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A very good reminder from Gazzleberry that Satoshipay/Dtransfer/Pendulum are not dependent on the ups and downs of crypto to be successful. It’s all about blockchain which will allow Dtransfer to move currency around the world instantly and at a much lower cost than the current system because they will cut out all the intermediaries that are currently involved. It is a massive daily marketplace that Dtransfer should have first mover advantage in.

The reference in the Vox article to Dtransfer is particularly encouraging as that is where there is most scope to monetise this very quickly:
“ The rapid progress of Pendulum and the Polkadot ecosystem may allow us to accelerate our mission to offer instant cross-border payments on blockchain sooner than expected. We are considering several options to further decentralise the DTransfer service and further announcements will be made in due course. For now, SatoshiPay’s focus is laying the foundations not only for DTransfer, but for the whole industry, with Pendulum."
If Dransfer can gain first mover advantage this is very big news.

At least Guild is having a better day Up 14.7% on volume of 13 million. Perhaps we will get an RNS regarding Satoshipay/Amplitude tomorrow.

We were reminded recently by Tester that 3.5 million warrants at 25p are due to expire very soon in mid July. You would imagine that Condor would like the £750000 cash that would be raised. Will some news be released this week to assist the sp to move up to ensure it is above 25p if the options are going to be exercised. Also it’s 3 weeks since the placing and I imagine the investors who took shares at 28p would like to see their new shares in profit.

A slow start to trading this morning with just 4 trades for a volume of 179000 but at least they are all buys.

This is a very positive RNS which gives every reason to continue expectations that Dynasty and Satoshipay will deliver the VC levels of return that one would expect from early stage investments. It’s just unfortunate the results are released on a very bad day on the markets when most shares are down.
Look at the conclusion on Dynasty:
“ Under the new commercial model, Dynasty anticipates that the revenue share component will contribute more than 85% of its total revenue within the next 12 months. The company remains in dialogue with all parties regarding a potential listing of the company's shares on the Australian Stock Exchange ("ASX"). However, there are several interesting discussions ongoing that could potentially that may lead a different outcome to an IPO on the ASX. We remain reassured that the board of Dynasty will continue to act on the best interests of all its shareholders.

To date, the Company has invested approximately GBP968,000 in Dynasty based on Dynasty's valuation of US$50 million in the last fundraising round. As of 31 March 2022, the Company's holding in Dynasty is valued at approximately US$6.5 million (approximately GBP4.8 million).”
And Satoshipay:
“ The fast progress of Pendulum and the Polkadot ecosystem may accelerate the mission at SatoshiPay to offer instant cross-border payments on blockchain sooner than expected with further news expected in the near future while Solar Wallet continues to be in maintenance mode with a recent update patch released to the market. This release includes a minor change for adding funds with Moonpay, which was required from March 2022.

As of 31 March 2021, total equity funding to date for SatoshiPay was EUR4.6m with Blue Star currently holding 27.9% of SatoshiPay's issued share capital, worth GBP4.5m, based on the last external fund raise in 2019.

It is the Board's view that the valuation of SatoshiPay may have increased significantly since the last fund raise given the operational progress of Pendulum. However, no revaluation work on SatoshiPay has been undertaken since 2019.”
Finally the Outlook:
“ The Board believes that the Company's portfolio has continued to achieve significant operational and financial milestones during the period. Importantly, the Board maintains its confidence in the strong underlying trends across the sectors within which it is invested in and believes in the benefit of the portfolio approach when investing in early-stage companies out ways the inherent risks.

Given the increase in NAV of the overall portfolio since inception, plus sufficient cash reserves, improving liquidity provided by our listed investments and the increasing investor interest in the activities of our portfolio companies, the Board is confident that it is both well-funded and well-positioned to perform strongly in the second half of 2022 and beyond.”

I am also on the list of investors who are disappointed by the continuing delay in issuing the BFS and hope that the 3 to 4 months in the video is an error. Has anyone got a link to the presentation Mark gave at the World Gold Forum on 12th April 2022. The presentation in written format is on the Condor website but I want to know what he actual said as the documents are virtually identical. If he said 3 to 4 months in April perhaps he forgot to update that part of his script. Just a thought.
However it is interesting to note some differences in the section on the Feasibility Study where it lists the work undertaken.
In April all 14 sections were listed as Completed apart from “The Mine and Waste Dump Schedule “ which is “In Progress”
If we move to the June presentation the MWD schedule remains “In Progress” but 2 previously completed items have changed status:
Metallurgy “Additional test work”
Geotechnical “Reviewing”
The final section 14 Financial Study states “Not started” on both presentations.
So that would appear to indicate the areas they have had to revisit which they had as completed when they were planning to issue in March. Clearly if the BFS is not going to be issued imminently an update would be appropriate.

Well worth listening to the interview with Katherine Roe talking about Ruvuma. Wentworth are already involved in the production of gas at the adjoining gas field. They therefore have a wealth of relevant knowledge about the gas geology of the whole area which they can bring to the party as well as excellent relations with the Government. It is therefore a major confidence booster that they wish to acquire a 25% share and fund that share to production. AEX shareholders should draw very positive conclusions from this commitment by Wentworth, who will fund their share from their free cash flow as well as continuing to pay a dividend to their shareholders. It is a good indication of what AEX should look like when the gas starts flowing.

Currently Up 4.2% on volume of 1 million. Looking to see this moving north again as we await the CPR which could be released any day now.

It’s worth highlighting the final paragraphs of the article:
“ The Big Payoff

There is significant capital gain potential as the market begins to anticipate and discount the production of metal and the consequent earnings (Figure 1, Items 6 through 8). The maximum appreciation is recorded if the mine is being readied for production during a period of metal prices weakness and begins pouring metal and generating earnings as prices are trending up again.

In thirty years of identifying ten such companies, all but one have equaled or exceeded their discovery highs by more than 100%! The price rises from their confirmation/disinterest lows to their production/cash flow highs have produced 300-1000% gains.

Conclusion

One of the best times to invest in a mining stock is during the construction - pre-production period when a qualified 'single' ore body mining management team is going about the work of 'making mines'.”

CNR’s discovery high was circa £2 so 100% on that would give £4. I think everyone would be very happy with that!

From the Sunday Times article specific mention of Blackouts in nearby Countries:
“ He suggested coal
could
surge above $600 a tonne and
still be cheaper than the liquid
natural gas (LNG) that coun-
tries are buying to replace
Russian gas.
Europe is turning to the US
and Colombia to top up coal
supplies. This is driving prices
higher,
leaving
traditional
buyers in the dark. Blackouts
have recently struck countries
such as Sri Lanka, ****stan
and Australia.”
We know countries like Bangladesh are having problems paying for LNG. How is Hasina going to explain what she has done to avert blackouts. She needs to get that mine at Phulbari under way asap.

Article from today’s Sunday Times Business News:
Energy crisis sends Europe
back into the arms of Old
King Coal
The fuel was supposed to be on its way out, writes Jon Yeomans, but
with war in Ukraine it is firing up again
War has unforeseen conse-
quences. And so it proved last
week, when Germany's politi-
cans, dido n nonced Sic tua
ordered coal power plants to
fire up in the face of soaring
gas prices stoked by Russia's
invasion of Ukraine.
"From now On,
gas is
a
scarce commodity," said econ-
omy minister Robert Habeck,
a member of the Green Party
that is now part of Germany's
coalitiongovernment.
He added that there were
"no taboos"
in the hunt for Energy security,
suggesting
Germany's phase-out of coal by
2030 could be delayed. Minis-
ters have even floated the idea
that Germany's dwindling fleet
of nuclear power stations
could be kept online beyond
their shut-off this year
an idea long considered verboten
in a country that, under for-
mer chancellor Angela Merkel,
shunned atomic energy after
the Fukushima disaster in
Japan in 2011.”
Hasina needs to approve mining of Bangladesh’s own coal immediately to show she is taking steps to address the Energy crisis in Bangladesh. There is more to the article but the point to note is that Major Government’s around the world are reversing their reductions in coal because they believe it is vital to address an energy crisis that will take many years overcome. Hasina has lost any political or environmental cover she had about coal when all major powers around the world are increasing the use of coal. Clearly they all support using your own coal rather than importing it. Hasina’ legacy will be the lights going out and many factories closing in Bangladesh. Her party will stand no chance of being re-elected.
Mr Tang needs to press GCM’s case now by presenting the proposal and forcing Hasina to make a decision in a public forum.

I think that it was always Mark’s intention to sell before the mine was built on the basis of proven gold in the ground and the virtual certainty that they have 5 to 10 million ozs of gold. Mark has I believe actually said as much in interviews in the past. Unfortunately the gold market went into decline for a number of years and the plan had to change. They had to start the process of going to mine it to play the game or they would be a sitting duck for a very low offer.
We know there have been companies in the data room and Mark mentioned in an interview that he had been talking to a major about a copper deal. It seems to me that a major interested in copper could also be interested in gold.
Is it the case that someone interested in buying has requested some additional work in relation to the BFS to ensure all their boxes are ticked. I am hopeful that an offer or offers will be received soon after the BFS. Mark won’t want to suffer more dilution. Just recall the percentage he had a few years ago but now he doesn’t even have a notifiable shareholder interest as he has less than 3%.
It is common industry practice for the big boys to take out small explorers like Condor at this stage and after all these years it is time for the long term shareholders to be rewarded.

Until January SCLP had been trading above 20p whereupon its decline to below 12p began.I realise that the general markets have been falling however I do find it disappointing that we have not recovered to at least the 20p level. We are clearly in a much stronger position than we were then having had 3 very positive RNS in the last 10 days and others in between. Let’s hope that a deal which puts money in our bank account is not far away as that seems to be what the market wants to see.

While we await news from Dynasty and Satoshipay we can at least watch our listed investment GILD follow yesterdays rise with another 10.7% this morning on no news. It’s got along way to go to get back to its IPO price of 8p but at least it is moving in the right direction. BLU’s break even point is much lower than 8p possibly around 5p so it would be good to get back there as we can easily sell a listed investment if we wanted to raise so cash in the future.

Absolutely Jimmy. I remember our CFO before the drill talking about a 10x share price event when the sp was 10p. So that would be £1. We have had other commentators like Malcy talk of similar multiples. I am expecting the Cenkos valuation on release of the CPR to be closer to £1 than 50p.

Just for a reference point as we know the price on the various exchanges bears no relation to the actual value:
“ Yooma Wellness Inc, a company whose strategy is to build a vertically-integrated global leader in the manufacturing, marketing, distribution, and sale of wellness products including hemp seed oil and hemp-derived and cannabinoid ingredients, has had a busy period, particularly post its dual listing and $9.7 million fundraise on the AQSE Growth Market. We invested in this round of funding and are pleased to report that, although the share price has been somewhat volatile, Yooma is delivering on its expansion strategy having made three acquisitions since August, including two of the largest cannabis deals globally in the last few years.”
Then from the financial segment:
“ The Company's Net Asset Value ("NAV") per share at the end of the period was 10.98p per share compared to 11.72p at 31 March 2021 primarily resulting from the softening of the listed cannabis market. Although operational progress has been made by SEED's cannabis-based investee companies, the soft nature of the current market has resulted in majority of key listed cannabis focused stocks being flat or down on the year with respect to share price. A good example is Yooma Wellness, with the market price down 50% over the reporting period, reducing SEEDs carrying value by $2.5 million (£1.4 million) to 30 September 2021, which has been the main driver for the reduction in our NAV. Since 30 September 2021, Yooma's trading price has further reduced from CAD$0.70 to CAD$0.24 as at 30 November 2021. This has been driven by illiquidity in the market and is, we believe, well below the real underlying value of Yooma, particularly when examined against its forecast sales in Q4 which creates an impressive annualised forecast run rate of US$20m giving it the potential to be one of the largest companies in its sector.”

Last 2 paragraphs of the Cenkos report which is very conservative at 51p pending the CPR:
“ Significant Value Triggers - We see a number of key re-rating opportunities for Chariot
ahead of a FID, including the delivery of an updated CPR post the result of the Anchois-2 well
and the finalisation of project/debt financing. In parallel with these workflows, strategic
partnering discussions will continue with a view to finding a partner with its interests aligned
with Chariot's over the long-term. As a reminder, Chariot previously signed a MoU with a
leading international energy group, relating to the key terms of a gas offtake and partnering
between the parties in respect of the Anchos gas development, tisewhere, we would expect
Chariot to continue to crystallise the 500MW+ Transitional Power project pipeline.
Multiple Source of Upside Potential - Whilst we leave our valuation and target price
unchanged at 51p/share, within our valuation we see significant potential for re-rating
opportunities. We model the Anchos field using the pre-drill resource estimate of 361Bcf
(2C); however, we would expect this figure to increase following the confirmation that the
Anchois-2 well encountered more than 150m of net gas pay - significantly exceeding pre-
of exoectations. Similarv. the Anchois-…well result nas de-risked numerous addrional
material exploration prospects on the Lixus licence that exhibit similar seismic attributes to
the Anchos discovery. We model the c3Tct of prospective resources on the Lixus licence
using the ore-drill chance-of-success. noting that this is likely to be highly conservative vs
an updated CPR. At 51p, our target price is 2.6x the current share price. BUY”

The fall is market driven and not CHAR specific . The commodities sector is down more than CHAR in most cases with Glencore for example down 6.5%.

“Material upside potential:



The drilling campaign also directly de-risked a material portfolio of prospects within the Lixus licence area.

· The Rissana Offshore Licence, Morocco was signed in February 2022 which surrounds the Lixus acreage and captures gas play extensions from the Anchois wells.

· Potential for multi Trillion Cubic Feet ("TCF") volumes in deeper plays.”
This is from todays RNS and should be linked with the following statement in the Outlook section:
“ Strategic partnering in Morocco to accelerate growth from a portfolio of high value, low risk upsides”
So CHAR is presumably intending to get a major to farm into the multi trillion cubic feet prospects. This should produce a large cash payment to CHAR as well as the Major funding the drilling costs. Perhaps an industry expert can put some ballpark figures on this.