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Cegamer, I've had a similar experience to Nero. I guess it might depend on the type of question you ask.
| but as always I encourage every investor that has reasonable questions to email him as he always responds promptly.
Sorry Nero, but this is outright fake news - I've mailed MC several times over the last 12 months, cc-ing all applicable emails, and not heard back. I have, however, heard back on comms as far back as 2016, on the same addresses. Make of that what you will.
I've mailed him 4 times in the last 5 months specifically in regards to a drop dead date re. binding offers; it's outrageous to me that a company would have a never-ending sales process on it's most critical asset, and NOT disclose a deadline for all bids to be in hand - if I were one of the non binding offers right now there is no incentive for me to close, when I can sit here and watch the SP drift lower, and lower......and lower, whilst the company does NOTHING beyond paying a fortune for a BFS and half a bloody mill, to get it pennies on the pound in 12 months time when the real "distressed seller" kicks in.
I find Mark and Jim's treatment of PIs egregious and deeply unsettling, I'm dumbfounded that so many familiar names persist to appear across the BBs despite the BOD's treatment of lowly PIs.
Nero, as I say you can’t beat a happy ending!
I know I have traded CNR and bought and sold as the trading dictates however it would be great for all small stakeholders to make money, life is too short 😄
Oh and enjoy your holiday ISA, it's raining and miserable in England.
From my communications with MC the sales process appears to be progressing well. From the sounds of things, MC is running the sales process as much as Hannam. Perhaps we will get news in the near future of further site visits leading up to a binding offer. I can only imagine that 3+ site visits proceeding to a binding offer would do wonders to bid up binding offers, but that's just my opinion. In any event, I believe MC is still confident that the sales process will be concluded this year, but as always I encourage every investor that has reasonable questions to email him as he always responds promptly.
This has been a long road for everyone involved, and now we have a glimpse of the finish line perhaps everyone involved just wants this to finally reach a satisfactory conclusion. If/WHEN we do see an RNS stating that a binding offer has been received, I can only imagine the relief we will all feel!!
Evening All
Currently enjoying a lovely hol so watching CNR from a distance!
Should add the SP is holding up well and can now sell in volume above 23p but can’t buy 50k shares so things looking more positive!
Albeit sun sun sun, Mohito’s for fun and great holiday atmosphere, maybe my CNR spec’s have been tinged!
Slim think you need a holiday 😄
Don’t lose hope folks…. Somebody put a fiver in today lol
Our total costs including a lot of work for 2022 was £2.5m. We will be running 2023 far lighter so while its likely £1.5m a year even at £2m gives us £1m for every 6 months. I am just looking at accounts and seems pretty obvious given substantial cost savings from no site clearance works etc. Anyway plenty of gas in the tank but just a waiting game now for binding offers.
Simms, I think last oct rns states pretty clearly that Mellon does not want to fund this project. I still do not get your logic that states £1 m will last 6 months when Cnr had £2.5 m at begining of jan and has raised £1 m 6 months later.
Agree that Mellon has more 15 p cheapo warrants to cash to keep us topped up. Obviously he sees value to him converting but doesn’t mean he sees your 50 p plus .
£100 m could be the number but perhaps it is less, we won’t know until an offer is announced and even then we won’t probably know how that equates to a share price return.
I think the various vaguenesses of the process is what is holding the sp back but we do seem to have established a firm base now hopefully.
We are hear to next year as onion couldn’t sleep straight let alone talk it
I would have thought Hannan at some point will be telling the 5 non binding bids...the deadline for firm bids is xxxx
When does anyone think this will be?
I imagine getting everything in place for a sale is not cheap but we have sunk that cost and really it is just salaries and whatever overheads in Nic to keep the mine ticking over. given we have no drilling or anything really happening the £1m should give us 6 months easily and JM has 2 more lots of cheap warrants he can cash in for same amount. As we are now at the 7 month mark since January and have 5 non binding offers i fail to think that those offers are not within a whisker of £100m or why even bother bidding as i am sure it was made clear upfront from Hannan the take out price. Companies do not come all the way to Nic to make an offer they know will be refused and MC would not waste his time showing companies. it makes no sense for anyone. I think we have the right level of offers as that is why MC was whistling loudly in the Twitter account that he was confident about being sold. The delay is probably either multiple parties raising offers or there are conditions that need to be satisfied to make the non binding offers binding. There is little point to make low ball offers as JM is rich enough to fund this to production on his own so bidders know that.
Simms. Cnr have burnt through over £2 m since jan !
Shg is closing in on 100 k oz production and a seperate Kenya resource higher grade than Cnr and soon to be as large. M cap around £100 m and spiked to around £125 on news of 3 offers . No deal happened . You just state figures that suit your ever hopeful narrative. I agree £100 m could be the magic number here but that won’t give peeps 50 p plus imv
40-50 p is ok for me and realistic if a deal happens.
Mc has stated j/v is off the agenda. If a toll hasn’t happened by now I somehow doubt that in the event of a no show that it will then happen but hey let’s see.
Building was relatively straightforward. Operating the first mine started well but undermined by a collapsed pit wall and a collapsed bridge. Unlucky yes but perhaps the pit wall was designed too steep. When you look at it the contractor they hired to mine let HUM down and have been replaced with big improvements since the new lot have taken over. It is all about hiring the right people. Onion and Big Jim could have done that, instead of just handing the true value of La India over to someone else.
Hmm Punter I take your point in general but I know from talking to him that HUM's Dan Betts might disagree with you about how easy it is to build and operate a gold mine!
Let's just say that they've been through an interesting learning curve...
Yep, let's not forget that this was 34p before the 'proper process' was announced to crash us down to 15p. We will be lucky to get 40p handed out to shareholders IF a sale happens at all. All this for 6p profit! With gold at these levels this should be nearing production by now. This lame excuse about 'we are not miners' is pathetic. Hummingbird were not miners and Dan Betts had no more experience than Onion. What to do? Hire people that can build a mine. HUM has now built two mines on schedule and on budget. It really isn't that difficult.
Admin costs have run around £2.5m a year. Given we are probably now running a barebones company until sold i cant imagine we are spending more than £2m on overheads, probably a lot less. You can discount any option as the board will be reviewing opportunities. I dont think a JV is likely but would be my preference to start getting gold out of the ground. A JV with Calibre for example would give us toll mining immediately and a mine could be built in the background, if that was even necessary as Calibre has spare capacity. I feel that 50p/£100m will be minimum acceptable but any buyer in 18 of building mine could get back all their investment and if necessary sell on the enterprise for £300m so its really a very nice asset. I am just dissapointed JM and MC did not crack on as if we had we would be in a much better place today even with dilution but they must have had offers of a serious nature to go down asset sale route so hopefully August will see the first binding offer.
Simms. Cnr had £2.5 m at end of dec , I am curious how you work out £1 m gives 6 months ??
J/v is off the agenda.
You do not know what is considered a reasonable offer or how many shares will be in existence if a deal is finalised.
Personally I think the opaque nature of this process and timespan is part of the reason for the sp being stuck mid 20s. Agree that we need a binding bid to get sp rolling .
What i was saying is that buyers know Condor are burning cash so as the clock ticks Condor burn through cash and might be keener to strike a deal. However £1m from JM in the kitty puts that one in the rough and probably gives 6 months extra. However at the same time this is a 5 horse race so really it is just about who will get to the price required and today as the share price is not anywhere near the 40p i think it should needs to be at to get a takeover offer that would suit JM price target. What we need is one of the bidders to go for the asset purchase that will lead to a re-rate and then a TSX listed company might make an 50% premium offer for the company or table a JV. We will see but price is firming nicely and we are moving back steadily to 30p with offers expected around 50p+
Diss poor show onion and this is world class Oi oi nearly time to pack the cases for the USA paid for by us ,,one would think as there’s no more horses coming to the race why bother🤷♂️you trying to worm your way into or onto some sort of gold council if not conbore related
Simms,
The plan of bidders to just lurk hoping Condor would crack first has been properly routed by JMs investment so its really getting to now or never on final bids.
What on earth does this mean??? What melon converting £1 m of his 15 p tick shares trumps their master plan??
Good also to see decent buying today including a £38k purchase so some canny investors are staking their claim and have a good idea where this is going as its probably a good chance of doubling and then some in next month.
Nero i think you are spot on. We will get that binding offer in coming months as surely best and final cannot be far off and any loose ends on comfort letters are obtained. Since we started this process Calibre added nearly $100m cash so they could snap up for loose change now and i am sure they will be keen to not have a chinese neighbour as their way of doing business might see Calibres own mine fall into Chinese hands by hook or by crook in the not too distant future. The plan of bidders to just lurk hoping Condor would crack first has been properly routed by JMs investment so its really getting to now or never on final bids. i for one would like to see Condor take this to production in a JV with of the suitors so pis can see this through and benefit from the upside. Very close now.
Johngle, we know that Hannam are indeed running the sales process to a schedule but that schedule is confidential. They will not let the process go on indefinitely. I would guess that we will know one way or the other by Q4 (within three months), but we'll see I guess.
The $628M NPV and IRR 74% at $2,000/oz figure include the two feeder pits and 1.2M oz under the La India pit in the mine plan. This scenario is not covered by the BFS so to a less degree of certainty, but the point is made that there is clearly a lot of proven value here. Even taking the BFS scenario, for $106M capex and 12-18 months build time, you produce 82,000 oz for the first six years with AISC of $1,039. That's $75M a year profit at $1,950, capex recouped after 18 months of production leaving $337M profit for the remaining 4.5 years. Then you add the remaining LOM and that's assuming you do nothing with the underground or feeder pits. As I said, there is a lot of value here and I cannot believe an acceptable binding offer wouldn't be reached that accounts for the huge upside potential.
I'm not so sure Jim would take this private though, I think Condor was his speculation play that the financial system would go to hell and gold would soar. Clearly that was a wrong call (I also thought the same, hence my time here) so even if it does happen in the future I don't think he has the appetite to become a gold producer and this mine must be built now, so he will sell it and continue the gold play somewhere else.
As ever, we will see.
Yes - that is precisely what is needed, a fixed date for full and final offers. Surely that can't be too difficult to arrange, and surely that must be what is being done as part of the Hannam sale process.
Pure speculation here, but unless there is a decent offer, I think that JM will take this private.
If he believes in gold prices at $2,000 then Condor has an NPV of $700m plus. Why is he selling his 25% interest for something like £40m ?
With the game changing ESG sentiment shifts in the last 10 years this is a holding that is perfectly suited to a non-uk domiciled entity.
I think that JM will match the highest offer and take private.