Member Info for Guern13

All presentations are following on so presumably they are holding questions until the end of the set of presentations - very strange way to manage the process.

Mark is on first and has just started - presentation for 10 mins then questions.

Hi Isa

Sorry to disappoint you - it is certainly very reassuring when Jim puts his hand in his pocket!

Why 100K, why now? Circumstances really - yesterday I finally took the decision to dump my holding in POG after nearly 10 years. You may be aware of the shenanigans that have taken place over the summer and the acting CEO being locked out of the POG HQ by the staff was the last straw - the risk of that share imploding is, I think, growing every day. Shame really because it was shaping up to be one of those miracle recoveries based on its world leading POX technology. I reallocated the proceeds into CNR, HOC, PHSP and I also to intended to top up my CEY holding at the 150p level but missed that opportunity by about 10 minutes - I'll wait to see if it comes back to that level. POG is a good example of how things can go wrong - my first purchase was at 944p in 2011 would you believe, my last purchase was in March 2015 of a bundle of shares as part of a rights issue at 4.14p. My average price was around 30p after the rights issue and I never expected to ever get that in a month of Sundays, for example, at the start of this year it was at 12p! So all in all getting out at 32.5p gave me a bit of profit - but we don't talk about the return on investment over nearly ten years which is, of course, laughable.

So I don't know about being knowledgeable - I certainly have a lot of experience in backing a few winners and ruining it with some howlers the largest of which was AGQ (Arian Silver now called Alien Metals). This company is a text book case - the company had a decent silver prospect in Mexico which moved steadily along the development curve and purchased a second hand mill which was funded through a streaming agreement through an American company. The mill was shipped in and rebuilt on schedule. Milling started in time to meet the first commitment of the streaming deal. That's when things went wrong - the rock was too hard for the mill that was purchased and, to cut a long story short, the stringent conditions of the streaming deal were not met and AGQ forfeited its entire mine asset. Share price went to virtually zero overnight and the rest is history.

I have been in CNR for over ten years and still believe that it is different. Why? I think it's mostly down to MC and JM. MC has significant skin in the game, he also has integrity - two conditions that give us PIs some confidence that we won't get purposely shafted. JM is a great major shareholder to have - he has an good track record and people take notice of where he invests (although perhaps that interest hasn't quite extended to CNR yet). CNR is a screaming buy at the current levels - the risk/reward ratio is high if you can stomach the volatility - dyor, of course!

Just to advise that the sell of 100K shares at 14:19 was in fact my buy @ 43p. I trade through Canaccord and, although relatively expensive in brokerage, they always seem to be able to satisfy large deals without too much trouble.

I'm sure we are all fed up with the shenanigans on the Comex which deliver takedowns of the precious metals on a regular basis. However, a good indicator of global investment demand for the precious metals is the total tonnage in the various ETFs - the World Gold Council confirmed in April that there were inflows into the gold ETFs for the sixth straight month bringing the total holdings to 3,355 tons. The GLD holdings make up about a third of that total tonnage and I use the link below to track the movements in/out of GLD regularly as an indicator of whether investment demand is waxing or waning. Since the 20th March, when holdings stood at 908 tons, holdings have either increased or stayed the same on 49 out of the last 52 dealing days - total tonnage in GLD currently stands at 1,133 tons. I think it is safe to say that gold investment demand is continuing to stay strong despite the efforts of the bullion banks, the BIS etc. - this should provide tail winds for CNR going forward.

http://www.spdrgoldshares.com/assets/dynamic/GLD/GLD_US_archive_EN.csv

Had a look at your mininingbusinessnet link which was very interesting - it certainly was from a few years back as I note that it quotes the current price at the time of the article as 168.5p - looking at the charts the last time the price was there was in January 2013, just prior to the $300-$400 drop in gold in April that year. Looking forward to the price being in that territory again!

Thanks for all your research and balanced views over the lifetime of this share - like many others have said in the last couple days it has been a tough ride but hopefully our patience will pay off in the end.

Mb54, the two 50Ks were mine - I put in an order for 100K @ 17.25p at the open. The fact that the broker had to split the order and the second half took 45 mins to execute might mean that the mms are coming to the end of the supply from the seller. However, the spread remains very tight which should mean that there is an even amount of buys/sells so not sure what conclusion to draw.

I'm sure all the LTHs are now used to these excruciating periods of waiting, however, it doesn't get any easier to remain calm and detached when these large holders dump their holdings at any price!

Some chunky buys going through today - first time for quite a while.

Portent of a cracking out of hours RNS this evening? Ah well - one can dream!

Hi Geovanni. Yes you could well be right but, as the saying goes, who dares wins Rodders!

I'm an 8 year long termer.
My long term average on 1st April was 91p but reduced to 64p when I went for broke (literally!) and bought 200k at 18.5p when the big seller was around. Now own 0.87% of company shares.
It has been an agonising wait with more than a fair share of nervous periods but I still believe the asset has massive potential. These are tough times for the precious metals mining industry but I still have confidence that Mark can deliver - just hope it comes soon as I need to start drawing down on my pension pot!

It's very good to see a steady stream of buys coming in to counter the moderate flow of sells - looks like 200,000 ish bought and 85,000 sold so far this morning - we haven't had this for such a long time! Still not clear whether the big seller has still some more shares to dispose of or whether this is just end of tax year loss selling. Looking forward to Monday (or before) to have some clarity on this with, hopefully, some holding disclosures.

I have a buy of 100,000 shares at 18.45p confirmed by my broker at 8:09 which hasn't shown up yet - it was executed XOFF which means it was off exchange directly between two parties - new to me!. Demonstrates that the seller is still there and will have capacity to absorb substantial buy orders - buy at below 19p while you can!

Looks like about 115K sales and 40K purchases today (the 45K trades are a bed an ISA at a guess). No movement in the bid price - may be the MMs are trying to accumulate as much stock as possible before the new ISA year on 6th April.

Bid Price has just dropped on IG to 43p - Offer Price still at 47p! Expect some chunky sells to show at some point in the afternoon.

I have been looking to see if there are any decent discussion boards over the water that may become a forum for investors in COG/CNDGF. The only one I've found is Stockhouse: http://www.stockhouse.com/companies/bullboard/t.cog I was surprised to find messages posted from someone called Sunjammer! Some of you may remember a Sunjammer on iii some years ago in the heady days of Arian, Condor and Minco. That individual provided very incisive and intelligent commentary but disappeared from the discussion boards before the Arian disaster. Needless to say I'm relying on Condor to make up for the damage to my portfolio inflicted by that inept management team at AGQ! Whilst there is no discussion taking place at the moment at least Sunjammer is getting a decent number of reads of his messages - hopefully this will develop as Condor gets a higher profile over there. I also noticed a message from Sunjammer that looks remarkably similar to one of AF's posts - plagiarism or ....

Much better trade screen on OTC now - shows individual trade history: https://www.otcmarkets.com/stock/CNDGF/quote Large purchase on 07/02/18 for 35,000 at $0.73 - about 52p. At least there was a little activity on TSX today - last price C$0.78 - matching AIM at about 45p

Cambells - your comments caused me pause for thought on the warrants issue. You floated the idea that the investors that participated in the cash raise in April 2016 (Beaty, Sprott, IFC, some of the directors and others unknown) might exercise their warrants at 60p before the 14th April expiry date even if the market price was under 60p - the reason being that this number of shares could not be purchased in the market without pushing the price over 60p due to the lack of market liquidity. Whilst I suppose this is not impossible, I consider this unlikely for two reasons - (1) if they (particularly the directors) did so would there be questions of them knowing more information than has been disclosed to the market and (2) why would professional investors pay a premium to the market price? (assuming they know the same as us private investors). At a time when we are all feeling very nervous about the next few months (hopefully, not years!), due to the lack real news on progress, might it be a good thing if the warrants expired worthless? Certainly, it would be a shame not to receive the �2.278 million into the coffers but if they were all exercised the downside is that we all suffer a 7% dilution. I think MC said that additional funds would only be required to produce the BFS - and presumably the BFS would only be commenced if permits had been issued. So, as you suggested, might it be better to do a cash raise further down the road once permits have been issued and (hopefully) the market price is significantly higher. The benefit to us would be more cash for a similar dilution. On the question of publicity and promotion surrounding the TSX listing Wondergoals make some fair points - one does wonder what our appointed PR agent does to earn his fee! Whilst bombarding investors with news, as some AIM companies do, can be a double edged sword would it be too much to ask for a short monthly operational status report listing achievements/forthcoming actions posted on the website or Facebook? This at least would give us a feeling of momentum...

Proves you're not a numpty then! Good to hear that you are loading up here.

Cheaper on the market, that is - obviously no warrant will be exercised if the share price dips back below 60p (unless the investor is a real numpty!) If all the warrants do get taken up then that will demonstrate the confidence of our major investors in the future of the company and an expectation of further share price improvement.

dpg, a warrant is the right to buy a share at a certain price prior to an expiry date. When a warrant is converted to a share a new share is issued and the company receives the 60p in consideration. So the attraction of a warrant is that if the share price rises above the exercise price then an investor can buy a share at a discount. So you are right they are dilutive if converted into shares but the company receives 60p for every warrant converted. The company has 4,638,333 warrants at an exercise price of 60p with an expiry date of 14th April 2018. So potentially, if all warrants are exercised, then the company will receive �2,783,000. Although dilutive for us investors the benefit may be that any cash raise can be put off until later in the year when, hopefully, the share price is significantly higher than 60p. However, in order for all the warrants to be taken up by 14th April I would think that the share price has got to get to at least 65p to be attractive. With regard to Cambells comment on the 50k I think these are still transfers over to the TSX - I'm sure any investor holding warrants will wait to see how the warrants pan out in the next couple of months - no point in paying 60p now if you can get them cheaper in the next few weeks!