Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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"Land bought, Mestiza and Americas permit, then MC and the sp will talk"...….news leaking out or just the small start to a re-rate?
ElectricLion, they do have some debt but aim to be net debt free by the end of this year. They had some problems with the rainy season and a weakened pit wall early last year which hit the sp badly but since then all has been going swimmingly. The main weakness is the life of mine. They have a current five year mine plan just released but they are also targeting a further 1 million oz through drilling which is probably underway or starting shortly and also they own a chunk of CORA who own nearby concessions and they should be able to process ore from there in due course.
Punter, I'm not familiar with HUM, but surely something doesn't add up with those numbers? You say they're making $96m profit? Their MCap is only £95m according to LSE. Which puts them on a P/E ratio of under 1.3 if I've done my sums right. Which is the sort of P/E ratio usually reserved for companies that are expected to go bust. So either those numbers aren't quite right, or they have very serious problems, debt perhaps, or they're just stonkingly good value! Any clarification would be appreciated. Whatever the reason, if the numbers are as you say they are, then it may not be representative of the value that Condor could attain in any sort of production scenario.
Moving up nicely again, now 22/23p. Timed that buy well!
Sorry about the typos, damn autocorrect...
Punter, I hear you re HUM. However you have to reneger the sector is woefully underrepresented in portfolios from all investment circles, especially the junior miners.
However, Condor's extreme undervaluation coupled with the fact that there doesn't seem to be much float as the majority of shares are held in tight hands (when we get a bit of decent buying volume the price moves very quickly), means that if we hey a toll mining deal done we *could* re-rate sharply. Not only would it mean condor starts to generate income when no-one expects it, but it also avoids major dilution as a result of funding the mine build. That could definitely turn some heads that are interested in the sector, of not elsewhere.
I've often mentioned that we won't get back to for value until big money reallocates into the sector and I maintain that, but I do think there's a good chance we could get back up to £1 this year *if* Mark can seal a toll mining deal and the gold price keeps trending upwards.
Definitely cause for optimism and personally I am not so hard on Mark's remuneration as others, he works hard for the company and gets results, but it is naive to expect the share price to reflect fundamentals in this market and his him responsible when it doesn't.
There's that odd feeling again - CNR near the top of my risers list !
That said I've just added 22800 and caused the bid to rise to 21.5!
Wondergoals, even success in this field doesn't guarantee a better/fair sp unfortunately. Look at HUM, who built a mine on time and on budget and are now churning out 120k oz pa at AISC of around $800 for a profit of circa $96m pa at the current gold price. Despite that the sp is only very slowly moving up and is still well below the 40p when the mine was completed. Unfortunately AIM gold shares continue to under perform woefully. So even if CNR start producing a bit I wouldn't expect fireworks, more likely to be a damp squib!
Let's not forget Mark's background guys. 12 years institutional stockbroking followed by 12 years in corporate finance and private equity, putting deals together and raising cash for small companies (taken from LinkedIn). He is far more experienced in this field than any of us.
It's not mark's fault regarding all the delays and political issues. I've not done the numbers, but let's not forget our board is small. He's not got loads of colleagues with massive salaries. Take calibre for example, their website shows they have 9 people on the board of directors and 14 on the management team (some split on the board of directors). I'd only imagine what their salaries our compared to condor.
Give the man a break!
Wondergoals - you know I share your frustration and it came out in my post last night too..
To see the PoG approaching a 7 year high at $1610 and for the company to still not be in a position to exploit that is very hard on us all..
But these are the keys -
Mestiza and America Permit - MC hopes by end of Q1, so 4-5 weeks.
Complete Land Purchase for Surface Rights (Even for Mestiza and America initially).
If they wont sell the land - get government to issue compulsory purchase orders
Get some kind of Toll Milling agreement (im not fussy, NMC or Calibre) signed and start trucking rock. I honestly think you could be looking at $900-1000 profit per ounce.
If Calibre could take 2000tpd from Mestiza/America, at even just 4.5g/t average, that could produce c.300 ounces of gold per day, or say $450,000 dollars. Lets say costs are 1/3 of that = $300,000 a day profit split 50/50 = $150,000 per day profit to Condor, so $1M a week! Do that for 3-6 months and we have the cash to put down for a 50koz pa plant along with a gold loan..
On the face of it, its v. difficult to watch artisanal miners (that Condor is training/supplying!) stripping out high grade veins from Mestiza and selling gold at $1600, while nothing is happening for us shareholders after ten painful years!
regards,
T123
Land bought, Mestiza and Americas permit, then MC and the sp will talk
MC really needs to get his finger out. Continuing silence from the company on 2 or 3 critical matters. Meanwhile pog over 1600 and rising. We're missing out big time on the positive sentiment this should be bringing.
MC is getting very well remunerated - salary, consultancy fees (that was a surpise), shares, options etc etc., and has been for many years. All funded by us shareholders. Time for him to deliver some value to us in return.