Sometimes I will search a company’s website to see what PDF files and other files they have uploaded onto the website (e.g. use Google to search “filetype:pdf site:JuniorMiningCompany.com”). Junior mining companies often repost analyst reports, presumably for stock promotion purposes. It so happens that I did not bother to do this until after I closed my Altius Minerals position at a large profit. Had I figured this out earlier, I’m not so sure I would have invested in Altius.
- Some articles on the site are from an online publication called “Global Mining Observer”. The publication does not seem to make money from subscriptions and does not seem very serious about advertising. I think I know what the business model is. I guess I should not have been so enamored with Altius’ management.
- Altius was uploading articles dated early 2013, which suggests that they may have been promoting the stock in early 2013 when Altius was repurchasing shares. It is odd to go out of your way to promote the stock when you are repurchasing shares.
Ugh. I guess I need to calibrate my cynicism higher.
EDIT (5/9/2014): Alex Williams of Global Mining Observer emailed me to say that the publication does not receive compensation from profiled companies. (Unfortunately I have no way of verifying but he likely deserves the benefit of the doubt.) So I guess my cynicism in this case was likely misplaced. In the future, I think that Global Mining Observer will attempt to have a viable business through advertising.
*Disclosure: No position in Altius Minerals or Alderon.
Altius Minerals announces secondary offering / Altius post mortem – My previous post mortem on Altius