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https://www.condorgold.com/investors/company-reports

Under managements discussion and analysis. 1st one 210811 Condor MDA June 21 final. I was boring and read it all :)

Agree tester. Have you read the recent mda on the website? They suggest $4m on the studies required by marena and circa $1m for land acquisition.

Hi billyboy.

That is a good question. One that Mark can only answer. I'm not sure. Mark keeps saying that it won't delay the project which either means we can still get on with the early stages of the construction. For example, a new road has been built and the land has been cleared etc.

This was taken from the companies MDA recently:

The Company’s work in meeting the conditions of the La India Environmental Permit (as granted in August 2018), includes the completion of engineering and other technical studies and the acquisition of some or all of land for the mine site infrastructure (for further details, see “Status, Plans and Expenditures at the La India Project”).

I guess the main question would be, would we get the bank finance to pay for the bigger aspects of the construction phase if we don't own all the land. Will the bank want that fully sorted first? Mark has said that bank finance tends to be the last part of the financing, so maybe when we do an equity raise, we can be using some of that money to crack on the earlier parts of the construction phase. This then takes us past the elections in November and negotiations/cpo may be more forthcoming.....

Down about 40% since mid June 2021. We are holding up well considering. Maybe they'll reconsider a toll milling to boost their shareprice.

Getting into the business end now. Expect further good news over the next few months.

Some good grades there. We are finally 'shovel ready' at the La India starter pit. I wonder whether that will lead way to any toll milling.

Nice find, thanks. Less than 10 deposits like this over the world at this stage with permits etc. Still a few months for completing all studies. When will finance for the construction be raised? Maybe early next year?

With improved knowledge, looks like we'll need some more cash. Taken from the management discussion and analysis today:

"The cost of the technical studies required by MARENA is estimated to be in the order of U.S.$4 million, plus a further circa U.S.$1 million for land purchase."

"The Company has spent approximately US$4 million on buying land during the last 5 years."

"Under the terms of the Environment Permit, the Company has to purchase or have legal agreements in place for the land required for the mine site infrastructure. Offers have been made to all land owners. The Company has now purchased 97% of the land in and around the permitted La India open pit mine site area thereby getting close to completing one of the main conditions of the Environmental Permit and significantly de-risking the Project. The Company has purchased land totalling 689 hectares in and around the permitted La India open pit mine site infrastructure. In addition, the Company can also demonstrate physical possession for approximately 18 years on the land covering the Mestiza open pit, has purchased the majority of this land and has claimed ownership over 303 hectares in this area. The Company has ownership of 96 hectares of land in the area of the America open pit."

I would say that would be enough to last until the fundraise. Not based on any knowledge other than what I think. :)

EL, yep, those numbers look sound. Calibre's recent p/e ratio is 6.24.

Isa, I wouldn't say Mark and Jim are wrong but I do think there are investors out there that just don't want to be sat waiting and waiting for this to start moving. Volume has always been an issue in this share which tells me either not enough has been done to attract new investors or that there are a lot of shares held tightly.

I am willing to sit this one out. My concern is what will the shareprice be when we raise equity for construction and ongoing capital. I hope the drilling on cacao will be finished and announced to the market prior to the fundraise. I also hope an rns comes out that we have purchased all the land prior to a fundraise.

https://m.youtube.com/watch?v=-YcvslVkPdo

A good listen which is only 11 mins long.

Some good Q&A. Very diplomatic answer about the political situation. Looking forward to the updated feasibility studies.

Never great to see a drop in the shareprice. Marathon gold have just secured around 77% of their initial capital costs through debt with sprott resource lending Corp.

https://www.juniorminingnetwork.com/junior-miner-news/press-releases/620-tsx/moz/103448-marathon-gold-enters-into-indicative-term-sheet-for-us-185-million-senior-secured-project-financing-facility-for-the-valentine-gold-project.html

Their fs estimates CAD$305m. They have received US$185m which equates to 77% of the overall project initial capital cost.

Let's hope Mark can cut a deal like this. We know we can generate a lot of cash with the high grade open pits. We know mark doesn't want to dilute himself. Fingers crossed.

Tin hat time?

Still a lot of unknowns cambells. Lets say we need to raise $90m and have to raise equity for 40% of this. Convert that to £ gives about £26m to raise. When you look at Jim Mellon, First Majestic, oracle investments, maybe Jim Martin (Nicaraguan milling company) and who knows Ross Beaty and lets not forget Mark has mentioned before he has a "handful" of friends who own maybe 1% or so, I wonder whether a lot of this equity raise will be gobbled up by these names.

£4m was easily raised in Feb this year with Jim stumping up £2m and then £2m primarily from existing shareholders as they didn't want to miss out. This was oversubscribed as well.

I assume when we raise the funds for the plant we'll probably raise some more funds for working capital during the construction phase.

Let's hope we have some news before mark's talk next Wednesday. I'm interested in when the fundraising will be. We've surely had an expensive few months with paying off the majority of the sag mill, lots of drill rigs onsite and surely paying for all the studies etc.

Seingred, we are a much bigger outfit than mako. They are valued at £150m based on annual production of 50,000oz and cash flow of $60m pretax per annum. We are looking for double that.

Nero, would have to go through the rns's around the time to look at how many shares they had in issue pre and post raise etc.