Member Info for ICB888

From the Final Results in June:
“ Further to the successful equity fundraising of US$25.5m and $4 million Open Offer announced in June 2022, the Company is well financed to take the Anchois Gas Project through to FEED and FID, in addition to progressing the Company's wider asset portfolio.”

No

You are absolutely correct that Mark has mentioned several times that talks with financiers have being taking place for several months and they have been in the Data room. If memory serves they were having discussions prior to when we expected the BFS in March. I feel sure that you are right in saying it was the financiers who requested the additional work that delayed the release of the BFS they intended to release in March. We will now have a very high standard BFS and the finance should follow very quickly and /or a bid perhaps.

DDD
Thanks for your thoughts. I mentioned Rio because they are in country already with Calibre which is the next door mine. One would imagine there were economies of scale on several levels. Mark has mentioned talks which seem to have been with Rio about mining copper on Condors land, so if that had legs why not do the gold as well.
I think Mark would prefer to sell sooner rather than later to avoid further dilution which may occur prior to production. Mark’s holding has been diluted considerably due to the project taking so much longer than he would have imagined 12 years ago. He now has less than 3%, so in his shoes I would make every effort to sell now before further dilution. Jim Mellon has the funds to prevent dilution of his holding but history shows Mark doesn’t.
Looking forward to the BFS and what comes next, which should include a rerate that hopefully started today.

A very well constructed post as always from Dictumdedicto. I have been invested for a similar time and have the same intent to stick with it until sale or dividends.
I have for many years based on comments Mark has made been of the opinion that Mark’s preference has always been to sell and had never really intended to take it to production. The issue of the BFS would be an ideal time for a sale to be effected and remove the requirement for financing production. I think your target price for a sale is entirely realistic.
Do you have a view on the likelihood that a sale will take place and would you think that Rio is a likely front runner, not least because Mark in an interview a few months ago mentioned Rio in relation to copper on Condor’s land.

I think it may still be the case that Ed is inside because the Leap sale is imminent although as they have essentially told us the price I am not sure what inside information he holds that isn’t in the public domain. But let’s give him the benefit of the doubt . However there seems no reason why he can’t make a statement that he will make a substantial purchase of SEED shares as soon as that sale completes. He failed to answer a question as to why he was sticking with the other companies that couldn’t IPO in the current market but he wasn’t doing that with Leap as well.
I know he said there were things he couldn’t reveal due to Stock Exchange rules, which I accept. He indicated that there was a problematic Shareholders agreement but that would have been the case when he said it could be worth £100 million.
It seems to me that the only proper course of action in view of the massive discount to NAV, which they haven’t addressed is to return the proceeds of sale of Leap to shareholders. In that way we would effectively receive the largest investment at full NAV. If they don’t do this they are locking us in as we will have to accept 3p per share when the assets if they were all sold would be worth over 8p per share.

The only potential valuations of Leap that I have posted have been from Ed. I am not at all happy with as you say they intend very soon to sell Leap for £6 million having 12 months ago said comparable were fetching £100 million +. I accept that the markets have taken a battering and there aren’t many IPO’s at the moment but £100 million to £6 million in 12 months??
I did not get an answer to any of my 4 questions in fact they didn’t answer any question directly as they have in the past and just claimed they had answered them in the presentation.

11 buys for a volume of 250000 has taken this Up 8.9%. We have seen in the past how quickly Condor can move and I think we may be having a Condor moment!

Indeed now Up 7.8% on 10 buys for a volume of 231000. The worms have turned as the derampers change their tune.

Starting to move Up now and just moved the spread to 19.15/19.95 . The spread has been all over the place this morning which is making a nonsense of the buy/sell figures, although that’s not unusual with CHAR.
Currently Up 2.4% at 19.15 on volume of 2.4 million.

In an early Buy of 100000 the price paid was 19.6695. Let’s hope that is an indication of where we are going today.

Closed Up 2.5% on volume of 11 million.

Good spot Jimmy regarding the reference to Total. I posted earlier that with Total Erin involved with 2 of Char’s business pillars, it raised the clear possibility of going for the full house with Total being the Partner for the Moroccan Gas project.
Would you now put Total at the top of your list of possible partners?

https://www.proactiveinvestors.co.uk/companies/news/991859/chariot-teams-up-with-total-eren-to-develop-mauritania-green-hydrogen-project-991859.html
Adonis runs through todays news. Mentions the 3 Pillar strategy and says as he has before that each will be able to stand as businesses in their own right. Promises strong news flow on Anchois.

Volume now 1.8 million which is already higher than yesterday. Nice late reported largest trade of the day a Buy of 430000 at 18.75p which is an £80000 vote of confidence.

This is a repost of Wizards earlier post which refers to a carried element in Chars favour:
“ This is from research tree, the article is longer but I am not a member.
There is a mention that chariot gets a carried element. Which is not mentioned in the rns it self!

Total Eren is joining Chariot’s green H2 Nour project in Mauritania with a 50% stake in the consortium (Chariot holding the balance). • The terms of the entry of Total Eren in the consortium have not been disclosed but we understand that there is a carried element (to the benefit of Chariot) within the agreement. • The partners will now progress, at minimal cost to Chariot, an in-depth feasibility study and arrangements for the offtake for the green hydrogen. • The entry of Total Eren adds cr..”

Is todays RNS a big hint as to our soon to be announced partner for Anchois and the further drilling.
Total are already our partner for Renewables. They are now our partner for Green Hydrogen.
We have a major gas project so isn’t it most likely we will now go with Total as our farm in partner?

From the RNS:
“ Investors can sign up to Investor Meet Company for free and add to meet SEED Innovations Limited via: https://www.investormeetcompany.com/seed-innovations-limited/register-investor”
Register on that site. It will allow you to listen to the presentation and you can send your questions now or during the presentation. I have already sent 3 questions, it’s very straight forward to use.

The comments from both companies are very positive:
“ Fabienne Demol, Executive Vice-President & Global Head of Business Development of Total Eren, stated: "We believe that green hydrogen is going to be an essential part of the energy mix in the future, and we are delighted to enter into this new partnership on a continent where our strategic shareholder, TotalEnergies, holds a strong footprint. Our skillsets complement Chariot's well and we intend to share our expertise throughout the project's development. I also would like to take the opportunity to thank the Mauritanian authorities for their support and collaboration. We look forward to taking the next steps on the Project together with Chariot."





Adonis Pouroulis, Chariot's CEO added: "We are delighted to have further cemented our partnership with Total Eren, a world-class leader in renewable energies. We look forward to working together on this highly important green hydrogen development in Mauritania. Having a partner of such calibre, who shares our vision and focus for the future, is a key part of developing this valuable asset and marks an important step forward in Project Nour's evolution. We are keen to continue to expand our green hydrogen project portfolio and, as with our renewables business, we look forward to collaborating on further opportunities alongside Total Eren in the future."

Very promising RNS giving CHAR a very strong partner for Project Nour. It reminds investors that CHAR has other strings to its bow which can deliver massive returns and it is progressing them.