Member Info for Guern13

Gold-miner & Condorforever

As a beleagured holder of Medusa Mining Limited shares (renamed a couple of years ago to Ten Sixty Four Limited, X64:ASX, and delisted from the ASX in March this year) I can inform you that the company is still mining gold from the CO-O mine in the Philippines. MML was operating successfully a few years ago but hit a number of technical issues which affected its profitability and was then embroiled in complex legal challenges as to its ownership structure by a number of powerful Philippino operators. This resulted in the company going into administration, suspension and then delisting. It is disappointing that, given the current gold price, the company can't recover but, barring a miracle, I have assumed that this investment is now a complete write-off.

CVR's - 29th Jan 2025 was likely date for release of CVR certificates I think.

Thanks Geng!

Agreed - given IG's super fast response on MTL share allocation was hoping that we would have cash by now - will give them until Friday before contacting them.

@donalb can't see it on Page 16 - do you mean Page 14 - top left of MOU-5 section?

The selling is mine - my long CNR spread bet converted this morning and I have reduced it to control risk - the result is the sale of approx 800,000 shares. This is not a reflection of lack of confidence in MTL as I intend to retain approx 3 million MTL shares in my trading account going forward subject to clear progress being made toward first pour of La India gold.

Sorry my message got garbled - last bit should have read:

share dealing service, there should be no reason why they shouldn’t be able to account for the CVR within my spread bet account.

I also hold CNR shares that are held with other custodians and agree that a spread bet is not for everyone considering the additional risks….

@adamsmithfreethi IG Index has not yet confirmed their treatment of the CVR (see my previous message). However, given that they also provide a normal share dealing service, there should be no reason why they shouldn’t be able to account for the CVR within my spread and agree that a spread bet is not for everyone considering the various additional risks. Again DYOR.

@vermillion1996 I have a CNR spread bet on IG and this is what they advised:

Thank you for reaching out. I would like to address your questions regarding the corporate actions related to your spread bet on Condor Gold PLC (CNR).

Treatment of Spread Bets in Corporate Actions: A long spread bet is treated differently from a non-leveraged equity holding. Specifically, for your +???? spread bet on CNR, the following steps typically apply:

The spread bet will be closed at the closing price when CNR trading is suspended (scheduled for 14 January 2025).

A new spread bet will be opened in MTL at the opening offer price on the first trading day after the suspension of CNR shares, reflecting the new holdings in MTL shares (????x4052.6 in your case).

You will also receive the equivalent cash amount for the ????x100 CNR shares, which, based on the deal terms you’ve cited, should total £££££.

For example, if you had a £10 bet then the new MTL bet would be 40.526 and you would receive £99 in cash.

Treatment of CVR: Regarding the Contingent Value Right (CVR), it is typically treated as a future consideration, dependent upon the achievement of certain milestones. As CVRs are contingent, their value is uncertain and may not have an immediate impact on your spread bet position until they materialize into either cash or shares. At this stage, we do not have further details on how the CVR will be specifically accounted for in your spread bet. We recommend monitoring official communications for updates on any milestones and entitlements related to the CVR

Biggest risk to consider is the level of the new price of the MTL bet on the open, otherwise, it's a great way to make some money! DYOR

Today is the anniversary of the RNS appointing Hannam to seek a buyer for the assets of the company. How many days, weeks or months do we have to endure before we are put out of our misery?

Feels like an AA meeting….

850k and have managed to stay on the wagon since last January’s issue (but currently trying to resist a cheeky spreadbet).

I would have thought that if employees are blocked from buying in the market then they would also be blocked from exercising options, so it's seems a bit strange as I agree that it would have been possible to buy 70K shares even in this illiquid market. I think I will go back to sleep again!

70,000 options, issued under the Company's employee share option scheme @ 22p, exercised for consideration of £15,400.

Subtle message that we may be getting close or complete red herring?

Yes Slim - that's correct the date and time from the 'expected timetable' announced in the open offer RNS. I would have thought that they should put out an official RNS announcing that meeting - perhaps on Monday.

Agree re AGQ - skin in the game has always been a compelling factor in this project and I trust it will deliver at least book cost!

Last line should read:

However, we have to rely on the fact that Jim doesn't want to lose money and so we can assume that his minimum price is in excess of his new average - has anyone worked this out?

Slim, like you, I'm finding this period very unsettling - Mark & Jim pull the rug from under our feet again just as we were all anticipating finance to be sorted before Christmas and looking forward to the construction phase starting in early 2023 with the hopes that the share price starts to rapidly recover towards £1 and beyond. We are all trying to be relaxed and logical but in the back of our minds we have previous scars of directors trying to shaft us and us losing everything (my biggest scar was ACQ - Arian Silver) and, as a consequence, our confidence in Mark & Jim to look after our interests has now been affected somewhat (understatement).

However, the fact that we are being offered shares is a positive - this the first time in the 12 years I've owned this share that this has happened - so the chance to pick up shares at 15p is attractive if you have the available money and feel that there is sufficient value in the company under most worst case scenarios - as I said in my previous post I will be taking my allocation because I think the risk is worth it, all things considered.

I very much respect ddd's analysis and have followed him over many years - I think his calculations are sound and are in the same ballpark as my own. There are obviously a huge number of factors to be taken into account when deciding on a valuation as other posters have illustrated with examples of sales of other mining companies so one can only guess a price in a range which has to be wide. I think a price in the range 40p-60p is achievable if there are a number of buyers interested, however, this would be reduced to 30p-50p if there was only one buyer involved. The big question is what is the minimum price Jim will accept!

However, we have to rely on the fact that Jim doesn't want to lose money and

Ddd, many thanks for all your in depth analysis over the last few days. I would just like to comment on your statement 'The RNS assumes £3.2m (plus the £1m loan note) so I guess they assume not everyone will go for it' and take a shot at trying to explain this.

Total shares available: 158,629,530
Mellon owns 18.719% of total shares = 29,694226
Total new shares offered (1 for 6): 26,438,255
Notional allocation of new shares offered to Mellon = 18.719% of 26,438,255 = 4,949,037
Allocation of new shares offered to other Shareholders = 26,438,255 - 4,949,037 = 21,489,218
Consideration of new shares offered to other Shareholders @ 15p = £3,223,382
All figures truncated.

So they are hoping that all 'other' Shareholders take up their allocation to yield £3.22 million - if they don't then the those new shares will be offered to Shareholders wanting additional new shares over and above their allocation.

The loan notes/open offer proposal states that Mellon's £1 million of loan notes will be automatically converted to new shares @15p if at least £1 million is raised in the open offer to other Shareholders (hopefully likely) this would yield 6,666,666 of new shares to Jim which is in excess of his notional allocation of 4,949,037. The proposal is not clear on this so it may be an incorrect assumption. I'm sure the detailed corporate action to be released during the week of 5th December will have a clearer specification of the process.

I will certainly be applying for my allocation and a few extra even though I'm over extended on this share - the chance to reduce one's average given the reduced expectations is too good to miss. Good luck to all!

Cf, I couldn't find him anywhere other than on the On Demand presentations - see my message below. If you go to Condor's virtual booth you can submit a question but I'm not sure who is on hand to answer.

Tester, I also registered for the Master Investor show but could only find Mark on the On Demand presentations tab - his presentation is already up and available. After listening to it there didn't seem to be anything new compared to recent presentations other than:
(1) He mentioned that one purchase of land was completed last week - presumably Mrs Rivers as Book5 mentioned
(2) General remarks on in-fill drilling on La India and Mestiza - two drill rigs to be operational - an announcement will be made when they start operating
(3) Listed recent recruitment of various positions including hydrologist, architect, mine planner, geochemist and also mentioned Luc English
(4) A decision will be made on the plant 'in the very near future'

That's about it!