Member Info for ElectricLion

Agreed ddd. Can't believe we're having to have this conversation, but if MTL dropped the CVRs and replaced them with shares or cash, then that would get the nod I think. As would a similar deal from another source of course.

The profit is over spread over the entire life of mine of course, after a 2-year build. Some have been here upwards of a decade already! In the long run, we really will all be dead!

And yes, if this is the best offer on the table, plan B is for CNR to build something themselves, even if it's small. The BoD won't want that I'm sure, they've made their position clear, but even with JM's wedge, this deal might struggle to get over the line. It's hard to tell. The majority may just want to wash their hands of this now, and MTL does look like it has the capability to monetise the asset at least.

"I mean to make money someone else has to be losing it right!!!!"

No. That's... not how any of this works.

That unfortunately has the ring of truth about it citizenblue. Pretty disgusting if that's the case. Enough to make me want to vote against before even considering other aspects.

MC... has issues, I think it's fair to say. Best to just filter him, not because you don't want to see negative views, but because his judgement is quite clearly badly impaired when it comes to TW or anything TW touches. I'm all for balanced views, but his aren't.

I'm inclined to think this too. Only thing is, I thought that last time too! lol

As far as I know, it's 50%, but I'm not an expert. I did the calculations based on that number earlier, and found that if Galloway voted in favour, it would require 74% of remaining votes to go against for it to fail. I'm not sure what the status of any votes not cast would be, which would probably be a critical element. It could, probably would, be dangerous to go against an offer the BoD recommended - there may simply be no better option available - but I'd be inclined to anyway TBH. Get them to earn their money by coming up with a workable plan B, one way or another.

Yeah the CVR is a bit insulting really TBH. Look down the sofa for some spare change and give us a proper 44p offer at the very least.

Yeah, I figured you were after a quick return. I got that impression! Well, again, (and I'm starting to feel like I'm repeating myself, so will stop in a moment to go do some work!) your BoD seem to feel that a longer-term approach is the way to go. If you feel otherwise, take it up with them. If that's how they feel, then even if they don't buy CNR, then may still be inclined to look for a project with longer-term potential, rather than a quick buck, so dropping the CNR deal may make little difference in that regard.

*diminishing

I expect that the market is marking you down due to dimishing reserves. Fix that, and I'd expect some recovery for that factor alone. You may be able to achieve that end in another way than via CNR of course, but your BoD appears to think this is the best route, or at the very least, worth the effort and due diligence they put towards it so far.

A cashed-up producer with plenty of road left ought to attract a good valuation. But a gold mining company without any gold to mine (yes, I know, you still have a couple of years left, but it won't last forever, and new mines take that long just to build, don't want to leave it to the last minute) is not much better than a gold mining company with lots of gold but no money to mine it.

Yeah, we're mostly on the same page, that's why I'm here after all! I had pencilled in at least 60p a share from the CNR sale, but if I get 30+ instead, and then double my money (or better?) with MTL, I'll be reasonably content I suppose! Not all CNR shareholders will feel the same though.

What a surprise. Feeding off the negative energy. I suppose they're all saying "I told you so"? Thing is, they have predicted 20 out of the last 2 raises, and are just generally rude and obnoxious to boot, so they can't reasonably expect anyone to actually listen to them. Maybe you should all find something more useful to do with your time on Earth.

It's a value thing Chilliboots. It's a huge resource (while only 2.whatever m ozs have been fully proved-up, I believe the geologist think there could be 10m oz down there) for the price being paid for it. Simple as that. Naturally, it's only worth what someone will pay for it, just like anything else, but you are getting a lot for your money. We have been working under the apprehension that the CNR BoD would be able to unlock a fraction of that value in a sale, we were just hoping for a bigger fraction, that's all.

There is also the time factor. CNR has been up for sale for 2 years. We were all hoping that the big value-crystallisation event would be the sale itself. It may not. It may in fact be the mine operation under MTL's stewardship, but that's yet more time to wait, and some CNR shareholders would rather just move on to other things.

Your BoD seem to disagree. Perhaps there isn't a better investment for the money available.

A fair question, but not one that has an especially clear answer. There was a whole thread about it recently... let me see...

Ah yes.. here we are: https://www.lse.co.uk/ShareChat.html?ShareTicker=CNR&share=Condor-Gold&thread=93F86CA5-9C81-48FF-BCF1-970EFCB5E3CE

Mostly! lol

“What? Harmless! Is that all it’s got to say? Harmless! One word!’ Ford shrugged. ‘Well, there are a hundred billion stars in the Galaxy, and only a limited amount of space in the book’s microprocessors,’ he said, ‘and no one knew much about the Earth, of course.’ ‘Well, for God’s sake I hope you managed to rectify that a bit.’ ‘Oh yes, well I managed to transmit a new entry off to the editor. He had to trim it a bit, but it’s still an improvement.’ ‘And what does it say now?’ asked Arthur. ‘Mostly harmless.”

https://www.goodreads.com/quotes/10792496-what-harmless-is-that-all-it-s-got-to-say-harmless

Talk to a lawyer basically. Preferably a no-win, no-fee one. Not my area of expertise, nor something I'm inclined to chase personally, when it's a whole lot easier to simply walk away, if that's what you're inclined to do. But you start by talking to an actual professional about it. They may well tell you you haven't got a case however. Just because you don't like it, doesn't mean you can do anything about it.

In the short-term, the market will do what the market does - write down the SP to 0.55p, if we're lucky, though previous raises saw the SP drop further than that. It's also one heck of a lot of shares, let's hope most of them get held for the longer term or we'll be churning through them for months.

The million-dollar question is where does this leave TK closure? Can we still expect it in Q4? Seems unlikely. There's really only two working weeks left of 2024 in any case. So what's the realistic target? Q1? Come on Harry, give us something to cheer us up. You're making a lot of people very miserable right now.

Thanks Overdog. I appreciate that. Part of settling in is working out who's worth the time and who isn't.

Thanks also to all those who've helped me get a grip on all this. As you may appreciate, there's a lot for both sides to learn about each other in a short time. There doesn't so far seem to be much interest on here about learning about CNR, but perhaps there ought to be. It's a good asset at the end of the day, and as things stand, it's the future of this company.

In many ways, it's also in your interests to convince CNR shareholders of the merits of staying invested in MTL, assuming at this point the deal does actually go through. Otherwise, some/many/most of them will just dump their new MTL shares as soon as they can.

In particular, thanks Nesnoor for the CEO interview video. He seems to know what he's talking about, as you would expect/hope. First observation is that CNR's resource is much higher grade than your current operation, although you still manage a decent AISC. I guess this is credit to the mining process improvements, perhaps combined with low costs in the Philippines? Nice to hear he has experience in Central America too. Hearing "no dilution" is music to my ears having been used to non-producing juniors raising cash at painful discounts!

CarefreeCarry - "When you have a stressed seller it is better to wait and let them reach desperation point before making an offer." This is probably that point. I realise is all new to you guys, but CNR has already been on the market for 2 years. Now is probably the time to strike.