Member Info for DeathStranding

517,000 ounces at Clontibret, half of that in Inferred.

Step out drilling by demir did not add any new ounces.

No resources reported anywhere else.

517,000 ounces at Clontib

Fairview, who repeatedly told me and others to shut up because Demir are the experts who have access to all the data and know what they are doing......

Edochan if you notice in these interviews, Conroy just talks a whole lot and the interviewer doesn't get much of a word in. It's not the nature of these promotional interviews to really challenge the interviewee, it's not journalism. Conroy doesn't say there is a JV partner lined up, and he doesn't deny there is a funding coming.

You are asking the wrong question. The question is why did Demir spend all that money, then leave, if there is something worth extracting?

Spot on PaulFG. Don't be melancholy though.

Perhaps someone in the "major" camp could post on here which of the company's reported resources or drill results they think Majors would be interested in. And how the refractory gold will be addressed. Then we could discuss.

Some people here are very confused. Majors invest in tier 1 targets. This is not tier 1. €5 mil spent over 2 years with thousands of metres drilled. Not a single tier 1 result reported. Even the chairman said the majors are not on the phone.

He does need a JV though. The Demir results are out there and their exit is damaging so I don't think there are any gullible PIs out there to bankroll CGNR any further. Those who came into the last round must be hurting badly. A deeply discounted rights issue to keep the lights on perhaps, I'd say on the condition that Conroy and Jones take no salary. Shareholders have seen the numbers which are shameful given the performance. But they do need funds, and fast.

In the current gold market, some Canadian junior might be willing to offer $1m for 50% of Clontibret to drill some holes and get some newsflow.

CGNR share price currently has some hope built in. Strong sell.

Full year 2023 operating expenses were €773k.... Running on fumes now.

Edochan they are nowhere close to a mining situation. They have a small low grade resource, half of which is Inferred category so needs more drilling before it can be included in any mining studies. The resource has not been updated in 7 years. The last testwork on the processing method was done over 10 years ago. There is no feasibility study. No plans have been announced to carry one out. So no technical viability, no cost estimates, no financing plan.

If you are interested to see what it might take to reach feasibility on a low grade refractory gold deposit you could look up Bilboes in Zimbabwe - Caledonia Mining. Grade is a bit higher than Clontibret, processing uses BIOX with cyanide which is what was proposed by CGNR 10 years ago. They have 3 million ounces in resource. Gives you an idea of the type of scale you need for these kinds of projects. Cyanide is a red flag here in Ireland.

As per announcement of 29 Nov 2023:

"The joint venture agreements provide that in certain limited circumstances, Demir Export will be entitled to a net smelter royalty in the licences, capped at the level of investment made, in lieu of their convertible shares should it exit or terminate its involvement in the joint venture during the current Phase 1 stage."

It exited, exchanged its convertibles for the royalty. Over €5 mil spent and '000s of metres drilled, and they pulled out of their investment. Very difficult for CGNR now back to square one. No resource ounces added in 7 years, no testwork done, no development plan, multiple prospects tested and results not good enough to keep the partner interested. Cash at 30 Nov was only €262k. Worrying times.

No majors are interested in low grade refractory gold in the green fields of Ulster. Spin.

Yes, the JV partner who was due to fund the project all the way to a construction decision has walked. Cheap as chips!

The reason is plain to see. The results are not good enough to justify further investment by Demir. CGNR needs to raise finds very urgently, hence the hyperbole.

Ouch.

Https://www.bbc.co.uk/news/uk-northern-ireland-68897693

Dalradian's project only stands a chance because they removed cyanide from their processing in 2019. CGNR proposed BIOX with cyanide 10 years ago and haven't made any updates since. Seems unlikely cyanide will ever get the go ahead either side of the Irish border so what is CGNR's plan for processing low grade refractory ore??

I understand your frustration. The Conroy-Jones family seems to be doing well for itself but not a lot for shareholders. I get it.

"Hardly the prof's fault"?? That's hilarious! It was only he who brought them in as a partner and announced it as "transformational"!

The ground hasn't delivered on the overstated optimism, but you still don't get it. €5 million sunk, no progress made.

They are at the PDAC jolly every year. And every year they say they've been talking to the majors.

There really isn't.

And they are the ones banking the big salaries and looking after friends and family - they are not the idiots.

CGNR's market value of £5.5 mil and 60% interest equates to an €11 mil valuation for the project.