Member Info for condor_forever

Nice explanation of the artisanal miners on la India at 1:05. Nic mining laws state artisanal miners can access 1% of any licence. There is a mandate in place that we can move them. They have had a good run so far accessing the main vein.

Sorry, got ahead of myself. FCF $97m for MTL, still, double that of mako.

Mako just released Q4 and 2024 numbers. Market cap £192m. Their FCF was $44m USD in 2024 and are trading at a FCF of 5.8.

Compare that to us, $197m USD last year, FCF of 1.16! So much room for improvement in the sp.

Just bought some more, mainly to round up my shares from the cnr conversion. Rounded up to 1.75m shares now. May try to get to 2m over the next year. Good luck everyone.

Great start to the week. Dummy sell 6.415p. I'd definitely be a dummy to sell 🙈

Rio2 announced financing and permits around October 2024 for their single asset in Chile.

Since then, their share price has risen roughly 50%. They have $150m financing, with around $120m debt. $100m of that is part of a gold prepay with Wheaton precious metals, whereby they have to pay with delivery of 95,000oz of gold over a roughly 8 year period. At $3,000oz gold, Wheaton get $285m for giving $100m to Rio!

Knowing we are self funding La India without any debt puts a big smile on my face!

Https://m.youtube.com/watch?v=AwWYxxbMiD4&t=236s

Posted this a few months ago.

Interested to know what percentage of your 'investment' portfolio is in MTL.

I think I'm overweight in here but would appreciate to hear others if you are happy to share.

MTL makes up 45% of my investment portfolio and gold stocks make up about 60% of my portfolio. The other 40% is in a 'high interest' savings account which is basically my safe pot. I'm ignoring my pension and any hard assets here like my house of course.

Sorry, stupid phone. I'd love those numbers Simms and lots of forward forecasting of the gold price and market.

Still think it's worth comparing to other similar size companies with similar jurisdiction risks.

Look at mineros, one mine in Nic and one mine in Colombia. Market cap £327m. Production guidance 201,000-230,000oz this year. AISC $1700, debt free and around $90m cash and already paying a dividend. Even with our lower AISC, FCF very similar. I still would be aiming 12p once in production at la India. Anything higher would be a great bonus.

Fantasy numbers again by Simms. Don't get me wrong, I'd love tho

The talk of dividends in 2028 is interesting and makes some sense. The market will price us lower because of Nicaragua, there is no doubt about that. Paying a dividend would help negate that nicely. Still lots to do in the Philippines and looking forward to that in time.

Https://youtu.be/1F10snsOc7U?si=aidmV3Gf1eVNY2G7

Looks like the previous company never used it as their concessions were taken off them by the Mexican government.

https://www.almadenminerals.com/project

States 7,000tpd which will easily match the target of 1,400Ktpa as mentioned in the most recent presentation.

Nice find.

https://www.almadenminerals.com/ixtaca/mill

Gogold is another comparison. Current market cap £277m. Currently has a tailings mine producing circa 2m Oz silver with low mine life as it's a tailings facility. Only made $4m FCF last quarter.

It has 2 pipeline projects close to each other. All projects in Mexico, they haven't even permits yet. Been issues with underground mines being permitted in Mexico, but more open pits are being permitted. For both their pipeline projects, most value comes from underground, especially their LRN project. The LRS project has open pit potential.

Makes MTL look very cheap if you crunch some numbers.

Equinox merging with calibre at market merger.

https://www.juniorminingnetwork.com/junior-miner-news/press-releases/523-tsx/cxb/175750-equinox-gold-and-calibre-mining-combine-to-create-a-major-americas-focused-gold-producer.html

LMA, you do realise that they have missed off 000, so for example the mineros payment is $39m, not $39k.

Https://x.com/GoldForecast/status/1891548775232983174?t=hFMcXPIAZh5PYa9SmY3rQg&s=19

Not ideal reading. Relates to calibre (who are actually performing well largely due to the shift to nearly producing in canada among a decent Q4/delay in production in Q3) and Mineros.

Luca mining is another similar comparison. 2 small producing mines in Mexico, $11m debt. AISC last year $1850. Exact same market cap at present. At $2900 gold, our FCF is pretty much double theirs for 2025.

Great upside here.