Member Info for condor_forever

There's a first for everything lol.

Although it's annoying to see further delays, the most important thing is the debt/equity ratio. I would be really disappointed if this isn't as low as humanly possible.

https://www.proactiveinvestors.co.uk/companies/news/982240/condor-gold-s-mark-child-presents-construction-ready-la-india-open-pit-plans-982240.html?viewSource=TwitterUK

EL, can you explain your thoughts as to why you think the bfs is delayed because of other news? Surely other news would be separate to the info in the bfs and wouldn't impact the information in the bfs?

No, still waiting on the last few percent.

Sam, ignore the canadian shareprice. Volume/liquidity is so low other there, the spread is quite big and can go up/down on tiny volume. I suspect the share price isn't a true representation of the actual buy/sell over there.

CCC, not entirely sure all company news is halted on an NDA. It may depend on what the NDA is in relation to. We had an NDA in the past with either B2/calibre, not entirely sure how long we were in the NDA so hard to know if we released news within this period. If the NDA is about potential copper/earn in, that surely wouldn't effect the remaining bit of the bfs.

Sorry to see you go RR. Good luck with strikeX.

Tester, lots of questions there. I haven't much experience with earn in agreements, but very much doubt the other partner would pay x amount upfront. Yes, they would likely cover drilling costs, but I would be very surprised if an earn in partner would hand over a large sum of over $10m before they've even started drilling.

One concern is the lack of news flow post bfs and pre construction financing. We know we haven't the funds for an aggressive drill program. Toll is looking less and less likely. We know there isn't a great amount of trading volume here but the trading volume has increased over the past 1-2 weeks which is good.

Hopefully this potential earn in will spark some interest if it actually happens and hopefully a higher shareprice prior to our next fundraise. With further delays, this time the bfs due H1, I can't see financing being announced towards the end of the year which is frustrating. We'll need some money before then.

Think Mark said that was fully diluted mill feed. Remember, the bfs is just to allow us to get financing in place. It doesn't include mestiza or America.

https://m.youtube.com/watch?v=gUxUqVJpHFQ

Really insightful interview. Some very interesting information shared. Possible earn in on our project. Talk of up to 10m and copper. Talk of a big copper mining company looking at our data. We know rio have an earn in with calibre. Mark does tell the presenter that, could they be looking at us? Are we too small fry for them? Guess it would make sense if they are already in the country. Mark reiterates minimal shareholder dilution. An earn in would be great.

Isa, have a look at the report. He doesn't pay himself a formal 'salary' per se. It's all there in the report.

In all fairness to Mark, he has kept a tight purse string. There isn't a massive BOD with lots of fancy titles etc. Just go ahead a look at other exploration companies out there to compare the difference. Mark's remuneration has not gone up over the last year, it has stayed the same at £175k. I would personally say well done to Mark, he isn't fleecing the company.

Just one example, Dan Betts, CEO at Hummingbird who have a market cap of £58m pays himself £350,000 on the last available company reports. And for those who follow hum know their management has been shocking. I would rather have MC over Dan Betts any day of the week.

MC has worked tirelessly over the past 10+ years. He's pretty much been a one man band driving this company. Yes, I know certain things haven't gone to plan, but that is life.

I would challenge anyone to find me a CEO of a similar mining company on a salary like Marks. Maybe one for you to look into slim?

Well said pdp. What's another few weeks/months for the FS to be released. Let's not forget, the studies have all been done, it's just the final analysis left, out of Mark's hands. It'll come when it's ready.

Simms, that's the million dollar question and obviously we'll never fully know what is happening behind closed doors.

My only thoughts why they can't come to an agreement are as follows:

1. Calibre have been focused elsewhere with the recent acquisition on fiore. They were likely in discussions with fiore around summer 2021 and that was a bigger deal than a potential toll.

2. Do calibre want to buy us or own a big chunk. Does it get more complicated if they want a % of the company or whether they want other terms and conditions associated with a toll that Mark and Jim don't want to give up.

3. If heard a while ago that calibre wanted to buy us. Could there be any 'bad blood' with those negotiations. We also tried to buy b2 gold mines off them but calibre beat us.

4. Could Mark be holding out for a better split of the toll. There has always been talk of a 50/50 split, but Mark has never stipulated any numbers (as it would be price sensitive etc). He has John as cfo, there must have been conversations around what might be acceptable and for both parties to agree.

5. We know MC wants a toll, what about Jim? Who has the stronger say? I would hope that would be Mark as CEO, however Jim owns 19% of the company. We know Mark and Jim have been good friends for a long time and Jim trusts Mark.

I would look at it another way. If calibre wanted to buy us, they would have done it by now or even put a cheeky offer on the table. With our resource, they wouldn't have needed to go through all the hoops of an updated PEA and a BFS which has obviously cost money to appease the banks/lenders for the upfront capital to finance the build. We become more and more "expensive" to buy as we get closer to being 100% derisked.

I just can't see calibre wanting to build a processing plant at la India. It just isn't worth their time and money. They will fo us on all their new land packages they have just purchased. The buena vista concession is not far from EL Limon and la India. It looks a decent size land package. EL Limon has produced 3.7m and has further resources to 5m oz total. It bodes well for la India, 5m is likely. Calibre are flying airborne geophysics over their new concessions. They have enough targets to focus on let alone bringing Eastern borosi into production and trucking that over from the other side of nic.

EL, pretty sure calibre are trucking around 1000tpd at present. Our plant would produce 100,000oz at 2800tpd, so it would be 3 times more than they are trucking at present.

Condor can't go to banks with serious discussions around funding until the bfs is available. Other companies have taken around 3-6 months post bfs to confirm financing. So I'm hoping for financing to be announced summer 2022.

Jochen interviewed Ryan King of calibre.

https://youtu.be/ROarJZeeC2c

Jochen owns both calibre and condor gold shares. Hoped he would have probed a bit but he didn't. Calibre want to get to 300-500k oz gold production per year, right at the end, around the 40 min mark he says calibre may require another M&A transaction but they will be patient about that. Jochen's eye brows raised on this comment (I'm probably trying to read too much into his body language).