Member Info for condor_forever

Rio managed to negotiate a 85/15 split of debt:equity without having all the essential permits. They raised pretty much the same amount that we need.

I find it interesting and comforting that debtors/financers were willing to agree terms with rio prior to the project being 100% derisked. On memory, the terms were good with minimal equity.

We know talks are currently being had for financing, let's just for once let it be good news with minimal equity.

I occasionally check up on the progress of rio2 as they are in a similar position but further ahead of us as they have agreed financing. However, they have just had a set back with the EIA process.

https://www.rio2.com/post/rio2-provides-update-of-fenix-gold-environmental-assessment-process

Although we have been ridiculousy slow, at least we have all the permits and gone through our EIA process.

https://m.youtube.com/watch?v=2kGidUQIsYk

I'm not sure. Our capex isn't excessive, we can go this alone. The local community want a mine and jobs, there would be zero jobs if it was just another satellite put for calibre's hub and spoke model. It is cheaper for calibre to drill and find their own ore than pay a premium for ours. They got massive land packages now and are busy enough.

Awax, imo unless a miracle happens, I don't think John will be exercising his options. He was granted 750,000 shares at 46p.

John remains CFO 50% of his time until the end of August 2022.

Totally agree simms. Look at mako, they got wexford capital to invest with no fs. No experience in building a mine but cracked on. Their share price went from 10 cents to 40 cents, now around 30 cents.

Our upfront capex is still low considering. Pasofino have just released a bfs but have an upfront capex of $400m.

The continual raises and delays do concern me dilution wise. 30-40% equity around these prices will destroy us. This needs to be avoided at all costs.

Greygoose, looks like he did f all. Looking at the last financials, it's difficult to work out what his salary was. He was granted options at 46p but obviously we're never taken up. All I bit odd to me.

I've topped up this morning. Brought my average down a bit. Willing to wait for project financing and construction.

https://twitter.com/CondorGoldplc?t=hrA5MsyOt1qSEQFmXmKm7Q&s=09

NMC own 4.9% and have built mines in nic. Although MC has no experience in building mines, randy does and I'm sure he will play a big role in the next steps for condor.

Punter, I disagree. The rns clearly states the fundraise is for the bfs to secure project financing.

Nero, Mark said in a a recent video that extra metallurgy tests needed to be done for the bfs, so probably down to that.

Agree EL, we are too big for calibre to buy us out. Their current market cap is £350m. They have spare capacity and wouldn't at present want to fork out $125m for a processing plant.

What fills me with confidence is the following:

1. EL Limon and la libertad have been producing successfully for decades and calibre keep finding good grades nearby.
2. B2 gold didn't really put much focus on these assets and we did well to acquire la India.

Given el Limon historically producing over 3m oz (can't exactly remember the numbers, pretty sure its over 3m) and the fact that nic is relatively underexplored, I think there will be 5m oz on our land package.

I would rather hold and go into production ourselves, even if there is a bit of delay.

We need a re-rate prior to any buy out. Another company would not be able to get shareholder approval to buy us out for multiples of our shareprice despite what gold we have. From the top of my head, I've seen some at at 45% premium, which would give us something like 44p, which simply won't be accepted.

I very much doubt the bfs will add a great deal to the shareprice as we have recently released a PEA which is reasonably detailed for any suitor. I can see a rise once financing is agreed, but by then, a takeover wouldn't happen.

Let's hope those 3m warrants get executed at 25p for working capital.

Cambells, Mark talks about potentially getting 2nd hand equipment for the processing plant. With Randy's background, I wonder how involved he will be. He owns 5% from memory.

https://youtu.be/K1S1mPYRpuc

Additional met work needs to be done for the fs. 3 debt providers in the data room, met with one yesterday. Debt finance can take 4-6 months to finalise so looking end 2022, not a 'few weeks away' ICB.

I wish I had your optimism 888. The bfs isn't weeks away, we need to do some more tests. Unless those warrants get taken up, we'll need cash.

Wondering people's thoughts on how much we need to raise before the construction finance.

We raised £8m last year which went towards the fs and sag mill. We had £400k on last accounts. Have a feeling there is still a small amount to pay for the sag mill and not with the fs not complete, we might still have to pay a % of that (small % I would imagine considering the stage we are at).

There are 3m warrants at 25p which expire 15th July which if all taken up would give us £750k.

Would £1-2m be sufficient?