Member Info for Goldbug99

Moroney would seem to be the one to keep. At least she has spoken at co. events. Why THREE non-exec geologists on the board? What exactly has Bird done in 5 years? And why is Mcmorrow there when he is supposed to be running KDR?

DS: "I disagree. The prices of goods and services have gone up about the same rate as the gold price"

You fail to understand the scaling of the economics here.

The 2017 resource (Wardrop) and 2018 initiation (Brandon Hill) studies were 8Mt at 2g/t, 84% recovery, $1,372/oz gold, 9.4:1 waste:ore and $1.88/t mining, $13.04/t process and 1.00/G&A costs. That's a mining cost of $793/oz.

A profit of $579/oz.

Now let's double those cost inputs and it makes $1,587/t but gold is now at $2,700/oz.

That's a profit of $1,113/oz or $534/oz extra. Almost double, even though the costs have also doubled.

Put another way, on 520,000oz it's an EXTRA $278 million.

Even if you double the Brandon Hill capex estimate, that's only an extra $42M.

I havn't NPV'd this, but you can.

SH: I've been hoovering up at bargain basement prices

You're welcome👍. It's only logical that if a random box over 20% of the soil anomaly (and not even the best bits) yielded 0.5Moz, then there are at least 2+Moz there.

What escapes my is why hasn't this ever been expanded?

Yogi: DON'T GO THERE!

I only look into and research this because the KDR chat now seems to be full of punters clamouring for a merger, which would mean ~50% dilution for shareholders here at current SPs.

Seitapera - zero activity on Finland's largest kimberlite in over a decade.

A mining licence issued on a "deposit" with ZERO reserves or resources, indicated or inferred which will cost more than the market cap. of both companies to establish, if even there.

A Rio Tinto take-over fantasy 5 years after they quit for, at best, a $50M NPV mine in ten years time, and non-existent "world-class" Cu-Ni-PGM.

A fruitless eight year search for the elusive source of a single sand-grain-sized green diamond, which is always yet another kilometer "up-ice".

The discovery of Finlands newest kimberlite, a 2m wide dyke, which still hasn't been tested for any diamond content a decade on.

Speculative sheep pasture with little potential in Northern Ireland (I posted MYOR on that).

A money-pit with ZERO cash and an SP in the toilet.

And their shareholders want to fobb this off onto a viable gold company?

Hint: the family owns 20% of this pig.

DS: "the most current economic study (PEA, Dec 2011) returned an NPV of US$ 72 million."

Tbf the 2011 gold price was $1,500, so you can add at least another $1,000/oz without any extra costs.

FV:£65K CHICKENFEED ?

It's not £65k, it was worth £125k when acquired in May last year, so a really great RoI by CGNR - well done!

Add in the £130k debt to the equity, and it's more than the company raised in its PP last month, which cost 10% dilution and knocked a third off the SP.

More than enough to pay for the long awaited resource update which we are STILL awaiting more than six months since the last drill stopped turning.

FV: "You used to say about a new resource model Goldbug. Now they're doing it you're talking about KDR"

Because I am in the HORRORS of CGNR being merged with that money pit, which has zero assets.

Zero activity on the "largest" kimberlite in Finland in 15 years,

A mining licence never quite issued on a "deposit" with zero reserve or resource, indicated or inferred.

A fruitless eight year search for the elusive source of a green diamond, which is always amother kilometer " up-ice".

Sheep pasture with little potential in Northern Ireland (I posted MOR on that).

Zero cash and a SP in the toilet.

And their shareholders want to fob this off into a viable gold company with a real asset?

FV: "The last thing WE want is the prof's daughter selling her shares which would clearly crash the price even more than it is already."

Why should WE care less about the KDR share price? And why are WE holding £65 k of equity and £120k of debt in this albatross?

It's very much shareholders' business DD when CGNR money is propping up KDR. The daughter is a shareholder/director/heiress in BOTH* companies, while hubby is esconced as boss here. They could have called it a day, said "we already have lives and careers in the US" and let the shareholders appoint a professional (and impartial) CEO (Moroney?) at the AGM.

*she's on the CGNR management team in the Nov.2024 presentation (p21)

He had 12%, his daughter 3% and CGNR 4%.

My point is that I'm not at all comfortable with the chairman of a company in desperate need of money holding £65k of stock and extending an unsecured loan of £120,000 to a company that his wife owns 15% of!

Sherman should sell off the 5M KDR shares and stick that £65,000 of SHAREHOLDERS money into the company. If his wife followed suit with the 19M shares she owns or stands to inherit, it would be more than the last £250k placement.

But hey: "¡la familia es todo!"

Sherman should sell off the 5M KDR shares and stick that £65,000 of SHAREHOLDERS money into the company. If his wife followed suit with the 19M shares she owns or stands to inherit, it would be more than the last £250k placement.

But hey: "¡la familia es todo!"

As I see it, the only reason for posting an opinion is to influence others. Those praising the company want the share price to go up, so they can sell at a profit. Those denigrating it can only want it to go down, so they can buy cheaply. Neither is out of "loyalty".

One exception would be paid company insiders/trolls tasked with keeping the ship afloat.

As to others accused of bashing as a vendetta due to past disappointment, it would seem a bit pointless. Conroy's dead! He can't hear you anymore.

I'll admit, I believed (and still do) that this company has an asset worth far in excess of the SP. I subsequently realized the management was either incompetent or devious, at which point an exit at 20p+ seemed wise but unattainable. Recent events warrant the successors might deserve a (short) opportunity to prove otherwise. They might start with some honesty about the resource, JV opportunities, the need for finance, a realistic and achievable plan and the cost to shareholders of moving forwards.

FV: "The chairman was clear that drilling to expand Clontibret is the next stage"

Also FV: "I find it hard to believe a company with some cash wouldn't test the comparison with Fosterville"

They have just spent £5 million on drilling (albeit not exactly all on Clontibret resource drilling) which is probably way more than was spent in the previous ten years.

Resource drilling on Clontibret is also the antithesis of testing the region for a Fosterville analog, which seems to be what Demir was doing. You can't have it both ways.

And before you write Demir off as complete clowns again, their group has a bigger market cap/revenue than Rio Tinto! If they didn't have the particular expertise, they would have hired it.

So stop gilding the lilly, instead see that tree for the forest and let's settle, in our lifetime, for a modest, medium-size mine 100koz/year for 10-15 years. Even at $2,000/oz gold cost, what's not to like about a $70M p.a. profit? £1 EPS.

MM: what nonsense. Do you think the locals are not aware which fields have drill rigs in them and when? Plus planning needs to be applied for publicly in advance for each hole.

I'm merely pointing out that a resource is nothing more than a 3D block model of all the grades that FV quotes located in physical space. Every new result can be plugged in in seconds if you know X,Y & Z. There's no reason the model, which sits in a computer, can't be updated in near-real time and spit out an updated resource in minutes. There are SIX highly experienced geologists on the board/management who will all know how to do this!!! and all will have known where best to site the 2017-23 drill holes to fill in the gaps, so I call BS on YET MORE DRILLING.

Plenty of decent grade out there. Now if they would just publish the drillhole co-ordinates, azimuths and declinations, we could work out the resource for ourselves.

Directors putting in cash is pretty pointless if they just take it out again as fees, and not doing so would mean they are not only supporting other shareholders, but working for them for free. Who would do that?

A rights issue would have been the better way to go.

DS: antimony is a sideshow

Let's put this to bed shall we?

The Company states it found 14% antimony associated with 35g/t gold. So at the resource grade of 2g/t that's 0.8% or 8kg/t.

Antimony currently trades at around $18/kg, so $145 or a gold credit equivalent to 1.5g/t at current gold price.

DS: Relogging is what they do to keep salaried geologists busy

And of course working on their PowerPoint skills 😉

But seriously, surely their time would be better spent updating the resource model with 7 years worth of outstanding drilling and assay results? What makes you think that isn't what they are doing?

I was looking at Black Dragon's Salave project in Spain. 1.5MOz (150k measured, 1+M indicated) at 4g/t for 67,000m of drilling, so 30,000m for 0.5Moz seems about right.

How much of this is recent (Demir), or post the 2017 resource statement drilling, and so likely to add to an update, and why no mention of this as an objective? I'd have been happier if one of the technically qualified directors had been given the job, but hey, family!!!

Maybe at the AGM they will appoint a technically competent CEO to replace Ms Jones , and relegate the chairman to a non-exec. figurehead/oversight position?

Sad though the death of the founder may be, the loss of a 90+ yo workaholic is neither surprising nor tragic, so eulogy aside, it would be nice to have some positive pronouncement from the new acting chairman*. It's been two weeks now!

How do a market analyst living in Maine US, a serial director of companies in Toronto, and a semi-retired consultant in Perth WA plan on hands-on managing a company thousands of miles away in an unfamiliar jurisdiction, or are they planning to leave it all up to a recently bereaved elderly lady?

What is the new strategic plan for the company, including addressing the above?

Is the company in any substantive JV talks, and if so, what is their timeline?

Is there any progression plan for the operational staff, who after decades, are the only ones with significant familiarity of the projects? In 20 years they don't seem to have advanced an inch in seniority, been rewarded with any shares, nor been given any executive responsibility.

When can we expect a long-overdue resource update? It shouldn't take long nor cost much. The late chairman's £50k should easily cover it this side of the AGM.

All reasonable questions imho.

*BTW, it's not about honouring a legacy, it's about finally delivering some value to shareholders, Mr Sherman!