Artemis News Release
Congratulations Artemis. Noah’s Rule has been delighted to work alongside the team at Artemis as Debt and Hedge Adviser on the financing of the Blackwater gold project. This is our second deal in Canada, having worked with many of the senior team at Artemis when they...
Congratulations Alkane
Noah’s Rule is very pleased to have acted as Debt and Hedge Adviser to our long standing client Alkane Resources on the finalisation of debt funding for the Tomingley Gold Extension Project
Dodging the Death by Dilution bullet
Mining is a risky business. How risky depends on many things. Sometimes I think for mining equity investors it’s a bit like betting on a game of Russian Roulette being played by the CEO. Investors of course must also remember that ‘death’ for the player is often much less painful than it is for them.
Kim and co architects of tarnished gold
Much has been written in the past week or so about the presentation made at the recent Denver Gold Forum by Paulson and Co partner, Marcelo Kim. In short, Kim took aim at outrageous amounts of CEO pay at the big end of the gold mining industry despite the parlous shareholder returns and various investment blunders delivered by most of that same group.
Many a miner’s dirty little secret
The vast majority of gold mining companies globally make a very big thing about being non-hedgers. They have it on their website home page and it often features heavily in all investor communications. Rather like the shop windows that have the “no cash kept on premises”, they are strongly declaring no “financial derivatives inside”.
Gold’s insiders, and outsiders
Over the past four to five years there has been a stark and growing difference between the way in which Australian and North American gold mining companies sell their gold and manage the associated risks of having high and largely fixed costs, and often high debt, against a totally variable, market driven, revenue line.