Member Info for condor_forever

It's likely down to initial capex requirements and as Mark has stated, minimal capex, maximum cash flow. High grading the ore to get to 100,000oz. The aisc may be lower during the higher grade extraction in the first few years.

https://twitter.com/CondorGoldplc?t=AXrXj2TgknMd6USZX4lhmw&s=09

Confirms we are sticking to the plan of 2300tpd with our current sag mill.

Seingred, I've not had a chance to really digest the rns today. However, what I would say is that these numbers show the potential to go bigger at the start which I still think Mark may not do.

Example, our current sag mill is 2,300tpd which gives a max 839,500 tonnes per annum if the mill is working 365 days a year. The initial capital requirement for the open pit and feeder pits says $153m including contingency based on 1.225m tonnes per annum which is obviously higher than our current capacity if we stick with our current sag mill. Therefore, if we stick with 2,300tpd, will our upfront costs be less? I would assume so.

Maybe these numbers are to show to a bigger company that yes, we could go straight to 157,000 oz if we want. Look at first majestic and jerritt canyon. Maybe first majestic will like these numbers.

Maybe a big gun will come in and take it off our hands.

Hmm, initial capex for the open pit scenario looks a lot higher than expected. Not ideal.

I would expect an RNS prior to that talk on Friday.

Our new CFO has 750,000 stock options at 48p which would cost him £360,000. Only John himself will have an idea on his target price. His 2020 salary at Calibre was $197,000 which equates to £142,000 per year. In 2020, Mark's annual salary was £138,250. Our last CFO, Jeffrey Karoly, had an annual salary of £65,000 but I have a feeling he was only part-time (I could be wrong on this but pretty sure he had other commitments in other companies). I obviously don't know John's new salary, but I doubt it would be higher than Mark's.

Maybe there isn't much of a difference in his salary at Calibre to here, it could only be a difference of maybe £10-20k less but I could be totally wrong.

Mark gets a 1% bonus if a takeover or asset value lies between £1-£1.25 which will give him £1.18m based at £1 per share, a 1.5% bonus between £1.25-£1.50 which will give him £2.2m at £1.25 per share and a 2% bonus £1.50+ which would give him £3.55m at £1.50.

Given the above, I would think Mark and John would be looking at over £1 per share. Realistically I would be happy anywhere between 90p-£1.30. Don't get me wrong, I would love the share price to be somewhere between £1.50-£2 once close to or in production. A lot can happen between now and then. I just hope the number of shares in issue at that stage isn't outrageous. I would hope for circa 200m shares in issue but that could change given a fundraise prior to the finance of construction. I hope the next finance covers the cost of the remaining land purchases which coupled with results of cacao would drive the share price higher prior to the equity raise early next year.

Looking forward to reading the numbers in the updated PEAs which I hope come out next week.

I was under the assumption that we are in the construction phase given the government had no objections. You can see the groundwork, we know there has been a new road built to the location of the processing plant location.

Welcome to the board hirsch. Nice find and good to see some pictures of what is happening on the ground.

You've got to love Jochen!

Cerrado gold have just released a PEA. They are based in Brazil. Similar upfront capex, they are aiming higher annual production to start and have similar AISC (slightly lower than us) and similar resources/reserves. Their market cap is CAD$124m which is £71m.

https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2931-tsx-venture/cert/105373-cerrado-gold-reports-after-tax-npv5-of-us-617-million-with-irr-of-94-8-in-its-updated-preliminary-economic-assessment-at-its-monte-do-carmo-gold-project-in-brazil.html

Going back to JV, I can't see us merging with mako mining. I just don't see the benefit for either company. Mako haven't enough money to assist in our upcoming fundraise. First majestic are big, they would surely just buy us out rather than do a merger. I can't see us merging with calibre. Calibre don't need an extra processing plant that we are going to build, they have so much spare capacity, even with adding in their eastern borosi district they have excess capacity. If a merger with calibre would have happened, it would have happened prior to us purchasing a sag mill.

I'm still not sure about the relationship with calibre and rio. It looks like they are exploring around the eastern borosi district. There was talk about acquisition, that's where things can happen. I hope rio and calibre are talking but personally I'm more keen on first majestic getting more involved.

Tester, that made me laugh. I was thinking similar. It was funny how it just finished abruptly. I like how Mark reasoned why we didn't need to look at doubling the resource and do more drilling etc. We have enough gold as it is at the moment to crack on and get this processing plant built!

Probably unfair to use k92 mining as a comparison. Yes, currently their production is around 100,000 per year but they have expansion to go above 300,000 come 2023 and their aisc drop to around $220-350 from 2026-2031.

Don't get me wrong, we are undervalued and we will move to 170,000oz per annum and maybe more with further drilling but that is a long way off from here.

Nice to finally see Mark on crux investors. Over 1,000 views within 19 hours. Much better than any other platforms Mark has presented on.

Financing this should be fairly easy. I hope the debt to equity will be favourable to us shareholders. I keep reminding myself about mark's 4m shares and how he surely doesn't want to dilute himself to high heaven. However, a part of me thinks why can't all these studies be fast tracked so that we aren't just throwing money for G&A. Look at mako, they went gung ho and got the mine up and running ASAP.

He departed from calibre end of June 2021.

Can someone please explain to me how this could be seen as a strategic move? Why would calibre let their cfo leave to move to us? What benefit would that do to them or rio?

We probably won't know the exact reason for the move. Maybe he wants a new challenge, maybe he didn't enjoy his job, maybe there were some disagreements with the bod at calibre. I'm not sure what his salary will be here but surely it will be less than mark's? For him to benefit from the stock options considering his likely reduced salary, he would need the share price to triple or quadruple from here. Who knows. I can't see any negatives about this move.

Interesting it is already on the companies website, not that the stock market is open anyway. Yes, I wonder why he has moved ship, we won't be able to beat that yearly salary (the stock options are in incentive obviously).

Yes, early September isn't far off now. Pretty sure Mark mentioned about using $1550 gold for calculating the project economics which I've seen in a few recent pfs and pea's of other gold mining companies. Others have used varying gold prices eg. $1700 and $1950. I hope condor include varying gold prices as well.

Not exactly positive are you? If you think the sp is dropping, then take dann up on his offer.

Why so negative then?