Member Info for Goldbug99

mm: it's actually a bit more complicated than that. you need to dig out 10-20 tonnes of the surrounding rock to get one tonne of ore.

the ore then needs to be ground up (milled) to expose the gold, and the gold leached out with cyanide.

biox uses bacteria to digest the sulfide minerals first, leaving a toxic fluid of sulphur, ****nic, cobalt etc.

that rock needs to be piled up/stored somewhere, and at 2g/t that is 15 tonnes of ore and 150-300t of waste per ounce, and the 15 tonnes of sludge needs to be stored in a dam. permanently.

rain then can leach the remaining heavy metals and sulphur (acid mine drainage) into the environment if not managed in perpetuity. look at photos of parys in anglesey.

FV, I don't "blame" CGNR but I hold them accountable. In most JVs the majority partner wears the pants and is the operator. If not, the minority operator still has to abide by a program agreed with the majority partner.

FV: 3Moz isn't MY definition, it's THE definition. I don't necessarily agree on the size, but I'd be happy to hear your reasoning.

MM: Fortunately Clay Lake isn't subject to Irish planning law, it's in the UK.

FV - no obvious reason??? A question was asked, what's world class? and I obliged with the correct answer.

As I pointed out earlier, $0.12 (9p) is very low for 520,000oz worth $1.2 billion. Even at 1% that's 25p a share.

Is there more gold, a lot more? Undoudedly yes. Is there 5M, 8M, 20M ounces (as the company has variously claimed in the past)? Undoubebly NOT, it's a fairytale that would get you in front of the Securities Commissions is you claimed it elsewhere without independent technical evidence.

IMHO the problem here is not the project, it is management grandstanding and consistently failing to move forward. How $5M was spent and not one single ounce added beggars belief! Why do they insist on trying shareholders patience so? I have no explanation. Do you?

The possibility becoming increasingly, well... possible 🤣

World class means numerically in the top 10% by metal contained, in the case of gold, over 3.2Moz proven reserve (yes, reserve not resource).

So of say 1,000 operating mines worldwide, take the 100 largest and the lowest of these would be 3.2Moz

The $72M NPV was announced in 2011 based on $1,372/oz. It should be a simple matter to update to $2,400/oz.

DS, the investment case has to be 520,000oz worth $1,250 million. Even at a 1% valuation, that's 25p a share.

It doesn't appear that Mr. Bird has done much apart from attend half the board meetings (by phone?) and get paid €10k a year in fees. That said, does Conroy even pay its directors?

The Company had cash and cash equivalents of €53,136 at 31 May 2023 (31 May 2022: €964,997).

The Directors, namely Professor Richard Conroy, Maureen T.A. Jones, Professor Garth Earls, Brendan McMorrow, Howard Bird and former Directors, namely James P. Jones, Séamus P. Fitzpatrick and Dr. Sorċa Conroy, have confirmed that they will not seek repayment of amounts owed to them by the Group and the Company of €3,046,692

Annual Report 2023

I've just wasted an hour on the Tukes/GTK map sites trying to track down these supposed Finnish "assets".

I don't think I've ever seen a company that goes to such lengths to shield its asset ownership and activities from its shareholders. Just about every other exploration company out there has maps of its concessions plastered prominently across its website.

If you don't believe me check out Rupert who have gone from a single soil sample to 4Moz indicated and $850M market cap in 4 years working in the same area.

All I can ascertain, is that in the 20 years since Conroy sold his privately held Finnish licences to the public company, not a single ounce of gold has been discovered on them, if they even still exist?

FV, Why do I seek the agreement of a blatant deramper?

Because it's foolish to ignore people just because they disagree. I want to form a balanced opinion, not live in an echo chamber of fanboys.

Why exactly are (some) shouting the praises? If you have a great opportunity that nobody recognizes, best keep quiet, so I suspect that some simply want an upside to sell on, even if they have to generate it themselves. I also doubt 'derampers' are motivated by resentment, it makes no sense, whereas buying cheap, or shorting do!

I believe the basic project has some sound fundamentals, which is why I'm here, but wonder that Demir didn't agree, why Conroy didn't hold their feet to the fire on essential work, and why management fail to make a strong investment case, preferring platitudes and diversions instead of selling the strong points, updating the resource and publishing an updated feasibility study at $2,000 gold.

AND I MEAN THE STUDY, not some half-a$$ed two page in-house summary. I recently took a look at Bushveld, and they include FULL 50+ page studies and resource work, with maps and diagrams, by renowned independent consultants, as PDFs. This is the norm in Canada btw.

OK DS, so back of an envelope, I admit, but if:

1Moz (30 million grams) at 1.25g/t = 24 million tons and,

0.5Moz (15 million grams) at 2.0g/t = 7.5 million tons then the difference is:

0.5Moz in 16.5 million tons at 0.9g/t, so at $2,000+/oz worth $60 or £48 per ton.

That's still three quarters of a billion quid.

Surely this is likely to be economic? Why can't they just publish the feasibility study showing this?

Sorry DS, but I'm not sure the resource was 'downgraded'. Reading back, in 2008 the 1+Moz was at a 0.75g/t cut-off and ~1.25g/t grade. The 2017 Tetratech calculation is 0.52Moz at 1.0g/t cut-off and 2.0g/t grade. The latter is contained within the former which is still there, and should be higher now, post-Demir's drilling.

That said, between 2008-2014 many £M's were raised, presumably from you and your peers (several multiples of the present market cap.), and that money isn't lost.

With it scoping, feasibility and ore dressing studies were undertaken, process circuits designed and project managers appointed so what went wrong, the gold price? This went from $1,000 to $1,600 and back to $1,200 over the period, so maybe at current $2,200+ and a decade on it's just time to dust off the old plans, get to work and forget this nonsense about further exploration, second trends, zinc, copper, platinum and Finland for a while.

"The drill hole intersected 30.0 metres at 0.42% combined Zinc and Lead from 9.0 metres including 3.0 metres at 0.83%"

By way of comparison, the combined grade at nearby struggling Tara Mines 15× higher at 13%. And all this chatter of a KDR merger with a massive Cu/Ni/Pt province in northern Ireland is just distraction.

CGNR just need to stick to the business in hand.

Paying yourself and multiple family members six figure salaries for doing very little over the years, then accruing half of it as debt because the company can't afford it, and converting this to shares so you get to remain in control, so continuing to pay yourself, is NOT "investing your own fortune"

Fairview, it was one thing to gazump AAZ, but Demir have a cast iron JV, €5M skin in the game with the same to come and very good lawyers I'm sure. Any new JV is coming out of Conroys 60% so leaving shareholders with maybe 20% of the project?

DS, to be fair, if CGNR now only has a 60% interest, then their €11M value reflects a project value of €18M, only 25% down on the original value.

Agreed, it's hardly the way to run the IR of a company that is supposedly developing the next global gold province, "the Prof' hinted this, Kevin overheard saying that" as we inexorably slide back towards a single digit SP.

Charles Arthur: I am free to cover some subjective elements which a NOMAD or compliance team would not allow.

Says it all, TL:DR

At a time when the JV is covering the tech staff and all the work, there is every reason to conserve cash to avoid diluting shareholders with another PP. So why exactly were four of them over at PDAC? No one in Canada invests on AIM and they don't need a JV so who exactly were they "promoting" to? Booth and attendance fees, 4× business class airfares and 4* hotel rooms plus a few posh dinners = £25,000+ . At 10p and 50M shares that's 1/2% more dilution to existing shareholders just for that jolly on the next raise. The board should be working from home for free, and the staff in a portakabin on site at this stage.

Well at least the Clay Lake results are an improvement, 45+m at 1+g/t should be a workable open pit grade. The downside is that there is zero context without the geometry.

It's quite possible to drill a narrow ore body at a high angle and get a long intersection, so how wide are these zones in reality? It would be a simple matter to tell us, or to just publish a cross section on the website.