Member Info for Goldbug99

It had to happen. Place at a 30% discount (and for a trivial amount at that) and that's what the price drops to, and anybody who is angry isn't a "real shareholder"???

Your strings of **** one-liner expletives aside, it could equally be argued that you are just a company stooge posting on behalf of management.

So much for real and reasoned debate! I'm nearly done here. And you wonder where all the embittered (former?) shareholders come from? Conroy is making new ones every day. What a waste.

Was that £50k in cash or just debt, and if so, will it just flow back in his pocket as salary over the next 3 months?

£85k was converted debt, so £259k-£85k-£50k = just £124k in useable funds, and what were the brokers fees? Not much raised given the ambitious initiatives described not to mention corporate overheads to be met.

Zero mention of JV progress, apart from funds will be used towards it. What? Barrick won't pay their own hotel bills?

🤬 doesn't even start to cover it.

Thank you FV. I have no comment on Finland, but generally diamonds are a mugs game imo. As to NI, it was close enough to "home" that I decided to do some brief (30 minute) research. Even as a lay person, from the Dr Hulbert website and open source maps etc. it was very clear to me that KDRs NI assets are purely speculative and the potential is underwhelming. I've put my reasons out here and all can take or leave them as they see fit. Meanwhile CGNR actually has some tangible assets, and I'd hate to see dilution, or loss of focus, chasing fantasies.

My views would be no different if the two companies were completely unrelated. I just hope our management isn't wasting too much of their (unpaid?) time on KDR.

FV: it's a forum, with due respect you are not the moderator, and we are all entitled to our opinions.

And mine is: CGNR should not be holding any KDR stock, although I appreciate it may have been the only way to recover outstanding debt, and the recent migration of KDR shareholders onto this board to peddle their early-stage and highly speculative "assets" into the JV mix, presumably to help bolster their catastrophic SP, needs to be called out for what it is.

MrD: you are missing '000. That's only 120 tonnes, Lumwana produces 120,000t Cu. That won't be found in NI which hosts neither IOCGs nor porphrys for reasons I explained in an earlier post. If Barrick do a deal, it will be with CNGR for the gold, not KDR for some fantasy Pt-Ni-Cu. They turned down buying Grasberg ffs.

Bristow is a sharp cookie https://www.miningmx.com/news/gold/54430-deal-shy-bristow-to-break-form-as-barrick-eyes-copper/

Mr10B: I have no interest in posting anything on the KDR board. I'm not invested there for a good reason. I just don't want CGNR embarking on fruitless and expensive non-core adventures.

Having lived in Canada I actually bothered looking into this. AFAIK the KDR NI licences, all 750km.sq., were selected to look for the source of the famous Brooksbank diamond. Most of the terrain in the three licences is underlain by carboniferous shales and mud stones with zero mineral potential, and any kimberlite would have to be younger than this, so large, obvious and in the wrong tectonic setting. IMO it's a hiding to nowhere.

The only Pt-Ni-Cu potential would be in the very small block (5×15km) of Proterozoic meta-sediments in the very north, west of Omagh, so just 2% of the licenses. And then only in ultramafic magmatic bodies (see Dr Hulpert's website ultra-mafic.com). There are bodies like this in the same Proterozoic of Scotland too, where magma has separated to concentrate nickel and platinum in copper-sulphides. The closest comparisons seem to be Talnotry and Corrycharmaig, which you can read about here:

hxxps://nora.nerc.ac.uk › eprintPDF The potential for platinum-group metals and nickel in the UK - NERC

There are only three such known bodies in the Omagh NI Proterozoic outlier, a few hundred meters long and tens of meters wide*, just south of the village of Lack, so the targets are pretty obvious and easy to check. There might be more, but if the original mapping and all the open-source geophysics to date found the large and obvious ones, they are presumably smaller, or very obscured.

There's a lot of hot air being spouted about these supposed new "world class" deposits, and if the company won't publish any of its reports for shareholders (although the staff seem to talk freely at private conferences) then I guess we have to do our own research.

IMHO? Forget KDR, stick to the gold, these other distractions are a money pit.

*You can see all this on the BGS geological maps online.

hxxps://mapapps2.bgs.ac.uk/GSNI_Geoindex/home.html

Switch on the 10k bedrock geology and go to 54.5417188, -7.5621333

When gold price goes up, cut-off grade goes down and resource size increases.

Should be a simple matter to update the resource based on that alone.

I mean the directors/family hold less than 8% of this, why do they hold such sway, to control not only day-to-day management but the entire board?

DS: whilst I agree with cutting deadwood (and costs) from the board, and an urgent resource update. I mean how much does it cost to run the stats compared to what was spent on drilling and assays? Technical management? Three of the directors are experienced geologists with international gold experience, another three are on staff. That's high for a junior. The problem is the family, Pop, daughter, son-in law, partner and her nephew.

DS: so kindly explain why four professionals have staked their reputations and wasted years of their careers on a project THAT YOU can clearly see was an absolute non-runner from the beginning?

DS, you know full well that resource estimates are independently contracted to outside experts. In 2017 it was Tetratec of Canada.

If we could address the genuine criticisms (yours and mine) like poor management decisions, lack of transparency to shareholders etc

we would get further than your plain "it's no good".

Because if that is the case, then either the entire management team, including Earls, Bird, McNulty and now Moroney, plus all their consultants, brokers and analyst are incompetent fools, hoodwinked by a geriatric "conman" (and why would he???), or else they are all in on a scam to rival Enron or Bre-X. Those are the only outcomes from your position, so really?

I for one am not convinced.

DS: just because data hasn't been processed doesn't mean it hadn't been collected. We know it has, because €5M was spent on drilling. Is it all useable/useful. Probably not as a lot of it was one-off holes far away from Clontibret (something I've already been critical of BTW).

Who knows why they haven't integrated the rest with existing data and pressed the recaluate button? They aren't telling us (another criticism of mine). Maybe the hard-drive with the old model crashed? Maybe the consultant who did the original work has lost it/ gone bankrupt/retired/died? Maybe they are sharing it with a potential JV partner who demands exclusivity/confidentiality? Your guess is as good as mine RN.

DS: it's in the 2018 Brokers (Brandon Hill) initiation report, p19, exhibit 14. Says it was prepared by Prof Earls according to JORC rules. They use 8.8Moz but the lowest cut-off/drill probability is 2.2-3.3Moz, hence my conservatism.

Why do you even bother to comment on a company whose official documents you can't be bothered to read?

DS: 2-3Moz. Yes, it's in the matrix of up to 8Moz (so I'm being conservative) dependant on drill success, which I believe was established by one of the directors, Garth Earls, you know, the guy who was in charge of the British Geological Survey for 40 years, who discovered 6Moz at Curraghinalt, and who is the Professor of Geology at Cork University.

https://www.igsint.com/staff/professor-garth-earls/

@10Bag: amazing how nobody believes that Barrick could be interested in a 2-3Moz potential deposit, yet is sure that Rio wants to JV a tiny $39 million kimberlite that's been doing the rounds for decades. Stick to your diamonds and let CGNR stick to its gold.

A ridiculous and mis-directed adventure IMHO. All I can surmise is that it was better to take shares in return for the office rent and staff billable hours provided, than to write down the debt and get nothing at all from a company that has no cash or real projects.

Perhaps now is the time for CGNR to sell their cross-holding. The likes of Mr 10bagger etc. are obviously keen to buy. Even better, sell KDR their shares back in return for their NI non-diamond licenses.

Funny to be lectured to by Mr 10Bagger about the non-value of a 0.5Moz DISCOVERY when all KDR has is a 3rd hand cast-off project with zero resource value until they get the landowners permission to actually test it? They have been trying for 8 years! What else have they discovered? Oh, yes, a green diamond, seven years back.

Sorry, I meant DS, not FV in my last comment.