Member Info for condor_forever

This was stated in the rns on the 7th December.

It's nice to see some good volume today off the back of the analyst note.

Although I agree there is little liquidity, it does make me think how unknown we are. Looking on here, it looks like there are only 20-30 trades a day which is pretty poor.

We need more people to hear about our story, let's hope this is a start. Still little numbers traded over in Canada, average 15,000 shares a day.

On a separate note, calibre's share price has dropped about $200m CAD from their high over the past 3-6 months. Maybe their 170,000-180,000oz per annum projection for this year has not wetted enough appetite for investors. Maybe add an extra 20,000+ to that number might help :)

We already know that Mark is still negotiating with calibre, so nothing new there.

In regards to the tunnelling, I doubt it. Mark has stated that we own 96% of the la India open pit. The starter pits only cover 10% of the whole pit. It will most likely take us 12 months to mine that 10% once our processing plant is constructed if we go for the smaller processing plant which is the preferred choice at the moment. Therfore, I don't see the need to be looking at tunnelling at this stage, far too early and not necessary. We've also got America that we aren't even touching at present.

The last bits of land will be sorted when needed. They are not a concern to mark and not a concern to me.

In regards to drilling deeper from 35m to 70m, I've no idea.

The last remaining land is probably only important if we are going to be sold. I would expect the buyer of condor would want to see that boxed off. We can easily work around that 4% of the la India pit.

EL, let's hope those warrants are in safe hands, otherwise we'll see 500,000 sold into the market which could suppress or lower the current sp. Would be good to get these warrants out the end in the next 3 weeks. Give us some spare capital and then fundraise in Q2.

Agree EL, there much be more to the toll milling negotiations other than profit sharing. I wonder whether calibre want a % of the company and Mark isn't keen on this. Just thoughts.

Seingred - yes, agree hard to know the number of shares in issue at the point of production. I am reassured that MC wants minimal dilution, I am eager to know the specifics.

In the rns on the 7th December, it states to high grade the mini starter pits total 445,000 tonnes at 4.17g/t to give 57,900 oz.

I am assuming our initial processing plant will have a capacity of 1,500 tonnes per day. MC has talked about 1,000-1,500 tpd in his presentations, I think he'll be looking at 1,500tpd. 445,000 divided by 1,500tpd gives just under 300 days of consecutive milling.

Don't get me wrong, there is more to valuing a mining company other than what I'm about to write, however it goes to show how grade is king and how profitable we will be. This is at the gold price at $1,800.

Calibre aiming 170,000-180,000oz this year and AISC between $1,040-1,140. Finding the average between these numbers is 175,000 and $1,090. At gold price of $1,800, that leaves them with $710 per oz profit. 175,000oz x $710 = $124,250,000 pre tax profit.

We are aiming 59,700 which we should be able to mine within a year (assuming this will be 2022). At at the same gold price of $1,800, that gives us $66,650,000 pre tax profit.

Our pre-tax profit on just under 60,000oz is just over half of Calibre's pre tax profit! Calibre are valued at around £400m as of today. Very very simply you could quite easily half that and it gives us around £200m. I know there is more to it, company debt, reserves, growth potential etc. However, let's not forget these number above is just the beginning for condor, we'll be doubling annual production, if not trebling it when we add the underground. We'll have so much free cashflow to use. This doesn't even take into account our district potential which is mind blowing or even the gold price improving from $1,800.

Happy to gain anyone else's thoughts on the above numbers or anything I've missed out.

Their current capacity projected for 2021 is 800,000 tpa. The total available capacity is 2.2m tpa, so they have 1.4m tpa spare capacity.

Isa, they'll have loads of spare capacity with those numbers.

OK, it was a bit of a pointless idle thought to post on the BB. Why not post something of interest, maybe looking at comparisons to other producers or what we could be worth or recent acquisitions on gold explorers.

Soggy1, just because someone hasn't posted for a few days doesn't mean they are selling. Bit of a pointless assumption.

No, as long as it wouldn't cross the 3% barrier which these small numbers wouldn't affect.

Shareholders who own 3% or more issued share capital have to declare themselves.

I've a feeling it could be due to the recent warrants that have been exercised. Shame they are not in safer hands, but not a lot we can do about that.

My main concern is the rest of the warrants, will they be exercised at 31p and then sold into the market for a quick 40-50% gain and surpress the share price for the next month or so just as we are going into an exciting stage.

The 59,700 doesn't even touch the America open pit either. It reminds me that we can easily do this without a toll milling agreement so this would be a very good plus. I still hope we pull off a toll milling agreement, imagine producing circa 100,000oz with an upfront capex of around $50-70m.

For those new or who might of missed it (I know I did initially), Condor announced it is going to initiate mine production with high grade starter pits within the permitted La India open pit and Mestiza open pit. The starter mini pits on the La India open pit is less than 10% of the open pit on La India (lets not forget about the underground as well!). Mining these mini starter pits would give us 59,700oz of gold. At gold price of $1,800, that would give us USD$66.65m net before tax.

With the aim of constructing a processing plant with a capacity of 1,500tpd, we could mine the 59,700 within a year.

We are still waiting on an idea of the cost of the processing plant, construction etc. We could payback the debt within a year of production (dependent on how much we borrow).

This doesn't even account for a toll milling agreement.

Interesting times ahead me thinks.

Agree EL, we can high grade mestiza +/- America to start with depending on the size of the startup processing plant.

It's the financing I'm more concerned/interested in. Surely wilth so many banks etc wanting to finance us, Mark will be able to choose the best offer.

Although small volumes (but more than the rolling average) and not much liquidity over in Canada, the share price over there is CAD$1.04 which equates to 60p. Maybe we'll see canadian investors investing on AIM.

Racing cyclist - that is probably the stupidest post I've read. Go away and research our mining companies are valued.

https://www.proactiveinvestors.co.uk/register/event_details/314

He seems to be going crazy on the PR at the moment. Hopefully we'll hear more about the finance decision.

Nice find cambells. Correct me if I'm wrong, but that example is 100% cash with no issue of any shares and to be repaid in 4 years with 6.95% interest. 1st time I've seen 100% upfront cash finance without any issue of equity!!!