Member Info for adamsmithfreethi

As an ex CNR shareholders I am already a significant holder of MTL and today bought some more on the basis that gold price going up versus a gold producer share price going down = buying opportunity.

However, the RNS didn't really move the dial to me. Not sure it adds anything new and just smacks of an attempt by the management to stop the (I believe) temporary price fall.

I have a couple of questions about Dupex since I think, convenient though it may be, is in danger of getting over hyped. Twit:

Why did MTL previously give up the tenement? They talk about identifying a target called Dupax but they already had an interest in the whole tenement. What caused them to change their mind since they’ve only been able to undertake surface work and even then why did they go back?

How does the whole 60/40 split on exploration and then 100% full ownership of processing actually work out in practice?

The plant will need to be repurposed given we are talking sulphides, the ore will need to be shipped in from 20km, new access roads need to be built and the resultant output of mixed mineral concentrate will sell for less. AISIC Margins will be materially less for the new plant.

I'd appreciate any long time MTL holders feeling generous with their knowledge contributing...

Err we don't to much interest too early thank you.

Otherwise the whole caboodle will be whipped out from under you feet before its true value is discovered

Btw I'm a former SHG shareholder and the memory of that is still fresh in my mind.

Happy to stay UNDER the radar for the moment...

Correct amounts too! No CVRs yet though!

Yeah I'm with ii too and the best that can be said of them is that they are indeed maters of masterly inaction!

Price down again - maybe not.

Pretty wild stuff going on...

the price has suddenly shot up - ig short covering for their **** up?

All dusters I'm afraid....

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.

Retired banker - for the moment I'll take the opposite view and wait although I expected the offer terms to be out today and I'm still waiting!

I'm already invested up to the gunnels in MTL and GDP although I will take a look at THOR. From what I've seen it has a number of options not all gold and that complicates the picture for me.

It would be nice if anybody got a view from the other side and was happy to share it...

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.

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.

Yes

The problem with the spread bet is that you can't claim the CVR. Potentially you are foregoing 10p per share. Personally I prefer to have the underlying shares. Clearly you need to commit more dosh but in these febrile times I prefer not to be leveraged.

Bismark I wonder if you appreciate the irony in your post?

First don't take the advice of rampers.

Then here's my advice - avoid aim

Also never invest in a company with less than 3 year solid profit (whatever that means!)

Look I don't find aim as a market any worse than the main market. The protections available to aim investors are essentially the same as for main market. Yes liquidity is worse but then so is professional coverage -which in my book is good! If you think more waffle in annual reports reduces risk then good for you!

It's companies that are risky not whether they are in aim and main market. Think - Carillion, Spire Health, Thomas Cook, Valerie Patisserie etc. All main market.

The fact that aim is so hated should according to our friend Warren tell you something. Instead use your noddle and apply it to companies individual circumstances, the particular facets of the industry it is in, current trading conditions, current economic conditions of the country it operates etc etc

There that's the end of my year advice.

Oh and btw Retried Banker is right. For god's sake take the offer otherwise you will lose the lot. There is nothing to be gained from being on of the

Like a lot of people here I have lost money on hum. I sold up apart from a small residual that enabled me to attend the gm. From that a decided the offer was firm and chucked everything I had for a 15-20 percent return so yes I will absolutely take the offer up. It's probably halved my hum losses

Notices of the Court Meeting and the General Meeting of Condor Gold, each of which will be held

at the offices of Hill Dickinson LLP, The Broadgate Tower, 20 Primrose Street, London EC2A 2EW

on 6 January 2025

Btw I will be attending. I'll be looking for a bit more background into the whole 2 year process and any other colour on what might happen going forward. Given I now own nearly 1% of Condor it would be criminal not to!

Btw I was going to suggest buying Condor gold given the nearly 4 p ( ex CVR) return available today but it looks like Mr market has woken up and is closing the gap.

I look forward to seeing Slim and anybody else who might attend...

I can't see them wanting to do that - yes they'd stitch up the remaining shareholders including themselves as majority owners! These would also include Dan and his dad wo wouldn't take kindly to this sort of treatment. They'd have to stay listed until 90% and even then would need offer to buy the remaining shares.

Staying listed would preclude any shenanigans such as buying the Board's support for this with backhanders as all this would be in sight and illegal and nobody in the Board is going to kill all future employment prospects.

I'm open to suggestions otherwise though...

Point taken although from my own selfish point of view no tax will be due.

I think everybody is undervaluing the inherent value of the CVRs. Firstly once you are registered as the holder of the associated CNR shares they are yours whether you keep the MTL shares you get in exchange or not. That gives you flexibility.

Second the probability that they will accrue value in not directly correlated with the price of gold merely related the ability and willingness of MTL to do the necessary work. That gives you risk diversification.

Third it is hard to see them having zero value. As is noted below MTL would be mad not to make the deadline for first gold pour so I think 50% of the value is 95% likely to happen. As far as gold resource increases are concerned they just have to find more gold of any category (measured, indicated or inferred). Furthermore the money starts accumulating from the point at which any of the 3 categories is discovered over and above what has already been discovered. I.e immediately! What is not immediate however and I acknowledge this is the actual payout. Patience will be required here as I don't rate anybody getting much money from selling CVRs informally in the meantime.

Look, I've been in situations where the CEO is clearly in cahoots with private interests to acquire a good company for a price well below what is was worth (SHG). This situation is not one of them. Jim and Onion are not getting any backhanders since the company remains publicly quoted and there is no way an independent Board would countenance back-handers if they value their future careers. AIM is wild but not that wild!

SHG in contrast was taken private and owned by 3 east African entrepreneurs and who knows what went on when SHG delisted and disappeared from public view.

If we got a bad deal then so did J&O. They would have fought hard to extract every last £ of value for the deal. They would have seen the CVRs are obviously not a good as shares or cash but they at least know their own business and surely would have calculated the the CVRs terms negotiated would eventually yield value for them and by implication for us too.

Wild speculation that we've been shafted is wrong. Yes they over estimated what CNR was worth and like us got a rude awakening but there's not bed of roses awaiting. Onion will be shuffled off after 6 months and the best Jim can hope for is to the kept as a non exec. Hardly a triumph!

All a bit sad really but there you are!