Member Info for Goldbug99

Carters: "They are burning through €50-€60k a month"

Their biggest single cost is salaries (70%) and the biggest chunk of that is/was Jones & Conroy (€300k out of €455k), so yes, savings can be made.

Did it ever occur to you that a SP in the toilet benefits Sherman/Shorca facing 30% inheritance tax on daddy's legacy: 9% of KDR, 8% of CGNR and no doubt a big chunk of the €3.9 million debt for services rendered? I wouldn't be surprised if waiting for probate is the delay on a placement.

Carters: the burn rate is now ~250k/half. In 2024 per the finals the wage bill was €450k - 8 staff, €155k if you take out R. Conroy and M. Jones, for the two geos. and four couple of junior (part-time?) hands. That's say €12k a month - not much for A-listers. Since they moved the office from Dublin to Shannon presumably the rent is a bit cheaper now? They might last until May?

So what are they all doing except flying to PDAC? Where's the long-promised core re-logging update, or did that initiative depart with Marian?

@DS: There are only three things that make a company. The asset, the location, the management.

So if you want to argue that half a million ounces in the ground in one of the most stable European countries with solid property rights is worth less than $3/oz, not even including the listing, bring it on.

My position is that it is entirely at the door of the management team. Greed, laziness or incompetence? The jury is out.

Meanwhile over at KDR (another disaster happening) former rampers note that the CEO won't even dip his hands in his pockets at 0.5p to bolster the SP. Management (the same team as here, yep Brendan and Moreen are on both boards) could buy the entire company for a years' salary and fees.

Watch this space: they will raise at 1.5p before any news, not put in a single a cent in actual cash, but massively convert their "debt" (yet again!) and the new floor will be 1p. Oh, and ten grand of the raise will be needed to pay Marion's outstanding fees, because I bet she won't take paper.

@DH: "to buy extra time..."

For what? The JV under negotiation for months that was supposed to be put to bed at PDAC? The $4M project finance for platinum they were supposed to be coming back with? Dr Larry's magic investors hanging on his every word? Another industry heavy-hitter board appointment? The relogging of all the core that's gone quiet? The discovery hole that's going to unearth a world-class kimberlite that eluded RTZ, Ashton, DeBeers and a half-dozen Canadians for 30 years? Breaking ground on Europe's 1st diamond "mine" that doesn't have any resource, grade or diamond value? Do tell.

There's half a million oz in the ground worth a billion and a half, and they are even screwing that up!

Irish minimum wage is €12, so only moderately above most western economies. Modern mining jobs tend to be very well paid, certainly 6 figures, yet Scandinavia, Canada and Australia manage fine.

@Carters

P.S. I'm sure they hired her for her 20 years as an exec. at Barrick, not 9 months as a non-exec. with CGNR.

Carters: read my past posts! there is nothing wrong with the assets, Moroney obviously thought the same. 500,000oz @2g+ which could easily go to 2M+ at ~$3,000/oz what's not to like? The problem is a team which can't get anything over the line. I guess Ms Moroney came to the same conclusion and voted with her feet. Directors fees don't keep the lights on, she's too young to retire and this was going nowhere for her. A year on the junior explorer circuit working on spec. and a solid job with a major in her home town came up.

Over at KDR they are now singing the praises of "Dr Larry" to the rescue. He's not even on the team, just a paid consultant who analysed some preliminary data for them. As such he won't even be able to hold any interest in the company. Yet now he's their Northern Ireland messiah on all things copper, platinum, nickel.

These people name-drop mercilessly because they have no credibility of their own. A dead politician, his kids and an old lady pensioner.

@carters: onboard for just 9 months, 3 weeks. It's a blip on her CV. BHP would hardly care what she did one day a month whilst "taking a break". But will have insisted it stop going forward.

Probably it didn't even feature on their radar. In all likelihood their new exec. hire contract boilerplate simply states that active personnel will not hold office in other companies in the same sector, period.

Remember Moroneys prominence in the company was driven by management and rampers. You expect them to be impartial?

Rats, ship, sinking.

The company and rampers are spinning this as a "conflict of interest" implying Moroney can't be on both sides of the deal BHP is about to sign with CGNR.

The reality is that no multi-national will tolerate its senior execs. having side hustles on the boards of badly-run juniors with dubious credentials.

That she waited until DURING PDAC (and not until after), given the fabulous soon-to-be announced JV is due to to be signed there, speaks volumes.

PDAC ends Wednesday btw 😉

H5O: "talks have been ongoing with prospective interested parties since Demir exited last April, the CFO said that certain discussions were advanced, he implied it was only a matter of time before a deal was struck"

If they are talking at an advanced stage to serious partners then surely PDAC is fairly irrelevant? I can't imagine a major mining company with serious intent that has already looked at the projects in depth is now going to make their decision contingent on a public chat at an exhibitors booth?

Can't have it both ways.

Either: there are serious negotiations with specific potential partners which have by necessity involved data sharing, two-way visits and tele-conferencing, or: PDAC is a sales trip to tout this project to all comers on spec. That certainly seems to be the intent over at KDR, albeit the 🤩 rampers seem convinced they are going to fly back with $4M in unsecured project finance in their pockets. I guess we will all know in a week (or not).

DH: 😂 I wouldn't be so stupid, but I'm sure Messrs Naylor and Coomber are reassured you think they can afford it. If you hadn't noticed KDR did exactly the same thing 6 months earlier (July 2024) collapsing the SP with a 40% discount for a measly £300k. The entire company now worth less than their 15% shareholding was 18 month ago.

It's EXACTLY the same people on the board and management. Mr/Mrs Sherman, the two Jones' McMorrow (yes here on CGNR too), Bird, McNupty etc. I'm surprised a pro like Ms Moroney is sticking with them. She obviously sees some technical merit!

Placement at CGNR?

Stevehoops: I DONT THINK SO

More optimistic whistling-in-the-dark spreading here from a KDR stalwart ramper. Meanwhile under the same management team the two largest independent shareholders David Naylor & Steve Coomber have seen their 18 million shares devalued from 5.5p to 0.7p in 18 months, wiping out nearly £1,000,000 in the process.

25% dilution at a 37% discount to raise a measly £300k, a week after they claimed they were bringing in a "strategic partner" with £4 million.

Don't think it can't happen here, it's THE SAME PEOPLE! Jones, (Mrs) Sherman, Bird, Kevin "Stonking" McNulty.

DS: "Maybe they did drill deep holes. CGNR didn't report all the JV drilling"

If they drilled and hit grades at depth they would have reported it! It would be material.

If they drilled and hit nothing, but now claim that there is potential, that would be misrepresentation. I doubt the Nomad would be on board for that.

My conclusion: they didn't drill, because Demir were calling the shots, and for reason unknown were not interested.

PaulFG:Why haven't they drilled at depth? They keep saying that's where all the good stuff is - so after so many years why haven't drilled there?

Indeed, I'm amazed with 2 rigs running for over a year, and £5 million going into the ground they couldn't persuade Demir to put down one single deep hole on the main target to prove a project-making assumption. And yet we have posters here claiming what great businessmen/geologists they are.

Finally! Well it's something, but the 2% jump is a bit underwhelming. Taking apart the RNS there is nothing substantially new apart from the strategic mineral application. Otherwise it just confirms previously announced work.

Timeframes? An XRF analysis takes at least 5 minutes, so 16,000m every 0.5m is 15 months. Maybe buy/rent a 2nd machine?

Let's see the post-PDAC RNS.

1) significant interest in the project was expressed by several companies we met, blada blada bla. Delighted.

2) the company is pleased to announce it has entered into binding negotiations with XYZ to progress its projects on terms to be announced.

Which will it be?

SH: "Karelian is seeking a strategic partner to spend approximately US$4m"

Not sure why you are posting this here on CGNR, or why anyone in their right would put 4 million into a 1 million company that is peddling geofantasies. I did check out their new presentation, and it is $4M EACH for their two Northern Ireland areas, PLUS funding bulk sampling and "mine development" on their Finland project. Good luck with that at 1p. Here's looking forward to your 1200% dilution.

Yogi: PDAC will be interesting for CGNR.

I fail to see how. Waiting for junior staff from major companies on a paid jolly to wander by your expensive booth, take an interest and recommend you to their superiors is a mugs game. It hasnt worked in the last 20 years, despite having a resource to peddle.

And their CEOs and decision makers have better things to do. The whole point of having heavy hitters on the board is their ability to pick up the phone to these people 24/365 and not rely on chance meetings at trade shows.

Rather I expect the tech. team will be using the opportunity to push their CV's and explain to prospective employers why none of this is their fault.

It's just another $100k down the drain that could have paid for an updated resource statement.

Correction: I wrote: "The only way the grade might go down on the existing resource is if the cut-off is increased"

That should read ounces, not grade, which would increase.

DS: Well unless the cash costs have trebled since the September 9th 2014 in-house definitive mining plan, based on the January 15th 2014 Tetratech PEA ($947/t) then there is no reason to suspect it is sub-economic at $2,800/oz.

According to the CSO.ie (Irish Central Statistics Office) CPI calculator $947 in September 2014 is $1,153 today, albeit exchange rates, internationally procured mining equipment, energy and salaries may deviate from that.

The only way the grade might go down on the existing resource is if the cut-off is increased. That is why the 1Moz went down to 0.52Moz (0.75g/t in 2008 to 1g/t in 2017). In fact at higher prices, cut-off grade is normally dropped, and anyway mining grade invariably exceeds predicted grade because exploration results by necessity are based on an incomplete picture.

But again, all you have to offer is your "opinion" rather than any research based on demonstrable numbers, and I suspect you know little about what you are talking of - you've just picked up on some buzzwords like "refractory" and "biox" which just means the gold is more tightly bound up in minerals like sulphides which are most easily broken down by bacteria rather than chemically, by heat or physically, rather than in oxides or as free gold.