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That's funny El, I just had a look at this over the weekend.
Not yet. I has shown up on my HL account recently but unable to act on it yet. I've been calculated the correct number of shares to purchase. I reckon it'll be sorted/available in the next 1-2 days.
https://www.calibremining.com/news/calibre-continues-to-intersect-high-grade-gold-at-4852/
They keep finding very high grade gold. I would more than happy take calibre shares/merge.
Nero, yes, not a great comparison to use for us. There hasn't been any FS level studies on it and it was a non-core asset for argonaut. They have their flagship project in Canada they are funding and therefore need the money for that.
Another way of looking at our valuation is using the NPV numbers. If I were selling this, I would be using the numbers from the PEA in Sept 2021. Going for 150,000 oz would give a 5% NPV of $418m post tax at $1700 gold. Convert to £ gives £339m. I read somewhere an average valuation at this stage would be 0.4 to NPV value. The acquirer would need some profit to make it worth their while (let alone the massive potential on top of what we have, remember we've drilled less than 10% of our land package).
0.4 of £339m gives £139m divided by 240m shares (already discussed in previous posts on how many shares we will have in issue) gives 56p. Similar to ddd valuations.
Seingred, my understanding around being construction ready is related to having the finance to construct it.
You've got to enjoy all the bitter shareholder replies on twitter. Makes me laugh.
Pretty sure it says from the 5th December and there should be a time period of something like 1-2 weeks to take up the offer.
What share price would you be happy with Nero?
Nero, my main concern is the timing. It appears timing has never been great for condor. Putting the asset up for sale when our sp is near it's lowest and when the sentiment for precious metals isn't great is not ideal. Couple that with the potential of an upcoming bull run in gold over the next roughly 8 years means we'll miss out on those gains.
https://youtu.be/0cH4lmnH-Hk
Uploaded 3 days ago but think it must have been recorded the week prior as no confirmation of the Tuesday RNS but mentioned latest interim results.
Mark emphasises Jim's background and mentions about getting the best for ALL shareholders. None of this crap being sprouted over on advfn.
Not sure what to think of this news. I understand that we haven't got the experience but at the same time we could have paid someone else to run the epcm contract.
If it was such a great project, why not go it alone. If it was that great, why wouldn't Jim stump up the cash to finance the build? Other companies have managed to strike a deal of 85:15 debt to equity in worse situations than we are in.
They have spent circa £36m on the project so far.
At what price though....
Not too sure about that valuation Barnard. Calibre are valued at £210m. They have no debt and $66m usd in cash. They are producing 220k oz AISC around $1250. We would obviously have x amount of debt payback.
We still have $300,000 usd to pay for the SAG Mill and £540k in cash at the end of September.
The rally may be due to the rise in pog rather than bouncing back from the drop due to the market over reaction from the sanctions.
This was from 2 years ago!
Nice example aeris. Wyloo already owned 37% of noront prior to takeover. You often see better premiums when the acquirer already has a large stake in the acquiree.
https://www.mining-technology.com/news/wyloo-takeover-noront-bhp/
https://www.juniorminingnetwork.com/junior-miner-news/press-releases/888-tsx/paas/130621-pan-american-and-agnico-eagle-deliver-definitive-binding-offer-to-acquire-yamana.html
Yamana bought out 23% premium.