Member Info for condor_forever

Well worth 14 mins of your time. Questionable attire though. Uncanny resemblances to previous gold bull runs. Could see a summer dip in the gold price. Obviously never 100% confirmed but an interesting listen nonetheless.

https://youtu.be/JKx6KTB2_A8?si=9C39uGJ-4pxcf9DA

Seingred, Rio2 have some chunky streams on both their properties, around 10% annual production at Fenix and a lot to upgrade to the 2nd phase at Fenix due to water issues. They have around $113m debt at present. Obviously good they have 2 producing mines in 2 jurisdictions and a growth pipeline.

Will be interesting to see what M&A MTL are up to. Must be a fine balance between getting something cheap but then take a while to get into production using our FCF versus paying a bit more/diluting whilst the sp is still relatively low to get something further down the line/more ready to go.

Good news for us that management and our 2 largest shareholders have members in the board. They'll strike a deal that is good for us.

Regarding B2 in the Philippines, they only hold I think 60% of their single asset mine. I'm not sure we'd be that interested in it (could be wrong though).

ICB888, however what would the price tag be? Given they sold their Brazilian mines for $1bn, which apparently had higher costs than their Nicaraguan mines and I believe less reserves and less exploration targets and similar ish annual production. I think it would be too expensive for us.

Https://m.youtube.com/watch?v=PELvth1XOtI&t=444s&pp=2AG8A5ACAboFBxIFZW4tR0I%3D

Really good video. Particularly around the first 15 mins. Talks about simple cash in v cash out. MTL will be reaping the benefits of being debt free once La India is in production. No big streams. I've used Rio2 as an example before, they have had to give away 230,000oz of gold to get something like $100m (maybe more, been a while) so they could get into production. That's around $1bn of revenue there at $4500 gold.

Still hoping for a double here in 2027.

Https://m.youtube.com/watch?v=a0gLms02Vgw&pp=ugUHEgVlbi1VUw%3D%3D

Spoiler alert, unfortunately he doesn't plug MTL, he does plug his book though. Shame, would have been a perfect platform. He briefly talks about gold miners around the 48 min mark for a few mins and does allude to the opportunity to make lots of money if you do enough research.

Hard to exactly follow the lassonde curve with us already being a producer. I've come to terms the SP is going to be stuck around here for a bit longer and I'm willing to wait it out.

Last year Q1 results came out 23rd April, so assuming the same, hopefully next week.

Great minds think alike El 😉

LMA, I beg to differ in Nicaragua. Of course we need to do some drilling and find some decent targets.

Here is a paragraph from calibre: Calibre has responsibly demonstrated the value of our hub and spoke operating strategy, with permitting ongoing

and Volcan’s proximity to the Libertad mill, we expect the deposit to contribute to the mine plan in the second half

of 2024. This reinforces our peer leading “drill to mill” time frame with less than one year separating our initial

resource declaration in September of 2023 and anticipated production.

They have also stated permits to production in 18-24 months.

I'm sure we all remember that final 15p placing. I bought as much as I could at the time, didn't have loads of spare cash back then but managed to average down.

Nice concession expansion.

Here is a nice description of exploration summary of Calibre one year ago. We are sat on the same belt as both their mines. El limon is only around 20km west. Over 4m Oz has been produced there and they keep finding new veins/targets which bodes well for us. Calibre purchased a concession called Buena vista, that looks very close to our new concession boundary.

https://s204.q4cdn.com/793454556/files/doc_downloads/2025/02/20250226-Calibre-Nicaragua-Exploration-Draft-_updated.pdf

Dug a little deeper and listened to CLA's recent webinar from March on their website. Maybe not as straightforward. They can only hold 40% which they currently have, their licence doesn't allow them to own 100% like others do in the Philippines. They are close to finalising financing. Due to it's remote location, there is a 2.7 year construction process. They have to build a road that is roughly 24km to gain access and is an underground project.

Less desirable now.

Tikitaki, a quick Google search suggests a biox processing plant can process copper.

I'd appreciate anyone else having a quick look at Celsius and let me know your thoughts.

Smoothbrain, I'm just not sure how advanced any projects are in Nicaragua. I would argue there are more advanced projects in the Philippines. I've kept an eye on calibre/equinox, mako and mineros over the years and haven't seen any of them picking up big projects that have advanced drilling/defined resource. Still think the like of Celsius resources is the best project that fits our criteria.

Smoothbrian, I relistened to the last crux interview, DB talked about a shovel ready project. He also talked about not diluting current shareholders, that project would likely be too large and is only at PFS level at the moment.

St. Augustine gold and copper have a massive project but has a $2bn + capex so there'll be not chance of bidding for projects of that size. Their project in the Philippines is only on a 2,000 hectre land package. We have 16,000 hectres to explore at Abra so fingers crossed there.

They've been very quiet for a year. They talked about financing it a year ago with help from the government but nothing materialised yet.

They plan 2.6mtpa in their DFS. This does look a great fit.

I've been looking into how prolific the region is where our Abra tenement is and came across Celsius (CLA) on AIM and listed on the ASX as well.

Saw your post over on the CLA board (very quiet). Absolute tiny market cap of £24m. DFS out and they are looking to finance it. $276m USD capex. Gold copper project. Copper and 1.4m Oz gold.

Just speculating of course but interesting.

Come on Lee, let's be realistic in regards to how we would fund the next acquisition. I'd be very surprised if we could find something shovel ready with left over cash reserves from runruno which hasn't been ringfenced for La India.

I don't mind issuing shares/debt for the next project as long as it is accrevite for us which I'm sure it would be.

Https://youtu.be/22GR0yInmKE?si=nL3PS-a9UYuYsTho

BenBen, I've not seen the Chinese take Mako's mine, nor Equinox's 2 mines, nor Mineros S.A's mine. Taxes related to equinox and mineros were sorted out.