, I do not really want to engage with them further.
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These protests, about people having to lose their homes to make way for the pit, eventually resulted in a new pit design to enable them to stay in their homes.
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It was extremely disappointing to find a company so blatantly not informing the market about a significant event that was taking place, despite it being reported in the (Nicaraguan) media at the time, accompanied by videos on Youtube.
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Investors are adults, so tell us all the news good and bad, not just select the good news. If there is bad news, all we need to know is what you are doing to resolve the issue.
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