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Fully agree. JM has no reason to sell when he is such a gold bull.
Lets hope we have announcements soon on land and mill acquisitions.
Tester123, I agree absolutely with this. Its been far too long for Jim to sell out now as he has supported every share issue to build a large share holding. £200million free cash per year would give Jim some £30million per year; very tasty even for him.
Jim Mellon thinks gold is heading towards $2500 by the end of this year. Condor has 2.4Moz gold resources in the ground with a conservative estimate of a 5Moz district after further drilling. So in his eyes, thats worth between $6 Billion and $12.5 Billion in the ground. With low costs to extract of around $600 an ounce, thats still what, $4Billion to $10Billion in earnings over 20 years or so? (minus gov taxes and royalties of course). And thats without the increase in gold price for the next 20 years!
After 10 years already here exploring this, why would he sell that potential for less than $200M (about $30M for his share)? He doesnt exactly need the money.. When just another 2 years would see annual profits of around $200M for probably 20-30 years? I think they might have sold the project already if things had been more favourable, but now I think JM/MC are planning to put this into production and make as much as possible via dividends from annual profits etc.. And if a sensible offer did subsequently come in, it would then be considered.. (Sensible for me would be £3-5 per share)
I think he is at least waiting on a "gold junior mania" type event to occur as he can see the writing on the wall for fiat currencies.. hence the $2500 gold valuation..
There might be small little consolation that if we are paying well for land to the locals we might save some money on the water deliveries when they will be sipping on Evian. If you were a CEO you are going for £1.50 minimum. why leave best part of £2m on the table. That certainly helps focus the mind and make sure those dilutions are well considered and aligns tightly with pis. This was setup back in the day when gold was $1250 so really he should be able to smash that price even by next year if all the ducks line up and i think we will smash that price, even by next year if gold rises and we sort all the loose ends.
Great comments all!!
Looking in this site we have 117m shares in issue so assuming no more dilution that’s just circa £1.17m for mark at £1 share price!
Circa £3.5m bonus if the price exceeds£1.50
Know what I would want to achieve if I was Mark, not withstanding all his shares and options!
Albeit let’s get to 80p, then £1 first
Ah, found it.
Mark would receive a 1% bonus if the company is taken over between 100-125p, 1.5% 125-150p and 2% above 150p.
Hi Simms, he has a bonus at a lower level as well, think it's £1.20 and I think there is another share price target as well but don't quote me on that. I've been looking through the company reports but haven't found it yet. Does anyone else know? Interesting looking through some of the reports regarding money for land purchases. This has increased by $1m from $2m to $3m. It's all in the company reports on their website for those interested.
Just a quick reminder that MC has a payoff for any offers over £1.50 a share so he is very financially rewarded to get this number and why he is as keen as anyone to make sure dilution does not make his task too hard. Land sales must be coming along nicely and we should be expecting some news in the coming weeks given over a month has passed since the rights issue cash came in and we know a lot of that was going immediately to a deposit on a mine (yet to be confirmed) but i think major land sales were in the offing and he was keen to close that. Sellers of land can either accept a very good price or wait for the local villagers and mayor to tell them to sell as they will ultimately be seen as holding up job creation. We are closing in on the time where pressures will appear from all sides to conclude those sales. However we know the plant land is ours, Mestize and Americas so in reality plant can be built and ore trucked in so there is actually a nice argument to move on and not let a few land owners be holdouts. that would certainly focus the mind of the sellers as no one else is going to buy almost worthless land to anyone else as Condor own all the sub surface rights.
I think land purchase is the big issue. Who is going to bid for them while that isn't sorted out? Nobody.
Once this is sorted there should be no stopping this getting to 80p. I wonder when we will get some news on the recommendation proposed by the financial analyst recently employed to review the financing options. Also news on the DD relating to the second hand plant.
It'll be interesting to actually see what happens once a production decision and information on funding gets announced. If it gets upto around 80-90p, then a bid around £1.20 would be more sensible. I think we need some realistic expectations here. Look where our share price has been for years. Once permits came I thought great, a nice rise will occur and look where we are. I'm confident on land purchases, maybe the market can still see there are a few more hurdles to jump through and once they are sorted we'll start a re-rate.
I would not be happy for a £1.20 take out. I would want at least double that for potential of 5M oz, and I am sure our directors would not be happy. Saying that I would love to see a bid in that region come in and be turned down; it would do wonders for our SP!
Shares in gold producers will be the ones who benefit the most from the rising Au price. That's why I think that it is always a possibility that this potential 5m Oz/low AISC company could be swallowed up for a knock out bid of £1.20...…...and some may think that fair value given the potential risks.
Good luck to all CNR holders ??
Isa , no .we all have different circumstances and priorities . I work for myself and earn a modest living and looking towards a cheap runabout for retirement in 5-10 years time . I have a mate in tokyo that I visit now and again and would look to import the right vehicle probably .so probably Japanese . The tech and prices should get better so not in a rush .
Sub 40 p is ok .I wont be paying much above . Lot of questions waiting for clarity here this year which will have an impact on sp . I am still more slanted towards producers but happy to also hold a few explorers ,cnr being one for later in the bull market hopefully . Good luck and happy driving .
I previously opted out 5 years and bought a car, however the Taycan will be a company car with no benefit in kind tax...agree if I had option let’s buy more shares ??
ISA Interesting that you ordered a Taycan. I bought a Corsa-e which does seem a tad cheaper at approx £30K plus battery storage at £4K. I'm happy with that. Could you have saved £50K and bought more cnr shares? 0-60 in 2.8seconds eh!! That's quite fast. Enjoy.
Oops should have said Tesla have monopoly!!!
Sein, hope I didn’t come across as ****y!!
Been with same company for over 20 years and extremely lucky that they changed their policy to electric and Considered the Porsche as an option.
After researching I believe it will just be a matter of time before electric is the norm and prices reduce. At present Porsche have the monopoly with circa 30 other cars on market however over the next 5 years I believe electric will be every manufacturers focus with new options launched monthly!
Any way before the bulletin board police tell me off back to CNR.
Interesting even though we still seem to have seller the mm’s are letting the stock rise. All the talk on other bb’s of CNR undervalued and not experiencing gains of others. Let’s hope!!
Costa Rica re aplying restrictions .
Isa , very nice .not in my budget or needs . Will be a few years before I take the plunge but looking for something more utilitarian . Only 6 years into my solar panels so loads of time to go . Good luck with it . I think an electric bike is more in my range . There are some good ones out now .
All seems to be moving up nicely this morning!
I opted out of company cars about 5 years ago due to benefit in kind tax increasing however as a result of the governments ambitious environmental targets there is no BIK in year 1 and increases to 1% in year 2. There is also grants for charging units and my electric mileage bill will be negligible especially if charging unit at office.
I am fortunate enough to have ordered a Porsche Taycan and if you haven’t seen them suggest you look on YouTube. It ticks all box’s in style and range albeit will seem odd driving an electric car.
Aj , I think the canal project is a whole league different to mine investment . There is the complication that Taiwan is a financial supporter of the Nicaraguan gvnt I believe though .
Isa ,what electric cars are you looking at ? I have solar panels and looking that way in the future .bit early for me financially and with development . The price of the batterries is what puts me off .leasing them is around £90 a month which is quite a lot .
But that's just the thing I don't think Covid will emphatically be contained, it will need a vaccine for that which many are saying is a year plus off.
America I think will only go backwards and what do you expect with a President who refuses to take it seriously, who only in February called Covid a hoax.
I still have shares and when I reach my 60p target I may sell it all and then revisit the share at the time specified before...with new eyes and hopefully things would have moved a little by then.
I am very confident in Condor as a company, outside forces that I have mentioned before which it has no control over casts doubts I can't shake.
Well you bought wisely the other day ISA and I'm sure that electric car will have an Aston Martin as a companion soon when Condor fulfils its crazy potential ;-D
Agree re the States, it’s certainly not looking good in areas such as Florida and Texas.
Hopefully the world can get a grip on COVID ASAP however travel to the states seems a while off!
Agree always best to go with your intuition and most importantly invest in what and where you feel most comfortable. Hopefully you have still kept some shares in CNR as the share price seems to be nibbling up with plenty of buyers soaking up any sells.
From my perspective most importantly every time it drops to 35p on the bid the MM’s struggle to find sellers so hopefully that’s a bottom to build from (hopefully with news)
My current distraction is the order of my first electric car, hopefully CNR news arrives before it is delivered he he
All the best
The US job report today might be up, but the recent surge in Coronavirus cases I think will throw that mini recovery off course....having family in the US I know in some states businesses are closing again, many saying that the US re-opened before they got Covid under control.
Not sure how the gold price will fare in the face of the next US job reports.
I personally have decided not to invest again until the Autumn/late Winter when closer to land purchases, mill deal, processing plant etc. I just need to hear more.
Elections and Coronavirus I want to be less worried about in Nicaragua before I go in again.
I have learnt to listen to my intuition.