Member Info for freefaller

"Planned activities in Q1 2025 in relation to the Nicaraguan assets are to:

· Complete the recruitment of key Spanish speaking executives to join the Nicaraguan in-country management team;

· Review, and re-estimate, the current gold reserve and resource statements;

· Design a gold resource extension and verification drill programme; and

· Commence the detailed design and construction phase for the La India project."

As expected, they're not hanging around with La India

Broomtree, SurreyNot123, leehardcastle, and others,

As much as the tit for tat does keep the board active it's starting to get a little childish IMO. Users on these forums mention holdings, whether right or wrong, we're all strangers and there's no way to know.

All we do know is that 2 companies have become one and enlarged the collective shareholding and number of shareholders.

What people want to do with their shares is their choice, that's completely cool.

Rather than attacking eachother, might I suggest we all start thinking about what resources the company, we all now own together, can work with and try to look forward?

Hey @Burtomj, I can't work it out.... What does MV1 stand for/mean?

Cheers!

Completely agree gold is a full currency hedge and is likely why we're in this. It's to understand the hedge exposure of banked profit. With the rate of increase in gold price, the currency to currency hedge is minor, but if the UK currency lost more ground to the USD and we're holding some cash, knowing which way and how that's managed is good knowledge IMO

Fyi, I've submitted a question about currency hedge exposure for the investor meeting

@Liq exactly, the hedge aspect was a big factor with me with the profit calculations 👌

Just a thought as I read the news, but isn't this also a share to hedge against the GBP (or if someone living in the UK get more GBP).

News is GBP is worse vs USD.

MTL mines raw oz of gold. I believe sells them in USD, which at some point is converted into GBP on the balance sheet.

Does anyone know if the company holds in USD or GBP that end amount?

NMLCNR, not sure why the price on the effective day matters.

If you could explain a bit more, I'm happy to work through it :)

The ratio of CNR shares to MTL shares has already been decided at 4.xxx by the use of a historic price of 5.7p for metal shares.

If on the effective date MTL share price is 11.4p (for example here only), then the ratio of shares doesn't change (as it would go to 2.xxx). Alternatively, if MTL was below 5.7p there wouldn't be more shares given.

The exchange of shares is purely a paper exercise. There's no taxable event as far as I am aware as you haven't sold or bought more shares.

There is a taxable event because you get some cash on top of the shares. And as and when a CVR pays down the line.

If you were then to sell your MTL shares in the future, the cost basis is 400 MTL shares that cost you £1000.

That's my off the head interpretation - I'd have a double check about if the cash payment affects it, but I don't believe so... It's just a pure gain of cash received on top of the shares

No, the 5.7p that is quoted below is in the acquisition proposal where they 'value' between the two companies... Ie, Condor is X million, so we're giving 4.xxx MTL shares, because at date Y the shares were valued at 5.7p.

As far as I am aware, you keep it simple... So you have £1000 and bought 100 condor shares. You then have 400 MTL shares, which you 'bought' with your £1000. There is no tax event with that, it's paper for paper.

The cash though, that will be a capital gain (outside of ISA/SIPP) at the date it's awarded in the schedule

Hi broomtree, yes that was me. I was told they fine in an ISA and have just double checked the message. It wasn't an immediate response and they said they checked it with the appropriate team and they confirmed that the Contingent Value Rights (CVRs) would be ISA eligible, meaning they can be held in the ISA.

Hi glypodend.

Slide 16, Runruno Regional, Dupax. Then right hand side, 20km south of RR.

Listed as priority 3, so it is extending the area. When, that is an unknown, but is likely to give the area more mining time using equipment left in situ at Runruno.

It's not changing the fact that the existing mine at Runruno is EoL in Q1 2027.

Gold-miner. It was on the call. YMC group previously acquired by MTL have 3 areas for exploration. The latter, Dupax, still to be explored by has been surveyed is on the edge of the Runruno area but is not specifically that mine. However a good target that can easily reuse the equipment in situ at the current Runruno mine

HL . I asked explicitly about ISA and SIPP. The response only mentioned ISA, but that should also cover the SIPP as the ISA is usually more restrictive (I believe..). If/When the take over happens they said the team who deals with this will send me a further message

Fyi, I've had a confirmation that CVR's are ISA approved

My quick notes from the presentation. The full call was also recorded.

--

Investor Call Presentation Dec 2024.

MTL

FCF Metals running Runruno production c. 80,000oz gold. EoL of mine 2026.

M&A Activity - Condor Gold, clear development path to production and significant upside potential.

M&A Activity - Acquired YMC Group Aug 2024, Abra tenements. Drill ready targets defined and government approval for drilling received.

Growth Strategy

1) Run Runruno.

2) Condor Gold 2-4 yrs. 14+ years of potential mine life. Replace income of Runruno.

3) Growth Strategy 3-5yrs. Regional Opportunities, Manikbel Project, Repurpose of existing infrastructure.

4) YMC Develop Tier 1 Target Yr 10. Move from small/mid producer to large producer. Significant targets identified. Manikbel, Domenglay, Dupax.

Condor Gold Acquisition Rationale.

Clear development path to production leveraging MTL proven track recor as a mine builder.

Numerous parallel gold structures identified.

La India is fully permitted and construction ready. MTL intends to commence construction following completion of the transaction.

La India cash flow used to finance the development of the next production ready asset.

Derisks MTL growth strategy by moving to other locations.

N.B. CNR and MTL have an agreed exploration program and schedule to progress for the discoveries within the CVR period.

Paraphrased : [There are a number of slides MTL would love to include, however due to being in the current takeover period they can’t. Would be released after the takeover and this is the start of the news flow.]

Runruno - Turnaround Success Story (info about Runruno)

Strong community engagement.

MTL can run a bio-oxidation pre-treatment of flotation concentrate, which is IP owned by MTL. A large number of operators can’t run this process and this opens licensing the technology and processing other ore bodies.

Most restoration of finished mine areas has been completed.

Acquisition of YMC group. Plans to compile an initial resource estimate by Q3 2025. Copper-Gold rich. Abra Drill target 1 in Manikbel. Walk up drill targets. Dupax target would give 4-5 years at Runruno as nearby.

Domenglay target 2, similar to Manikbel but not walk up..

Hi CondorGoldMike,

Regarding the money flow, yes there is a balance point where it's negligible which you purchase if the deal goes through. That's where we have seen the slight decrease in MTL and rise in CNR recently.

MTL, if the deal didn't go through is worth ~10p a share purely on the current mine end of life cash, however they also have further exploration areas in the local area. So I wouldn't agree with the over valued comment personally.

If there isn't a further offer for CMR and the MTL offer fails, the CNR is likely to drop further as the only path to production would be through more debt/dilution in CNR which the market never likes. MTL would recover for reasons above.

The deal succeeding appears to be a path forward that works for both businesses coming together, moves CNR holders to a position to get a return from the asset (though fully appreciate that a large number were hoping for cash and jam today.) without either hitting higher dilution/reduced returns if bought by a larger entity or CNR running out of steam and going to the liquidator which no one would want.

Think this is the start of it all turning around IMO

Hi Condor,

I will be on it and shall take notes. There should be a recording afterwards anyway.

Haha, @CKing, you'll always have a chance to wear the cheerleading pants in real life at an AGM!

Unfortunately no pretty pictures like the presentation you mention, but great evening reads to send you to sleep with some golden dreams.

(Pun totally intended :) )