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Thanks for that ‘nero120’, let’s hope for a positive outcome for all invested here!
I listened to a podcast yesterday with money manager and gold investment specialist Adrian Day (manages one of Peter Schiff's gold funds) and the whole thing is a great listen, but towards the end of the interview I heard some things that are very relevant to our situation that investors here might appreciate:
https://www.youtube.com/watch?v=BQFfj07UxDQ
Watch from 1hr 6mins, some highlights:
- Copper mines are typically large and take lots of capital and time to bring online compared to gold
- Permitting times are getting longer all over the world including in the US
- Streaming has become a much more common way of financing a mine build compared to issuing equity
- If you're building a mine you have to dilute, either at the mine level or at the company level (if you don't have the capital already)
- THE THING THAT THE AVEAGE RETAIL INVESTOR DOESN'T UNDERSTAND IS THAT A LOT OF THESE COMPANIES IF THEY ONLY HAVE ONE OR TWO MINES THEN THEY HAVE TO BET THE WHOLE COMPANY ON THE ONE MINE!
- Taking on a lot of debt is onerous for a junior gold company with only one mine/project
- There are many risks in building a mine and very few new mines come in on time and on budget
- This situation has got even worse in the last few years as inflation has increased
- The largest cost of running a mine is energy, the second largest is local (labour) costs
- Average grades of gold mines have collapsed over the past 20 years
I realise that trust in Condor's board and management is low right now, but we know that we have a proven, permitted and economic project that is ready to construct. That is worth a lot of money in it's own right, certainly more than our current market cap of £30m!!
We are all concerned what is happening behind the scenes as we are in the dark, but we have to remember that our board have a lot of skin in this game and are incentivised to sell the mine at the highest possible price. If Jim Mellon has decided he wants out now then his only choice is to sell the assets to the highest bidder (unless someone is willing to buy him out), we can rest assured that he is working hard to get a mutually beneficial deal done, the man is not an idiot. He knows he's got a valuable asset and it is unlikely he will let it go for fire sale prices.
Hold fast.
Y v, I think you are correct that a merge, joint v may be the best deal for l t holders . I am in at around 17 p and think risk reward is ok at that price but not overly exposed. May add a few more. If we drop a bit lower. There are far safer bets around imv. Producers have taken a fair tumble and looking to be fair value from here imv.
Good luck
https://www.globenewswire.com/news-release/2022/01/12/2365694/0/en/Calibre-Mining-Completes-Acquisition-of-Fiore-Gold.html
A calibre aquisition for reference
What do you know that we don’t and what are your expectations, if you don’t mind me asking? Thanks.
I’m still rebuilding my stake as and when.
In fairness to Big Jim he probably can't promote CNR at this stage without it appearing like he is providing insider info on the sale process?
Got a ‘Master Investor’ email last night with an update on small Gold Co and not a mention of Condor …. Mellon is certainly off my bedtime reading list lol
Therein lies the issue ISA. We all make mistakes, wrong judgement calls etc. However, the behaviour still continues.
Interviews talking about X number of interested parties, digital gold, innovative funding and then tweets mentioning the word sold which can easily be misconstrued. At this stage, all that's needed of him is to go about his business and RNS anything he feels market worthy. That'll keep shareholders at bay. Suddenly ramping up tweets now isn't helping. A poster on here contacted MC last week i think and the reply was there is no update as of yet (i.e. he cannot disclose anything).
Personally i dont think Condor now has the cohones to go it alone to production, nor will they get a fair price for the asset so a JV would be most welcome right now. Would see us through to production, unlock some of that value in the ground and raise our value should anyone want to come knocking once we produce. We can wish...
Why does onion head laugh so stupid in his tweets?
I am all for questioning Marks performance or lack of performance however we are lowering to Noel’s levels in humiliating Mark on a board where can’t reply.
Like the post from another last night CNR has turned into a gamble as none of us know what is happening behind the scenes! We all now need to decide Buy, hold or sell!
FYI I hold only 45k and tbh am undecided on next move but gut feel says let the dice roll till end March and if nothing by then move on….if honest rightly or wrongly I don’t doubt Mark has worked tirelessly to jump through hoops and get CNR to where it is, my issue is the fact he has helped his mates along the way and ultimately has made mistake after mistake after mistake!
haha, what, has Onion being driving round in one of those bullet proof presidential type vehicles?!! He probably feels he needs it to due to angry long term shareholders. Although he wont need it for driving to the next AGM as he will be working from home.
I think the only logical explanation for suddenly deciding to give this 10 million oz+ district away for peanuts just when gold is heading for $2000+ is that Onion has had enough and fancies his pipe and slippers. How else can you explain this bizarre move?
Lol read the company accounts 250k on motor vehicles
Improvements to rental properties 200k
He may have 'failed' at being a Gurkha but he hasn't done badly since - fleecing long term holders (email buddies) out of their hard earned while pocketing a fat yearly salary with all expenses paid.
the last 200 years. Gurkhas are known to be as fearless in
combat as they are good natured in daily life.
To this day, they remain renowned for their loyalty, professionalism and bravery.
Lol he failed after 4 yrs when the average is 20-30 yrs
The gezzer only sees he’s world most probably thinks he’s doing a sterling job when in reality it couldn’t be done any worse that’s why a number of big hitters have come and go
Closing point's a good one there.
This really has been dragged out more than was ever necessary - Mark and Jim seem to be having a "well, if it isn't the consequences of our actions!" moment. I've said before, they thought they'd be able to brute force their way to a higher share price though high levels of productionisation - and not only has that gamble NOT paid off, but they've pivoted the whole strategy, more or less, making LTHs look foolish. I'm sure that'll have something to do with the depressed MCAP.
If I wasn't invested, and looked at this roadmap of events, I wouldn't do so now despite the obscene entry price compared to my average. I just don't trust them to deliver at all.
Scandy, been following it on aljazeera. However they are bringing in a law to strip them all of their nationality as traitors . Us is describing it as progress though.
Hasn’t this always been more of a gamble than an investment? The abrupt change in direction has brought this into sharp focus, a year ago we were (very slowly) heading for the BFS for production, now we are selling the whole lot (though we have neglected proving up the 10 to 15 million ounces MC claimed). It’s a mess and MC has failed once again with his talk of regular updates, hopefully we will get some of our money back but it is far from certain given the lack of urgency and competence shown by the management.
Previous talk of potential investors has come to nothing, the prolonged silence makes me wonder if serious miners just see this as a joke given the lack of development over the years.
News agencies reporting that Nicaragua has deported over 200 political prisoners to the US, who welcome the move as a sign of easing relations.
Go drunk. You're home.
sla - check this in the scale.
who's owning the alcumus
QQI review.
Can we atleast entertain for the moment that Jim and Mark are doing the right thing and inject a bit of positivity into this chat-circus.
It's now all or nothing - if you're continuing to bag hold you'd do well to let that percolate, and decide on whether the risk factor's for you or not.
This is no longer a strategic long-term jhold in your portfolio. It's a gamble. Question is,
1. are you prepared to gamble on Jim's wits, that he;s even able to achieve a pallitable sale price?
2. even if he does, what do you think his mechanism for filtering that value back to the shareholders is?
If you can't bet on either of the above, SELL. It's no longer the investment for you. Frankly speaking, it's no longer the investment we all thought we were making - which was road to production!
Productionised, this is a gold mine (pun intended). THAT'S the USP, and that's what Jim's going to leverage.
Mark's nothing but a talking head at this point. The conversations that are actually happening will be happening above his pay grade - and believe you me, you'll be the last to know about it.
What a diss taker the man is absolutely shocking behaviour from a person in his position I believe mark lives in a different world to us
The mans got no balls
Stayed tuned to Onion Radio! What a pointless tweet that is, that info was released by RNS in September 2019. Has Onion not got anything better to do? How about an update on the sales process?