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Then on 24th August:
“ SatoshiPay is valued in Blue's books at around £17m. Once Pendulum is launched SatoshiPay will have access to the funds raised by Pendulum at no cost to SatoshiPay/Blue. This is great news and will allow SatoshiPay to build its B2B cross border payments business. it is my belief that SatoshiPay will attract interest from a large financial services business and I thereby prove itself an excellent investment for Blue on exit.”
We are aware from tweets and a Meinhard zoom call that Pendulum is progressing well. So it appears that we can expect good news from Satoshipay very soon that will warrant a much higher value being placed on it, which should be reflected in BLU’s NAV and share price.

Tony commented further on 2nd July in response to a request from a poster on another bb:
I have been asked to comment on SatoshiPay. My personal view is:

1. SatoshiPay has undeniably under-performed as a business.
2. management have made a number of mistakes.
3. SatoshiPay's expertise lies in its technical capabilities.
4. SatoshiPay has the support of a major Crypto foundation, SDF, worth $7bn.
5. The recent move with Pendelum makes sense given the skill base of the company and relationship with SDF. Pendelum is also important for Dtransfer.
6. to deliver Pendelum, SatoshiPay will need to issue its own utility token which if successfully achieved will bring significant benefits to SatoshiPay.

My honestly held view is that the successful launch of Pendelum is critical to StaoshiPay's future. If Pendelum launches with a successful utility token raise then SatoshiPay is worth a lot more than £19m. If Pendelum fails then SatoshiPay is worth significantly less, possibly nothing.

What does this mean for Blue? Well if we take a pessimistic view and value SatoshiPay at zero, then with the recent fund raise by Dynasty approx £5m, Guild approx £2m, NFT, Stahler and Leaf say £750k we are around the current share price. As Nico mentioned Dynasty is probably worth Blue's market cap today already given the progress they are making. So the market is effectively already valuing SatoshiPay at zero.

On the other hand if Pendelum is launched, SatoshiPay could very easily be worth a lot more than Blue's current market cap by itself.

There is no guarantee SatoshiPay will be successful or fail. Many will look at past performance and say Meinhard and his team will fail to deliver based on past performance and that is a perfectly reasonable view to take. Others will take the view that the Pendelum opportunity plays to SatoshiPay's strengths and is their best chance yet to build a viable business. Who knows which view will prove correct, I certainly don't and nor do any of the other posters on this board. Time will tell and we probably don't have long to wait; which is why markets throw up opportunities!

The person who knows most about Satoshipay is Tony Fabrizi who was responsible for making the investment when he was CEO. This is what he had to say in June 2021:
Turning to SatoshiPay, we looked at a number of blockchain businesses before selecting SatoshiPay and the main reason I chose them was a belief they were strong technically and the valuation was low, when a lot of investments in the sector had very inflated valuations. Its easy to forget but Blue shareholders were very supportive of this investment at the time and Blue’s share price reached over 0.60p following the investments. The market collapse at end 2019 and the significant fall-out in the crypto market clearly had a negative impact on the market’s view of SatoshiPay and Blue. In addition, the original vertical that SatoshiPay pursued of micropayments for publishers proved unresponsive. Despite these setbacks SatoshiPay’s management with Blue’s support and that of Stellar Development Foundation and Daniel Masters, pivoted the business model to B2B money transfer. This is a challenging move given the scale of the market and the strength of the incumbents, but the prize is also enormous.

The major challenge SatoshiPay has faced in trying to deliver this product is an incomplete tech infrastructure needed to deliver the service on the Stellar network. Although Stellar is a large foundation with a major currency (Lumens:$10bn) they are still some way behind say Ethereum in terms of how their blockchain works and the currency can be deployed. This has I believe been the main delaying factor behind the market launch of Dtransfer.

The Pendelum network project provides solutions to many of these problems. In addition to allowing Dtransfer to fully rollout its platform, it also cements SatoshiPay position as a key component in the workings of the Stellar blockchain. In other words, Stellar is highly incentivised to see SatoshiPay succeed. This is why Stellar have effectively given free money (non-refundable grant) to SatoshiPay to develop Pendelum.

So, in my opinion, while there is still a risk SatoshiPay will fail, the overall chances of it succeeding grow as the relationship with Stellar strengthens and the move towards blockchain and crypto solutions evolves. Blue has invested approx. £1.8m in SatoshiPay for 27% of the business, and personally I believe that will prove to an excellent investment.

Mark said he expected to have secured financing. He secured the money he required to keep the project moving forward at pace from the placing. He doesn’t need the final construction finance at this point although I am sure he has a number of options which won’t take long to finalise. He would of course like to see a higher sp at the time he finalises finance as that would reduce the dilution. Something not helped by your deramping in so far as anyone pays any attention to you. Mark has bought a Sag Mill which has reduced the lead time on major plant and part financed it by issuing shares at 50p.
He has pressed the button on construction as mentioned in interviews. He has informed the Government who haven’t objected. Just look at what is actually happening on site and the boxes that have been ticked. It’s a clear fact that construction is underway.
You need to learn how to read but more importantly open your eyes. We are not taken in by your deramping to facilitate your trading strategy. You wouldn’t know a fact if it punched you in the face. You are a deramper.

CNR raised £4 million in February 2021 to continue towards production.
Good progress is being achieved as summarised by Mark Child in an August RNS for the interim report to 30th June 2021
Condor made significant advances during the 6 month period at the fully permitted La India Project. A state of the art new SAG Mill has been purchased, with capacity of between 2,300 tpd to 2,800 tpd capable of producing circa 100,000 oz gold per annum, the first shipments have already arrived in Nicaragua. A lead engineering firm has been appointed to produce FS-level designs for a new processing plant using the new SAG mill. Upfront capital costs and operating costs are currently being updated accordingly. The Project has been significantly de-risked by the purchase of 97% of the land and significant progress has been made with several engineering studies to an FS level. The completion during the quarter of a further 1,242 metres (3,370 metres in total) of a 25m x 25m infill drilling within the high grade La India Starter Pits has returned some excellent drill results, notably 21.6m true width at 6.48 g/t gold including 15m true width at 8.68 g/t gold from 24.75 m drill depth and confirmed the geological model. The exploration drilling on Cacao has demonstrated a wide structure, 14.9m true width at 3.94 g/t gold. The Company has completed circa 4,100 metres of a 8,500 metres infill drilling programme on the high grade Mestiza open pit. The Company is on track with its strategic objective of constructing and operating a processing plant producing circa 100,000 oz gold per annum, then materially expanding the production capacity and demonstrating a 5M oz Gold District."
The suggestion that nothing has been achieved in a year is very blatant and unsubtle deramping. The ongoing drilling programme as per yesterday’s excellent RNS to prove the 5 million oz gold district is adding to value and will make the final financing available on better terms. That is of course assuming that an offer doesn’t come in which gets more likely with every RNS that is issued.

Scirocco closed Up 5.45% on today’s news but AEX after a good initial rise closed up 0.15%.
This is What Scirocco said:
Scirocco Energy (AIM: SCIR), the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, is delighted to announce that the Ruvuma joint venture - where Scirocco owns a legacy position of 25% - has awarded a seismic acquisition contract to Africa Geophysical Services Limited ("AGS").

The award follows an extensive tendering exercise conducted by ARA Petroleum Tanzania Limited ("APT") for the seismic programme during which the joint venture has been able to take advantage of favourable market conditions securing a Lumpsum contract considerably below the joint venture's expected budget for the activity. AGS intends to commence activities in the Ntorya location from October 2021.

The acquisition will consist of approximately 338 km² of 3D seismic data focusing on the area of primary interest. AGS will mobilise, weather permitting, and focus on the proposed location for the Chikumbi-1 well ("CH-1") to acquire as much data as possible before the start of the rainy season with the programme re-commencing after that with no additional cost to the JV partners.

Tom Reynolds, CEO at Scirocco Energy comments: "The award of the seismic acquisition contract is exciting news and marks an important milestone for the Ruvuma project. Following the recent award of the two year licence extension, the project is now entering a period of operational activity designed to understand the full potential of the development - a key value inflection point. Operator APT has made excellent progress to secure highly competitive seismic acquisition rates, delivering a considerable cost saving to the joint venture. The project is now gathering momentum towards development of a proven gas resource into the established Tanzanian gas market."

I have just watched Mark’s interview with Proactive about today’s RNS and last weeks about Cacoa. It is great to see how delighted Mark is about the gold grades. He is clearly very pleased.

I don’t think a lot of people are taking profit because although nearly all of the 1.7 million volume is being shown as sells, the sp has been Up all day. Currently up 3.5% having been higher.

Tony has just given his opinion on today’s RNS and some useful comments on Satoshipay in response to an attack on him by a poster on that bb who is always very negative about Satoshipay.

tonyfabrizi24 Sep '21 - 13:44 - 1735 of 1736
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I have been asked to comment on today's announcement and I will also take the opportunity to respond to KP's accusations.

In terms of today's option announcement, I think it's an absolute disgrace and the directors should hold their heads in shame. 10 year options at an average price well below the last 12 months average. It shows zero respect for shareholders and the options should be cancelled.

In terms of my apparent mistakes on Satoshipay.
1. the Blue board felt having a board seat might restrict the ability to ac. In retrospect, I am not sure that was the right decision but we have always had the right to appoint a director if we wanted. Worth pointing out that it was my idea to offer Daniel Masters the non exec chairman role. Second I was involved in all biweekly board calls so not sure we lost anything. Finally, If Blue wants a board seat the current board have a right to request but have decided against.
2. easy to forget that when we decided to increase the stake in Satoshipay, there was significant shareholder support and the price moved towards 1p on its potential. The reason we took such a large stake was the planned Reverse and buying when we did was going to be at a large discount to the RTO price.
3.the Register was a small pilot and the company was in discussions with much larger publishing groups. The RTO had been worked on for months before it was announced and there was strong support form some of the UK's largest small cap funds. Unfortunately the market cracked and the RTO Had to be pulled but this was clearly outside the boards control.

26 trades since 2pm yesterday all buys but the sp remains unchanged. We clearly need some volume to get this moving as just 126000 from 4 trades so far today.

Xi’s short comment said China will not build new coal power plants abroad. No further details were provided and led the BBC to comment
“ Crucial details will need to be cleared up; when will this take effect? Will it cover new power plants approved but not yet built? Will China also stop financing new coal fired power stations abroad?
This is progress, but it's the low hanging fruit in terms of China's addiction to coal.
Half the coal burned in the world is burned in China. It is still adding numerous new coal power plants at home, with a lifespan of 40 to 50 years.
The biggest question remains: When will this country start to cut the overall number within its borders and substantially reduce its dependency on the most polluting form of power generation?
The Phulbari project is not new and has been on the Government list as a project for years. The Chinese will be using coal for several decades and are only paying lip service to the Climate issues. What are Sleepy Joe and Boris going to do when the Chinese just carry on as usual? The answer is nothing but a few words of disapproval.

Bemmaccoli Ed said the Leap IPO could still happen this year but the long stop date was early 2022. You stated Spring 2022 which implies March to June. If it could still happen this year the long stop would be more like January. Remember Ed has to be careful what he says about timing and EMMAC shows the time line could be very short if for example IMG just make an offer because as Ed said Leap is integral to their business as well as being a large shareholder.

When considering Leaps value just look what is happening in its market place.
Entrain has received a £16.4 billion bid from Draftkings which from memory is significantly more than the last time a bid was rejected. A bidding war is expected. 888 holdings who Leap deal with was the highest FT 100 riser this morning as read across from the Entain news. The short delay with Leaps IPO will I suspect turn out to be good news as Ed essentially said this morning. Ed mentioned it would be good to get a large investor to take say 20% as it would help to address the share price issue. Leap will hopefully IPO this year according to Ed so it could happen sooner than some traders are clearly expecting.
I well remember the presentation that talked about the EMMAC IPO and then within days it was sold.

A very professional presentation by Ed and the rest of the team. Leap has had some small delays but this was largely to do with how active the IPO market is at the moment in terms of getting legal and other professional advisers to deal with various matters to get everything in place. Ed mentioned people on bb’s kept coming up with revenue details for one company but they should understand that there are several companies in the Leap Group so they don’t give a full picture. It will all be revealed at the appropriate time in the IPO documents however as with other private companies SEED is invested in they are not allowed to reveal information without the company’s consent and certainly not pre IPO. Ed also said to remember that the commercial growth of Leap continues at pace while the IPO preparation goes on. So Leap will be worth more on IPO than it is now.
Ed stuck by his £50 million market cap by year end or early 2022 which ties in with what he said about the Leap IPO timing. He sees £50 million as a minimum so as I have said before read between the lines what he is trying to tell you about Leap’s value imho.

Totally misleading deramping. China is responsible for burning 50% of the worlds coal in its vast number of coal fired power stations which they have continued to build in large numbers. The statement about overseas projects is completely pointless and of no consequence to the global coal issue.

Seingred
I am not sure why you say I have waded in. I simply pointed out that Jim Mellons main point in his interview was his belief that gold will reach 5000 in the next 5 years. He was advocating buying anything to do with gold be it large companies like Barrick or small ones like Condor. Also keen on physical bars of gold and coins. The Condor time line was not his main point and he deferred to Mark for the accurate information.
I appreciate your deramping is to support your trading strategy and that’s why your persistent deramping needs to be called out. I am not sure how you find time to build anything as you spend so much time pontificating on this bb. So I return to where this started and request that you stick to your day job which I suspect does not involve any experience of constructing mines.

It is just appeasement rhetoric as Pappiklon says. The Chinese President is just making statements prior to the Climate Conference. He will simply ignore it going forward. No dates are attached to it and nothing is said about coal within China.
Of course you all believe that China had nothing to do with COVID 19 because they have told you so!

I have simply repeated what Jim Mellon said in an interview about investments . He like a number of other market commentators remain bullish on gold and that has been given a boost by the increase in inflation that is undoubtedly taking place globally and is set to continue. Governments need inflation to enable them to deal with the massive and unprecedented debt they have taken on in response to COVID. Jim wasn’t sure of the exact timeline to production for Condor but that is not the most important think to him which is his belief in gold and it’s likely rise in value. That is why he remains Condor’s largest shareholder and will continue to support it going forward.
Jim doesn’t always get it right but as a successful professional investor I rate his opinion much more highly than someone who is very much less qualified to comment. It is to his credit that he acknowledges he is just a builder but I stand by my view that his incessant deramping at every opportunity is tiresome. He doesn’t agree with Mellon’s timeframe is the excuse for his comments even though Jim said he was not firm with his timeframe and that was a question for Mark to answer.
I do make my own choices and live with the consequences of my investments. I followed Jim Mellons lead in buying shares .
just before Nicaragua investment was made and have been in profit ever since. Clearly I would have made more money if I had sold some when Jim did, but he subsequently put it back in at higher prices. I am content to sit this out until production or a sale.
I think it is appropriate to return your pathetic, blind and naive comments to you as they are far more applicable to your remarks in support of the deramping individual. All companies have potential problems but I am not sure what the point is in speculating about something that in all probability will not actually occur.

I just listened to JM at Masterinvestor interview. The key thing to take away is not his comments on Condor where he did say to check the detailed dates with Mark. The key thing was his view on gold which he is very bullish on. He said he wasn’t holding it for $2000 which it reached fairly recently but for $5000 which he believes it will reach in the next 5 years.
So I take from that we are going to see great returns from Condor as it goes into production at a time of rising gold prices. If you plug $3500 into the current projections based on $1700 the profit will be mind blowing.

“ but I am only a builder not a cnr director .”
The most sensible words you have ever uttered in the course of your tiresome deramping.
Just stick to your day job and leave CNR’s Directors to do their jobs.