Only had a quick read. They only have $25m in the bank. They deferred payment to b2 gold and have an aggressive drill program and further studies to do at pavon. They could easily eat into a lot of that. They need us.
RE: An interesting interview in Kitco05 Jul 2020 21:35
Hi Simms, he has a bonus at a lower level as well, think it's £1.20 and I think there is another share price target as well but don't quote me on that. I've been looking through the company reports but haven't found it yet. Does anyone else know? Interesting looking through some of the reports regarding money for land purchases. This has increased by $1m from $2m to $3m. It's all in the company reports on their website for those interested.
RE: An interesting interview in Kitco05 Jul 2020 18:52
It'll be interesting to actually see what happens once a production decision and information on funding gets announced. If it gets upto around 80-90p, then a bid around £1.20 would be more sensible. I think we need some realistic expectations here. Look where our share price has been for years. Once permits came I thought great, a nice rise will occur and look where we are. I'm confident on land purchases, maybe the market can still see there are a few more hurdles to jump through and once they are sorted we'll start a re-rate.
RE: Mines and Money CNR Presentation01 Jul 2020 21:25
Thanks for taking the time to post and a shame he got cut off.
I've seen 'constriction' in 24 months on mark's presentation for a while but he keeps saying it. Surely if next year is a construction year, surely production would be in 18 months, not 24. I would like to know the time process in more detail. Mark has mentioned about certain sign offs from the ministry of mining before breaking ground, I wonder why we can't do this in conjunction with all the studies once the processing plant is finalised and on site.
A 17 min video with calibre. Worth a listen. Obviously nothing specific to condor regarding a potential toll mining agreement. They did talk about their hub and spoke model and how they are trucking ore from Limon to la libertad at $25 per tonne. They are very confident in growing their business to 250-500,000oz per annum over 2-3 different countries. They are announcing a 10 year plan within the next few months outlining their plans which I guess would be an interesting time frame to see if a toll mining agreement is done prior to this, who knows.
By optimising their mill, the money they have saved has funded half of their drilling program, I'm sure they could fund 100% of their drilling program by striking a deal with us.
Interesting that they have had to raise more money. They are behind condor in regards to exploration and drilling and used some of their initial rights issue last July to do further drilling. There were a few areas they were covering with this raise, including working capital, further exploration, further mine build funding and debt repayment (I assume from the initial equity raise). Mark's $40-50m estimate for a 2nd hand mill seems to fit. Interesting to know about the processing capacity for this.
Good to see that pure gold are doing well. Shows that their market cap can increase during the construction period. As I've mentioned before, mako went from 0.10 when funding was announced to 0.49 at it's high a month or so ago.
I've been thinking about what I would prefer, a buy out at a reasonably suitable price or whether I would prefer CNR to go into production. It's a tricky one and I keep changing my view. I look at some junior AIM goldies and think that there share price hasn't done great but then I think about how we are just heading into a bull market with all the articles I've been reading and how strong the gold price is at present.
Our timing might not be any better. I would hope there is more interest in us other than the obvious choice of Calibre/Rio.
I'm not sure what the boards sell out price would be in the next 6-12 months (this is the time frame I would guess for an offer to come in). I'm not 100% sure what I'd prefer, sell out for circa £2 or go it alone. Maybe a sale come to think of it.
Cora Gold have just released an RNS today stating a $21m financing package which will fund their mine build for a 40,000oz 6 year mine life. From reading the RNS it appears they think that will be enough to fund their mine build, yet mark is stating double that for the smaller start up which is 40-50,000oz. Am I missing something?
I listened to the talk and Q&A tonight. Not a great deal to add to what has already been said in the BB tonight.
The ministry of mines want all 10 conditions to be completed before breaking down. This includes the likes of the tailing storage facility, mine schedule, accommodation block along others.
As Erdles said, Mark is in advanced negotiations for a 2nd hand processing plant. We had undertaken site visits for the processing plant. They have yet to put a deposit down yet and haven't signed a deal yet. If that falls through, they will look to buy a new one from China.
Regarding land purchases, I don't think this will delay us in any way. It will take a while to get the site ready. We have the land for the processing plant.
The way I see it is that the only reason to push through the land purchases and pay way over the odds is to fully de-risk for a straight forward buy out from a bigger company. I would rather mark ration our money for land purchases than just give the landowners what they want. They can't do anything with it. It's a negotiation.
Cheers for the link to JM condorquestion. Jim says he has bought some rio tinto shares. Interesting maybe or maybe not knowing they are moving into nic but then at the same time they are massive company with a £57bn market cap.