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They can do a deal with Demir if they don't want to spend any more money. If they stay on and a 2nd partner comes on board there would obviously have to be some changes to the JV. Conroy would end up with a smaller share no doubt but if it's a big partner that wants to move quickly it would be worth it. All depends on the intentions of Demir. They haven't done any serious drilling in 2 years.
Fairview, it was one thing to gazump AAZ, but Demir have a cast iron JV, €5M skin in the game with the same to come and very good lawyers I'm sure. Any new JV is coming out of Conroys 60% so leaving shareholders with maybe 20% of the project?
We're either going to stage two with Demir or another partner. My preference is to bring in a new JV partner and start delivering on the huge potential.
There really isn't.
And they are the ones banking the big salaries and looking after friends and family - they are not the idiots.
There's billions of euros of gold in the ground waiting to be mined if only the idiots would get on with it. Complete contempt for shareholders.
CGNR's market value of £5.5 mil and 60% interest equates to an €11 mil valuation for the project.
DS, to be fair, if CGNR now only has a 60% interest, then their €11M value reflects a project value of €18M, only 25% down on the original value.
One of the posters here is hoping for a new JV partner. How's that going to happen? That would require Demir to exit which is entirely possible as this has been an expensive venture so far for them. €5 million spent and very little progress to show for it. But their exit would be a disaster for CGNR shareholders. So more likely they would renegotiate the terms.
The Demir earn in of €10 mil for 40% valued the project at €25 mil. On the basis of CGNR market value the project is now valued at only €11 mil. So no new partner is going to buy out Demir or earn in at the higher valuation. Demir will need to keep going with it or accept a significant haircut.
It's just lack of news. There's no negative comment about prospects, just the fact that they can't or don't want to communicate.
Who is to blame though? It can't be cgnr that want to waste time. What are Demir playing at?
They'll have to say something soon. They can't continue with silence much longer.
CGNR mentioned on yesterday's Sunday Roast where PJohnson was a guest. Pretty neutral to slightly-bearish commentary I would say, at best not overly optimistic just basis how things are going etc, as we're all too well-aware.
The only person on here that might know something is swanny but he hasn't posted for ages.
At some point they have to say something. We've basically been told nothing all year. I can't believe there won't be an update soon. I am hoping that the delay is to do with talking to a new JV partner otherwise it's more time wasted.
Agreed, it's hardly the way to run the IR of a company that is supposedly developing the next global gold province, "the Prof' hinted this, Kevin overheard saying that" as we inexorably slide back towards a single digit SP.
I was hoping for some positive news this week....any updates anyone rather then rumours of Majors getting involved...
Plenty of buying suggests confidence now being shown. Very cheap with huge potential.
Good to have an up day - looking forward to many more
Yellowstuff
Seems to be interest in CGNR over the weekend with a number of comments on social media, suggestions the company may be talking to new prospective partners, something the Prof hinted at in a recent interview.
Whichever way you look at this the share price is rock bottom and the sector is starting to bounce, the circa 45m shares are tightly held, as a result you can get disproportional share price moves on thin volume.
Probably worth a punt at current levels, price was 18p in Q4 last year.
Charles Arthur: I am free to cover some subjective elements which a NOMAD or compliance team would not allow.
Says it all, TL:DR
I see he still hasn't edited his article to correct the "JORC compliant total resource of more than 1 million ounces" to the actual 2017 resource of 517,000 ounces. Also no mention of the key technical issue that the gold is refractory and therefore very difficult at these low grades, which would at least bring a bit of respect to the article by speaking to the risks.
Great article thank you Fairview
Https://investingstrategy.co.uk/mining/investing-strategy-the-conroy-gold-edit/
Your theory that more drilling = multibag breaks down when you consider they just spent a massive €5 million on drilling and the share price is the lowest its been since July 2020. Results have been poor and don't support the overstated potential as hyped by the company and its roast dinner promoters.
All that's needed here is a commitment to drill. This could multi bag very quickly. If they have the interest of majors and Demir want to kick the can down the road then let someone else take over.
How can anyone take them seriously about huge potential when they haven't updated their only resource in 7 years, despite lots of drilling. The "potential" is not manifested in results, hence the share price. More big talk without any substance, they need to raise funds.
Same old nonsense. The majors aren't interested in this and would never give them such a generous deal as Demir did. How
Trouble is the prof has been talking to majors. That's great but I want actions not words. I'm tired of hearing about potential. Get the rigs out there. Do 20,000m of drilling this year.