Member Info for condor_forever

Mako mining share price has been pretty stable during their construction phase and production. Their shareprice movement was best 6 months after their finance was in place. Placing was 0.11 cad off the top of my head and now 0.40 cad. Let's hope we do similar.

Mako have a market cap of £150m based on circa 50,000oz a year. Their aisc are lower but in October 2020 they announced they had 178,000oz of measured and indicated oz at San albino! With some basic comparisons I see condor at fair value between £200-250m but much bigger potential given our 2.4m oz and more robust project and much bigger potential. I hope the equity raise will keep the number of shares in the company under 200m. Unlikely but you never know, we could merge with mako. They aren't big enough to buy us out. Highly unlikely given the fact I don't think they'll add much benefit to us as they won't have enough cash flow to assist in financing our capex build. Whereas first majestic on the other hand.....

The presenter actually posted the link to this on here a week or so ago.

Cheers cambells. Just listened to it all. Would recommend people click on the link to listen to the last 5 minutes as they discuss the political situation.

Maybe we could see a toll with mako? They won't be able to ramp upto 1000tpd until end of next year as they just don't have enough ore yet. They are generating around $5m cash flow per month. They only had $1m in the bank at start of production. It sounded there needed to be some tweaking of the plant to progress to 1000tpd, not sure on costs or time frames but didn't sound like it was an issue to do. I hope there is some form of toll mining agreement with mako.

Listening back to the presentation, Mark talks about how we would have $60m of operating profit which would be mined within 6 months! We could literally be debt free within 6 months of producing.

ICB888, maybe next year at this rate.....

As previously discussed on here, it is interesting Mark has changed tact with going for a feasibility study. He previously mentioned that the company didn't need to go to all the lengths of a more advanced feasibility study (look at mako, got funding and went for it without any decent study!!!).

My optimistic side says that first majestic are sniffing about and because our pfs is so old and our shareprice is chronically low, an updated fs may help with negotiations with a sale to fm. They should easily be able to fund the construction and we could sell without any further dilution.

A part of me sees a better return if we stick with going alone but a part of me worries about whether we'll see true value being a single asset company. I'd take a deal to have shares in fm.

I am looking forward to the work being done by SRK. There was talk of pushing the pit a bit deeper and there was talk a while ago by optimisation studies that will improve the economics which was post the 2014 PFS.

I often like to look at other companies that are already in the construction phase or about to commence production to look at their journey and share price as a result once everything is 100% de-risked. I've mention mako on a few occasions. Their share price was sat around CAD 0.11 prior to financing and then steadily climbed and has been stable around CAD 0.36-0.40.

Orla mining is also a good comparison. They are based in mexico and their operation is bigger but their annual production isn't much bigger than ours, They have a 2nd much smaller earlier stage project also in mexico. In 2019, they raised US$125m for project financing and other bought deals (look at their website new releases, all easy to follow and their updated feasibility study is on there). Their share price prior to confirming finance was CAD $1.65. It steadily climbed to over CAD $7 (when there was a rally in the gold price and other good news they released) and is now sat at CAD $5. They are still in the construction stage now.

I would hope by the end of the year, we are 100% de-risked, all land bought, finance organised and they see a nice a steady climb over the next 12-18 months from there.

Yeah, same here. Only got a small amount now in avct after taking profit last year. I'm willing to wait for things to materialise here. I would hope for a re-rate after the combination of cacao resource, updated feasibility study and confirmation of project financing.

Seingred, looks like you'll get your chance to buy some more at the rate this is dropping.

thanks for the link to the video. A good listen, interesting towards the end when Mark talks about takeover targets. Obviously nothing concrete.

What is also interesting is it is currently costing on average $174 to find one oz of gold. We have over 2m of that yellow shiny stuff and hopefully an extra 500k oz after cacao is drilled. If I was a big gun like rio or smaller like first majestic, I know what I'll be doing.

Cheers for the link Nero. Just finished listening to it. It was a good listen. Positive is our low initial capex cost and quick payback. Downside is our jurisdiction from his viewpoint. Equinoxs mine in Mexico is currently shut down due to protests from employees/contractors by the sound of it.

Isa, they were exercised between 22 and 42p so we aren't sure what the average was, obviously lower than 42p.

Ah, yes makes sense. I wasn't thinking of it that way round.

Is it odd for the company to issue 92,250 shares and then shortly afterwards there is a sale of the same amount at 46p?

I've not been in contact with the Nicaraguan government.

Straight from the horses mouth.

The letter was submitted to marena end of April. 30 days have passed, the project is in construction, no objections.

Rr, pretty sure Mark had discussions with a couple of contractors for quotes and have now made a decision.

Volume has been horrendous. Just no interest.

Interesting as well about the input from first majestic. Shows they are interested in us even though they only have a small percentage.