Member Info for ICB888

When that realization sets in, gold's inflation-protection appeal probably will send prices to $3,000 an ounce, from about $1,800 now, according to Garofalo. Such a run-up would be a “down-payment” to McEwen’s $5,000 long term prediction.

“I’m talking about months,” he said.

“The reaction tends to be immediate and violent when it does happen. That’s why I’m quite confident that gold will achieve $3,000 an ounce in months not years.”'

https://www.bloomberg.com/news/articles/2021-10-22/ex-goldcorp-chiefs-see-violent-bullion-runup-on-inflation-risk

This needs to double from here to get back to the 52 high of 14p set last November. Interesting that 14.4p is Simon Thompson’s Short term target price.

The market seems to like it Up 4.7% at 40p on low volume of 62000 from 13 trades. Gold at 1800.

The AT trades are appearing again now Up 1.7% on volume of 3.3 million from 50 trades.

Mark has said we can acquire the remaining 3% of the land tomorrow if we pay them what they are demanding so we do know do how long the outcome could be. We know Mark thinks they are asking too much and we can acquire it at a better price. The land is not holding up the development of the project so why spend our cash before we need to?

A poster on another bb has extracted the following from this morning’s RNS:
‘In regards the land the above documents says:

Condor is obliged to determine land ownership, conduct legally regulated surveys
and to determine fair-market value of the land. Condor understands the role of the government
in the process is to:
• review the fair market valuations and provide a determination of sufficiency;
• provide clear title to the parcels of land that are not registered with the local or regional
authority;
• act as arbiter in disputes of valuation, in effect preventing excessive demands from the
landowner for compensation;
• invoke expropriation as a last resort in the event of uncooperative landholders.
The Company continues to advance its land acquisition program, commenced in 2014, with
plans to acquire over 2,000 hectares of rural land for the consolidated project. Condor receives
assistance from ProNicaragua in documenting surface titles. Offers to purchase have been
made to all landowners and, as of October 2021, Condor reports that it has acquired 97% of
the land required for the La India project components. Permits for Mestiza and America require
land to be acquired three months prior to construction.
In parallel with land acquisition, Condor intends to implement a livelihood restoration program
to mitigate impacts from economic resettlement associated with the land purchase process,
including impacts on artisanal miners. This is discussed further in Section 20.5.”

So that makes it quite clear that acquisition of all the land is not a problem because in the last resort the Government will expropriate the land from uncooperative landowners. Perhaps people can now stop bringing up the remaining 3% as an issue. Mark has said the land is not an issue and this shows he is right.

Actually Condors sp has been rising this week. Today only 6 trades and a volume of 31000 so I don’t think we can read very much into that. Gold is continuing to move higher and is currently 1812.

I believe Ed in a recent interview has again stated his belief in a minimum £50 million market cap but accepts that this is dependent on Leap. So if Leap slips into 2022 then the £50 million will have to wait until then. But it is worth remembering that £50 million is a minimum. The Leap sale or IPO could take it much higher and Ed said he is not rushing the Leap sale because he wants to maximise the value for SEED shareholders.

Someone on adv bb posted this at 13.30
An oil blog i subscribe to is buzzing that Chariot have secured a big JV partner,if true standby for a huge re-rating.
They were asked to identify the blog but didn’t respond. Has anyone else seen reference to this?

Now Up 6.7% at 7p on volume of 14 million.

The non AT buys are now at 6.92 as the volume passes 13 million from 203 trades.

Definitely strong buying the AT’s started at 6.60 then 6.70 and now 6.80.

Yes I think it could be game on. The volume now exceeds 9 million from 130 trades as the AT trades land thick and fast. We haven’t seen this level of AT trades for a while but when we have we have seen good share price movement in a northerly direction. Perhaps we can end the week moving above 7p.

Hello robrob
I think we all share your frustration as I’m sure does Ed but he can’t give a running commentary on the IPO or the M&A. Firstly he is not allowed to and secondly it is not helpful from a commercial standpoint to give details of possible deals and valuations. The fact that there are various possibilities is of course helpful in negotiating a higher price. Also remember that Leap is a private company in which SEED is the largest shareholder. Ed is a Director of Leap but cannot give out information unless the board of Leap give him permission to do so. They won’t give permission at this point because it would be contrary to how these processes work.

Rob rob
You say” Why, the focus on "multipliers", this appears to be more aligned for exits rather than IPO”
Have you actually listened to the interview with Ed yesterday?
Ed says quite clearly that whilst working on the Leap ipo they are also having M&A discussions with various parties about Leap. So yes he is looking at exits which like EMMAC could happen at anytime. Multipliers are relevant to either option in order to establish the market value of Leap.
I am sure you are aware that there are legal restrictions on what Ed can reveal during the current work being carried out by Leap but he does give hints. Just remember he has being saying a £50 million + market cap by the end of this year. That can only be achieved by getting a very good price for Leap.

I note that the cost of the upgraded motor of $3.3 million is essentially 50% of the cost of the Sag Mill package. As the Sag Mill is brand new as is the existing motor could they just swap the motors so CNR just pays the difference between the cost of the 2 motors. They may have had that conversation but if not it might be worth a try.

I agree with a poster on another bb who said that this morning’s interview with Ed was one of the most open and honest interviews He had heard from any CEO. Ed has again made the point that we trade at a large discount to our historical NAV as stated in the accounts. He makes it clear the true NAV is higher than the historical and points out the sp has been much higher in the past when the NAV was lower than it is now.
I have said recently that I think Leap will probably be sold rather than IPO. Ed stated they were continuing to work on the IPO which could happen this year but definitely early 2022.However he did confirm M&A discussions were also taking place with other parties. Ed gives a good summary of our other investments. Importantly The seller has now gone which should take the handbrake of the sp. Well worth listening to the interview.

You mention how well Calibre has done and how it accelerated the project.
So don’t forget that Last month the former CFO of Calibre joined CNR as its new CFO. So Mark now has a man on board who has just done exactly what CNR are doing at the mine that is so close they could toll mine our gold. He will no all the problems and the solutions. He will know the local contractors and what the prices should be. He will also know all the financing options. CNR is very well placed to fast track this to production. Perhaps he could also help with a toll mining deal.
I think that the timelines discussed can be improved on but obviously Mark is not going to commit to that until the study is complete and he is placing contracts.

Further on the point of Chinese clarity:
The whole point is that China’s position is clear as mud. Xi has not been clear, intentionally imho as he is just saying what Boris and Biden want to hear but has no intention to actually do anything. He isn’t coming to the pointless Cop 26 and has ordered Chinese coal mines to massively increase production. The Bungla’s likewise are making the expected noises but have no financial ability to follow up with a green strategy. They need that Phulbari coal.

“and a further announcement will be made once an extension is formally entered into.”
That is a very positive statement in the RNS that essentially says it will happen. The Nomad will have approved the statement so this is a positive development which so far the market is also viewing it positively.