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I think you need to consider Condor are aiming to get up and running asap and expand the project from cashflow. If condor can get operational on 100k or less they will do that as quickly and cost effectively as possible as the cash will flood in. The PFS just underlines what a incredible project we are sitting on not the immediate plan as its far quicker and cost effective now we have the mine license to crack on. Shame so far the toll has not been inked as that would add 50% or more to share price and really should be no1 strategy to minimise dilution.
Icb, just out of interest,when did "constuction" start in your opinion? Ground clearance started Dec2020 ,sag mill arrived march 2021. Considering mc and many here estimate construction time to be 1 year that would give either 3 or 6 months time left for completion even though funding wont be till next year sometime.
Icb, nothing wrong with my ability to read pal. Mc clearly predicts funding followed by pressing the construction button in last augusts proactive piece.I dont think any serious investor reading that would equate that as meaning Doing some site clearance and bagging a £6 m piece of kit when the projected project costs are $150 m ,we havnt completed mine designs or bfs .only a deluded fool would think that ,icb.
As for the gvnt ,we know that the gvnt advised a way of circumnavigating having to apply for yet another extension and the fact that technically we should own 100 p cent of the land. Basically a technicality.
Do you think the sag mill is the only lead item in a $150 m construction estimate? Yes progress is being made gradually but behind our vague schedule as usual.
Evergrande is the tip of the iceberg of trillions of bad debts in construction and elsewhere so while China will probably pick up the tab more will follow and how far will China go to save them all. Property prices in China are dropping and most construction companies were already debt laiden 10 years ago and just about living because house price rises saved them and allowed them to meet interest payments. When house prices go into reverse its the whole pack of cards coming down. Could be a key moment for gold to start rising.
Evergrande is not a major worry, Chinese state will cover the debt as in their interests.
If it was a private bank then yes big problems ahead but with it being Chinese they will save it.
I also wonder as Evergrande potentially collapses and puts the financial system under strain if gold will come into demand as a safe haven. Gold seems to be held just below $1800 but could repercussions from this and potentially dozens, if not 100s of zombie Chinese companies about to come home to roost?
Mark said he expected to have secured financing. He secured the money he required to keep the project moving forward at pace from the placing. He doesn’t need the final construction finance at this point although I am sure he has a number of options which won’t take long to finalise. He would of course like to see a higher sp at the time he finalises finance as that would reduce the dilution. Something not helped by your deramping in so far as anyone pays any attention to you. Mark has bought a Sag Mill which has reduced the lead time on major plant and part financed it by issuing shares at 50p.
He has pressed the button on construction as mentioned in interviews. He has informed the Government who haven’t objected. Just look at what is actually happening on site and the boxes that have been ticked. It’s a clear fact that construction is underway.
You need to learn how to read but more importantly open your eyes. We are not taken in by your deramping to facilitate your trading strategy. You wouldn’t know a fact if it punched you in the face. You are a deramper.
Icb, I in no way said or inferred that nothing has been achieved . What I am pointing out is what mc stated a year ago . Now the financing for the mine build will be a year later . I call it fact you call it deramping . This is an example along with many more of why I question timescales .
You need to learn how to read .
CNR raised £4 million in February 2021 to continue towards production.
Good progress is being achieved as summarised by Mark Child in an August RNS for the interim report to 30th June 2021
Condor made significant advances during the 6 month period at the fully permitted La India Project. A state of the art new SAG Mill has been purchased, with capacity of between 2,300 tpd to 2,800 tpd capable of producing circa 100,000 oz gold per annum, the first shipments have already arrived in Nicaragua. A lead engineering firm has been appointed to produce FS-level designs for a new processing plant using the new SAG mill. Upfront capital costs and operating costs are currently being updated accordingly. The Project has been significantly de-risked by the purchase of 97% of the land and significant progress has been made with several engineering studies to an FS level. The completion during the quarter of a further 1,242 metres (3,370 metres in total) of a 25m x 25m infill drilling within the high grade La India Starter Pits has returned some excellent drill results, notably 21.6m true width at 6.48 g/t gold including 15m true width at 8.68 g/t gold from 24.75 m drill depth and confirmed the geological model. The exploration drilling on Cacao has demonstrated a wide structure, 14.9m true width at 3.94 g/t gold. The Company has completed circa 4,100 metres of a 8,500 metres infill drilling programme on the high grade Mestiza open pit. The Company is on track with its strategic objective of constructing and operating a processing plant producing circa 100,000 oz gold per annum, then materially expanding the production capacity and demonstrating a 5M oz Gold District."
The suggestion that nothing has been achieved in a year is very blatant and unsubtle deramping. The ongoing drilling programme as per yesterday’s excellent RNS to prove the 5 million oz gold district is adding to value and will make the final financing available on better terms. That is of course assuming that an offer doesn’t come in which gets more likely with every RNS that is issued.
It’s a fine balancing act, and one that may take a bit of pondering, but a decision won’t be stuck in the pipeline for too long. By the first or second quarter of next year Child expects to have secured financing and to be in a position to press the go button on construction.
Aug2020 proactive interview .
https://www.proactiveinvestors.co.uk/companies/news/926006/condor-gold-looks-to-finance-la-india-early-next-year-and-may-by-then-be-supported-by-cash-flow-from-toll-treated-ore-926006.html
A good reason to always question what you are told with reasoning.1 year out over a 1 year period so far.
All goldies being trashed presently as gold price cannot get to $1800 ,not cnr specific. Mc has said correctly that drilling hasnt been adding value but I would assume it is more towards the sale scenario .
Frenchie, I dont see Nicaraguan elections being a considerable issue in the sp. There is only 1 candidate so the result is a non issue. Costa Rica recently has processed the largest number of Nicaraguan refugees recently since 2018 to go along with the estimated 100 k since 18 so I would imagine an uprising similar to 2018 are extremely unlikely. The unknown in that scenario is the growing sanctions from eu and us and how far that will go after a corrupt election.
I am not minded to invest further until seeing the financing for minebuild next year .the impending fundraise I would imagine is having an effect on the sp too .The market knows its coming and unfortunately presently gold is under pressure. Hopefully this may change before the raise.
https://www.kitco.com/news/2021-09-24/The-real-gold-price-test-is-coming-next-week-analysts.html
Why continue drilling - because it is part of the well documented twin approach, to prove up a 5Moz district. I think the reason why we are not seeing any positive movement in the SP now is purely down to the politics. Once the elections are out of the way, I am banking on an influx of new investors and the current investors increasing their holdings, which hopefully will be reflected in a well overdue re-rate. I for one am not putting any more in until those elections are out of the way.
Slippery, agree it's not done much to the shareprice. What I would say is this drilling has been planned for a while and considering we've done a % of the drilling already (over 50%), then finish it off. I agree once the 5000m on cacao is done and infill drilling on mestiza, then yes, preserve cash until production. I guess Mark wants some form of catalyst to try and spark some interest in this share. I would hope being 100% derisked would do something to the shareprice but now I'm not sure.
Why CF, we keep drilling with good results yet sp has dropped 20% as a result.
Save the money and put it towards the last bit of land.
Once in production drill to your hearts content
Agree. Will be good to see the drill rig go back to cacao once drilling done on mestiza to prove up 500,000-1m oz.
I have just watched Mark’s interview with Proactive about today’s RNS and last weeks about Cacoa. It is great to see how delighted Mark is about the gold grades. He is clearly very pleased.