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There could be 15 maybe more 10 possibly 5 definitely 2.4
Slimbo, the only definite is proven and probable. Ie reserves. 650 k oz. Thats why inferred and indicated are priced much lower.
Hey Siengred, where did you get the proven figure from? I only see indicated and inferred on the pdf on the website. Cheers!
Indicate is fairly high confidence I guess, whereas inferred could become more/less after further drilling
Chat gpt reply:
As an AI language model, I do not have access to real-time financial data and cannot provide you with the latest information on Condor Gold's proven ounces. However, as of Condor Gold's latest public release in September 2021, the company reported a total mineral resource estimate of 2.33 million ounces of gold at a grade of 4.0 grams per tonne in Nicaragua, including 1.27 million ounces of gold at a grade of 4.4 grams per tonne in the Proven and Probable category. It's important to note that mineral resource estimates are subject to change as further exploration and evaluation work is carried out.
Much more useful if you are coding but better than google search :)
Dpg, from the bfs. Only proven and probable can be relied on to be economically viable, which is why they are valued so much more .
Condor Gold (AIM: CNR; TSX: COG) is pleased to announce the results and details of a Feasibility Study, sometimes referred to as a Bankable Feasibility Study ("2022 FS") on the La India open pit. The 2022 FS supports a Probable Mineral Reserve of 7.3Mt at 2.56g/t gold for 602,000 oz gold and a mine with an Internal Rate of Return ("IRR") of 23% and a post tax and post upfront capital cost net present value ("NPV") of US$86.9 million using a discount rate of 5% and price of US$1,600/oz gold. The 2022 FS brings the level of confidence for the Project to the industry standard of engineering design, sufficient to support +/- 15% capital and operating cost estimates.
I'm guessing the "between $100m and $200m' was inspired by the FS:
IRR of 23% and a post tax, post upfront capital cost NPV of US$86.9 million using a discount
rate of 5% and price of US$1,600 oz gold (Mineral Reserve Case).
IRR of 43% and a post tax, post upfront capital cost NPV of US$205.2 million using a discount rate of5% and price of US$2,000 oz gold
If you go back to the 'LA INDIA PROJECT SEPTEMBER 2021 PEA EXPANSION SCENARIO
to 150,000 oz gold p.a.' (deck headline) the numbers change to:
IRR of 54% and a post-tax NPV of US$418 million, after deducting upfront capex, at a discount rate of 5% and gold price of US$1,700/oz.
So, one way or another, the buyers will enter negotiation with a 'safe $100m opening gambit, and CNR will have said f... off, we are thinking $400m. Neither side will get their wish list answer but it will likely end up perhaps around the $250m - $300m zone. If there is real competition for the asset it could go a bit higher, especially if there is confidence in $1900 gold sustaining.
Just my latest thinking on the situation, albeit I'm guessing just like everyone else.
DDD remember the upside case doesn't include the value of the entire land package/exploration upside. But I'd be *very* happy with £1.50 a share!! That would certainly more than compensate me for my time invested here! But there's many a slip bewixt cup and lip, let's not count our chickens just yet...
Ddd , I would be extra tic if my 17 p shares went for £1.50 , giving a m cap of calibre who produce 250 oz gold and cash in the bank, but for some reason it sounds too good to be true to me .
I'll admit that £1.50 seems like a stretch, but when considering the bull case, bear in mind...
a.) Calibre is an undervalued company in a (still, despite the gold price) undervalued sector. Using them as a benchmark for any read-across valuation implies a corresponding undervaluation.
b.) MCap is not the same as takeover price. Calibre wouldn't sell for their current MCap now would they?
c.) A couple of years to wait before production is may be a concern for PIs, but for companies, and Chinese ones in particular, it's nothing. We know from first-hand experience how long it can take to get to this stage of a mine. It may even be considered an advantage - they can have their own people on the ground from day 1, and design the plant to their own requirements.
d.) There simply aren't many assets like this available anywhere, for any price.
e.) The Chinese may consider this a strategic asset that they're willing to pay a premium for, just to grab it for themselves and keep it out of the hands of the West. (Chinese companies and the Chinese state are tied much closer together than in the West). Could the oft-mentioned geopolitical situation could even work to our advantage in this regard?