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Nice to see a bit more volume and a buy just above 30p at close.
MC has mentioned $60-70m of debt. We don't know to what extent gold loans/streaming will be involved.
It's simple math. Let's say we need $30m, works out £26m. Let's say we raise at 30p, that gives 86m shares. We could raise lower if the sp doesn't budge, we could raise higher if the sp rises. From experience, the sp tends to move post financing.
I want little to no dilution like the rest of us, I'm just trying to be realistic.
Tester, I wish I could share your enthusiasm regarding finance. There may be parts MC can't control. From the interview, it shows he went the extra mile to drive down the upfront capex and we know the 2 stage approach to also keep this number down. We know MC and JM have skin in the game, but JM could easily be involved in the equity raise.
I am a little concerned about the equity portion of the capital raise. Adding 80-100m shares is going to be a massive dilution.
https://www.commodity-tv.com/play/condor-gold-robust-feasibility-study-for-la-india-with-short-construction-time-of-18-months/?utm_source=dlvr.it&utm_medium=twitter
Good video with our favourite interviewer. Mark explains the delay in the FS which was mentioned in recent RNS's, not due to 'other parties pulling the strings' as some speculated on here.
Strong confident presentation from Mark. Mentioned a 'group' came over last week and some geologists were there.
Mentioned FS should easily allow for $60-70m debt and reiterated importance for shareholder value.
Talk of up to/around an extra 10m oz on the project.
ICB, are you living in cuckoo land? Show me a recent BFS that has seen the sp double?
Taken from today's RNS: Total Construction for the plant and associated infrastructure is estimated at sixteen months. Lets announce financing ASAP and get cracking!
DDD, there is a table summary with valuations at $100 increments on the FS. At $1700 it gives $116m post tax 5% NPV.
G mining released their FS in Feb 2022.
https://assets.ctfassets.net/jj9ent3ck4o2/1FbvdCh0P4o4Aor4VyCrzn/e6922f8484bfa69fc38383c851c99d2f/GMIN_l_Feasibility_Study_Results__02.09.2022___1_.pdf
After tax 5% NPV USD$622m. Current market cap USD$157m, so 0.25 of NPV. They have since announced financing, the last and final part at the beginning of September. Share price when FS released was CAD 0.87, post financing and now at CAD 0.80.
They announced a decent debt/equity split as well of 76/24%:
https://assets.ctfassets.net/jj9ent3ck4o2/5Woc5csBMOtQNEjGBQAmEB/2b38e3c85712fcc240504d1a3336c71a/GMIN_l_Project_Financing_-_FINAL__3_.pdf
Pasofino is another example. They released their FS in June. At the time, their sp was 0.89 CAD. No announcement of financing yet and since then, their sp has dropped to 0.59 CAD. Their market cap is only CAD$24m. They own a 49% interest in the dugbe project (before a 10% stake by the Liberian government).
Post tax NPV USD$530m at 5%. They have a big capex of around USD$400m. If you half the NPV for their 'stake', they are trading around 0.1 NPV. With their shareprice/market cap, they are likely to massively dilute their number of shares to get this going. Hummingbird own the other half, they are struggling with getting cash flow from their existing projects to fund the capex.
If you were to take the 5% post tax NPV of our PEA on the bigger option of including the underground resource etc, 0.33 NPV would give a shareprice of 74p. However, their jurisdiction is much better and they have a much bigger resource which would attract more investors.
Firstly, I've been invested here for over 10 years and I've never sold or traded (to my stupidity). I'm all for a higher shareprice don't get me wrong, but we have to be realistic.
Skeena resources recently published their FS on the 8th September. They are based in Canada. Slightly bigger resource, low AISC. 5% Post tax NPV CAD$1.4bn. They have a current market cap of CAD$470m, so they are trading at 0.33 NPV. They haven't announced any financial package yet and have a bigger capex to raise.
Slim, MC probably cancelled because he heard you were going lol.
Here is a recent company who have just completed financing. 24% equity, the rest gold stream/debt/cash on hand. Total cost around $461m and equity was $116m. They had a fairly big chunk of cash on hand as well.
https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2960-tsx-venture/gmin/127505-g-mining-ventures-closes-us-116-million-private-placement-financing.html
Taken from the recent MD&A:
Subject to availability of funding, the Company has the option to resume additional exploration drill programmes with two principal objectives:
A Mineral Resource expansion drilling programme of approximately 30,000 metres and focusing on the Mestiza, America and La India vein sets and Cacao. The target of this drilling is to expand and upgrade the Mineral Resource on these four vein sets. The cost of this programme, including incremental Company operating costs would amount to approximately
US$7 million. The Company completed 15 diamond core drill holes for 3,504m of resource expansion drilling at Cacao during 2021.
An in-fill drilling programme of approximately 20,000 meters to be conducted on two to three potential feeder pits (e.g. America, Cacao and Central Breccia) with the intention of adding feeder pits into a mine plan early on in the mine life. The cost of this programme, including incremental Company operating costs would amount to approximately US$5 million.
Personally I feel we are too small for the likes of rio. I know every project is different but they just took out a company worth $6bn CAD.
https://www.juniorminingnetwork.com/junior-miner-news/press-releases/564-tsx/trq/127298-turquoise-hill-enters-into-definitive-agreements-with-rio-tinto.html
We are too small fry for them. First majestic on the other hand are an option, they are already invested in us for part payment of the SAG mill. If rio were interested, they would probably want to buy out calibre and us together.
Pretty sure there was a mention of $5m for the next 'round' of expansion drilling. Can't remember off the top of my head whether this would just be on cacao/America/mestiza. It is in the most recent managers discussion and analysis of you want to look it up.
FS delayed due to additional metallurgy tests that were required.
https://m.youtube.com/watch?v=7PGsgq_UoA8&feature=youtu.be
Not had chance to listen to it all but Mark mentions the BFS will be out in the next 10 days.
I've been reading a lot of rubbish over on advfn about the 0.4% remaining but of the land. Here is a recent tweet from Condor about this and how this 0.4% will not impact the next steps.
https://twitter.com/CondorGoldplc/status/1562123889806909441?t=7DAxrzD68kThkszczbQxQg&s=19