Member Info for Goldbug99

@Billfrombristol: @50p you won't see the current shareholders for dust, because in the absence of a JV or gold mine the only way out is to flip your shareholding to some other mug.

CGNR is now run by an American who has zero transatlantic presence and zero natural resource experience, but stands to inherit a huge amount of equity (~5M shares) and outstanding debt (~€1.7M) which he can cash in if he plays his cards right. Small wonder he has called in a compatriot snakeoil salesman to get the job done.

@carters: well Moriarty - having pumped the SP to 8p - is advocating a PP for £1.5M. Say they get that away at 5p, the usual 35% discount, that's 33M shares or +60% dilution. They've raised well over that (£2.25M in 2021 and £1M Demir signing bonus) without either paying down any historic debt (good) or materially advancing any project (bad). Maybe it will be different this time? I guess we'll see. What seems clear is there's no partner in the wings willing to fund deep drilling on Clontibret, so it's up to managenent to prove their theory first before any JV partner jumps.

@DS: mess indeed!

They've just hammered another nail into the hopes of any JV coffin, because a future partner is now taking on an extra liability. A 2% royalty is equivalent around 20% of a DCF (discounted cash flow).

So any incoming partner knows they have to write a €9 million legacy cheque to get Demir and the families off their back for starters, plus steer clear of the PLC because these clowns have just awarded themselves another 12% of equity to add to their controlling interest.

I mean follow the money, look where it is going: €1.6M to the Jones family and €1.8M to the Conroys.

@Toffifee🍬: nothing wrong with Carters or DS' dissatsfaction. Or are you happy with zero news in nearly a year and a SP down 1,000% since the JV - 40p to 4p? I did a full accounting of the JV drilling 3 weeks back, which is more than the co. has ever presented. The old man was probably only one of many who have died waiting for progress here, but at least he was being paid whilst waiting.

But rather than providing strategy and ensuring sound technical management of the JV, the BoD and technical team (with 20+ years of six-figure salaries under their belts) in the pretence of a "succession plan", parachuted yet more inexperienced and incompetent family members into the leadership - it's almost as bad as Trump family grifting.

@carters: certainly looks that way, definitely no resource update at Clontibret, despite promises.

@carters: OK, following your suggestion, the RNS are patchy to say the least. Let's look at just the JV period (drilling related only).

14. March 2022: 3,000m "promised" commencing April.

31. March 2022: €4.5M for "WORK COMMITMENTS" of same 3,000m

18. Jan. 2023: three MORE (so others drilled?) holes of 1,053m extend Clontibret.

02. Feb. 2023: 268.5m drilled at Corkaskea (Clontibret).

08. Feb. 2023: 2,000m drilling planned for Clay Lake.

06. March 2024: 212.7m drilled at Clay Lake.

13. July 2023: 98m in SIX (so ~15m) holes at Creenkill.

04. Sept. 2023: 6,000m allegedly completed, but only 1,632m reported on.

13. Sept. 2024: 500m in 2 holes drilled at Slieve Glah.

22. Nov. 2023: results of 3 of 4 completed holes, 814m of 2,000m in 8 holes planned at Clay Lake.

20. Dec. 2023: 518m in 2 more holes at Clay Lake.

25. Jan. 2024: 3 holes 666m at Clontibret, 2 holes 545m at Slieve Glah, 2 holes 583m at Glenish.

14. Feb. 2024: 2 holes for 494m at Clay Lake. 2,303m completed.

29. April 2024: JV terminated, €5.56M spent.

So by my accounting, they claimed 6,000m "completed" to 4/9/23, then announced a further 4,120m to 14/2/24 for 10,120m total.

Clontibret: results announced on 1,987m.

Clay Lake: 2,303m drilled, results announced on 2,039m.

Others: results announced on 1,726m.

Unreported: 4,104m (if in fact ever drilled?)

Cost per reported metre: €924.

 

@carters. Well their little pep-talk just tanked the SP another 15%. Nobody knows how much they have drilled since 2017, or where, because they don't release any data or technical reports. In Canada that is mandatory.

Given up? Hardly worth selling at these prices, but I can tell you, this is going nowhere until a competent, qualified team with a track record able to inspire investment takes over. Persuading the son-in-law to give up his day jobs to give it a go was a huge mistake, but were shareholders consulted?

They could have offered Marian the job! A super-generous options package, a project she liked and could make a name with, and the promise of a free hand is just what it takes to tempt a corporate professional into the junior world.

I suggest you re-read his 4th November introduction, 9 months ago, for a litany of unfulfilled undertakings.

Sherman: they are all knocking our door down with offers but taking their time, and we have to choose carefully.

Jones: eight years and 18,000m of drilling but sorry, we haven't gotten around to updating the resource because it's difficult.

I had to turn off after 3 minutes of this BS.

Also, just over a year ago they blew 464m of drilling and assaying on a non-core work commitment to confirm just ⅓ % zinc which they then tried to spin as good news (Irish zinc mines run at 15-20%) which could have better been used to prove the Fosterville concept (or not - many a great prospect has been ruined by drilling, or so the saying goes).

@DS: there's every reason to expect Clontibret to exceed 1Moz at 2g, just based on anomaly size and current drilled area, albeit I don't buy into the 8Moz potential fairytale. $200/tonne dirt is eminently mineable. This thing was being formulated as a go and attracting investors when gold was still in the mid-hundreds.

The reason for no growth at Clontibret is there was limited extra drilling, and even that was never integrated into the resource. Seems mad to spend £100++ a metre on drilling and assay, but not pay a consultant to punch the data into a block model.

Quite right on the Marian hunch (🤷🏻‍♂️) but there was plenty of scope and money to answer that question (still is, and yet...).

Refractory is an easily handled issue (or just export a concentrate), and the more recent trend is free gold anyhow.

If they want a partner, they need to package this to make it marketable, by crossing those t's and dotting those i's. And yet we've had a year (and two raises of half a million) of doing zip, just playing around with hammers and boulders.

This comes down 100% to incompetent management (imho), which can be fixed, not geology, which can't. If you (DS) believe that there is zero% chance on the geology, why even bother commenting here?

Also, iirc (but before my interest here) Demir even insisted on a couple of Clontibret test holes (July 2021) first, as part of their due diligence. The plan outlined was always Clontibret first and a construction-ready mine plan. CGNR was supposedly the operator, albeit Demir had a casting vote..

@carters: the fact Demir didn't achieve a single positive result speaks to their (in)competence. The fact they walked away without any retained interest, not even a royalty, speaks to the strength of their negotiating position.

If Conroy was capable of tempting them into a JV, he should have been capable of persuading them of the best use of their investment. Looks to me like everybody was blinded by the remote possibility of a Bre-X style lottery win rather than the bread-and-butter development of the existing assets.

@carters: "What do you suggest Conroy Gold could do about that?"

Not play the junior partner in a JV when you are the primary for starters. Insist on reserve drilling, extension at depth and a feasibility study. Don't let the incoming partner run wild drilling random exploration holes in the hope of a bonanza strike. Demir "invested" £5M+ and added NOTHING of bankable value. NOT. ONE. SINGLE. OUNCE.

@DH: I for one have never changed my position. I've always maintained it is a company with a decent asset (my sole reason for being here), poor management and an appalling strategy. They mishandled the JV and the aftermath is a farce. The death of the driving force didn't help, but if Ms Jones had retired and shareholders had appointed an outsider gold professional - (Moroney was a chance, be she wised up, and what value do Bird and Earls add?), instead of one of the kids... it's a Conroy/Jones family show (Richard, Sorcha, Sherman, Fitzpatrick, Maureen, Jim, Cahal) despite holding less than 12%, and a geo team 20+ years on the job, who have collected millions in salary yet failed to deliver.

Carters: unlike you, I tend to subscribe to the SEC view (or whatever passes for regulation on AIM) that management shouldn't be hiding price-sensitive news and fueling speculation and gambling on whether they are in fact secretly making any progress or not. Here's the RNS I expect:

1) relogging of X% of Y meters of core is complete, and will be finished by DATE.

2) the company has engaged XYZ consultants to undertake an independent resource update, due for delivery on DATE.

3) the company intends to allocate £X of the recent £240k fund-raiser to drilling X# deep holes (in excess of X meters) to test continuity of grade at depth in Clontibret. Drilling is set to commence on DATE and conclude by DATE. Results will be reported in due course.

4) the company has been engaged in discussions with a substantive potential partner since DATE and anticipates progressing to a heads-of-agreement by DATE.

It wasn't a sub-£4M company when it had £5M in cash to spend on advancing its flagship project and supposedly a credible development plan tempting investors! I certainly don't think it wise to be throwing more money into it at 4p just so day traders can take a penny off the top. I expect management to demonstrate that they can get soundly back on track.

My concern here is that whilst it is news, like the antimony boulder or the McCully's Outcrop RNS, sending Dr McNumpty out into the field with his wellies and hammer to earn his pay collecting rock chips is never going to do any more than benefit day traders.

This is the kind of work and progress a newly founded company reports ahead of its IPO and 1st placement, not after three decades under the same management and tens of millions raised and sunk into the ground.

Where is the substantive progress? A resource update to 1+Moz, a deep hole hitting Fosterville grades, a JV announcement even?

@old but no wisa: other way round, CGNR owns 5M KDR shares. They bought those shares in 2023 for £125,000. They are now worth £25,000. They were 5.3% of the company, now they are 2.5%, and KDR still owes CGNR £100,000+.

But why? Why on earth would shareholders of a company with at least a real asset - 0.5Moz of gold - want a piece of this?

In the 6 years since a group of major shareholders tried to put a management team headed by the ex chief of DeBeers Canada in charge, shares in issue increased from 35M to 196M, price has dropped from 6p to 0.5p, they have failed to test the kimberlite they have had since company founding 20 years ago for grade, or the one they bought, or the diamond content of the dyke, or a source for the green diamond, all found a decade ago. Plus some geofantasy about giant Cu and Pt deposits in Northern Ireland, overlooked for the last century.

A mining licence on something that has neither resource nor DFS, and will cost millions to even bring to that stage, is pointless. I'm surprised the Finns even allow it.

It's all in the last 10 years of RNS. Avoid! It's a PoS owned by the CEOs wife, fronted by one of his compliant non-execs.

@Skier1 - especially when it is just random slides from 5 year old PowerPoint presentations.

Seems to be symptomatic of British stockmarkets, all spivs, smoke and mirrors.

This same management team just pumped their other stock 300% on the fantasy of a mining licence with no resource or DFS, got away a sneaky placement, to have it collapse back to 0.5p within a week. Any other SEC would shut them down for that.

The latest AIM offering attracting the rampers away from here, BTC, is run by a CEO who sued, and LOST against a shareholder who claimed he "cynically and greedily indulged in self-enrichment at the expense of, and contrary to the interests of, shareholders".

Still, amazing how people will pile into a company using shareholder's funds to buy bitcoin, when they could... (drumroll here) just buy bitcoin.