Member Info for condor_forever

It seems the comms has fallen on deaf ears. I do wonder how many new investors the recent comms have actually brought in. Hopefully a few rns's in a short period with 100% land ownership and finance package. Surely discussions must be happening around financing the mine even though a final decision hasn't been made around the exact costing.

I know there has been multiple discussions of late around raising capital and the associated warrants. Depending on the next steps, I do wonder whether Mark would consider a rights issue to all current shareholders without the need to add in warrants. I'm pretty sure most current shareholders would gladly take up that offer at a slight reduced rate of the existing share price without knowing an extra x million warrants are coming onto the market.

I can't wait for a construction and finance decision to be made. Get it sorted Mark.

Let's not forget we own 100% of the concessions (albeit a tiny % royalties). Now, I don't know much about all the different concessions ggp have, but newcrest have the option to take 75% of haverion. 75%! That's a flipping large slice. If they find 20m oz, ggp will only have 5m. I believe their grade is pretty low. £500m market cap! Ha. Surely there's lots more gold in their other projects, oh wait, no maiden reserve yet. More likely condor will mutlibag from these levels that ggp.

Simms, where did you read/hear that the potential 2nd hand mill is local? I heard it was out of country.

Good to point out that as of the end of June we still had £7.5m cash in the bank. We've purchased a lot of land this year and now own 85%. I wonder how much the last 15% will cost? Considering Mark has stated around $2-3m to purchase all the land, the fact we have 85% surely means the last 15% should cost under £500,000. That leaves us with £7m still to continue with advancing the technical and mining studies etc, G&A and our social contributions.

Mark has talked about putting down a deposit on a processing plant, think he said something like 10%. If we went for the smaller 2nd hand mill with a capex of $50m, 10% would only be $5m, or £3.8m. I wonder if we'd have enough money in the bank to cover that now or whether the final cash raise to cover the 30% equity Mark has talked about would be used for the 10% deposit.

If we do have enough cash now to put a 10% deposit down (i've no idea how much all these studies will cost to get the project shovel ready), then we may only need to raise 20% of $50m which would be £7.6m. That wouldn't be too much dilution if our share price was a little higher. An extra 15m shares at 50p. It will likely be higher but imagine if we only had around 130-150m shares in issue (including warrants etc) and fully funded for a mine.

Anyone with experience in mining know about how much these studies cost?

@copter - I think we were something like 35% at the start of the year, then around 65% in March/April time from memory. All heading in the right direction. Keep up with the good work mark.

Just listened to their recent webcast, it's in their website under events and media. Free to sign up and listen.

In Q2, they made a $5.4m loss. In their outlook, they currently have massive spare capacity at libertad from 2021-2025 with their current libertad, Limon and pavon sources. They mention 'toll milling' but say nothing about condor or anything else in that matter. A loose comment on 'spanning the Web further afield' but nothing more, take that as you will. Pavon will take some time to start trucking ore, only 30% of the access road has been completed so far. They suggest Q1 2021. Their trucking costs as already been posted is $26/tonne for a 250km trip.

Geovanni, I was referring to a question about a question related to our pfs that was done in 2014.

If you read their previous rns's, I believe they were suggesting $2-3m for land acquisitions but that could have changed. Guess we'll know more once the interims are released and whether we have secured it all or not yet.

My thoughts exactly tester. I was also wondering about the delayed decision about mine financing. I can't remember whether we've ever had a 90 minute Q&A before, surely there will be a lot to discuss. You do wonder what discussions have been going on behind closed doors with those discussions with calibre. With their production being halted for all those weeks, you'd think the calibre board would have been proactive with further discussions with MC. I also wonder about the timing with Randy splitting his holding and Jim buying a shed load more recently.

https://www.bloomberg.com/press-releases/2020-08-06/calibre-mining-q2-2020-and-multi-year-outlook-conference-call-and-webcast-on-august-11-2020

Is this a coincidence that it's the same day as our Q&A next week? Maybe I'm looking too much into it....

I fully understand what you mean seingred about the wishy washy of our options. However, at least we have options. I'd rather have multiple scenario's to be able to pick the most economical/best for shareholders rather than only one option. I think this decision must surely be getting close to a final decision.

Such an exciting time to be in here. I cannot wait for the next 6 months and finally get that clarity in our next steps.

The bigger question is whether calibre want to buy us out. If they are playing hardball with negotiating a toll mining agreement, they surely we'll play hardball when they offer to buy our 2.3m oz and potential 5m oz. I wonder whether there would be a toll mining plus a buy out clause. Guess that would be hard to negotiate at present with some many variables.

https://www.bloomberg.com/press-releases/2020-07-28/calibre-mining-receives-environmental-permit-for-development-and-operation-of-pavon-norte-open-pit-mine

Permit granted for pavon for calibre. See the rns.

ddd, I believe calibre are taking about their pavon district which they are waiting for permits to be granted. 5.13g/t just over 200,000 oz. They believe permits will be granted Q4 2020.

Sorry elise, I should have said 2 months, 2 weeks and 6 days. Hope that is precise enough for you. If you're being that particular, maybe you should look closer to home on your posts before criticising mine. Let's not become too childish :)

As ggp are in that discovery speculation phase of a life of a junior mining company, they will be releasing more news on their progress with their drilling.

I bought into condor around that time in their cycle. Shame we've been in a bear market for quite sometime. Luckily for condor and ggp among other mining companies, we're coming out of that bear market.

What do you mean by us not having any positive news for 'quite some time'? We've just had 2 high grade feeder pits granted 2 months ago which will massively reduce our upfront costs if we go for a high grade open pit option with reduced capex with quicker pay back.

Elise1, can you expand on your comment that condor are yet to prove anything Inn your 12:58 post.

You do know that there has already been 80,000m of drilling on the land package we have, with condor doing 60,000m of that?

We don't have the money to do further drilling at the moment. We have targets to further expand to 3m oz with another 20,000m of drilling but that costs money.

I think this article will help you understand a bit more about where ggp are positioned and where cnr are positioned. http://www.usfunds.com/slideshows/lifecycle-of-a-mine/ I wish I knew about this before I invested, otherwise I would have waited. We are at the best stage now to get in prior to a production decision. Our mine will be economical.