Condor Gold Share Chat (CNR)

Everyone chasing AI stocks, crypto, momentum. I'm looking where others aren't. CINH tiny market cap, small coverage, off radar. But Finland asset alone worth more than entire company. Germany potential 10x current valuation. Contrarian opportunity.

Still no sign of the CVRs on my Barclays platform.

HL have put mine in my ISA and SIPP but I have been told any payment on the ISA holding will go into my trading account

On my lloyds and II accounts they have been credited to my trading accounts

Yep, still not got them on IG, how do they appear on Lloyds and II?

My MMTL cvr allottment has not appeared on my barclays platform .No problem with Lloyds and Intl Investor.has anyoner else had a problem .

Meant to say that's aimed at Big man research

I was wondering if you're still around, and how you're doing. I know you've said you have some issues in life, I hope you weren't too much under water and you can get your money back by holding MTL.

I hope the pregnancy is going well too.

Thought I'd post on here rather than MTL, hopefully you look in from time to time.

ATB

Well, we came out if that well.

Personally

£62,195.34 loss.

You should receive just under £800 in the next few days as the cash you are receiving for your CNR shares in addition to the MTL shares.

My share account shows:

CNR - 8000 shares - value £2,560

But also…

MTL -32,420 shares - value £1,880

Can anyone explain this? Will I get a payment for the difference in value.

Had a lot more shares over the years but slowly checked out. Very disappointed along with most of you on what’s happened with this stock.

Haddock, never realised you held here

Head over to MTL, you won't get much response here, since CNR has now been suspended.

Just a quick query with folk here, various RNS suggest to allow 14days for the issuance of new shares in MTL and payments to reach investors which will take us to about the end of January, but I've also seen mention elsewhere of folk already selling their new MTL shares.

Can I assume that most here are in the same boat as me and seeing their trading accounts listing CNR shares as voided and valueless, but haven't yet received payment for these? Or are others already seeing the new shares and the extra cash payment in their trading accounts?

The SAG Mill? Its all part of the deal they have bought Condor including the Mill

What happened to the mill or was it part of the deal please

So in my HL account showing £700 profit on my CNR holding. Should have £15.5K cash and just shy of 700K MTL shares by end of month. So luckier than some + possibly CVR's to come.

Just have to decide whether to put the cash or a portion of it back into MTL. We already are a little up on MTL SP from the offer price as well.

Good luck to all whatever you decide to do. Friday presentation from MTL will be interesting.

Thanks Connect. Hope you haven't been too badly burnt.

Many many years ago I got quite excited by the grades, recovery potential and if I recall low sulphide content in the rock

which meant extraction would have been comparatively simple.

I doubt I will ever get excited by gold again.

JT

Consider yourself lucky JT, you're a member of an extremely exclusive club indeed!

After 14 years and suspension of trading my final account is ........ (drum roll).......wait for it........up £148.72p ....*boomtish*

I'm up! UP! f***ing UP!

For more red hot stock tips .... follow me!

This is true

They will not just land in an empty bucket that you don't know about. If they land in an account they have a team that will proactively inform you. That account that holds the CVRs will NOT be able to close, as the CVRs are a known and quantifiable entity within them. It's the same as calling your bank and saying you want to close your account but there's a grand in there - their instruction will be "well, what do you want us to do with this £1k?". It's just exists on account until crystallisation. The only catch is you can't move it.

Source: AJ Bell confirmation on SIPP and HL confirmation on dealing and ISA holdings.

What is for certain is that the next two weeks will be a riot. My shares look like they transfer to ca. 1% of MTL. Personally, I think MTL is an absolute rodeo. Don't like the PIs. Don't like the BOD. Don't trust that this'll come good in the same way that I [foolishly] held out for Mellon.

The saga continues. Whether I'm involved in that continuation is yet to be seen.

DDD, all my shares were held in an ISA with HL. This was there response:

Should the takeover be approved, the CVRs would be credited to your Stocks and Shares ISA as this is where your shares are currently held. However, under HMRC rules CVRs are not eligible to stay within an ISA, therefore we would automatically remove these and place them into a Fund & Share Account within 30 days of receipt of these. As such, should the milestones of the CVRs be met, any proceeds would be credited to a Fund & Share Account.

I hope this has been of assistance. Should you have any further queries, please do not hesitate to get back in touch.

Kind regards

Corporate Actions Team

Hargreaves Lansdown

It's interesting, more of a tax law challenge rather than an accounting calculation.

Is the CVR as part of the capital gain at the time of the grant? In other words it is very much part of the purchase price. In which case, as the shares are held in an ISA the proceeds from the CVRs would be treated as non taxable.

or

Assume that it's a new asset, valued at zero, when it appears in your taxable trading account. In other words any income you get from it is pure capital gain. Of course you could say that the value of the CVR cannot be known until the proceeds are received, in which case it is, as you suggest, a revisit to the ISA (tax free) CGT calculation.

Either way I struggle to see how HMRC can make a legitimate case to tax CVR proceeds if the the original shares, against which they are issued, are\were held within an ISA. I'll defer to a tax lawyer on this if we have one watching...

I am not an accountant, but my understanding is that the correct approach is to value them at zero, for now. When (and if) they pay out, you can adjust for this in the tax year in which the funds materialise. If the CVRs were tradeable, then there might be some market which would put a value on them in some way, even if it was only the price at which someone would buy them from you (or you would pay to buy them). But since they are not tradeable, it is impossible to put a meaningful value on them, and so the only reasonable avenue remaining is to value them at zero, until and unless they pay out. Anyone concerned about this should of course contact a proper accountant, but that is how I plan to handle it. I'll let you know if HMRC complain!

I didn't post this at the time, but some of you might find it helpful. I wanted to clarify my understanding of how the CVRs will be treated. This was the response:

'CVRs (Contingent Value Rights) entitle the holder to distributions based on the achievement of certain milestones. In this case, 'subject to the completion of the first gold pour following the commissioning of the relevant processing facilities from the LA India mining operations'.

CVRs are usually unlisted, and are therefore not able to be held in ISA accounts. Should you receive them in an ISA, they will need to be moved to a Fund & Share Account within 30 days of being credited. Should a milestone be achieved and a distribution be due to CVR holders, this will be paid to (your broker) and credited to shareholders' accounts upon receipt.'

I'm assuming the broker will move them to a taxable fund\trading account, which might include creating one if you just use an ISA. I've still got one although most of my investments are in an ISA.

The challenge for CGT purposes would be valuing the CVR as a contingent right to future income. Everyone could have a different opinion on the value of the CVR as of today, which is no doubt a lot of fun for taxpayers, accountants and HMRC. As I mentioned on an earlier post, it's messy. I'm just going to value it a zero, albeit in reality it really ought to have a value. Producing gold is after all the whole point of MTL buying CNR. You could come up with all sorts of probability based calculations and come up with something that looks scientific but is in fact a load of boll*cks.

I got a call Friday saying I had only till the end of the day to action the warrants.

Transfer to new co.

Excersize

Cancel

With the deal done I do wonder how HL are moving my bid price lower whilst increasing the ask? Very odd

Even nicer work if you can get it!! Trebles all round...

@EL I was wrong with regard to the warrants, just checked: You can elect to cancel each of the Warrants granted to you under the Warrant

Instrument in exchange for the grant of replacement Warrants in Bidco subject to the

terms of a new Bidco warrant instrument to be entered into by Bidco (the "Metals

Warrant Instrument") (the "Metals Warrants").

A replacement Metals Warrant will be granted over the number of shares in Bidco

(“Metals Share(s)”) equal to the number of shares in Target ("Target Share(s)")

subject to the original Warrant multiplied by 5.7894, being the exchange ratio derived

from the total value of the Fixed Consideration. The subscription price per Metals

Share will be equal to the subscription price per Target Share under the original

Warrant divided by 5.7894. The intent of this proposal is to preserve the economic

value of your Warrants by issuing new warrants granted by Bidco with equivalent terms

of the basis of the Fixed Consideration of the Acquisition.

@EL I could be wrong but I seem to remember reading somewhere that there is a deadline expiry date on the warrants and stock options. So they need to be exercised before the deadline or expire worthless. I don't believe the CNR warrants convert to MTL warrants either.

If I were Mr Stalker I wouldn't shell out cash for options in the money. Why would I - he can ride any boom in the share price and cash out at the time of his choosing. In the meantime he can put the cash otherwise invested in MTL shares to other use.

Therefore don't take it as a sale sign from an insider.

Another explanation may be: he just doesn't have the funds. You still need to pay for the options.

Lee - yip and we can add petulant to that and incapable of reading….. my position going forward has been made clear on both boards….. you get challenged and you resort to a tirade of garbage like that ha ha will leave to your ‘Willy waving’ 😂

Broomtree, I’ve come to the conclusion you are rude and ignorant, an opinion from some one holding 7.2 million MTL at 2p average, work that one out, please please sell up, I pray you do, I will laugh my tits off when La India is producing, when we are 20p and I’m 10 bagging receiving dividends, you trade your way out for another penny and feel big about it, the big money is coming for those with guts and patience, your like every nay sayer I’ve seen from MTL priced as low as 0.4p…. wrong, MTL just bought their future, a deal that Condor holders say was far too cheap, so it’s got to be sensible to think MTL got a bargain, a company with a proven track record to mine, got an asset far too cheap for what it had to offer, and your going to sell, that makes real sense, last Condor post from me, I will be on the MTL board if you fancy staying around for the real growth.

Lee - The first (CVR) 5.5p is in the bag….. Trump will help smooth things politically…. come to the conclusion you’re either naive or wet behind the ears!

Hummingbird, did they have cash generation from another mine whilst building the new mine? That’s always the issue, no money means share dilution or more borrowing cash to overcome building delays, MTL have more than enough cash to build 2 La India mines from Runruno income, that’s not exaggerating, 100% is just another way of saying it’s getting built, hook or by crook, costs and time will be a variable, but Darren Bowden know Nicaragua and has many contacts to help out, cash is in hand, Candy is a mate of Trump, gotta help it run smooth politically, first pour Q4 2026 has been indicated already, those 5.5p a share at first pour is in the bag in my opinion, so it’s more than worth waiting for.

Those selling out and moving on will be leaving the best behind.

As always, people make choices, I’ve seen big holders leave MTL, Roy as an example had 6 million MTL shares, tried to trade it and got left behind, was out at a third of today’s price.

MTL are extremely canny, and a hundred hurdles have been jumped through just in the 8 years I have been invested, the next phase is coming from strength and knowledge, and record high gold prices.

The perception has certainly shifted, but it doesn't change the fact that it's a dog of a deal.

Pathetic performance indeed.

That's to whoever it was the other day though that gave feedback from the meeting re sanctions being more painful than initially anticipated.

It seems over optimism casued a failure in the process more so than anything else.

Sad days indeed.

End of a long journey, and the start of another...

I hope your prediction history doesn’t follow you, for all our sakes!

Please finish your Condor non alcohol bitter and get ready for some Metals full strength special brew. Things are about to get a lot more interesting!

You struggled to fly but took us on one helluva journey!

Farewell the mighty bird...!

Should get the Court confirmation today so an after hours (first thing in the morning) RNS and deal should be effective on Wed 15th

Will be interesting Awac how many take your route and how many wait until Fri for the presentation

As stated already I will keep a much reduced holding to (hopefully) see the mine built but the balance there I will decide after Fri

One of my longest term holdings in AIM has reached a very disappointing end. Left with a good profit with the current sp, but not hanging round for the IOU's. This market is very much manipulated with so many questionable characters and dealings. They will continue ripping off unsuspecting pi's.

The management having found so much good grade gold, failed to deliver. Yes a failure on their part and on their treasured CV's. They know who they are.

Have better places for my money now so we move on wishing all genuine lth's here good fortune. Those who stay with Metals.......good luck! Many will stay away from this casino as that's a wise choice.

It’s what I wanted and via MTL will be rewarded along that journey with further cash payments. MTL also have a proven team to deliver so when the first cash payment turns up it will be immediately invested back in.

See you on the cool board…

🥱

Mr 3.93, as opposed to the peeps who never admit they called everything wrong misleading peeps along the way to invest ever more cash into a failing narrative. Each to their own but suggest many here review their last 5 years of posting and learn something.

Connect, yep made my points over 5 years, took lots of flak but finally been borne out. Apart from the final destination. showing that perhaps making things personal instead of considering alternative views is not the best .

Anyhow, good luck all.

Candy can get Trump and Musk to dig the canal through La India and get them to dig our gold ore up for free!!

/s

Awax, think that one has bitten the dust . Cheaper “deal” to take back what was yours in the putin trump worldview. Most likely hot air like fixing Ukraine in a day. He is mad tho so no telling.

Seingred.......there was talk years ago of building a 'competitor' canal through Nic. That may be a avenue DT will go down if he gets no joy from Panama?

Frankly it would be foolish of anyone to ignore Adam’s comments; it took us two years to get some honest insight and that still remains although now in the hands of MTL. My lessons from CNR: always take a good profit when presented; don’t over expose and always keep a well stocked salt seller handy for the PR you’ll most certainly get

An appropriate headline :)

Decided to take my last 30,000 slice of CNR before becoming Metallic.

Not much to gain between 32p CNR and cash and shares now, I wanted to lock in another 30k of the possible 11p CVR

With 1300,000 now, I'm in with a chance of a Brucie bonus of £7,150 to £14,300 in the next 5 years. Worth the very small risk of MTL tanking in the next 3 weeks.

Interesting to note how well the mine next door is doing and that Nicaragua is the powerhouse house:

“ Record consolidated Q4 gold production of 76,269 ounces; Nicaragua 66,578 ounces and Nevada 9,691 ounces;

Consolidated Full Year gold production of 242,487 ounces, exceeding updated 2024 guidance (230,000 – 240,000 ounces); Nicaragua 207,220 ounces and Nevada 35,267 ounces;

Q4 delivered the strongest production of the year, setting a solid foundation for a promising start to 2025;

Cash $186.7 million ($131.1 million in cash and $55.6 million in restricted cash)

Additionally, we are very encouraged by the continued exploration success across our assets in Nicaragua. During 2024, we announced numerous high-grade results from the Talavera Gold Zone and the VTEM Gold Corridor within the Limon Mine Complex demonstrating the exceptional potential for rapid resource growth. During 2025, I anticipate additional success as we expand our exploration efforts and again advance a multi-rig 100,000 metre drill program.”

This gives a good idea of of what can be achieved by MTL when they start mining Condors gold. Such a pity they didn’t do this deal w years ago because by now the mining would be producing and the cash pouring in. After all the time I have been invested here what’s another 2 years for a proper pay day!

Sanctions still an issue in Nic?

Adam, great posts. Very interesting. I was an early investor in Condor, in 2011 I think I had a nearly 1% holding and used to go and visit Mark in the St James Park offices (owned by Jim of course). He is pretty straight down the line and would have tried to get the best deal for everyone as you say. That was my experience of him anyway. I recently bought back into Condor because I think MTL is a well run company. I'm confident Darren will bring his "magic" to La India.

I did ask about the Chinese as a group and Mark just shrugged and said that they didn't follow through on their interest. Either he didn't know why (Chinese inscrutability?) or he wasn't saying.

As far as Calibre were concerned he just said that they didn't come up with a proposal the Board thought was favourable compared to MTL. I tend to believe him since as a shareholder he and Jim would want to go for what they considered was the best offer and although the CVRs are complicated CNR negotiated long and hard to get what they considered were favourable conditions.

I really can't believe J&M are part of some fantastical plot to exclude Calibre. After 2 years I suspect they were sick of the whole thing but wanted to come out of it as best as was possible.

Adam - thanks that's very helpful [and important going forward]; what it doesn't answer is what the issues were for the two biggest contenders [from our perspective], Calibre [already in country] and the Chinese [unlikely to be concerned about ESG]?

I missed the court meeting but got in on the ordinary meeting only thanks to British Rail. However I did briefly talk to Mark who was there (Jim was on zoom).

I did get an explanation for the extended 2 year period which was that that economic sanctions were more consequential than I had come to believe and that the overall prospects of the company had declined in tandem with the deteriorating political situation over it's 20 year history.

Specifically the typical situation was that interested companies' technical teams were really enthusiastic with what was on offer (particularly if they got into the data) but either the non-execs wouldn't vote for it (as Mark put it - because of the G in ESG) or, if they needed finance, they didn't think they could get a commercial loan at a reasonable rate from a mainstream financial entity). Either or both factors killed incipient interest in many of the cases.

Same with HSBC Turkey, multiple ups and downs giving returns of over 100% gains made.

Some no nothing about certain markets.

Made plenty with Jupiter India over several years. Do research.

Sorry its harder to copy as his sophisticated argument are in several posts. If anyone interested, check on PAT board.

Br

Many of you are quite experienced in gold mining math, and can asses and calculate aprox. values based on some metrics .

I plan to search on the data if the Bukhla gold project in India, where an exploration company I am interested in suffered an expropriation like decision. They initiated an arbitration and the SOC is expected in a few month. Their claim might be somewhere between 750m-2 bn usd . Are backed by a litigation financier, with an outstanding track record, and famous mining aw firm (won 15 times the mining law firm of the year).

On the other board there are some really clever guy, will copy their calculations, if any of you have the mood or capacity please check it.

Br

Stockinv, do you follow arbitration cases in/against India?

To being a MTL shareholder over the next few years, lets see if they can work their magic with the Condor assets.

Let’s get one thing straight we all agree on mark is a spineless weasel who defunded people towards the end of the scam