Member Info for condor_forever

He's keeping well. I've had correspondence from him today.

There is a 30 odd minute webinar and Q&A on calibres website if you find the rns press release from last week. From books from end of 2019, they had $33m cash but $17m debt to b2 which is being extended til next year. They have reduced salaries and paying staff 50% pay. Monthly costs will still be $2.5m and they think downtime will be roughly 6-8 weeks, so they are effectively paying $5m in costs for nothing.

They are still pushing ahead with their 50,000m drill program this year, which I reckon will cost $8m ish. This coupled with their costs will be roughly $13m, only gives them $3m cash left!

Surely they'll need to get some more cash ASAP and I wonder who could help with that. They talked about trucking ore from El Limon to la libertad. They could have a pit stop at la India.

They also mentioned that permitting is going ahead as usual and they haven't heard any issues from the government during the covid19 outbreak regarding the permitting process.

Nice to hear from you. Yes, concerning times. Likewise, been around for around 9 years. Never sold, should have when the share price was just over £2. Brought my average down, now at 51p. Happy with that considering it was well over £1 6 months ago.

Permits should be round the corner. Keep safe all.

James

They are just price monitoring extensions slim. Di you not look at them before posting?

True, just stating in relation to the post regarding the recent talk by Ryan King. As tester has been mentioning, I reckon £2 a share is very achievable when you compare our resource and land package against the likes of mako.

With Mark seedling our concession to Mako, I thought some kind of deal may have been done about toll mining but I think their plant is too small and they'll be focusing on their own world class high grade open pit.

We sold our Potrerillos concession to Mako Mining, who are Canadian listed. Thought I'd dig (only a little) into their company.

They currently have a market cap of £122m v our £32m. Their land package is only 150sq km v our 455sq km. Their total reserve is 945k oz v our 2.3m oz. They are about to start producing a 500tpd open pit with annual production of 41k oz, ours could be similar if toll mining or 1000tpd. Their aisc in the open pit is one of the lowest at $395 v our $690.

They have a controlling shareholder who came in with $27m rights offering and committed to a $15m loan to fund the expected upfront capex.

We have 3 x the land package, 2 x the resource compared to Mako. They are relatively debt free ($15m loan, $5m of that drawn). They are currently 4 x our market cap. If we can keep dilution down and get some toll mining, our potential compared to Mako is massive.

Anyone smarter than me willing to make comparisons to Mako above what mentioned so far?

Calibre aren't big enough to buy us out imo. They only have a market cap of £166m. We could be looking at something close to that market cap, more likely with minimal dilution/reduced debt.

Whereas rio on the other hand.....

Great last few weeks. Good to see lots of interest and posts on the forum. Mark is back in Nicaragua next week.

I like that Mark has stated about the high grade pit option. He mentions about 245k oz that can be toll mined 50k oz per year over 5 years. Even conservatively, $500/oz profit would equal $25m per annum. Over 5 years gives us the money to build the mine.

I wonder where slimshady is with all this good news...... Or does he just love a good moan lol.

Great read, nice to see the valuations against the likes of hummingbird, chaarat, serabi etc. Not long to wait now for Q1 to end. Come on permits!

Hmm, interesting. Something must be afoot. Not often we get this.

Knowing what we have in the ground, £50m is a laugh. I would eat my hat if an offer like that would be accepted.

Punter, rio tinto are looking to further explore the borosi District which is in the North East. We have a concession there called Estrella which looks reasonably close to the mining triangle (close to sinua). We haven't done that much drilling on this small patch but the grades have been good. I'm assume this would be a good bargaining chip with calibre as we are unlikely to focus on it anytime soon.

Doesn't look like any rns this morning. I hope investors are starting to realise how undervalued we are and that Nicaragua is more desirable now that rio tinto have staked a claim in the country. That is massive.

With the pog being as it is, I think this will be the perfect storm! Patience as always guys. Remember why you invested. Our time will come! Keep the faith.

Let's not forget Mark's background guys. 12 years institutional stockbroking followed by 12 years in corporate finance and private equity, putting deals together and raising cash for small companies (taken from LinkedIn). He is far more experienced in this field than any of us.

It's not mark's fault regarding all the delays and political issues. I've not done the numbers, but let's not forget our board is small. He's not got loads of colleagues with massive salaries. Take calibre for example, their website shows they have 9 people on the board of directors and 14 on the management team (some split on the board of directors). I'd only imagine what their salaries our compared to condor.

Give the man a break!

Nice to see a lot of trades today, most we've seen for months.

Cheers. Nice summary. Mark confident with the land purchases. Looking at all options regarding production. Nice to get a mention for existing shareholders. Remember why we invested here.

The land deals will be done in time.

It's just stating the obvious in my view. We've got plenty of options ahead of us.

If people have any concern, then email Mark. Let's not forget his background in finance. He'll be doing his best to get a good price for the land. Let's remember the great deal he did to swap our small patch of land with b2 gold to get this whooper.

I'd rather wait "a bit" longer and go down a 2 phase approach rather than major financing and diluting. I'm sure I read an article that was posted on here where the general manager talked of part financing from our biggest shareholders and a bank loan.