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Hi the learner - your message prompted me to look through my old Condor files and correspondence with Mark! I bought shares in early 2011, and ended up with a reasonable holding. I also knew another large holder; Dave a retired accountant who lived in Preston at the time. (I believe DDDD/Sir Andrew Ffoulkes also knew him then). At that point La India project (inferred) resource was 1.75m oz with 500,000 oz indicated, so still pretty small. I'm not sure at what point during the early years, there was an obvious window of opportunity to start physically mining. There was a point in 2012 when Mark was talking about buying portable mining equipment from an Australian manufacturer. The idea was that it could be used in Mestiza, where there were high surface grades of gold to generate cash to pay for further drilling, and to avoid issuing further shares. I was keen on that idea, but Mark's co-directors dissuaded or blocked him. I'm not sure quite what happened behind the scenes. I remember Ross Baety, there were others too. Luc English planned a lot of the early drilling programmes. Mark was completely out of his depth of course. I sold out in March 2013 because it was obvious where things were heading. Mark warned me a further placing was coming in July that year. I bought back in last year, but I don't have anything like the holding I had back in 2011.

Retired Banker - It's an interesting question. Having got involved with Condor at the very beginning when Mark moved from being a NED to the CEO, it seemed from talking to Mark at the time that Mark simply used his relationship with Jim to talk him into supporting the company. (Mark used to work for Jim so knew him well.) I think over the years, their relationship must have soured and Jim found himself putting more and more money into something that was going nowhere. Jim eventually pulled the plug by negotiating a deal with Metals, probably against Mark's wishes. Jim then found himself in a position where he was no longer in control, and had possibly already decided on an investment strategy that involved exiting at a particular financial level. The whole thing has also damaged Jim's reputation I'd say.

It should be higher. The award of the 2a mining licence is the big news we need.

I don't think he's paid a lot. He needed to sell shares to pay for his options.

Acquired a further 14.4M shares.

Plus - I can't see Richi Jennings/Catalyse Capital or John Wardle agreeing to a placing either.

I'm not sure why oldbutnowisa would suggest it.

@cuddy You also need to factor in the Fujax pre-prepayments made to WHM. These deal with working capital requirements for the HMS operation.

First thing to say is the AIM market is very weak these days, with quite a few companies delisting because of disappointing share price performance, and liquidity so this is not a KZG specific problem. It's not yet clear how much money Whale Head Minerals is making from HMS. It sounds like we won't know until they start separating out sand and garnet, and profitability is optimised. Once Dennis publishes a figure, the share price will react accordingly. 5p? The other key is the 2A mining licence. I think when the Ministry see the current operation at Walviskop working well and in a sustainable and responsible manner, they will award it. In fact I wouldn't be surprised if they are holding back until this is demonstrated.

@FB

Thanks, interesting. I'd also add Richie was posting fairly regularly on ADVFN, but hasn't since 5th Feb.

I don't see any of this as negative for KZG, just part of the natural ebb and flow of shares in a growing company.

We should get news about the 2a/Perdevlei mining right fairly soon.

Dennis said this in the RNS 20/11/24 at the point we got the E for 2aA. "This swift approval marks a significant step forward for the Company as we progress towards obtaining a Mining Right for Perdevlei. Obtaining the EA approval over two months earlier than expected has considerably advanced our timetable. While there is always the potential for delays, receiving Environmental Authorisation early puts us in an even stronger position to secure the mining right early in Q1 2025"

Fingers crossed for confirmation of the mining right within the next few months.

@FB

> What I keep thinking about is Align Research and them looking to get

> out at 1.5p some time ago. Now we are sitting on the edge of next

> update at SP of 1.5p and with 2025 being transformational.

> Are we about to see Align moving aside for someone else coming

> in. We are at their 1.5p SP after all.

> Maybe am putting 2 plus 2 and getting 15. But part of me thinks

> they wanted away before for personal reasons. Maybe they have

> found someone else?

I have been wondering about this for a while.

I think it's common knowledge that Richi Jennings/Catalyse Capital Ltd were going to exit earlier rather than later, and were not planning to stay around to see KZG to become a much bigger company. The failed AMS deal at 1.5p per share had allowed them to do that. AMS defaulted so they had to stay invested longer than originally planned. So, it's possible Catalyse have been unwinding their position quietly since January, in the background.

It would have made sense for Catalyse Capital Ltd to hold on for a Hebei Xinjiang settlement if they thought (a) it could be quickly executed (b) $9.5m outstanding paid in cash, which would result in shareholder return. It looks like that is now unlikely. They probably came to that conclusion early in the New Year, so decided to slowly exit.

Pure speculation on my part, I have no proof to support this other than the large OTC and delayed trades that have taken place since early Jan and being cognisant of the AMS background story.

Well said Fb!

SA looks rather like a safe haven at the moment.

It's all about "that" licence FB!

I don't think any of the trades reported yesterday or the day before are rollover trades. Quite are few sells and there was one large 3m share buy that took place on Thursday but was reported yesterday.

I think the rollovers are linked to the Catalyse Capital Ltd long spread bet. It's currently at 8% of the share capital, which is large. It was 12% and was reduced to the current reported level in October. Maybe Catalyse are slowly unwinding it? I imagine it costs quite a bit to keep open. I don't think Catalyse will be reducing their position as such, just changing how it's held. Sorry I can't offer any more that Funkybeats...

If/when we are awarded the 2a mining licence and then with a period demonstrating strong cash generation, I can imagine there will be offers for the company.

Interesting read across to here, especially if get awarded 2a.

7000 tonnes per day

Patience is definately required here. Hebei Xinjian Construction have no money, having misjudged the lithium market, so it is unlikely there will be a near term cash redistrubution to shareholders as a result of a positive arbitration result. No doubt the arbitration will rule in favour of Kazera. We might see some kind of deal struck with Arcadia Minerals who own Swanson, but this will take time. (Aftan is surrounded by the Swanson project).

Next scheduled news is the interim results at the end of March which should confirm the cash generation of the Whale Head Minerals/Deep Blue Minerals operations. The big news that could come at any time during the year is the award of mining rights by the Department of Mineral Resources and Energy for Perdevlei (2a). That's the piece of news that will make the real difference to everythig here.

With Lloyds/Halifax, received cash and CVRs weeks ago.

More likely rollover trades and quite possibly linked the 120,000,000 spread bet that Richard Jennings has.