Member Info for condor_forever

We need some competitive tension and I think we've currently got that. This was a post I wrote back in Feb this year which goes to show if there are a few interested parties:

Here is a really good example of M&A activity/trumping other bids. Osino resource released a DFS June 2023. All figures in USD. Gold price $1750, 13-year mine life average 162,000oz a year, average grade 1.04g/t, AISC $1,011, initial capex $365m and after-tax NPV 5% $480m with after-tax IRR at 28%. 2.2 years payback and 2.15m oz proven and probable mineral reserve, total measured and indicated 2.94m oz.

In December 2023, Dundee Precious Metals offered $212m, so 44% value to the NPV from the DFS, mix of shares and cash. The share price jumped up roughly 50% on this news to C$1.43.

Then yesterday it announced they received a superior full cash offer from a “foreign-based mining company” for $272m, valued at C$1.90 per share. The share price went up another 25% and is currently sat just below the offer price at C$1.74, which is 56% value of the NPV.

A reminder, if you take our PEA numbers for 150,000oz a year, at $1,700 gold, our after-tax NPV 5% is $418m with 54% IRR. Similar calculations on the offer of osino gives a value of $234m or £185m with 230m shares in issue (includes stock options/warrants) equates to 80p.

This goes to show that the share price can jump up with competing bids.

Nope, nothing strange at all. He's supported the company in many fundraises, why would it be strange now? He gave a loan to condor a few years ago.

Squeaky, one consideration is that calibre could buy us and use la India as another spoke and send all ore to la libertad.

Looks like we are getting closer to the end. Prefer a loan than further share dilution.

Well, if you don't believe the company is going to get sold then you might as well sell out.

Word on the street is there is a good chance a deal will be announced by end year. P.S this is my street and my word. I can feel it it my bones.

Hi Surrey. I very much doubt I'll get much of a response asking MC those questions.

I've had occasional 'heated' emails in the past and personally don't want to push it/overstep the mark (no pun intended lol).

All I can say is that there has been a recent pick up in material interest of late which goes to show with the recent site visits.

Nothing about any further site visits, he didn't comment on that. I think the Chinese group still needs a proper site visit, they haven't a geology team in country, they went round Rio Luna though.

In comment about $20/Oz, I took that as really early explorers and doesn't include permits, DFS etc.

Yes, brand new site visits. Each company only has one site visit which lasts around 3 days. No repeats.

No further context unfortunately. There's only so much that can be said.

Both went ahead, the second one in particular went better than expected.

True, but on the other hand it's only been more recent that gold producers have higher free cash flow and higher share prices to do better deals. We must have had some low ball offers under $100m.

Https://youtu.be/wWsiZy6sRLY?si=TOK6wKYFxB-jWhod

Good listen. Particularly from 20 mins onwards.

I emailed last week and got a prompt reply. Obviously nothing material but the Chinese group were neither of the 2 recent/current site visits.

Https://www.youtube.com/live/ra9Qpa9fTaM?si=9mMpODD-j9A0gPhI

Just over an hour long but some interesting/leading answers from Akiba Leisman, CEO of Mako mining. Particularly around 49 mins around expanding in Nicaragua. Still unsure if we are too expensive for them.

I am predicting around 60p.

Similar market cap to Mako mining at present. They are currently producing circa 40,000oz a year, just over $1k AISC, small amounts of cash $6.7m but some debt, less than this.

They acquired gold source so are now multi jurisdiction with that project in Guyana which is mining friendly. That project still needs it's mining licence etc and similar capex to us and that will produce 66k Oz per year, under $1k AISC. So pretty much same capex and will be producing same annual ounces when combined with san albino. Mako have to do more drilling at San albino to increase reserves before they can double capacity there from 500tpd to 1000tpd.

Thelearner, when I asked Mark this earlier this year he said he's stopped reading the BB forums.

Darien, why don't you email Mark and ask him these questions?

Awax, has this site visit been 100% confirmed or are you taking it from the last proactive video?

Also, how do you know it's the final site visit? Have you emailed Mark?

Like El, I've also topped up an extra 50,000 shares. That's me fully loaded up, no more money down the back of the sofa.

Https://ceo.ca/@globenewswire/rio2-announces-financing-package-to-fund-the-fenix

They have a market cap of $177m USD and just managed to secure $150m USD financing for their fenix project in Chile with $120m USD debt/gold stream.

JM/MC better pull their socks up and announce a good deal here because this is getting ridiculous.