Pretium – Pretium’s Predictable Predicament
Viceroy Research, 10 January 2019
Pretium released the Brucejack Mine’s Q4 2018 production update yesterday after-market, and market reaction shows it fell short of expectations. Pretium’s ore grade has predictably fallen since Q2 2018 by >22%, leading to a miss of Pretium’s H2 low-end gold production guidance of 200,000 ounces. At 11.5g/t, Pretium’s head grade is now 30% below feasibility study sampling.
Per our previous reports, Viceroy believe Pretium’s grades will continue to fall as Pretium appear to be at the tail end of extracting high-grade deposits found along the Cleopatra Vein. As a reminder to our readers, we have appended this section of our thesis to this note.
Pretium have attributed their production and grade shortfall on their grade control system, which they state will be refined. We believe this is an unnerving excuse, and have provided substantial evidence to support our thesis that Pretium is overmining or selectively mining its deposits.
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Viceroy alleges Pretium facing personnel ‘exodus’
Kip Keen, 31 October 2020
Viceroy Research alleged there was a personnel “exodus” at Pretium Resources Inc. based on a list it compiled of 38 personnel changes at the gold miner in the past year or so. “Our industry consultants have expressed serious discomfort with the extent of the level of resignations, even when considering many staff were assigned on a contract basis for development works,” Viceroy Research said in a report it published Sept. 18.
It said that turnover appears to include Brucejack’s general manager Kevin Torpy who, Viceroy noted, is said to have joined Titan Mining Corp. Titan issued a press release about Torpy’s appointment as vice president of operations on Sept. 17. Viceroy said it appears Torpy left the company “in the wake of the increased scrutiny” that has come from its reports.
The allegations are the latest in Viceroy’s shorting campaign against Pretium. It has published three reports, alleging operational irregularities at Pretium’s Brucejack gold mining operations in British Columbia.
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Pretium – Digging Up Dirt
Tyler Durden, 06 September 2018
Distorted grades, involvement of SEC sanctioned entities, and high turnover of mineral consultants – Pretium flies many red flags. (PVG:TSX / PVG:NYSE).
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.
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