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Title : First Mining (FF.to): The bank that loses money
link : First Mining (FF.to): The bank that loses money

First Mining (FF.to): The bank that loses money

Remember when Keith Neumeyer put together First Mining (FF.to) as a "Mineral Bank", assuring the world in the dog days of the PM market that by buying up assets at pennies on the dollar his company could flip them to others when the market turned and times were good? It may have worked if he had any idea about the assets he wanted to buy.

In 2015, FF.to picked up PC Gold under the strategy, its Pickle Crow asset. Here's how it went down:

First Mining will issue a total of approximately 27,804,508 common shares (assuming no exercise of existing warrants or options) to the former PC Gold shareholders, valuing PC Gold's equity at approximately C$9.7 million.

So, FF paid a C$9.7m ticket price (in shares). We now cut to today and this. They've cashed in on their investment, they're optioning Pickle Crow out:

Auteco can earn a full 80% interest in the Project by incurring a total of $10 million in exploration expenditures over five years, making cash payments to First Mining totaling $4.1 million, and issuing 125 million shares of Auteco to First Mining. First Mining will also retain a 2% Net Smelter Return ("NSR") Royalty, 1% of which can be bought back for US$2.5 million. Further details are set out under "Earn-in Details".

Here we are, silver over U$18/oz and gold threatening U$1,600/oz. And FF.to gets:

• $4.1m over five years (assuming the property isn't handed back in the meantime).
• A 20% free carry (let's be generous and value that at FF's ticket, call it $2m)
• 125m shares of AUT, which are currently worth AU$1.375m
• A 2% NSR

 Take that to the bank.








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