metahase schrieb am 07.09.2018, 12:15 Uhr[/url]"]... starker Tobak!
Zusammenfassung Viceroy-Report:
Pretium Resources – digging up dirt
Distorted grades, involvement of SEC sanctioned entities, and high turnover of mineral consultants – Pretium flies many red flags. (PVG:TSX / PVG:NYSE)
Download – Full Report
Download – Summary
SEPTEMBER 6, 2018 — Pretium Resources owns and operates the purportedly high-grade Brucejack gold mine in Northwest British Columbia in Canada. Viceroy is short Pretium Resources, as our research suggests its mining results have been distorted and the equity likely worthless as the overindebted company bleeds cash over the next 12 months:
•Strathcona Mineral Services Limited (Strathcona), the mining consultancy that famously declared Bre-X to be a fraud, resigned from Pretium’s 2013 bulk sample program later stating, “…they will not have a mine producing 425,000 oz. a year for the next 20 years, as they have been advertising so far”. The entire Pretium investment thesis rests on the validity of the 2013 bulk sample program.
•After Strathcona’s resignation, Pretium hired Strategic Minerals LLC (Strategic Minerals), an entity owned and managed by disgraced investment manager Serofim “Sima” Muroff to handle the testing of its bulk sample program. Muroff was charged by the SEC for securities fraud after misappropriating millions of dollars of investor funds and siphoning away millions more. Our research suggests that Muroff has knowingly assisted Pretium in overselling the quality of Brucejack Mine to investors.
•The funds embezzled by Muroff were partially invested in numerous early-stage gold mining assets which to date have produced no gold. We believe Muroff’s entity was created to similarly distort gold grades for these gold mining assets. Muroff’s investors funds were also used to invest in equities and derivatives of other gold mining assets which we believe included Pretium.
•The overwhelming majority of our research indicates Pretium manipulated the results of its bulk sample program through an overreliance on samples taken from the Cleopatra vein, thereby artificially inflating Pretium’s grades and reserve projections for the Brucejack Mine.
•The manipulated bulk sampling test performed by Strategic Minerals was used by the courts in Wong v. Pretium Resources, 2017 as the basis of their decision that the Strathcona analysis was incorrect. This did not exempt the company from withholding Strathcona’s preliminary analysis from investors.
•Government documents indicate Pretium is moving approximately double the tonnage from the underground mine than disclosed to investors. This suggests reported grades and reserves are significantly inflated, a much greater amount of waste is being dumped into local lakes, and more explosives are being utilized. Pretium’s operational plan has experienced dramatic changes in a short amount of time, leading us to believe that management is scrambling to find consistent, high-grade ore to maintain the charade that its debt and equity are viable.
•Pretium founder and chairman, Robert Quartermain’s only mine operating experience at Pirquitas, an Argentinian silver mine owned by Silver Standard, resulted in a ~53% reserve cut and subsequent shutdown. A number of Quartermain’s management team left Silver Standard to operate Pretium.
•As of Q2 2018, Pretium has ~$700M of debt (excl. convertible notes) with an effective interest rate of ~15%. If Pretium can’t make or re-negotiate the payment, then Pretium may be unable to remain a going concern. We believe this deadline has provided an incentive for Pretium to inflate its results through the near-term depletion of the Cleopatra vein and take more rock out of the ground than disclosed and planned.
The implications of our findings on grade, tonnage and life of mine are damning and lead us to believe that Pretium’s equity is highly likely to be worthless in its current state, and its credit significantly impaired.
Viceroy believe Pretium bears striking resemblance to Rubicon Minerals, now operating as a shadow of its former self after revising mineral reserve estimates down ~90%.
We believe the most likely scenario is that Pretium’s assets are seized by its secured creditors as collateral.
[url=https://peketec.de/trading/viewtopic.php?p=1852130#1852130 schrieb:
metahase schrieb am 07.09.2018, 11:57 Uhr[/url]"]... da bin ich mal gespannt wie diese Nummer ausgeht!
Viceroy says it’s shorting Canadian miner Pretium Resources
Miner falls 10% on the news.
Natalie Obiko Pearson, Bloomberg / 7 September 2018 08:32
Pretium Resources fell 10% after Viceroy Research said it’s shorting the stock, arguing the company has artificially inflated the value of its Canadian gold mine, which risks being taken over by creditors in coming months.
The New York-based short seller — which rose to prominence last year with research into financial irregularities at South African retail giant Steinhoff International — released a report Thursday saying Vancouver-based Pretium has distorted results from its Brucejack gold mine in the province of British Columbia.
“Our mine valuation – coupled with Pretium’s overleveraged balance sheet – lead us to believe Pretium equity is effectively worthless,” Viceroy said in the report. “We believe the most likely outcome is that debtholders will exercise their security and take control of the mine as the company becomes progressively, but quickly, unprofitable.”
Pretium chief executive officer Joe Ovsenek said in an email that Viceroy’s report “is completely without merit. Nothing more to add.”
Pretium shares are down 36% this year in Toronto. That’s more than the 22% drop in the S&P/TSX Global Gold Index which has been dragged down by an 8% slump in bullion.
More rock
Short sellers benefit from a falling stock as it allows them to pay back shares they have borrowed at a cheaper price.
In its 47-page report, Viceroy said it believes Pretium has artificially boosted Brucejack’s grades and reserves by over-relying on samples taken from a rich but thin fissure named the Cleopatra vein. Citing discrepancies between figures in company filings versus those in annual reports to the provincial government, Viceroy calculates Pretium is taking at least double the amount of rock out of the ground than it’s disclosed to investors because it’s not finding as much gold as expected.
“Taking substantially more rock out of the ground in search of gold might signal far less gold underground than what was originally planned,” the report said, describing Pretium’s activities as a “textbook case of selective grading.” Viceroy also pointed to figures indicating the company is using 40% more explosives and depositing 45% more waste rock than would be expected based on prior estimates.
Analysts bullish
Viceroy said Pretium is seeking to burnish the mine’s prospects as it faces pressure to refinance expensive debt maturing at the end of the year. The company said last month it had $692 million in debt as of June 30. That included a $393.5 million credit facility with an effective interest rate of 15% maturing on December 31 subject to a one-year extension, according to an August 9 filing.
Viceroy, which has targeted companies from Australia to the US including Steinhoff, MiMedx Group and Capitec Bank Holdings, has had mixed success. It’s also become the subject of scrutiny itself and is facing a probe by German prosecutors for a March report on broadcaster ProSiebenSat.1 Media SE.
Analysts remain bullish on Pretium, with eight rating it a buy and two a hold, according to data compiled by Bloomberg. The average price target of C$16.49 implies a 62% return on the stock. Short interest makes up 1.3% of the stock’s float, down from a high of 4.3% on September 22, according to financial analytics firm S3 Partners.
© 2018 Bloomberg L.P
wenn ich das richtig sehe ist da noch ein offenes GAP bei 10,50 CAD
Guten Morgen! 
