Pretium (PVG) Investigates Itself

By Otto Rock

NR link here, short’n’sweet text below:

VANCOUVER, British Columbia, Jan. 10, 2019 (GLOBE NEWSWIRE) — Pretium Resources Inc. (TSX/NYSE:PVG) (“Pretivm” or the “Company”) reports that it has retained independent legal counsel to initiate an investigation of unusual trading activity in its shares.

We had a good old discussion about this on Twitter yesterday evening and I don’t really feel like going over it all again. Here I’ll just say that this is a net positive. At the very least, it shows the willingness of PVG CEO to get to the bottom of the criminal activity in/around his company. It’s also a damage control move, as PVG needs to regain credibility and trust. Finally, even if the third party investigation (which is likely to concentrate on the internal chain of custody of non-public material information) turns up nothing for future public consumption, it will at the very least strike fear into the source(s) of the leak and that alone should stop any further repeats. Nothing certain in this world however, let’s see how things play out.

It’s not even the most serious problem at PVG either. If I were long I’d be looking at the reserve ounce grade, looking at that 11.5g number this week and muttering WTF under my breath. But that, as Hammy Hamster said, is another story.

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Pretium (PVG) is an Illegal, Fraudulent Operation

By Otto Rock

…as today has proven to the satisfaction of anyone with a stock market brain. As noted this morning when PVG suddenly fell of a cliff on XXL volumes, “If this dump today turns out to be yet another leaky boat moment from PVG and Q4 production comes in weak, I don’t see how we can ever trust this company again.”

And sure enough, it was. And we cannot, because they perpetrated a fraud in front of our eyes. The 96,342oz production on poor average head grade missed the target, one that was reiterated mere weeks ago, by over 10k oz and if the playing field were level every penny of the drop we saw today would be in tomorrow’s trading. But it’s not, because this is Canada and the crooks behind this scheme can get away with murder. It’s not as if it’s the first time insiders have been tipped off on PVG results before the rest of us and piled into the market for the stock either, just two quarters ago we saw the same type of suspicious pre-announcement activity in the market and sure enough, the ones with the secret information were on the right side of the trade.

Continue reading Pretium (PVG) is an Illegal, Fraudulent Operation

The Pretium $PVG Show Continues: 3q18 Production Numbers

By Otto Rock

Here’s the link, here’s the headline number sat next to the previous quarters:

That’s 92.641oz to you, madame and sire. Behind that, the 12.4 g/t average gold grade will make a few people go “hmmmm…”, it’s significantly behind the 14.9g of Q2.

No position in PVG. Staying that way.

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Rick Rule on Pretium (PVG) put through the Ottotrans™

By Otto rock

Rick Rule did BNN’s Market Call today and the whole thing is up on the website’s video shelf now. I’m going to offer up this segment on Pretium (PVG) as the most interesting (for my taste, anyway). Here’s the transcript and below that, the Ottotrans™:

Rule: “I have been a recent buyer of Pretium Resources. I have a very very high degree of confidence in the CEO Bob Quartermain, who I backed in his first venture which was Silver Standard I remember it going from 72c to $45 which of course engendered a certain fondness in me. Pretium as you may know started up a mine in Northern British Columbia and the first quarter they had was extraordinarily good which set market expectations very high. The second quarter was fairly bad. I think what you have to do in a deposit like this is you have to let them break the mine in. I remember saying to my clients six or seven months ago, “It’s going to take four quarters before we see what we see here”. I’m not saying that Pretium is out of the woods, what I’m saying is it is way oversold, risk relative to reward. I personally object to some market participants’ criticism of Bob Quartermain, who has become over 30 years, in addition to somebody who has made me look smart, a close personal friend and any criticism of Quartermain is insane.

Interviewer: “And that aside, what would you say is the biggest misconception about this stock?”

Rule: “I just think it’s too early to know how it’s going to work out. They had a spectacular first quarter which is tough to do when you’re breaking a mine in, obviously with regards to grade they got lucky. In the second quarter they had a lousy quarter. We have known for some period of time, given the erratic and very high grade nature of that gold, you’re going to have good quarters and you’re going to have bad quarters, you’re going to have to look over the course of a year to get a feeling of how that thing is going to produce over time.

Ottotrans™: “I am underwater on Pretium and have averaged down.”