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Nero, last I heard we need to additional metallurgy tests. Not sure why they would take so long.
*emailing
Stupid autocorrect!
Has anyone tried ensuing MC to ask what's going on with all the delays??
I am also on the list of investors who are disappointed by the continuing delay in issuing the BFS and hope that the 3 to 4 months in the video is an error. Has anyone got a link to the presentation Mark gave at the World Gold Forum on 12th April 2022. The presentation in written format is on the Condor website but I want to know what he actual said as the documents are virtually identical. If he said 3 to 4 months in April perhaps he forgot to update that part of his script. Just a thought.
However it is interesting to note some differences in the section on the Feasibility Study where it lists the work undertaken.
In April all 14 sections were listed as Completed apart from “The Mine and Waste Dump Schedule “ which is “In Progress”
If we move to the June presentation the MWD schedule remains “In Progress” but 2 previously completed items have changed status:
Metallurgy “Additional test work”
Geotechnical “Reviewing”
The final section 14 Financial Study states “Not started” on both presentations.
So that would appear to indicate the areas they have had to revisit which they had as completed when they were planning to issue in March. Clearly if the BFS is not going to be issued imminently an update would be appropriate.
FWIW, I believe the actual mine build would be done by contractors, ironically enough, probably with overrun penalties in the contract, so once construction starts, it ought to run more-or-less to schedule.
I agree about the BFS though, it's not good enough just to pretend that everything's going to plan when clearly it isn't. A simple RNS to state the reasons for the delay would go a long way towards clearing the air and restoring a little trust.
I've got to add to the list of the disappointed. I can't think of any rational explanation for the gap between promising a Q1 BFS delivery, and what could now be as late as a Q4 delivery. Being charitable I could surmise that MC has switched from over promising and under delivering to under promising and over delivering. Or, perhaps it was a slip of the tongue; he meant to say '...next three to four weeks..'. Now that would have made some sense: still a delivery slip, but one more easily digested.
The BFS is now primarily a desktop exercise. What more 'on the ground' work is needed? Has the scope changed from what could have been delivered by the end of March, to one that now might not be delivered until the end of October? I sincerely hope that the delay is not an exercise in suppressing the SP so that any expiring and under water warrants can be replaced via another raise during the summer.
The problem for CNR is that all these delivery promises are out there. Anyone wanting to commit serious money will undertake DD and inevitably trip over a list of failed delivery dates, many pretty recent. Quite frankly I think it's time for an explanation. Having lived with close to 13 years of waiting, a bit longer is acceptable providing I know what the problem is. I don't.
The SP will continue to drift lower as MMs drop the price in a vain attempt to attract interest. Unfortunately, I don't see much interest out there until the company delivers some tangible progress. We all know the BFS is the closest we are to game-changing news, and now I think the wider market does. As an outsider I would now be questioning why the BFS is three months late. Even more to the point, can a company that cannot deliver a (relatively manageable project) BFS on time be trusted to deliver to a production target.
Until these questions are answered I fear we are stuck in the 20s.
Another 2 or 3 months is a joke, practically a year of nothing happening. MC has managed to time this project with a new era of global recession, higher interest rates and Nicaragua making itself a pariah state due to its ties with Putin. Sadly I don’t have any faith that it will be ready in 3 months after his endless delays and failure to progress.
Mm, same old same old. What is holding up something that was a fortnight away months ago. Of course 888 will turn up an obvious positive reason for this. Quite possible that another little raise will appear in oct like last year. Wont be surprised to see sp dropping further. May add a few nearer 20 p but have become 20% down and not liking the smell presently.
Yes the geos are definitely heading in the wrong direction and who knows where the gold price will be when this finally gets to production. 888, good luck with your £2/4 , extremely wary for me and staying a small part of my pf.
E l, wsbn baring out what I said about banking profits on spikes. Just looking to buy back now. these aim shares are not run for lth benefits generally. It is carnage nearly everywhere you look right now. Gla
4 minutes into the video - "Feasibility study is due out in the next 3-4 months" - this was on 6th June.. So are we looking at September - October for this now?! After saying it was due by end of March? Now they are saying end of Q3 - and maybe into Q4? what the heck! The financing had better be happening in parallel.. the longer this takes the more chance of russian tensions escalating and further sanctions on anyone who supports them inc Ortega/Nicaragua.. not good..
regards,
T123
https://www.youtube.com/watch?v=QC6NAZ8GXuI
regards,
T123