Member Info for chris1979

From the RNS 11th Sept - "In addition, the Company has granted an option to the 2021 Convert Holder, exercisable at any time prior to 13 December 2025, to satisfy its $2.47 million quarterly repayment (including interest) due on that date by the allotment and issue of further new Ordinary Shares at the Issue Price" which was 25p per share. Would be a massive show of conviction in the company if they opted for the shares and saves the company $2.47m flowing out the door.

Todays RNS was light on detail but it gave me an overall positive picture. All the technical stuff completed, tubing installed etc. and the clean up / flowback process in the early stages, with approximately 20% of injected fluids recovered to date. Early results are encouraging, with initial strong gas production and intermittent production of light oil. These signs point to good reservoir communication and support the potential for strong well performance as the clean up phase progresses. Therefore I brought more on the share price drop!

GLA and DYOR

Based on a fundraise at 5p per share for the £7m and then the share issuing for CP and all of the options etc I make the total shares in issue after this deal approx. 455.4m shares. What is the £7m going to be used for, part of the transaction cost of buying these assets and/or is it drill money?

🧮 Step 1: Key share counts

Stage Total Shares in Issue Share Price (£) Implied Market Cap (£)

Pre-fundraise 127,593,987 0.05 £6,379,699

Post-fundraise 267,593,987 0.05 £13,379,699

Post-Acquisition 356,791,983 0.05 £17,839,599

Fully diluted (if all convertibles + CTP notes convert) 455,493,347 0.05 £22,774,667

💡 Notes:

£7m fundraise:

The company raises £7 million by issuing 140,000,000 shares at £0.05. (maybe higher SP and therefore lower shares issued)

So its post-money valuation = £13.38 million, which matches £6.38m (pre) + £7m (new cash).

After CTP Acquisition issue:

The new total shares (356,791,983) at £0.05 each imply a post-Acquisition market capitalisation of £17.84 million.

CTP’s 25% stake is worth: 0.25×£17,839,599=£4,459,900 (cost of buying the three companies plus some cash maybe?)

On a fully diluted basis:

If all 74,026,023 Convertible Securities and CTP’s 24,675,341 Convertible Notes are exercised, the fully diluted valuation = £22.77 million, with CTP still owning 25% (worth ~£5.69 million at £0.05 per share).

✅ Summary Table (inc. CTP’s value)

Stage Total Shares Implied Market Cap (£) CTP Shares CTP % CTP Value (£)

Pre-fundraise 127,593,987 6,379,699 0 0% –

Post-fundraise 267,593,987 13,379,699 0 0% –

Post-Acquisition 356,791,983 17,839,599 89,197,996 25% 4,459,900

Fully diluted 455,493,347 22,774,667 113,873,337 25% 5,693,667

Based on an issue price of £0.05 per Ordinary Share, the Company’s market capitalisation immediately following completion of the Acquisition is expected to be approximately £17.84 million, with CTP’s 25% holding representing a value of approximately £4.46 million. On a fully diluted basis (assuming conversion of all Convertible Securities and CTP Convertible Notes), the fully diluted market capitalisation would be approximately £22.77 million, with CTP maintaining a 25% interest valued at approximately £5.69 million.

I look forward to reading more in the Prospectus but overall I'm positive given the other players involved and that CP will have a board member and 25% of the business going forward. DYOR

Like everyone I sit and wait on the permit which frankly must be due soon. The continued delay just allows the SP to drift downwards as people lose faith and patience and move on to the next thing. For me it is the final test of nerve to watch the SP slowly drift down removing chucks of paper profit when you know IF that permit arrives this is going to rocket.

GLA and DYOR

Interesting interview talking about the moving target of the FS and what isn't included (carbon black, mining stages beyond 1 etc) and options for lowering capex but my overall view was that he just looks out of his depth and maybe it's time for new leadership to take the project/company forward.

DYOR and GLA

Every morning I wake and look for that 7am RNS. One day soon I keep telling myself.

In hills where dreams are dust and gold,

Cora waits with plans untold.

The drills are still, the maps are drawn,

But paper chains hold back the dawn.

The earth hums low — a promise kept,

Of treasure where the silence slept.

Yet time drips slow, like rain on slate,

As miners watch, and dream, and wait.

One stamp, one seal, the future’s gate —

Till then, the heart learns how to wait.

DYOR and GLA

New note out this morning - Zeus view "The successful funding to bring Azteca back into production is a significant positive, in our view. Within as little as three months from permit sign off, Azteca could be operational and generating free cash flow, which will be reinvested into advancing the full Amapá project through feasibility studies. This approach mitigates the need for further equity dilution which, in our opinion, should be well received by shareholders. The fund raise (RNS 30.9.2025) was carried out at 3.0p compared to a close of 3.9p on 29.9.2025 – a 23% discount - but with the share price closing at 3.6p yesterday (only 7.7% down on Monday’s close) we see the market appreciates the magnitude of the deal and the returns that Cadence could achieve. Assuming favourable licencing and permitting outcomes, once the DFS is completed, the Amapá project will be substantially de-risked and should add further value to Cadence. We still see fair value at 14.6 per share (was 18.9p). "

DYOR & GLA

After watching the oak bloke video (not advice) and considering the potential value of the prize (mine sold), I'm going to vote yes as it gets us earning cash and is a big step forward to finalising everything to do with the Amapa Mine. Do I like the fact I will get diluted no but I can live with that with the potential prize on offer.

DYOR and GLA.

Https://youtu.be/0QiCp5TmXow?si=oC6F4PLyezgAEm-H - link to presentation this morning. Agreed with @smudge104 very upbeat, lots of future resource to prove up just waiting on permit and things will fly.

Yes its on investor meet company

Remember the operational presentation today at 11am if you can attend. I'm hoping to hear more on permitting timeframe and operational readiness for build.

New presentation on the company website just reinforcing the positive interviews doing the rounds ahead of the (hopefully) permit award soon. Interesting aim to grow the resource to 2 million Oz which is double what we have today and I would say achieveable given that everytime they drill they find gold and some of the economic numbers on a higher gold price to recent DFS are huge.

DYOR etc.

Hi All, A new broker note from Cavendish is out today with the headline of "Undervalued, with multiple sources of exploration upside". Short term target price for what it is worth is 16.2p (I still think this would be undervalued).

Talks about likely funding of the build being 70% debt, 30% equity, multiple drilling upside from exploration, undervalued relative to peers, and potential for the company to be a takeover target for Chinese, African or Turkish entities to purchase. Worth a read if you have access.

GLA and DYOR.

@smudge104 thanks for the heads up on the directors talk interview and agree very positive. When asked about permitting, in my opinion he was trying very hard not to smile! Also love the fact every time they drill the site/area they find gold, it's a great problem to have.

As expected the updated DFS shows amazing numbers. It all hangs on the permit now as financing this build isn't going to be a problem at all given the numbers. I believe that permitting will be issued to Cora soon and we can get on with the construction phase.

For me the extra upside to this story comes from the additional comments about extending mine life beyond 10 years, just making the project even better longer term and that's without adding in the other opportunities Cora has in Senegal. Just taking the FCF for LOM from the DFS and converting that across to the share price you get around 0.80p per share let alone then adding in the extras! Time will tell of course but I'm very excited to have Cora in my portfolio.

"Management Plan, including pit optimised Inferred Resources, based on the same parameters as the Reserves, offers the potential for an additional 173 koz gold produced, adding 5 years to the mine life. Further drilling should enable the conversion of these Inferred Resources to Reserves."

"Sanankoro has excellent exploration and resource growth potential providing the opportunity to significantly add to the current resource base of 1.04 Moz, as optimised pits bottomed out due to lack of deeper drilling and mineralisation is open along strike and at depth. Additionally, there are undrilled artisanal workings, and 19 new exploration targets identified, the majority of which are within 3-4 km from the process plant and the oxide nature of the ore offers further upside."

GLA and DYOR.

Bert has been clear that he believes Cora will start building the mine this year so fingers crossed September is going to be an amazing month for Cora. An updated DFS due soon which will show a massive increase in return from an already robust DFS (Nov 22) with gold at $1750, licence approval (the key to everything) and build financing all agreed. The fact Cora has recently done the sterilisation drilling for the base camp gives me increased confidence we will fly into the building program when everything is agreed.

GLA and DYOR.

This statement is just plainly incorrect "as point 7 at the AGM, as per their own RNS states...PERMISSION TO ALLOCATE UNLIMITED AMOUNT OF SHARES"

The AGM resolution 7 allows for shares "up to an aggregate nominal value of £1,500,000" plus point 8 allows for warrants for up to " an aggregate nominal value of £500,000 so a maximum allowance to issue shares for the year of £2m should it be approved by shareholders at the AGM.

Anyone have a feel for potential timings on the updated DFS (due in Q3 25). I know Bert believed that construction of the mine would start towards the end of 2025 but until that permit is agreed nothing can get moving. Also how long does Front-End Engineering Design (FEED) take normally as I saw in the RNS of the 28th May that if "further optimisation opportunities" for the Project can't be included in the updated DFS that it would be included in the FEED before construction. Could the FEED work be happening at the same time as the updated DFS? I really believe that once the licence is agreed this will move very quickly to construction but just trying to understand the timeline a bit more. Any help welcomed.

A new review on YouTube by The Oak Bloke on the latest developments at JLP, gives some interesting views on the proposed deal and the future of the company.

https://www.youtube.com/live/dWOmLfm2SZQ?si=4a7LObWld2zGL74r

DYOR.

It's a shame that they need the time to complete the audit but it's the rules of the FCA which as a responsible company we are following. The audit is being done by PFK, 12th largest audit practice (so not a small firm) and they need more time, as we are a new client and the fact it was a complex transaction to start with, they have only had 4 months to complete that work since the end of the reporting period which is not a lot of time (retired-accountant). I'm hopefully that once this work is done and following positive news flow in the meantime all will be good, especially as we are fully funded for the two well drills/ re-entry. I will be holding. DYOR and GLA

It looks like an updated pack - from slide 11 "CLC Meeting successfully completed to seek approval for the granting of the application of EPA155 with the ALRA under negotiation to be completed shortly" plus I noted this from slide 13 "Extension of off-take agreement under MOU completed" - wonder what that means?