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Frisky is suggesting that the buyer could be Calibre and says it’s free to move as the Marathon deal has completed. Calibre has always been the most obvious bidder for CNR. It’s the next door mine so big economies of scale as it’s already got the management in place nearby and they could start moving material to their underutilise mill almost immediately. Calibre being so close know full well that Mark’s suggestion of a 10 million oz gold district is highly likely.

Look at this announcement from Calibre a couple of days ago:

“ Calibre Continues to Intercept Bonanza Grade Drill Results Along the Multi-Kilometre Panteon VTEM Gold Corridor at the Limon Mine Complex; Drilling Intersects Include 111.92 g/t Gold over 4.1 metres and 33.60 g/t Gold over 2.6 metres”

It would be crazy for Calibre not to buy Condor imho.

The announcement that a strategic Saudi Investor has taken part in the placing is cause to remember the visit to Saudi Arabia in early January and the RNS announcement:

“ Power Metal Resources PLC (AIM:POW), the leading metals exploration and development company, is pleased to announce the signing of a non-binding Memorandum of Understanding (MoU) with the Ministry of Industry and Mineral Resources of the Kingdom of Saudi Arabia ("MISA"). The signing ceremony took place at the recent Future Minerals Forum in Riyadh, Saudi Arabia, in the presence of His Excellency Bandar Alkhorayef, Minister of Industry and Mineral Resources, and other dignitaries.

The purpose of the MoU is to explore the possibility of joint collaboration efforts toward the identification and realisation of high value-added investment opportunities that will contribute towards maximising the benefits from the Kingdom's natural resources.

MISA's objective is to support investment in exploration activities, develop upstream and downstream projects targeting multiple strategic minerals, and attract reputed national and international mining and mineral development companies to drive the commercialisation of Saudi Arabia's mineral resources.

MISA and POW are looking to complement the activities of each other through establishing a mutually beneficial relationship in order to pursue suitable exploration opportunities in Saudi Arabia. POW will offer highly experienced technical support to potential exploration projects, and MISA will provide project opportunities and potential support for such projects as applicable.”

I imagine they will want to bring their first deal in Saudi over the line pretty quickly to establish themselves as a player in that country. The MoU with the Government ministry is very important and I imagine their will be no problem with finance.

This is an extract from the bids and offers section of the 12th January issue of Investors Chronicle (some one mentioned it some time ago but I couldn’t find it in my digital edition and asked IC where I could find it. I have just had a response that it only appears in the print edition but they will work to rectify this and sent me a copy page from the print edition):

Shanta Gold (SHG)

AIM: GOLD MINING

Saturn Resources

MINING

13.5p

£142mn

Target

Bidder

Terms

Value

East Africa-focused Shanta Gold has agreed to a £142mn

takeover bid by Tanzania-based Saturn Resources. Under the deal, Shanta shareholders will be entitled to receive 13.5p a share, which represents a 6.7 per cent premium to the closing price of 12.65p on the day prior to the offer. Shareholders will also be entitled to receive an interim dividend of up to 0.15p a share. Reject.

The IC advice is to REJECT the bid.

Just finished watching the hour long presentation which gave a very detailed update on where GMET is with all its projects. Oliver is a very engaging presenter and his enthusiasm is infectious. The investment case is compelling and I will continue to build my holding.

A reminder:

“ DSM: Return of Capital - Board Update

Downing Strategic Micro-Cap Investment Trust Plc (the "Company")LEI: 213800QMYPUW4POFFX69DSM: Return of Capital - Board Update28 December 2023

As announced by the Company on 9 November 2023, the board of directors of the Company (the "Board") has been considering the best means by which the Company can meet its commitment to return capital to shareholders and had concluded that it would advantage all shareholders equally if the Company were to commence a managed wind down of its investment portfolio. The Board has worked closely with the Investment Manager to determine an appropriate managed wind down strategy and is of the view that within the first six months of 2024 up to or exceeding 50% of the Company's current market value can be returned to shareholders in cash (current bids for investments assumed to complete by then) with more than the remaining portfolio market value still to be realised through the process of complete wind down.

The Board continues to consult with its advisors on the most tax efficient method of returning capital to shareholders pursuant to that wind down, whilst also remaining open to any alternative options for the future of the Company that merit consideration. Good progress is being made on the former, and the Board notes that bids for portfolio companies continue to be made at premiums to their share price.

The Board expects to update shareholders further by mid-January 2024.”

I hope the Board are working hard to bring us good news as they were expecting to Update us by Mid January. Tomorrow is the last day of January so it’s overdue.

It is useful to look at the Gold Market generally to understand the issues faced by CNR in the sales process it is currently conducting. Yesterday I watched a Kitco interview with our former shareholder Ross Beatty at the Vancouver Metals conference a couple of days ago. Ross Beatty as many will be aware is a legendary successful investor in the commodities business particularly in Gold. He is currently building his swan song large gold company Equinox Gold, which is just completing a very large project in Canada which will bring its target of 1 million ozs of gold per year ever closer.

Ross spoke about the total disconnect between the price of Physical Gold which has been rising to new highs but this has not been accompanied by a rise in gold equities from the largest to the smallest.

He described the disconnect that had seen equities fall as gold had risen , make the price of equities ridiculously low. He said he had seen nothing like the last 15 months in his 40 years in gold mining. He thinks that is going to change in 2024. Deals will start to be done and the whole gold sector will rise. The rises will in a number of cases be 100% and more and will be rapid when the time comes. The rises will be across the board but the largest will be in the juniors including the early stage ones that haven’t started mining yet.

It would appear that CNR are moving to the phase of concluding a deal at an opportune moment which just wasn’t there year. When this sale process started it was billed as an asset sale because there was a complete disconnect between the share price and the value of our gold as valued by established industry metrics. This situation has been and remains the situation for all gold companies and is not CNR specific. This gives me increased confidence that CNR will be sold in the coming months at a good valuation which will be multiples of its current share price.

GMET continuing last weeks impressive rise, currently Up 10.2% but no movement yet at POW.

Adonis Pouroulis, CEO of Chariot commented: "We enter the new year with multiple important catalysts for the Group over the coming months. In kickstarting the drilling campaign at the Loukos licence we are focused on unlocking an overlooked onshore basin that has near term production potential with immediate access to industrial markets. Importantly this asset also has a growing portfolio of follow-on opportunities which give meaningful scale and value to the project, at a time when industrial gas demand and associated gas pricing is at an unprecedented high. Drilling at Anchois later in the year will be a key milestone in determining the possibility to scale up this development and we are working closely and constructively with our new partners Energean in preparing all the workstreams necessary to permit a Final Investment Decision post-drilling as soon as feasible. We thank ONHYM and the Ministry of Transitional Energy and Sustainable Development for their continued support for the transaction and look forward to confirming Energean on to the project shortly.

"We are also excited about the opportunities that we see within our Power and Hydrogen businesses. We continue to build on our presence across the transitional energy sector, we remain fully focused on looking to maximise value for all stakeholders and will continue to provide updates on all our further developments."

The current sp is ridiculously low against the analysts targets:

“ The 5 analysts offering 12 month price targets for Chariot Ltd have a median target of 39.36, with a high estimate of 57.47 and a low estimate of 34.64. The median estimate represents a 377.68% increase from the last price of 8.24.”

Also since 22nd December there have been 6 Director purchases at prices from 9p upto 9.89p. Let us hope Friday’s rise signals the bottom has been reached and a rise towards the low end of those targets gets underway fuelled by the regular news that should be landing. ENOG were very bullish on Morocco in their recent update and when their first payment lands in CHAR’s bank account it will be well received by the markets.

GMET have closed Up 26% after a strong rise into the close. Looks as if POW will have some catching up to do in the morning as their 62% holding in GMET has seen a large increase in value today as it also did on Tuesday and Wednesday.

POW having another positive day Up 6.2% on volume of 2.8 million. At 11am GMET started to move north again currently Up 4.2%.

There is a concept in English Law:

“ Minority shareholder oppression is a term used in English law to describe the situation where the

1

majority shareholders of a company vote against the interests of the minority shareholders

. This

can happen when the majority shareholders make decisions that cause economic harm to the

1

minority shareholders, such as diluting their shares or failing to pay dividends

. The minority

shareholders are vulnerable in this situation because they cannot compel the company to act in a certain way, and controlling shareholders can make decisions without the minority's consent

The Corporations Act (Section 232) details conduct that constitutes 'oppressive conduct. In general, minority oppression includes conduct that is: contrary to the interests of the shareholders as a whole; or oppressive to, unfairly prejudicial to, or unfairly discriminatory against a shareholder or shareholders

If you are a minority shareholder and feel that you are being oppressed, you may be able to take legal action against the corporation. The court may order different shareholder oppression remedies against the corporation, such as appointing a receiver or liquidator, or ordering the corporation to purchase the minority's ”

It seems that this concept would be applicable here. Tang pulled a similar stunt at Polo who are GCM’s largest shareholder so there is a clear pattern of behaviour. The result is small shareholders have their investment rendered worthless when the shares are delisted as there is no market in them as Polo shareholders are only too well aware. The Nomad is definitely not acting in the interests of shareholders if he allows Tang to manipulate a delisting of the shares, but as we know from Polo there are circumstances in which the Nomad is bound to resign. The Nomad system seems unfit for purpose if it is intended to protect shareholders. A very unsatisfactory situation.

GMET moving up the leaderboard again today. Currently Up 7.1% from 8 Buy trades on volume of just 102000.

The number 8 as I’m sure you know is considered to be very lucky by the Chinese. If we are talking to 2 Chinese companies perhaps those trades are a sign!

Rising all day and into the close Up 17.9%, number 5 on the Leaderboard on good volume of 10.9 million. Presumably sparked in part by GMET’s 7.7% rise which put them at number 25 on the Leaderboard. GMET had some unexpected news about Uranium as well as the gold and silver they were so pleased about. Perhaps news on the Uranium ipo will be next but as they have so many projects there are many potential sources to maintain regular news flow.

WH Ireland don’t appear to have included a target in their note, so I thought this may be a useful reminder:

“ The 2 analysts offering 12 month price targets for Jubilee Metals Group PLC have a median target of 10.50, with a high estimate of 11.00 and a low estimate of 10.00. The median estimate represents a 76.47% increase from the last price of 5.95”

That is the title of Simon Thompson’s article on BGO in Investors Chronicle . These are the concluding paragraphs of the article:

“ Based on revised estimates, Stifel now forecasts 2024 adjusted pre-tax profit and earnings per share (EPS) of $3.6mn and 4.6¢, respectively, or 75 per cent below its forecasts at the time of the interim results (‘Exploit Bango’s glaring valuation anomaly’, 18 September 2023). In addition, analysts now expect the business to be broadly operating at cash flow break-even in 2024 rather than delivering $7mn of cash generation.

In my view, the lower than expected level of profitability and the hefty profit downgrade to 2024 forecasts explain why Bango’s share price crashed. It also raises concerns regarding both the upfront and ongoing costs of supporting large telecom customers and the margin to be earned from DVM customers in the longer term.

The other important point to note is that there was no mention of the hefty 2024 earnings downgrades in Bango’s trading update. Effectively, the board has reset the bar, but not communicated this to shareholders directly. Clearly, the house broker's massively revised estimates for 2024 are based on discussions with the directors.

That said, I see no point bailing out at such a depressed level. The £86mn market capitalisation company is rated on less than seven times downgraded 2024 cash profit estimates to enterprise valuation, a multiple that has scope to expand and drive a share price recovery assuming Bango converts its pipeline of DVM opportunities. Hold.”

Up 5.3% on volume of 68 million all 23 trades shown as buys. Let’s hope this rise continues above 0.1 as we await further news. When the good news arrives the rise will most likely be rapid and dramatic.

There is a new U Tube presentation by Stock Box with a 10 minute section on POW:

“Research Talks - Fulcrum Metals #fmet, Power Metal Resources #pow & Anglesey Mining #aym”

It gives a full run through of where POW is upto on its numerous projects and what is coming up in the weeks and months ahead. They mention more than once the 3.3p broker target and say just with what we know now it should reach at least 1.5p this year which is a 100% gain from the current sp.

Very low volume so far today at just 312000 from 13 trades. Volume has been in the millions all week with 10 million on Monday and 7 million yesterday, so today is unusual. Perhaps when the US comes on line there will be some interest.