Examining AMC\u2019s \u2018embarrassingly stupid\u2019 investment in a literal gold mine - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2022\/03\/17\/examining-amcs-embarrassingly-stupid-investment-in-a-literal-gold-mine\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Examining AMC\u2019s \u2018embarrassingly stupid\u2019 investment in a literal gold mine - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source: AMC threw both its analysts and memestock shareholders for a loop this week after the company announced it was acquiring a 22 percent stake in a mining company. Not a crypto mining company \u2014 a company that mines actual silver and gold. 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\nAMC threw both its analysts and memestock shareholders for a loop this week after the company announced it was acquiring a 22 percent stake in a mining company. Not a crypto<\/em> mining company \u2014 a company that mines actual silver and gold. It\u2019s a baffling investment for a movie theater chain, enough so that one analyst we spoke to called it a \u201ccomplete misuse of shareholder capital.\u201d<\/p>\n

To acquire a minority stake in Hycroft Mining Holding Corporation, AMC is spending close to $28 million, a not-insignificant chunk of change for a company that not so long ago was teetering on the brink of bankruptcy<\/a>. Hycroft, owner of the 71,000-acre Hycroft Mine in Nevada, is sitting on \u201csome 15 million ounces of gold deposits and some 600 million ounces of silver deposit,\u201d if AMC\u2019s press release<\/a> is to be taken at its word. AMC boss Adam Aron characterized<\/a> the investment as \u201ca bold diversification move.\u201d<\/p>\n
\u201cOur strategic investment being announced today is the result of our having identified a company in an unrelated industry that appears to be just like AMC of a year ago,\u201d Aron said in a statement. \u201cIt, too, has rock-solid assets, but for a variety of reasons, it has been facing a severe and immediate liquidity issue. Its share price has been knocked low as a result. We are confident that our involvement can greatly help it to surmount its challenges \u2014 to its benefit, and to ours.\u201d<\/p>\n
\n\u201cThey have debt. Pay down some debt.\u201d<\/q><\/aside>\n<\/div>\nAnalysts, however, aren\u2019t so sure of AMC\u2019s latest recovery experiment. Michael Pachter of Wedbush Securities called the move \u201cidiotic,\u201d specifically pointing to AMC\u2019s outstanding debt.<\/p>\n
\u201cIt\u2019s embarrassingly stupid. By that, I don\u2019t mean investing in gold mining is embarrassingly stupid. I mean that it\u2019s inappropriate for a movie theater company to step so far out of their core business and into some completely unrelated business that will not drive any traffic to their theaters,\u201d Pachter told The Verge<\/em> by phone. \u201cIt\u2019s a complete misuse of shareholder capital, and it\u2019s not as if they\u2019re swimming in cash and they\u2019ve got nothing better to do. They have debt. Pay down some debt.\u201d<\/p>\n
Pachter isn\u2019t the only analyst raising an eyebrow at a cinema chain banking on literal gold. Eric Handler, a media and entertainment analyst with MKM Partners, highlighted the riskiness of AMC \u201cinvesting valuable capital into a very speculative venture,\u201d particularly one that is \u201coutside of its core competencies.\u201d<\/p>\nAs part of the theater chain\u2019s rollercoaster recovery during the pandemic, AMC\u2019s CEO has pandered heavily to memestock investors \u2014 indulging them with meme-fueled strategies like accepting Dogecoin and offering NFTs<\/a> tied to major theatrical releases. AMC has also tried to break into the food sale and delivery business with its Perfectly Popcorn venture, pegged to what Aron described recently<\/a> as a \u201cmultibillion-dollar popcorn industry.\u201d<\/p>\n
But all of these kooky experiments are more or less tied to AMC\u2019s core business: bringing people into theaters and putting butts in its auditorium seats. The mining investment is a notable deviation in Aron\u2019s otherwise eccentric \u2014 but arguably cohesive \u2014 business strategy. Aron himself acknowledged that \u201cone would not normally think that a movie theatre company\u2019s core competency includes gold or silver mining.\u201d<\/p>\n
\n\u201cInvesting in a gold mine? What is he thinking?\u201d<\/q><\/aside>\n<\/div>\nThe connection between AMC and the precious metals business may not be quite as mysterious as it first appeared, though. Hycroft was taken public through its merger<\/a> with blank-check company Mudrick Capital Acquisition Corporation in May of 2020. That business is tied to investor Jason Mudrick, whose investment firm Mudrick Capital Management injected $100 million<\/a> into AMC in December of 2020 to help the theater chain avert bankruptcy. How very happenstance!<\/p>\n
Hycroft is poised to reap a $56 million dollar infusion between AMC\u2019s investment and a match by precious metals investor Eric Sprott, both of whom are investing $27.9 million. Noting AMC\u2019s ability in recent years to turn around its own struggling business, Aron added, \u201cIt is all that experience and skill that we bring to the table to assist the talented mining professionals at Hycroft.\u201d The results, he told shareholders, \u201cwill be quite lucrative.\u201d<\/p>\n
Pachter isn\u2019t so sure, noting again that this is a significant departure away from other recent ventures that \u2014 while niche and meme-y \u2014 still align with its core movie business.<\/p>\n
\u201cAny way that you can get people to buy more tickets \u2014 good for him. But investing in a gold mine? What is he thinking?\u201d Pachter said. \u201cI don\u2019t care if they\u2019re a similarly downtrodden company.\u201d<\/p>\n
With his precious metals bet, Aron is seemingly pivoting from memestock daddy to risky investor at a time when AMC is still trying to steady the ship post-pandemic. Eventually, Aron is going to have to answer for it. In the meantime, somebody pass the Perfectly Popcorn.<\/p>\n<\/div>\n

<\/br><\/code><\/p>\n
Source: https:\/\/www.theverge.com\/2022\/3\/16\/22981454\/amc-gold-mine-investment-memestock-adam-aron<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
Source: AMC threw both its analysts and memestock shareholders for a loop this week after the company announced it was acquiring a 22 percent stake in a mining company. Not a crypto mining company \u2014 a company that mines actual silver and gold. 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Not a crypto mining company \u2014 a company that mines actual silver and gold. 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