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Simms. I think you are misreading. He states that they have not just replaced reserves but added to them. He states that in Nicaragua they now have the most reserves it has ever had! Adding !
Well from 5.50 he talks about finding new material (drilling) or adding (acquiring gold reserves). Why talk about the latter. They see tremendous opportunity with surplus capacity at their Nic min and trucking was already an option. Notice how he then quickly changes the subject to Valentine as perhaps he knew he said too much. There is no reason to be sitting on close to $300m of cash by mid April if they have nothing substantial to do with it. For me Ryan laid out his stall and gave no information why he raised $100m. it was utterly vague. anyway if we do not have a deal with mid April that would largely rule this out.
Hi c f. Calibre paper would be fine for me and probably represents best bet for holders medium term. However calibre are turning up great results with the drill ,adding new concessions. I can’t see them wanting to commit to another mine build or gvnt agreeing to no build at la India.
I could be wrong for sure. Let’s hope we don’t have too long to wait to find out.
Appreciate the regular flow of research.
Hope you are getting lucky .
When calibre acquired marathon they combined their cash on hand and had $148m USD by the end of 2023. They then announced the bought deal of $74m USD. This combined would cover the cost to complete the valentine project.
Then add this year's free cash flow and then the forward payment of gold. If you ignore the forward payment, last year's fcf was $200m. It does make you wonder why they decided to take the money for the forward payment of gold of 27,000 Oz. Why would they need more money upfront with their current cash on hand, recent bought deal and likely fcf.
So, what I hear in the vid.
When calibre took over they had 200 k oz reserves , they now gave 1.2 m oz in reserves. Double what condor have managed in 15 years! Added reserves add value and they are drilling them and producing them for an outlay of $100m
Remember 'no news is bad news' imho
Wow. Just listened to Ryan King. he was poker face about reasons for $100m raise but he basically said adding resource is what they are about to do in Nic. Listen around 6.02 and its pretty cleer what the $100m is for. Money closes mid April so anytime between now and mid April. Gla.
So are we thinking Calibre are raising a war chest of well over $300m+ for nothing? They have not said anything about Valentine cost overruns so this is not the case. They would have needed to release this information prior to raising funds. They are clearly planning something else and something big. does this include Condor? I would like to see an announcement after the Easter break but if it was mid April that is fine. PLenty of upside regardless but now is the time to lay those cards out.
Https://youtu.be/Bc9vGyjDnOw?si=Z8sSD0W3J4Eb3rNp
Short 7 min video with Ryan king of calibre. Talks about the surplus capacity at la libertad and opportunities ahead. Doesn't particularly say that costs are higher than expected at valentine. Make of it what you will.
The funding comes through by 15th April, which is the day before the $100mil bought deal is expected to close. If they are in the process of doing a deal with someone, I guess we find out who it is in mid April.
Or maybe they are after us. Who knows. Taken from the news release:
"Given the strong gold price environment, and continued investment across our portfolio of assets, we have executed a US$60 million 12-month gold prepay as part of our cash flow management strategy as we transition to a quality mid-tier gold producer. The prepay represents less than 10% of our expected 2024 gold production with deliveries commencing in May 2024.”
Https://ceo.ca/@globenewswire/calibre-enters-pre-commissioning-and-commissioning
Just announced a gold prepayment for $60m USD for 27,600 Oz of gold. I've a feeling valentine is going to cost more than expected.