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We know Newmont have always been interested, but in it was thought previously that cgnr would have to wait in line for development until its turn. Perhaps things have changed, and CGNR have 100% now. wow
You can be sure the deal already sorted. Those who sold will kick themselves here.
For goodness sake, will people wake up. It’s a 20 year graveyard of investors who have funded the Prof on a promise. Now that Demir have backed out which was obvious, the prof is building up the positives so he can issue shares for the next years pay day.
Do not average down.
Worth asking why Demir would happily leave without demanding their €6m back? Happy to take 2% royalty once in production is a strong endorsement of future success and profit don’t you think?
The departure of Demir makes complete strategic sense and I’m somewhat amazed at the very favourable exit deal. No costs for CGNR until production and even then a mere 2% royalty. They gave us €1m and spent another ~€5.5m on drilling bringing us further along in a way we couldn’t have done alone.
Demir were a bit overwhelmed at the sheer scale of things and we all noticed how slowly things were going so thanks Demir but we really want to get things moving quicker.
I know Deathboy thinks the grades are uneconomical and it’s the wrong type of gold (in places) but the sheer tonnage out there and the price of gold at record highs this renders his view plain wrong.
Now we own 100% of everything again I don’t think it’ll be long before a much bigger partner joins us to really move things along.
Buying this under 10p is an absolute steal and I’m taking advantage of it
Think i have about 7k @20p.i will buy more to average down.maybe when he said they may need another partner as there is too much for demir .i just hope this is the truth
Hard to understand what Demir are about. They knew what the Clontibret deposit was like. They had a good drill results in the stockwork there right before signing the JV. They didn't drill one deeper hole there to see if grades got higher at depth which is odd. They had a good idea of what to expect at Clay Lake and the results there reflected previous drilling. They never seemed serious about developing mines to me. I wonder if they wanted to bring in another partner to do the serious drilling and large partners weren't prepared to come in unless they got a big percentage.
The reason is plain to see. The results are not good enough to justify further investment by Demir. CGNR needs to raise finds very urgently, hence the hyperbole.
Everyone saying the same two line argument - ok the probably can't/don't have much more to say. I'm sure the Demir exit has been coming for a while, in order for them to have negotiated what is really a pretty excellent exit package for CGNR ending up back with 100%.
But I would love to know WHY Demir exited though I doubt we'll ever know, but undoubtedly a new partner would like to know.
Let's see...
New podcast sunday roast out
From 9 minutes on the Prof confirms he has had approaches from majors and their interest has been building, very major companies he calls them, very exciting he suggests. Very little mention of Demir.
It looks like a new partner may already be lined up.
https://x.com/RoastPR/status/1777656693024772365
He said in the event of Demir not proceeding that there are plenty of others knocking on the door. Agree that something needs to be arranged quickly. Gold price is looking good and we are talking about open pit mining. Clay Lake is large scale rather than high grade.
Hmm
Not totally sure what to make on this. We have moved the potential of the tenements forward but I think CGNR need to convince a partner with deep pockets and many drill rigs to come in quickly - with gold prices accelerating it may happen. But the Prof will have to sell the potential against many higher grade exploration results elsewhere in the world.
SO I'm not sure what the next steps are.
Well be interesting to hear his spin on this - at least it'll be something different from the broken record recording we've been hearing for the last few years.
Enough already with all drilling and no mining action. Let's break some ground!
That is a very clean break and just the NSR of 2%. Free to enter into a much bigger deal now. I bet no deal is announced until after the sister company KDR receive their mining permit at end of may/start of June. Why? Because every chance KDR also part of this deal with a major or partially.
Ouch would have been Demir walked away, clearly CGNR have asked them to move on, hence the deal!
Ouch.
This actually sounds like good news!
RNS just dropped
Https://www.bbc.co.uk/news/uk-northern-ireland-68897693
Dalradian's project only stands a chance because they removed cyanide from their processing in 2019. CGNR proposed BIOX with cyanide 10 years ago and haven't made any updates since. Seems unlikely cyanide will ever get the go ahead either side of the Irish border so what is CGNR's plan for processing low grade refractory ore??
Interesting discussion.
I was listening to Colin Bird (I know a marmite character but he's been around a long time) on the Sunday Roast midweek podcast AFP, and he made a very valid point gone are the days of the old style JVs where someone commits to something in the next 4 yrs for P1 then in the following 4 years of P2., and then perhaps another 4 yrs before any ruddy decision is made.
Shareholders no longer have the patience for this type of set up, and he's right.
I don't think the Professor will be living for another 20 years....
>> The JV has been a disappointment because Demir take forever to do anything. Again hardly the profs fault.
As MD it is his fault. The slowness of Turkish companies is well known in the business community. He should have been honest when the JV was signed. 10 years to get to mine application. 10 years for application and appeal process.
You can then decide if it pays to support the prof and Maureen for 20 years, and what annualised gain you may of achieved by then, allowing for a probability of success.
Much less than just investing in an SP tracker I would say, with a lot more risk.
I understand your frustration. The Conroy-Jones family seems to be doing well for itself but not a lot for shareholders. I get it.