Member Info for Goldbug99

I do like to check in for DS' daily dose of pessimism 😄.

That said, it would be nice to see some sections and technicals on Clay Lake. The company is quite capable of snazzy graphics when it chooses.

Got to appreciate Shatter's sense of humor. Leprachauns, rainbows, pots of gold and all that. I guess we will all know the answer fairly soon. JV or PP?

FV: well there has to be one or the other eventually. If not a JV then a PP is inevitable. They can't run on thin air.

If friends or family stump up it will be a convertible loan, like Mr Halligan did, so essentially the same thing.

Are there not rules about share trading and placements when material news is pending? I imagine the Nomad and broker might have issue? After all the company HAS said they are in JV talks, albeit not with who, or as an RNS, but still in an interview, so it's public knowledge.

MM99: "I expect there has been no placing announcement yet as the Prof is finding it hard to pull off this time. All the intelligent money is avoiding."

I imagine the "intelligent" money is what is driving the SP down ahead of any placement. At 6p I guess a KDR style discount will make it 4p, and they will want to raise £0.5M with the board converting its usual 20% of fees, so £400,000 in cash.

That's 12.5M shares 25% more dilution for everyone here.

So which will come first, the JV rns or the PP rns? I imagine the company is like a tranquil swan paddling furiously under water to make it the former, but the suitor is refusing to be played. Oh to be a fly on the wall.

Yogi: "I suppose if I was living in Australia, ... the first thing I would do after these senior roles is look to become a director of a £2.5m cap company on the other side of the world."

My sentiments entirely, not to mention for little or no pay. The management may have no credibility, but this appointment does.

DS: we can argue about the cost of extracting gold. We can even argue about how many additional ounces can be proved up from intersections outside the resource area.

What's not BS or up for dispute is that 0.5Moz is worth over $1B at today's price, and there is at least 1Moz in the entire target.

I'm not exactly happy about CGNR buying shares in, lending money to, or wasting management time on fairy tales when there is real work to be done right here. It's not as if the board and management team don't have their hands full.

I think it is very reasonable to ask why a company under their control that has absolutely nothing of merit, and that is of zero interest to CGNR shareholders (except we own 5% of, that's right, every 20th of you CGNR sharescis a KDR share), is worth nearly as much as an advanced gold project they supposedly are on the verge of JVing.

I'm concerned, and you should be too.

Last time I looked gold was $2,400+/oz and diamonds were a complete 🐕.

What amazes me is that CGNR with over a $billion in REAL gold is only valued at £2.5M whereas the sister company, with zero discoveries anywhere, just a tiny sub-economcic kimberlite nobody else wants, a small green diamond found a decade ago, and some wild fantasy about a new Grasberg/Norilsk "discovered" in the green fields of Northern Ireland (that the British Geological Survey has overlooked for 100 years and two world wars) is worth over £2M.

And now the KDR rampers are appearing here too.

So if you want to queer their pitch, and not be diluted further, stop selling and start buying!

Never forget, the lower the SP the more stock management get when they convert their unpaid salaries at the next PP. And to hell with the private shareholders. Their interests are most definitely NOT aligned!

DS: well obviously there is going to be more than one mine (if at all) if for no other than the simple reasons that the two main discoveries (Clontibret and Clay Lake) are too far apart to be contiguous, and more importantly, are in different jurisdictions. I don't see how this makes or breaks anything though.

DS: "try to prove a 517 koz of low grade refractory gold can be economic in Ireland."

No! There is no reason there isn't the same or more in the immediate vicinity, so it beggars me why they don't upgrade the resource given ten years more drilling has been done.

Scotgold couldn't make a go of a quarter million ounces at 13g/t with a million ounces of silver credits and all the planning leniency in the world, and that grade was able to sustain narrow-vein underground mining.

This has to be open pit and 1+Moz so I wish they would just knuckle down and get on with it. They put more effort into permitting their Finnish diamond mine, and haven't even started here.

Yogi1: "I can see it now. Prof: " Marian, hows the form?"

I for one can't see how a serious profession would want the reputational damage of putting their name to a lemon, for what, €10k a year payable in share conversion at the next placement? So at least she must see some potential.

That said, what exactly has Howard Bird done for his €40k since 2020?

Well there is no sensible exit at 6p, and I mean, how low can it go? Mcap £3M is basically zero.

FV: "No question they are working hard to put together a deal over the summer. All we need is a proposed JV and it will multi bag"

I wish I shared your enthusiasm, but then a rising tide lifts all boats, hey?

6p ffs!

I must say, there is no obligation for shareholders to owe loyalty to any board. They work for shareholders, not vice versa.

That the only exit strategy offered here is for some major to come to the rescue, to either buy, or provide funds and expertise to advance the projects, by definition implies that the current management are not capable of doing so. In fact, they are not even capable of communicating clearly.

Sorry to say, but what value are they adding here? A JV partner will get into this because they like the project (or not). Not because they are overwhelmed by management's astuteness and performance. The outcome would still be the same with hired monkeys at the helm.

DS, nobody is saying gold in the ground is worth the same as gold in the vault. But the fact remains each CGNR shares currently comes with ⅓ gram of gold attached ($25). Put whatever discount you like on it. 99%? That's still 20p a share.

DS: 500,000 × $2,300 came to $1.2 billion when I did my maths "O" Level.

FV: There are companies which attract investment because of the management team's track record. There are those that attract it because of their assets or products. Ideally you have both. In CGNRs case I'd say it is down to 0.5Moz worth £1 billion in the hand with obviously more to come, but certainly not the management flannel.

Track record? Galmoy was 40 years ago, took a decade to develop, was underground, and lasted 15 years afaik. I've DMOR and Galmoy was around 60,000t Zn a year and Zn was ~$2,000/t in the nineties/noughties, so around the same value as the Clontibret resource.

FV. I agree, which is why biox is the chosen methodology, although recent free gold discoveries may need a re-think on milling/gravity.

However, the are-scenic, sulphur and heavy metals are still there and require responsible handling and lifetime management.

If I know this, you can bet the acquisitions depts. of all the majors do even more so.

Why is it that every statement of fact gets treated as bashing around here?

****nic

Are scenic 🤣 LSE censorship at its finest.