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Yes, the JV partner who was due to fund the project all the way to a construction decision has walked. Cheap as chips!
Picked up 150k cheap as chips
The shares hit a 4 year low this morning, that is balmy given the investment made by Demir (£5m) and the exit by them on excellent terms for Conroy, leaving them holding 100% once again.
The price is a gift currently, the sellers today will be kicking themselves soon enough, the Prof is a wily old so and so, no-one thought he would secure a JV at all let alone with an entity as large as Demir, but now he has openly spoken about interest from majors.
If a deal with a major is announced the share price will rocket, sub £4m m/cap is farcical.
The company have a massive deal in the pipeline and have 100% back. Today was too good of an opportunity to miss for me. As the prof said this morning, this is a big opportunity for capital gain for the company. As soon as word gets about of who is sniffing here, this could go on a proper run. GLA
Fall overdone, nothing available at 8.5p, no wonder buyers are coming back in, only 47m shares in issue remember.
DYOR etc
Just listened to the Roast - sounded like more of the same to me. Project with lots of potential but never delivers. I will continue to hold. My major concern is what kind of deal will cgnr able to negotiate with a major player. They are desperate for investment and everyone knows that. With the stock down another 20% today the market is clearly not very optimistic. Like I say - I'll keep holding but not sure anything will happen very quickly - it never does!
Market Cap here is 3-4m. Didn't Demir just spend £6m on CGNR for a 2% NSR and capped at their total investment. This could not now be more obvious. Great move by the company. If you are negative on this, then you have blinkers on.
Lets not forget Agnico Eagle!!
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!