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McEwen Mining, Summary of Investment Case 1/ 2 / "In October 2017 we purchased another property in Timmins, an operating mine, a short distance away from the assets we purchased earlier in the year. The mine we purchased in October was called the Black Fox Complex, we bought it from Primero Gold, who had bought it in 2014. We think we got a good price. Primero purchased the property in 2014 for $300 million, they assumed $140 million of liabilities, and put $120 million into development and exploration. Primero’s total investment in this asset was $560 million and we purchased it for $35 million. We paid six cents on the dollar." It came, also, with $150 million of tax pools, which will allow us to shelter a large part of our income for many years going forward. It also has an operating mill and tailings area permitted that has excess capacity that will allow us to process ore from the Lexam VG properties that we purchased in the spring of 2017. 3 / Another important development happened in early November, when we received our long-awaited permit from the Bureau of Land Management to start construction and operate our Gold Bar Mine. We started doing ground preparation at Gold Bar immediately after we were issued our permit and we were able to start drilling. Our exploration objective is to extend the life of the Mine. Gold Bar will take a year to build. We expect to begin commercial production in 2019. Average annual gold production is expected to be 65,000 ounces of gold at a cash cost of $800 an ounce. The resource grade is 1 gram/ton oxide ore. It will be a heap leach operations with a low capital cost of $75 million. In Mexico, our El Gallo Mine is an open-pit, heap-leach gold Mine, which is nearing the end of its life, at least as far as mining the oxide ores. We've been building a resource base of sulfide ore. This ore type would require an additional capital investment in order to recover the gold economically. At the same time, 5 miles away from the gold Mine, we have a silver deposit on which we have been reworking the economics. It requires a silver price above $18 before we want to put money into the ground and build a Mine. When we look at a new project, it has to meet two criteria: First, 20% after tax internal rate of return and second, a payback of capital in less than three years. Our corporate goal is to qualify for the S&P 500 Index. That means we have to grow, so we're looking for further M&A opportunities that will increase our annual production and exploration potential. We prefer buying distressed and underpriced assets. Our future growth needs to produce a higher share price, otherwise it is not worth doing! Mr. Rob McEwen: ... McEwen Mining is debt-free. Our treasury has about $60 million in liquid assets. I own 24% of the company, my cost base is $133 million ($1.64 /sh*) . My salary is $1 a year and I have elected not to receive any bonuses or options. In the last 13 years I was at Goldcorp, our share price compounded on an annual basis in excess of 31% a year for 13 years. This type of share performance is exactly what I would like to repeat at McEwen Mining. The reason for this goal is to use my profits to fund medical research for regenerative medicine and stem cells. *$133Mn / (24% x 337 M shs = 81 M shs) = $1.64 per share is McEwen's estimated cost 5 x > source: http://www.metalsnews.com/t1200266i

MUX vs. SPX : since 7/2016: 4/2019: UPDATE: NOV.2022 RALLY UNDERWAY ! OLD: May'18:> : Last : mux-$2.10, spx-$2,663 : 0.08% : 1268x Big Wave of Investment in Gold Shares coming? We learned from Mr. Rob McEwen, Chairman and Chief Owner of McEwen Mining, that the reason the company is looking to qualify for the S&P 500, which represents 80% of the equity capital in the country, is that they expect a big wave of investment in gold in the near term and the great bulk of the buying will go into gold stocks in the S&P 500. There's a very successful hedge fund manager, Ray Dalio, who runs Bridgewater Associates, one of the largest hedge funds in the world. In August 2017, he recommended that investors look at putting 5 to 10% of their portfolio in gold. If we ever saw a movement like that, there'd be a gigantic amount of money moving into the gold space, having a very positive impact on the price of gold. Maybe half of that might go into gold bullion and coins. The balance could go into gold shares. MUX’s goal is to qualify for inclusion in the S&P 500. 1. It is critical to understand that only a very small number of gold producers can gain admittance to the S&P 500 index. The first criteria is the company must be American, which McEwen Mining is. That eliminates 99% of all the gold producers worldwide. 2. Given the growing presence in the market of passive investment management, index investing and ETFs, the importance of being in the S&P 500, the largest segment dominant index in the market cannot be overlooked. 3. Being in the index provides a competitive advantage. That is the reason for MUX to reach for our goal of being included in the S&P 500. > Jan. 2018 interview: http://www.metalsnews.com/t1200266i MUX MktCap: USD$2.10 x 337M shs = $708 Million $6.1 Bn / 337M shs --> $18.10 per Share is needed, if MktCap target stays at $6.1 Bn REQUIRED, as of April 2018: Even though the components for the S&P 500 are selected by a committee, inclusion does require that a few liquidity and market cap requirements be met. These include: A minimum market cap of $6.1 billion Annual dollar value traded to float-adjusted market capitalization is greater than 1 Minimum monthly trading volume of 250,000 shares in each of the six months leading up to evaluation

McEwen Mining (MUX & MUX.t) NEW/ Nov.2022 update : MUX is way behind UGL and GDX. Catch-up coming? MUX / McEwen Mng : 47.4 M sh. x $5.17= $245 M ... BkVal. $7.59 /sh. MUX. vs. UGL. 2016: 4/19: Ytd: 10d / $5.17 / gdx: $28.30= r-18.3% / ugl: $52.63= r-9.82% 2016: Ytd: 10d / $5.17 2022 range (2.81 to 11.80) / LONG TERM= UPTREND now to $10... maybe $15. 3/23) MUX : 10yr: Ytd: 10d / Last: $7.88( Range: 2.81 to 8.80 ) Ratio: MUX. $5.17 / gdx: $28.30= r-18.3% / ugl: $52.63= r-9.82% Website: www.mcewenmining.com OLD/. MktCap: USD$2.10 x 337M shs = $708 Million To make S&P500 : $2,663 x 0.23% = $6.1 Bn / 337M shs --> $18.10 /sh to get into S&P500 MUX : 10yr : 3yr : 12mo : Last $2.10 / (since 7/2016): MUX-vs-GDXJ : MUX-vs-SPX : 3yrs Individual Gold stocks are in pinch-points, like GDXJ is/was in early May 2018 : GDXJ : Jr. Gold Miners ... 10-yr : 5-yr : 3-yrW : 3-yrD : 12-mos / 10d - Last: $33.55 : $2.10 /33.55 = 6.26% Like MUX : McEwen Mining ... 10yr : 3-yr : 3-mo - Last: $2.10 +0.03 3-mos Rob McEwen: "We're In The Beginning Of A Bull Market" Mar 07, 2018 / Guest(s): Rob McEwen We are entering the early stages of a commodities cyclical bull market that could last another 10-12 years, said Rob McEwen, Chairman of McEwen Mining.“This is an oversold sector, it’s very depressed, and we’re coming into to a cyclical upturn in commodities,” McEwen told Kitco News on the sidelines of the PDAC 2018.McEwen noted that while some of the major miners have negative growth curves in terms of projected production, it will be the juniors and intermediates that will “run with the show.” (show less) http://www.metalsnews.com/catalog/items/1200266/002.jpg PRESENTATION HIGH BETA TO GOLD: 2.7x ! DAILY VOLUME : 3.5M AVG. > MUX website : http://mcewenmining.com/

How the Oil Rally Took Forecasters by Surprise The price of crude has climbed nearly 12% this year and has reached its highest levels since 2014—a rally that has caught most big banks flat-footed.

Another FIVE issuer ---- : ticker symb : coupon : maturity : conver: comm : %ytm : yr.tm : req'chg. : $deb.pr: model : u/o-value : Exch.Inc.Cp: EIF.DB.G -: 6.00% : 31 mar.21: $31.70 : $31.17 : 3.46% : 2.93 : + 1.7% : 107.00 : 111.54 : - 4.24% : Pure FamR : RUF.DB.U : 6.50% : 30 sep. 20: $ 5.65 : $ 7.28 :-4.66% : 2.43 :InMoney: 129.00 : 127.45 : + 1.20% : Innergex---- : INE.DB.A : 4.25% : 31 aug.20: $15.00 : $13.65 : 3.00% : 2.35 : + 9.9% : 103.80 : 103.20 : - 0.39% : OsiskoGold: OR.DB ---- : 4.00% : 31 dec.22 : $22.89 : $12.80 : 4.00% : 4.68 : +78.8% : 100.00 : 101.55 : -1.55% : Dorel Ind.---: DII.DB.U - : 5.50% : 30 nov.19 : $46.75 : $21.69 : 5.17% : 1.59 : 115.5% : 100.50 : 100.51 : - 0.01% : ========== EIF.t / Exchange Inc. Fd. : EIF.?? -- . 10Y : 5Y : RUF.UN.t / Pure Fam.Reit : RUF.DB.U : 10Y : 5Y : INE.t / Innergex Renew.Energy : INE.DB.A : 10Y : 5Y : OR.t / Osisko Gold Roy'l : OR.DB -- . 10Y : 5Y : DII.B.t / Dorel Ind.s : DII.DB.U - . All : 10Y : 5Y : == nwh-un

Second FIVE issuer -- : ticker symb : coupon : maturity : conver.: comm. : %ytm : yr.tm : req'chg.: $deb.pr: model : u/o-value : Morneau Sh: MSI.db.A : 4.75% : 30 jun. 21 : $25.10 : $ 25.28 : 0.91% : 3.18 : inMoney: 112,00 : 109.48 : +2.25% : Cargojet----- : CJT.DB.C : 4.65% : 31 dec.21 : $58.65 : $65.26 :-1.72% : 3.68 : inMoney: 124.27 : 121.70 : +2.07% : DHX Media- : DHX.DB - : 5.88% : 30 sep.24 : $ 8.00 : $ 3.60 : 8.32% : 6.43 : 122.2% : $88.00 : $97.62 : -10.94% : Algoma Ctl. : ALC.db.A : 5.25% : 30 jun. 24 : $21.15 : $15.20 : 4.41% : 6.18 : +39.1% : 104.50 : 106.19 : - 1.62% : Prem.Brand : PBH.db.G: 4.65% : 30 apr. 25 : 182.51 : 120.37 : 4.32% : 7.01 : +51.6% : 102.00 : 102.51 : - 0.50% : ========== MST.t / Morneau Sh : MSI.db.A . 10Y : 5Y : CJT.t / CargoJet -- : CJT.DB.C ... 10Y : 5Y : DHX.B.t / DHX Media : DHX.DB - .. 10Y : 5Y : ALC.t / Algoma Ct'l - : ALC.db.A . 10Y : 5Y : PBH.t / Prem.Brands : PBH.db.G . 10Y : 5Y :

A Disaster WARNING? That's how I regard this chart of DMCI, one of the major PH property developers DMCI Holdings Inc. / DMC ... update Keep an eye on DMC next week. DMC looks set to break or test support at P 10.40 (next week?) and may soon test the 5-Year Low at P 9.00. If that gets broken too, it would be a very bad sign. Investors seem to be losing confidence fast in the PH property developers. Not only in DMC. DMCI / DMCI Holdings- ... update / Last: P 10.80, pe: 9.91, yield: 2.59% - support: 10.40, 9.00 SMPH / SM Prime Hldg ... update / Last: P 32.40, pe: 33.9, yield: 0.15% - support: 31.00, 23.00, 14.00 ALI / Ayala Land Inc. ... update / Last: P 40.15, pe: 23.2, yield: n/a- - support : 39.00, 30.00, 23.00 MEG / Megaworld Corp ... update / Last: P 4.31, pe: 10.8, yield: 1.26% - support : 4.00, 3.00 PSEI / Phil. Stock Index ... update / Last: P7,546.2. (range: 7,499.3 - 9.078.4) - support : 7,500, 7,000, 5,800 ==

Gold COT Report - Rally looks set to ROLL - as Large Specs start buying again !

Gold COT Report - Rally looks set to ROLL - as Large Specs start buying again !

Weekly : Oil to New highs (for the year) ==== : Fye'16 : Fye'17 : +-%chg : 01/05 : 02/02 : 03/02 : 03/29 : 04/27 : 05/04 : Gold : 1151.7 : 1309.3 : +13.7% : 1322.3 : 1337.3 : 1323.4 : 1327.3 : 1323.4 : 1314.7 : XLE : $75.32 : $72.24 : -4.09%: $74.97 : $72.46 : $66.95: $67.41: $73.82 : $73.85 : WTIc: $53.72 : $60.42 : +12.4% : $61.44 : $65.45 : $61.25 : $64.94 : $68.10 : $69.72 : Au/Wt: r-21.4 : r-21.7 : ====== : r21.52 : r-20.43 : r21.61 : r-20.44 : r-19.43 : r-18.86 : DBA : $19.97 : $18.76 : -6.06%: $18.83 : $18.97 : $19.39: $18.18: $19.22 : $19.32 : D/crb: 10.37% : 9.67% : ====== : 9.73% : 9.61% : 9.90% : 9.31% : 9.54% : 9.51% : Xle/D: r-3.770 : r-3.850: +2.14%: r-3.981 : r-3.820 : r3.453 : r-3.707 : r3.841 : r-3.822 : DXY- : 102.38 : $92.30 : - 9.85% : $92.01 : $89.19 :: $89.91 : $89.81 : $91.53 : $92.41 : BTC-- : $948.5 : 13,100 : x13.8X : 15,840 : $8,800 : 11,117 : $7,401 : $9,230 : $9,593 : ==== : Fye'16 : Fye'17 : +-%chg : 01/05 : 02/02 : 03/02 : 03/29 : 04/27 : 05/04 :

Lush Residences, now being launched next to Air and Rise Prices reported to be: P235-280k psm, for: 23sqm, 24-31, and 24-37 sqm "8 meters away from Meralco" so worth every centavo. You will never have to worry again about forgetting to pay your electric bill (haha. there will be a reminder on your doorstep everyday)

Top 5 from felix choo ====== issuer ---- : ticker symb : coupon : maturity : conver: comm : %ytm : yr.tm : req'chg. : $deb.pr: model : u/o-value : Surge Ergy. : SGY.DB -- : 5.75% : 31dec.22 : $ 2.75 : $ 2.40 : 3.81% : 4.68 : +14.6% : 108.25 : 111.53 : - 3.03% : Hydro One- : H.IR * --- : 4% 0% : 30sep.27 : $21.45 : $20.45 : 0.22% : 9.43 : + 4.6% : $28.50 : $35.07 : - 23.1% : Div. royalty : DIV.DB --- : 5.25% : 31dec.22 : $ 4.55 : $ 3.29 : 5.25% : 4.68 : +38.5% : $99.99 : 104.05 : - 4.06% : Tricon (us) : TCN.db.u : 5.75% : 31mar.22 : $10.30 : $ 7.90 : 4.62% : 3.93 : +30.3% : 104.00 : 105.51 : -1.46% : AHIP Reit - : HOT.db.u : 5.00% : 30 jun.22 : $ 9.25 : $ 6.40 : 5.96% : 4.18 : +44.5% : $96.50 : 100.32 : - 3.96% : ========= > https://convertibledebentures.blogspot.hk/ SGY.t / Surge Ergy. : SGY.DB ... 10Y : 5Y : Last: C$ 2.31 / pe: n/a , yield: 4.11% ($ 1.58 -$2.65) H.t / Hydro One- : H.IR * ... 10Y : 5Y : Last: C$20.52 / pe: 18.5, yield: 4.29% ($20.10 -24.13) DIV.t / Div. royalty : DIV.DB ... 10Y : 5Y : Last: C$ 3.30 / pe: 30.0 , yield: 6.74% ($ 2.20 -$3.74) TCN.t / Tricon (us) : TCN.db.u ... 10Y : 5Y : Last: C$9.90 x .78 = $7.64 / pe: 21.2, yield: 2.83% ($9.57 -12.05) HOT.t / AHIP Reit - : HOT.db.u ... 10Y : 5Y : AHIP = American Hotel Income Properties REIT LP (HOT.TOR)

DEBENTURES are frequently used in Debt Restructurings in Canada, like this one, announced yesterday: / REMINDER - It all goes Wrong sometimes / Concordia Int'l / CXR.t ... update - the long slide! from over c$100 in late 2015, to c$0.36 Concordia plan slashes debt, replaces CEO, wipes out stock in $2.4-billion deal Concordia International Corp. reached an agreement with its creditors to cut its debt load by US$2.4 billion in a deal that ousts the chief executive and will leave shareholders all but wiped out. The pharmaceutical company’s turnaround accord includes raising US$586.5 million through a private equity rights offering and new secured debt of about US$1.4 billion, and cutting annual interest expense by $171 million, according to a statement Wednesday. Holders of about 72 per cent of the secured debt and 64 per cent of the unsecured debt have signed off on the plan, which also received Ontario court approval. Secured debt holders would receive cash and new secured debt equal to 93.4 per cent of their principal amount, including a 5 per cent early consent cash consideration. The funds raised through the equity rights offering will be put toward acquiring 88 per cent of the outstanding shares to compensate secured debt holders. Those were trading for 45 cents at 9:40 a.m. in Toronto, down 14 cents. Unsecured debt holders will receive about 12 per cent of the common shares in the restructured company and existing shareholders will hold on to 0.35 per cent of the common shares. Stakeholders will vote on the plan on June 19. > http://business.financialpost.com/investing/concordia-plan-slashes-debt-replaces-ceo-wipes-out-most-stock

Canadian Convertible Debenture Market: list: 1: 2: 3: 4: 5: /TLT ($92.76) : Cxf ($9.79, 10.6%), Cvd (16.78, 18.1%), FC.t, Firm Cap'l (11.07, 11.9%) > Jul'24 CVD, CXD.t / Conv. Debt Indecies ... update : 10d : @ 02/12: $18.55 (18.32) / C10.31 (9.89) : r-179.9%, (prev.r185.2%) CXF.t is? CI First Asset Canadian Convertible Bond ETF CXF.to ... 10-year: 5yr: 1yr / CXF: C$10.31, Div.C$0.48 = Yield: 4.66% / CVD: $18.55, Div.$0.833 = Yield 4.49% AUG. 2019 Risk ——: UnderV / Company — : Coupon : Maturity : Db.Price : Y.T.M.: u/l price: conv. : Pct. : Y xPct: Lower: ARE.DB.C : 6.05% / Aecon Group : 5.00% : 31-Dec-23 : $105.10 : 3.71%: $18.49: $24.00: 77.0% : r2.86 Mod. : AD.DB : 9.53% / Alaris Royalty: 5.50% : 30-Jun-24 : $ 95.75 : 6.54%: $19.33: $24.25: 79.7% : r5.21 EIF.DB.K. : 7.85% / Exch.Inc.Corp: 5.75% : 31-Mar-26 : $100.24: 5.70%: $38.50: $49.00: 78.6% : r4.48 EIF.DB.J : 5.37% / Exch.Inc.Corp: 5.35% : 30-Jun-25 : $100.25 : 5.30%: $38.50: $49.00: 78.6% : r4.17 higher : CHE.db.D : 6.89% / Chemtr.Logist: 4.75% : 31-May-24: $ 91.95 : 6.54%: $10.73: $26.70: 40.2% : r2.63 SGY.db. : 3.41% / Surge Energy : 5.75% : 31-Dec-22 : $ 93.49 : 8.01%: $01.10: $02.75: 40.0% : r3.20 CF.db.A : -0.96%/ Cana. Genuity: 6.25% : 31-Dec-23 : $101.99 : 5.72%: $05.01: $10.00: 50.1% : r3.13 WILD.db : 30.4% / Wild Brain : 5.88% : 30-Sep-24 : $ 72.00 : 13.7%: $01.69: $08.00: 21.1% : r2.89 MOGO.db: 10.9% / MogoFinance : 10.0% : 06-Jun-20 : $ 95.50 : 16.4% : $04.04: $05.00: 80.8% : r13.3 FIRE.db : 23.6% / SupremeCana: 6.00%: 19-Oct-21 : $ 85.00 : 14.4% : $01.38 : $02.45: 56.3% : r8.11 ===== Underlying shares (of discounted Debs) / chart #1-eif, #2-mogo, #3-wild : 1/ EIF-etc. : fr. Jun.2017 : 10d : @ 02/12: $44.91, are: $17.97, ad: $23.20, che: $8.77 , R:eif/ad: r-1.94 2/ MOGO etc, fr. Jun.2017 : @ 02/12: $2.585, sgy: $1.01, fire: $0.405, che: $8.77 , R:mo/fi: r-6.38 3/ WILD (ex.DHX) -etc. from 1.1.2016 : Jun.2017 : MHIVF= Us quote for: Invesque : IVQ.DB.V - IVQ.U = : BCV-etc ... Update : 10d : $21.59 w/ 4.63% yield ($1.00 div.?) - BCV is a us convertible fund (shows how cv bonds are performing) Exploiting Opportunities in an Overlooked Asset Class Published by Paul Borisoff on May 18, 2017 Convertible Debentures can provide extremely attractive risk/return opportunities for investors The Canadian Convertible Debenture market in particular is one of our favorite “asset classes” in which to hunt for compelling investment opportunities for our discretionary Diversified Income Portfolio which is currently ~ 36% exposed to this area. A convertible debenture is a hybrid security which has some of the features of both bonds and equities. It is essentially an issuer unsecured debt obligation which comes with a set maturity date, maturity value, and a built-in conversion option to equity that can provide significant upside potential. A convertible debenture is almost always a safer way for an investor to be exposed to a particular company compared to buying its common or preferred shares directly. However, if you do not like the nature of a firm’s business (i.e. a highly cyclical resource issuer), the state of the firm’s balance sheet, or have questions about the firm’s expected profitability, overall direction and/or management quality should probably stay away from its convertible debentures as well. You will often see the terms convertible bond and convertible debenture used interchangeably – with the distinction being that some convertible bonds are secured debt obligations but most convertible debentures issued in Canada are not secured. To further confuse matters “debentures” often have different definitions in different countries - i.e. U.K. issued debentures are usually secured1 while in the U.S. debentures refer specifically to an unsecured corporate bond2. With any investment it is important to understand what you are buying, how it works and what a reasonable return expectation is for the investment under a variety of scenarios. It is important to have an appreciation of the issuer’s financial stability. Complicating matters for investors researching convertible debenture opportunities in Canada is the fact that most issues are not rated by any credit rating agencies. The risk profile of individual convertible debentures varies greatly as they are regularly issued from a wide range of companies - from very small micro-cap “start-ups” right up to large, multi-billion dollar firms. Only investors that are comfortable picking their own stocks should consider buying their own convertible debentures. Convertible debentures are not a “guaranteed investment” like a GIC which has CDIC coverage. They are however safer than buying the issuing company’s common shares or preferred shares. > More: http://borisoffcoxwealth.com/blog/2419607-The-Canadian-Convertible-Debenture-Market--Exploiting-Opportunities-in-an-Overlooked-Asset-Class OTHER Info sources: Felix Choo, CFA at : https://convertibledebentures.blogspot.ca/. / List : peanut-power-rankings.html Divestor -------------- : http://divestor.com/?p=7523 Finl Post Prices -- : http://business.financialpost.com/markets Canadian REITS - : https://en.wikipedia.org/wiki/List_of_REITs_in_Canada BCV / Bancroft --- : http://gabelli.com/Gab_pdf/finan/-123.pdf : Calamos Cv. Holdings : Portfolios : List- All- 9/2018 - : DB-1 : DB-2 : DB-3 : DB-all :

Own Gold, when Housing stocks are weak? dzz/2x gold bear - vs. phm... update

Housing : Is the Mid-Cycle Correction underway? Classic 18 year = 13-15 years Up + 3-5 years down "Mid-way in the 14-years up", there is normally a brief (1-year?) mid-cycle correction PHM Corp- the "bellwether" ... update / often leads Housing market by 6-12 months 18-year Housing Cycle might show rises out to 2023, or so

CKG MAY BE TARGETING #2 ... UPDATE

Interesting calculations here... CASH and Cash flow... RE:RE:RE:RE:Strong morning some things.. -in the sinking fund were 11.9 million USD End of 2017 ..now the needed appr. 1 million USD for earlier repayment of 2018er debentures ...appr. 11 million USD will go back to the cash balance -the Notes:98 million USD .. they will need only 91 million USD for repayment of the 2020/2024 debentures +app. 1-2 millionUSD interest payments until may 15 ...appr. 5-6 million USD will go to the cash balance -12,2 million warrants from the notes ... appr. 20 million USD potential cash from this -free cashflow Q1 after Capex spending minimum 10 million USD -Cash end of 2017 appr 3 million USD Cash now: appr 47 million USD (including cash from warrants) ... ..Marketcap 120 million USD fully diluted (57 million shares (remaining 2018er debentures paid in shares on August11 + all warrants converted) ...the company is swimming in cash now and has strong quarterly cashflow... cheapest gold-stock out there... Read more at http://www.stockhouse.com/companies/bullboard#7H1hftvZLa3GOG9w.99 i think: $47m - $20m = $27m because: -12,2 million warrants from the notes ... appr. 20 million USD potential cash from this -- did not happen yet!! and also, the debt exchange probably cost them $1-2 million And there is ongoing capex

People are leaving Democratic cities and states, because of high taxes and crime. The Great Exodus From America's 'Blue' Cities Accelerates "It's going to force the Blue States to reduce taxes" by Tyler Durden / Wed, 04/25/2018 Am I the only one in my spinning class at Equinox in Manhattan who’s fed up paying $200 every month for a gym with clean showers, $3,000 in rent every month for an apartment without cockroaches and $8 every morning for a cup of coffee? Am I the only one moving through the greater part of New York City boroughs and seeing an inexorable march of urban decay matched with the discomfort of crowding and inexplicable costs? I know I am not. New York is the most expensive city in America. Its lower-cost neighborhoods are riddled with crime and homelessness. Its public schools, some of which are among the worst in the nation, look more like prisons than places of learning. With between up to 50 percent of their paycheck going to a combination of federal, local and city taxes.... Eventually, city and state taxes, fees, and regulations become so burdensome that people and corporations jump ship. More people are currently fleeing New York than any other metropolitan area in the nation. More than 1 million people have moved out of New York City since 2010. . . .The recently passed tax bill, which repeals the state and local tax (SALT) deduction, will only speed up the exodus. Thanks to the bill’s passage, many New York taxpayers will save little or nothing despite a cut in the federal rate. The state’s highest earners — who have been footing an outsized share of the bill — will pay tens of thousands of dollars more in income taxes in 2018. In New York alone, loss of the SALT deduction will remove $72 billion a year in tax deductions and affect 3.4 million residents. And make no mistake: What’s happening in the Big Apple is a microcosm of what’s happening in the nation’s blue states, cities and towns. New York, Los Angeles, Chicago — the places where power and capital have traditionally congregated — have become so over-regulated, so overpriced and mismanaged, and so morally bankrupt and soft on crime that people are leaving in droves. Of course, these high-tax cities are the same places hit hardest by the removal of the SALT deduction. These facts are not coincidences. In fact, in 2016 the Golden State lost almost 143,000 net residents to other states — that figure is an 11 percent increase from 2015. Between 2005 and 2015, Los Angeles and San Francisco alone lost 250,000 residents. The largest socioeconomic segment moving from California is the upper-middle class. The state is home to some of the most burdensome taxes and regulations in the nation. Meanwhile, its social engineering — from green energy to wealth redistribution — have made many working families poorer. As California begins its long decline, the influx outward is picking up in earnest. > https://www.zerohedge.com/news/2018-04-25/great-exodus-americas-blue-cities-accelerates?utm_medium=referral&utm_source=idealmedia&utm_campaign=zerohedge.com&utm_term=68762&utm_content=2226822

A Good Summary of today's political mess... & why it feels like a stalemate Comey has been a Clinton fixer going back to the clinton Whitewater scandal George Soros is involved... this is an international conspiracy the media is in collusion, to cover these matters up... they are not reporting the facts these people are all connected through hillary and the clinton foundation... they are afraid to cross the clinton foundation Kevin Shipp – Civil War Between Dark Side & Constitution Side ==

Not Philly, but not the 2nd HQ (yet) either - Amazon needs the East Coast? It’s no HQ2, but Amazon has announced a massive expansion in Boston WS Development released images of the building it would construct for Amazon on a pedestrian promenade. By Tim Logan Globe Staff May 01, 2018 Alexa is heading to the Seaport. Amazon confirmed Tuesday that it plans to hire 2,000 employees at a new facility in Seaport Square that will focus largely on developing its Alexa voice-activated technology, further cementing Boston’s place as a tech hub for the retail behemoth, and as a center for the burgeoning speech recognition and machine learning industry. . . . The huge expansion — with an option for the company to lease a second building to house 2,000 more employees if it decides to keep growing in the neighborhood — is the latest, and largest, in a wave of growth by major tech firms pouring into Boston. Companies ranging from homegrown Wayfair and Akamai to Silicon Valley giants Google and Facebook are expanding — or planning to expand — their offices here. > https://www.bostonglobe.com/metro/2018/05/01/amazon-announces-major-expansion-boston/E0cJY8W0uIednMLlVZF9cK/story.html?p1=Article_Recommended_ReadMore_Pos1

New Gran Columbia Balance Sheet ======= Equity - : 28.11 Million shs x C$2.68 x 0.78 = US $ 58.8 Million MktCap 5%debs : converted - - - - (A) : At $1.95 = 17.64 Million shs ($34.4 Mn / 1.95) - - - - (B) : At 81% cv. 14.29 Million shs - - - - - - - : 19% : US$ 6.54 Million cash to pay by Aug. 2018. + 5% interest for 3.5 mos = $502k Equity combined: 42.4 - 45.75 Million shares xUS$2.09 = (US$88.6 - 95.6 Million, after 5% debs retired) 8.25% debs : US $98 Million Wts.@c$2.21: on 12.15 million shares > dilluted: 54.55 - 57.9 Million shs, 56m x 2.09= US$ 117 Mn MktCap w/ wts. exercised Gran Colombia Gold Announces Closing of US$98 Million Debt Financing and Early Settlement of US$7.3 Million of 2018 Debentures April 30, 2018 Wts are In the Money C$2.68 - C$2.21 = C$0.47 x 124 wts/deb = C$58 x 0.78 = USD 45, an extra 4.5% (?) on value of Debs. Will be split-able in 45 days, and should start trading after 4-months Hold period Gran Colombia Gold Corp. (the “Company” or “Gran Colombia”) (TSX:GCM) announced today that it has closed its previously announced proposed debt financing (the “Offering) of 97,992 units (the “Units” and each, a “Unit”) for aggregate gross proceeds of approximately US$98 million. The Offering was led by GMP Securities L.P. as sole lead agent and sole book-runner. Each Unit consists of US$1,000 principal amount of senior secured gold-linked notes (the “Notes”) and 124 common share purchase warrants (the “Warrants” and each, a “Warrant”) of the Company (12,151,008 Warrants in aggregate). Each Warrant has an exercise price of CA$2.21 and entitles the holder thereof to purchase one common share in the capital of the Company (a “Common Share”) at any time prior to the maturity of the Notes. The Notes and Warrants comprising each Unit will not separate until 45 days following the closing of the Offering. The Notes and the Warrants are also subject to a hold period equal to four months and a day following the closing of the Offering, and the Company will take commercially reasonable steps to obtain approval for the listing and trading of the Notes and the Warrants on the Toronto Stock Exchange by the end of the hold period. As of the day hereof, there are US$48,022,940 and US$42,872,953 of Senior Secured Convertible Debentures due 2020 and 2024, respectively (collectively, the “Senior Debentures”), issued and outstanding. The Company announced today that it has provided notice (the “Redemption Notice”) to the trustee (the “Trustee”) of its Senior Debentures that, on May 14, 2018 (the “Redemption Date”), the Company will redeem all of the principal amount of its outstanding Senior Debentures at a redemption price equal to US$1 for each US$1 principal amount of Senior Debentures, plus accrued and unpaid interest up to (but excluding) the Redemption Date. Early Settlement of 2018 Debentures The Company also announced today that it completed the early redemption of US$7,260,659 aggregate principal amount of its Senior Unsecured Convertible Debentures due August 2018 (the “2018 Debentures”) from holders who elected to exchange their 2018 Debentures at the closing of the Offering for a cash payment equal to 19% of the principal amount of their 2018 Debentures, representing a total payment of US$1,379,525 funded by cash held in the sinking fund for the 2018 Debentures, and the remaining 81% of the principal amount settled with Common Shares, representing the issuance of a total of approximately 3,015,966 Common Shares, based on the conversion price of US$1.95 per Common Share. As of the date hereof, there are US$34,399,642 aggregate principal amount of 2018 Debentures and 28,115,533 Common Shares issued and outstanding. Furthermore, the annual interest rate on the issued and outstanding 2018 Debentures will increase from 1% to 5%, effective April 30, 2018. > http://www.grancolombiagold.com/news-and-investors/press-releases/press-release-details/2018/Gran-Colombia-Gold-Announces-Closing-of-US98-Million-Debt-Financing-and-Early-Settlement-of-US73-Million-of-2018-Debentures/default.aspx

GCM has been one of the strongest performing Gold shares, but is still "too cheap" Compare: ===== : -$-Last : change : %-chg. : volume GCM.t : C$2.68 : + 0.07 : +2.68%: 110,604 GDXJ : $32.51 : - 0.52 : - 1.57% : 9.65 M. GDX - : $22.28 : - 0.45 : - 1.98% : 45.5 M. GLD - : 124.59 : - 0.91 : - 0.91% : 9.59 M. CAD - : $0.779: +.0006: +0.08% : - n/a- GCM.t / Gran Columbian Gold ... 3-years : 10d : GCM's debt restructuring was completed yesterday, 4/30/18. This should clear the way for further improvements in the stock price, since potential stock dilution is much reduced, and the Balance sheet now looks more "normal" Gold-Linked Notes (Unlisted) Outstanding (April 30, 2018) : US$98.0M Currency : U.S. dollars Maturity : April 30, 2024 Interest : 8.25% p.a cash paid monthly Repayment : Amortized quarterly through sale of physical gold deposited to a Gold Trust Account with floor price protection at US$1,250 per ounce of gold Rank and Security : Senior unsecured Other Gold premium upside for investors Change of control provisions Non-callable for first 3 years Guaranteed by certain subsidiaries Gold-Linked Notes FAQ ===== Gran Colombia Gold Announces Closing of US$98 Million Debt Financing and Early Settlement of US$7.3 Million of 2018 Debentures April 30, 2018

Fortuna Silver/FSM (ex Roxg: 133k oz.> 200k oz) Fortuna vs Silver Roxgold (ROGFF) shareholders receive 0.283 of a Fortuna share "receive 0.283 of a Fortuna share". so $5.00 x0.283= $1.415 for ROGff x1.252 = C$1.77 ROXG (4.2/5.0= C$1.49) FSM vs- AGQ. Apr'16 - Aug'21: 5yrW: 2yr: 1yr: 10d / Update: 8.12.21: $4.20 -0.24, yr.L:4.13 FSM .... All: YTD: Last: $4.20 Roxgold (133,000 oz) & other cheap Gold miners Roxgold / ROXG.t ... 10-yrs : 3-yr : 2-yr : 1-yr / 10d : Last c$1.15 x 0.78= us$ 0.897 Later chart follows 373,469,095 Common Shares x $1.15 x 0.78= us$ 335.0 Mn cash balance of US$72.2 million /373.47 = us$ xx /sh, or us$ xx /sh ROXGOLD ANNOUNCES A NORMAL COURSE ISSUER BID Toronto, Ontario – April 30, 2018 - Roxgold Inc. (“Roxgold” or the “Company”) (TSX: ROXG) (OTC: ROGFF) announces that its board has approved Roxgold implementing a normal course issuer bid ("NCIB") and a Notice of Intention to make a Normal Course Issuer Bid has been filed with, and accepted by, the Toronto Stock Exchange (the "TSX"). The Company is implementing the NCIB as it believes that from time to time the market price of Roxgold's Common Shares ("Common Shares") does not reflect the underlying value of the Common Shares. This belief is based on Roxgold’s excellent operational track record, highlighted by the recently announced first quarter gold production results of 40,452 ounces from the Company’s Yaramoko Gold mine (see press release dated April 9, 2018), which has resulted in Roxgold continuing to build a strong balance sheet with a March 31, 2018 cash balance of US$72.2 million. The NCIB will allow Roxgold to purchase Common Shares for cancellation if, in the opinion of management, the purchases can be made on terms which will enhance the value of the remaining outstanding Common Shares. The NCIB will commence on May 2, 2018 and will terminate on the earlier of: (i) May 1, 2019; and (ii) the date on which the maximum number of Common Shares that can be acquired pursuant to the NCIB are purchased. Purchases of Common Shares under the NCIB will be effected through the facilities of the TSX or alternative Canadian trading systems at the market price at the time of purchase. Roxgold may purchase up to 10,000,000 Common Shares under the NCIB (representing 2.7% of Roxgold’s issued and outstanding Common Shares), which is below the maximum allowed under TSX regulations of 18,673,454 Common Shares, such maximum being 5% of Roxgold’s issued and outstanding Common Shares as at April 18, 2018. Pursuant to the rules of the TSX, the maximum number of Common Shares that the Company may purchase under the NCIB in any one day is 94,810 Common Shares, which is 25% of the average daily trading volume of the Common Shares on the TSX for the six months ended March 29, 2018, being 379,242 Common Shares. As of April 18, 2018, Roxgold had 373,469,095 Common Shares issued and outstanding. Roxgold may also make one block purchase per calendar week which exceeds such daily purchase restriction, subject to the rules of the TSX. Any Common Shares purchased pursuant to the NCIB will be cancelled by the Company.

REACTION to above comment on Taxes " Too bad Philly and Pa have high taxes too! " The REAL difference is going to come from cheaper property prices in Philly. Those property owners in NY used to be able to write off the interest expense and property tax on their ultra-expensive NY properties. But now there are tighter restrictions on deductions. So I can imagine that more people will want to move their tax homes to Philly, and commute to they NY jobs. They can rent a pad in NYC when they need one. Maybe there will be a boom in prices near the Rail station(s) ? - NY state : 8.825 PA state : 3.07% TX state : 0.00% FL state : 0.00%