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I believe the financing discussions are in progress and have been for some time. It will be pretty clear what the BFS is going to say and any tweaking of the figures won’t take long. At the point the BFS is issued by 31st March that will be the most likely point for a bid or bids to arrive. Perhaps a much larger company will want to partner with them as is very common through out the junior mining companies at the moment.
If Mark decides to go for production I am mindful that on several occasions he has mentioned that if the mine was in Australia it could be built in 9 months. He has the mill which is the longest lead item so I suspect he will seek to surprise us and reduce the time to build the mine so it happens next year. Of course if he can land that toll mining deal he could be producing in just a few months. I think that those traders who think they can wait until 2024 to buy their Condor shares will seriously risk missing out on a substantial rerating which could occur very soon now. Mark has said we should be at least £1 now as do the analysts.

It interests me as well EL as it shows that the decision to make Condor one of the largest investments of the Junior Gold Fund was made by one of the most respected fund managers of his generation following in the footsteps of his legendary father. I think that amounts to a strong recommendation to invest in Condor.

Number 3 on the Leaderboard Up 22% just needs another 2% to be top!

“Reserves Update

RPS Energy Canada Ltd ("RPS"), an independent third-party reserves evaluator, completed a Competent Persons Report ("CPR") for the Company's interest in the Mnazi Bay licence with an effective date of 31 December 2021. The updated full field 2P gross reserves for the Mnazi Bay gas field are 423.3 Bcf (83.6 Bcf being Wentworth's share of net reserves). This compares to 445.3 Bcf as at 31 December 2020 reflecting a year of strong production. Full-year 2021 gross production increased 24% to 29.8 Bcf (FY 2020: 23.9 Bcf).

The after-tax NPV10 for the 2P reserves as at 31 December 2021 is US$108.1 million net to Wentworth.

During 2021, Wentworth returned US$3.9 million to shareholders, made further capital returns via share buy-backs of US$2.0 million and increased its cash position (unaudited) to US$22.8 million as at 31 December 2021 (2020: US$17.8 million).”
This demonstrates what can be achieved by a producing company in this part of Tanzania and how much cash is produced. Interesting to note Wentworth’s increasing cash position after paying a generous dividend. Si if they wanted to acquire SCIR’s interest in AEX they have cash available of US$22.8 million.

In the last Interim report I can locate for Junior Gold Fund it held 1.582 million Condor Shares and 491000 Condor warrants (40p). Good to see a decent investment from a specialist gold fund which has Condor as one of its largest holdings.

I think Jimmy has put forward much more likely Anchois field development finance options in his last post:
“ There are two other anchois field development finance options,
1. Farmout part of the licence, get back costs and provide the non debt finance for the field development., or
2. Chariot stated 361.bcf would generate $1.5 billion of free cashflow for its 75%, following the anchois 2 well and the additional 5 reservoirs, i estimate reserves at circa 750 bcf, so approx $3 billion of free cashflow, pro rata, and they need to finance 75% of $300 million capex. Why equity finance from shareholders when some sub ordinated debt is the obvious answer, add in say $20 million to drill anchois north and add an estimated 600bcf with a. very high chance of success.

Whichever way you look at the situation, it certainly does not justify the current share price, incredible value .
Jimmy”
Jimmy23’s options make far more sense for all shareholders not least our CEO Adonis who is a large shareholder. Avoiding further dilution should be a priority for the Directors which means they need to use other finance options and get the sp to a much higher level to reward shareholders who have supported the last two share issues.
Many thanks to Jimmy for his posts and taking issue with a focus on equity finance from some quarters which is misleading and shall we say leads me to question their agenda.

Continued:
Although FinnCap doubled its risked-NAV estimate to 54p a share, analysts have not included any value for numerous similar material exploration targets on the licence which have an estimated 2.45 tcf of potential resources.

The holding has produced a 255 per cent total return (TR) on my 3p a share break-even point if you have been following my recommendations since I included the shares in my 2017 Bargain Shares Portfolio. The price has also surged from the 8p level after I highlighted the potential for Chariot to hit pay dirt last autumn (‘Bargain Shares: Speculative high return trading opportunity’, 5 Nov 2021). It could double again once investors cotton onto the implications of the latest drilling news. Strong Buy.

Let’s return to the investment case for CHAR:
Hitting pay dirt.

Drilling results from an African-focused energy group materially exceeded expectations and support the commercial development of its Moroccan offshore licences.
(January 10, 2022).

*Anchois-2 well encounters high-quality gas reservoirs with net gas pay of more than 100m

*Analysts double risked-net asset value (NAV) and price target to 54p

*Similar material exploration targets with an estimated 2.45 tcf of potential resources not included in valuation

Aim-traded African-focused transitional energy group Chariot ( CHAR:10.75p) has announced drilling results which “materially exceed the directors’ expectations” at its flagship Anchois Gas development, offshore of Morocco.

The Anchois-2 well has encountered multiple high-quality gas reservoirs with a calculated net gas pay totalling more than 100m, or almost double the level in the original Anchois-1 discovery well. Net gas pay is a key parameter in reservoir evaluation as it identifies penetrated geological sections that have sufficient reservoir quality and interstitial hydrocarbon volume to produce commercial quantities of hydrocarbon.

Analysts at house broker FinnCap note that Chariot estimates that the Anchois B sand prospect has a calculated total net gas pay of more than 50m in two stacked reservoirs of similar thickness. The upper reservoir is a continuation of a reservoir drilled in Anchois-1, with the lower reservoir being newly identified. It suggests upside potential to the 247bn cubic feet (bcf) pre-drill 2C contingent recoverable resource estimate in the high-quality reservoir given it has a 3C resource estimate of 375 bcf. To put this into perspective, FinnCap’s risked valuation of the combined 361 bcf pre-drill A and B sands 2C resource is US$215m (19p a share), but if the B sands 3C resource is assumed then the brokerage’s valuation rises to US$300m (27p a share).

The news gets even better because the well also explored the deeper C, M and O prospective sands and was successful at all levels, encountering multiple gas-bearing intervals across 250m with no water-bearing reservoirs identified. Pre-drill mid-case prospective resource estimates for these three prospects was 543 bcf. However, fully geologically de-risked, and assuming 50 per cent commercial risking to account for partnering, and finnCap’s pre-drill valuation of US$43m on the C, M and O prospective sands rises to US$322m (29p a share).

So, with development funding interest high, an offtake agreement with an international energy group announced last autumn, and excess gas to be sold into a tight European gas market through the Maghreb gas pipeline, the latest drilling success significantly enhances the project’s development prospects with first gas pencilled in for 2024.

It is now nearly 2.5 months since the last operational RNS on 30th November. News is normally much more frequent and the lack of news is taking its toll on the share price. We know from Mark’s interview that good progress is being made on various fronts but we really do need something that requires an RNS to give this a boost and put the ever present deramping traders back in their boxes for a while.

Now Up 8.2% at 0.395 on volume of 43 million. Interesting to see where it goes once we break 0.4.

0.3969 just paid for 2.4 million shares. 0.4 is very close with strong buying.

Simon Thompson sets out his very positive views on JLP:
Jubilee Metals (JLP: 16p), an Aim-traded mining company that makes money by extracting platinum group metals (PGMs) and copper from mine tailings in South Africa and Zambia, is on the cusp of delivering a major ramp up in revenue and earnings from its copper operations.

In Zambia, the group is finalising its new Roan processing plant which will supply copper units to Jubilee’s wholly owned commissioned Sable Refinery, located adjacent to its Kabwe tailings resource in the Zambian Copper Belt.

The project should complete in the first half of this year, which will enable Sable to increase annual output to 10,000 tonnes of copper cathode, equating to 70 per cent of Sable’s capacity. To put that figure into perspective, it’s more than five times Jubilee’s copper production in the past 12 months. Importantly, Jubilee has agreements in place on over 300m tonnes of copper and cobalt tailings that will enable the group to ultimately boost annual output to more than 25,000 tonnes of copper once it has recommissioned the Leopard refinery at Nkana to treat tailings from its Lechwe and Elephant facilities.

Bearing this in mind, Sabre has relatively fixed operating costs and a targeted unit cost of US$4,000 (£2,953) per tonne, so is hugely profitable at the current copper spot of US$9,800 per tonne. Jubilee’s Zambian copper operations produced attributable earnings of £3.2m on 1,314 tonnes of copper output in the second half of last year, but the operational gearing of the business is such that profits will surge from this point as revenue builds. Analyst Paul Smith at WH Ireland estimates that the Sable and Leopard refineries could produce annual copper cathode of 14,700 tonnes and 3,400 tonnes of copper concentrate in the 2022/23 financial year.

At current prices, these two operations alone could deliver revenue of $150m and operating profit of $69m. That’s as much profit as Jubilee is expected to earn from its hugely profitable PGM dump activities in South Africa which have a low operating cost of $500 per ounce (oz) and a basket price north of $1,800 per oz. The scaling up of Jubilee’s copper production explains why Smith expects group pre-tax profit to almost double to £110m in 2022/23 and earnings per share (EPS) to rise by more than two-thirds to 3.3p.

I highlighted the investment case when Jubilee’s shares were priced below 16p and suggested fair value of 25p (Alpha Research: ‘A copper bottomed investment for the mining bull market’, 26 April 2021). Although the share price rallied to 22p, the shares then succumbed to profit taking and the price has traded sideways since my last buy call at 17.3p (‘A copper bottomed investment’, 25 August 2021). However, with copper production and profits both set to surge, and priced on a modest forward price/earnings ratio of five, another rally is overdue. Buy.

Simon Thompson mentioned this share last month in a feature article on investment themes followed by his recent seeking alpha article which is very bullish. I would therefore not be surprised if he includes TRR in his Bargain Portfolio 2022 which I am fairly sure will be published tomorrow. If he does include it I would expect it to get a further boost from more investors becoming aware of it.

It is good to remind investors of that billion dollar potential and it’s not just your opinion TheeDuke. About a year ago Meinhard said that with less than 1% of Satoshipay’s target market in international money transfers they could become a Unicorn. Our current sp will be more than covered by Dynasty which could be taken out by big tech any day now pre IPO. The great potential of Satoshipay, Dtransfer and Pendulum is essentially currently in for free. The current sp appears an absolute bargain as it is difficult to see any downside risk but the upside is a multibagger.

Here is the Chariot section of the Proactive comments regarding Shell’s success in Namibia:
Another potential beneficiary in AIM-listed Chariot Energy, though Shell’s news might receive a more ambiguous response than among its peers.

Chariot’s recent strategy has been to pivot away from oil and gas exploration towards more sustainable energy sources and in its accounts for 2021 it wrote down the value of its Namibian licences by US$51.1mln to nothing, which was a substantial hit for a company currently valued at £74mln.

At the time, it said it was waiting on the outcome of the Graff well and also the Venus well drilled by Total to give a boost to efforts to find a partner.

“We continue to mature our understanding of the potential of our Namibia acreage and host data rooms for potential farminees, whilst we await results from nearby drilling which may help to de-risk the remaining prospectivity in our Namibian exploration portfolio", it said last June.

Press reports suggested that Shell’s find contained a possible 250-300mln barrels of light oil in one 60-metre layer, which would be meaningful even for a company of its size.

The plan is to “continue evaluating the data and conduct further exploration activity to determine the extent of the system and how much of the hydrocarbons can be recovered,” it said.

This is Simons concluding paragraph:
I highlighted the investment case when Jubilee’s shares were priced below 16p and suggested fair value of 25p (Alpha Research: ‘A copper bottomed investment for the mining bull market’, 26 April 2021). Although the share price rallied to 22p, the shares then succumbed to profit taking and the price has traded sideways since my last buy call at 17.3p (‘A copper bottomed investment’, 25 August 2021). However, with copper production and profits both set to surge, and priced on a modest forward price/earnings ratio of five, another rally is overdue. BUY

Just by way of background there is an article in this weeks IC which makes interesting reading about the gaming sector in which Leap Gaming operates:
Change in gaming economics is driving M&A boom
Gaming is no longer just about selling consoles and disks. It's the entry point into a nre computer realm that could generate huge returns for whichever company takes sizeable market share.
It’s a fairly long article but worth a read if your a subscriber.

Always worth bearing in mind that Dynasty are talking to a global big technology company and that could be why they haven’t released the promised news flow yet. If Dynasty are going to be sold to big tech or partner with them that news could land any day, so it may be that we don’t have to wait until the end of the month for news from Dynasty.

Malcy has commented on Ruvuma because he has commented today on SCIR and it’s all positive:
Scirocco are moving along nicely with the legacy business in Tanzania really beginning to show very decent progress towards a well in Q3 this year. With the seismic imminent 3D views will soon be ready to see what’s down there and all sides tell me that the substantial gas volumes hoped for for a long time will materialise.

Scirocco can legitimately have both its cake and eat it, at Ruvuma operations are progressing and a 25% stake here is starting to look increasingly valuable, results of the long awaited appraisal well , whilst at EAG in sustainable energy the investment has proved most attractive especially with the Greenan add-on working out well and is generating good positive cash flows which supports the strategy to become a self-sustaining business.

Waiting for Ruvuma has proved wise and after a false start Scirocco deserves praise for creating another business away from Tanzania. Right now either combination works well but I suspect that if pushed the team would prefer to be building EAG for the future where current high gas prices help significantly, although Scirocco holds the cards as it is still in discussions regarding possible farm down/sale of its interest in Ruvuma while also preparing itself to be involved in the well. Either outcome of monetisation or leaning into the drill represents a significant value catalyst for SCIR and its shareholders

On a brighter note Gild has just moved Up 7.5% rapidly.