Member Info for ICB888

In the IC article mentioned below on BELL Simon Thompson also reiterated his BUY for TEK and this was his conclusion:

“ NAV more than double current market capitalisation

The point is that Tekcapital’s spot net asset value (NAV) is at least $54.5mn, or £43mn (24p) at current exchange rates. That’s 146 per cent more than its current market capitalisation of £17.4mn (9.75p). Furthermore, the hefty share price discount to NAV completely ignores the re-rating potential for Belluscura, value accretion from a planned IPO of MicroSalt and the strong progress being made by Guident.

So, although the shares are the laggard in my 2022 Bargain Shares Portfolio, a re-rating is more than warranted. Buy.”

This is the final paragraph of the IC Buy recommendation for BELL in this weeks magazine:

“ However, what is clear is that the group is at an inflexion point whereby the operational leverage of the business can really kick in. Indeed, the raft of orders and increasing earnings from the InnoMax royalty agreement should drive a sustainable move into cash profitability. To put this into perspective, based on 20,000 unit sales per year, forecast annual revenue of $28.8mn should generate cash profit of $1.5mn. However, double unit sales to 40,000 per year and cash profit soars ninefold to $13.4mn to produce earnings per share (EPS) of around 5p”

The fall this morning at BELL seems unjustified and it’s good to see the sp recovering as the morning progresses.

Yesterdays volume was good but todays current 9.2 million is already more than double yesterday. You then have to go back to March 2021 to find a higher volume of nearly 22 million. Todays 10.5% rise continues the rerate as interest returns recognising the massive discount to NAV much of which is actually cash.

PRD have issued an RNS which would be equally relevant to CHAR:

“ Predator Oil & Gas Holdings Plc

("Predator" or the "Company" and together with its subsidiaries the "Group")

Moroccan earthquake

The Company is terribly sorry to have received the news Friday night and over the weekend regarding the earthquake in Morocco. Our thoughts are with all those affected by this shocking tragedy.

The Company's operations in northeast Morocco are not within the earthquake zone, however we recognise that this will be a very difficult and sad time for all of us who have worked in Morocco for many years and have a special connection to the country and its people.”

It’s the same for CHAR as CHAR’s operations are not in the earthquake zone.

Up 14.6% and Number 3 on the Leaderboard. Rerate should kick in now as this is massively undervalued sitting on more cash than its market cap with more cash due from Leap.

The epicentre of the earthquake was in the Atlas Mountains near Marrakesh which is a long way from Anchois. It is obviously very upsetting that so many have died but there would seem to be no reason why Anchois should be affected. It is in very bad taste that derampers are peddling their nonsense to try to damage CHAR’s sp.

I wholeheartedly endorse Bubblepoint’s post regarding setting timelines. The presentation shows they are working incredibly diligently to get Anchois financed and partnered. The next RNS could drop at any time so the traders should beware. Looking promising on all fronts in fact.

Jim Mellon ‘ Chairman and largest shareholder states:

“We are very aware of the value of our assets and will not allow them to go at anything other than a fair price”

The following statement in the RNS gives a clear statement of what they consider that value to be based on which the bidders will be well aware of:

“ The Company's strategy has been to develop the fully permitted La India Project in two stages using the new SAG Mill that has already been purchased. The delivery of a Feasibility Study Technical Report ("2022 FS") on 26 October 2022 on La India open pit, with an average of 81,524 oz gold per annum for the initial six years for a relatively low total upfront capital cost of US$106 million is a landmark and significantly de-risks the Project. At US$1,600 oz gold, the La India open pit Mineral Reserve produces total revenues of US$888 million, the total operating costs of mining, processing and G&A are US$480 million, leading to an operating profit of US$408 million or a 46% operating margin. After government and other royalties, but before sustaining capital, the operating profit is US$355 million, which in Condor's opinion is ample to repay any project debt on the relatively low upfront capex. At US$2,000 oz gold after paying royalties, but before sustaining capital the operating profit is US$563 million. In reality, two permitted high grade feeder pits will be added during the early years of production thus increasing production ounces of gold. Early production is targeted at 100,000 oz gold p.a”

Further:

“ Highlights 1.225 Mtpa PEA La India Open Pit + Feeder Pits :

-- IRR of 58% and a post-tax Net Present Value ("NPV") of US$302 million, at a discount rate of 5% and gold price of US$1,700/oz.

-- Average annual production of 120,000 oz of gold over the initial 6 years of production.

-- 862,000 oz of gold produced over 9-year Life of Mine.

-- Initial capital requirement of US$153 million (including contingency).

-- Payback period 12 months.

-- All-in Sustaining Costs ("AISC") of US$813 per oz gold.

-- Robust Base Case presents an IRR of 48% and a post-tax NPV of US$236 million at a discount rate of 5% and gold price of US$1,550/oz.

Highlights: 1.4Mtpa PEA Open Pit + Underground Operations

-- IRR of 54% and a post-tax NPV of US$418 million, after deducting upfront capex, at a discount rate of 5% and gold price of US$1,700/oz.

-- Average annual production of 150,000 oz of gold over the initial 9 years of production.

-- 1,469,000 oz of gold produced over 12-year Life Of Mine.

-- Initial capital requirement of US$160 million (including contingency), where the underground development is funded through cash flow.

-- Payback period 12 months.

-- All-in Sustaining Costs of US$958 per oz gold over Life Of Mine.

The Company remains convinced that the 587 sq km La India Project is a major gold district with the potential for significa

Interim Report and Accounts for the Six Months Ended 30 June 2023

Condor Gold plc ("Condor Gold", "Condor", the "Group" or the "Company"), (AIM: CNR; TSX: COG) presents its unaudited interim financial report for the six-month periods to 30 June 2023. It has been posted on the Company's websites www.condorgold.com and ca.condorgold.com. It is also available on SEDAR at www.sedar.com.

Highlights for six months to 30 June 2023

· There continues to be significant interest in the sale of the Company's assets

· The Company hosted 2 site visits in connection with the sale of the assets in Nicaragua during the first half of the year. There are currently 5 non-binding offers.

· Land acquisition continued at the La India open pit and associated mine site infrastructure. To date, 99.6% of the core areas have been purchased.

· Site clearance of 14 hectares has been completed for the processing plant location, including areas for offices, warehouses, a stockpile, and a buffer zone.

· 0.66 g/t gold from an isolated high-level chalcedonic rock chip sample 400 m west of Cacao deposit indicates continuity of the hidden, deep-seated high-grade mineralised Cacao deposit to the west.

· Up to 6.29 g/t gold from a 0.5 m thick quartz breccia in artisanal mine workings at the Twin Hills (Dos Gemelos) prospect confirm mineralisation along the Cacao trend some 2 km east of the Cacao deposit.

· 26.1 g/t gold and 200 g/t silver from new artisanal mine working at the southern end of the main El Paraiso vein trend on the Rio Luna Concession extends the strike length of medium to high-grade mineralisation on the El Paraiso structure from 3.5 to over 4 km.

Post Period Highlights

· 4 July 2023 the Company announced it had raised £1 million by way of the exercise of warrants by Galloway Limited, a company wholly owned by Burnbrae Group Limited, which is, in turn, wholly owned by Jim Mellon, Condor's Chairman, increasing Galloway's shareholding to 23% of Condor Gold.

· 21 July 2023 the Company provide an update on the sales process.

A new poster has some questions which don’t appear to have a positive intent one of which is attempting to imply that the Company lacks confidence in Anchois and that’s why it’s looking at a speculative onshore target. This is of course deramping none sense just read the RNS:

“ Chariot Limited (AIM: CHAR), the Africa focused transitional energy company, is pleased to announce that it has signed a Petroleum Agreement for a new exploration licence, Loukos Onshore ("Loukos"), located onshore Morocco.

· 75% interest in, and operatorship of the Loukos licence signed by a wholly owned subsidiary of Chariot Limited in partnership with the Office National des Hydrocarbures et des Mines ("ONHYM") which will hold a 25% interest.

· Loukos covers an approximate area of 1,371 km2 and is adjacent to Chariot's Lixus and Rissana offshore licences, with the former containing the significant Anchois gas discovery and development project ("Anchois").

· Detailed evaluation has already commenced, based on existing modern 3D seismic data of 150 km2 and on-block wells, identifying:

o overlooked, shallow, conventional gas play, which has already produced gas in other areas onshore Morocco, and which is geologically similar to Chariot's offshore projects including the adjacent Anchois gas discovery.

o multiple low risk gas prospects, supported by characteristic seismic attributes, with gas and reservoir proven by previously drilled wells which targeted deeper different prospects.

· Intention to drill priority targets identified, with drill rigs available in country.

· Loukos has the potential to deliver early gas sales due to the proximity to a significant and undersupplied industrial gas market, with further potential development synergies through the location of the planned Anchois processing facility and pipelines being situated on-block.

· Minimal licence commitments comprise re-processing of existing 2D and 3D seismic data and desktop studies, which will help to fully evaluate the potential of the Loukos licence, including other plays and areas outside of that covered by existing 3D seismic data.”

The onshore is adjacent to the offshore and the seismic indicates strong links making working on both very complimentary. Indeed there are clear arguments that securing the onshore protects the offshore and helps with the pipeline.

Simon Thompson today highlights the technical case for a close above 67p leading to a rally towards 94p. But remember that is only the immediate story. The 12 month story was set out in his previous article on 17th July “ A Lithium stock with a potential sevenfold return” when sp was 40p. This was the concluding paragraph:

“ Material undervaluation

So, although CleanTech’s share price remains the laggard in my 2023 Bargain Share Portfolio, I firmly believe that the potential for unlocking the value embedded in its key projects is being materially undervalued in the company’s £42.5mn market capitalisation. I am not the only one thinking this way as Canaccord Genuity’s 295p target price is more than seven times the current share price.

That target may seem punchy until you note that Arkansas-based Standard Lithium’s (US:SLI) has an enterprise valuation of C$945mn (£550mn) even though its lithium reserves are only twice as large as CleanTech’s. Buy.”

Another positive article from ST in IC:

Take advantage of profit taking at this lithium stock

A mining company in Chile has announced a major upgrade to one of its key projects

August 24, 2023

By Simon Thompson.

The conclusion:

“ CleanTech’s share price rallied from 40p to 67p after my last update (‘A lithium stock with a potential sevenfold return, 17 July 2023) taking the price close to the entry point in my 2023 Bargain Share Portfolio. From my lens, the subsequent profit taking has created a repeat buying opportunity given scope for multiple positive share price catalysts to drive a re-rating and narrow the 81 per cent share price discount to house broker Canaccord Genuity’s 295p target price.

These include the forthcoming dual listing of the shares on the ASX. Australian-based shareholders make up around 31 per cent of the share register and have been urging the company to dual list on the ASX. That’s because they believe that with the greater knowledge of natural resource and lithium investing by the institutional and retail market in Australia, CleanTech would receive a higher rating closer to that of lithium company peers listed on the ASX.

Bearing this in mind, the listing prospectus will include an updated competent person's report (CPR) that incorporates details of the current work programmes and resource upgrades, thus showcasing the investment case to a broader geographic pool of institutional and retail investors. It can only improve liquidity in the shares and increase the investor base.

From a technical perspective, a close above last month’s intra-day share price high (67p) would open the door for a rally back towards the 2023 record high (94p). Buy.”

An article in IC reminded me of CHAR’s previous involvement in exploration in Namibia and that they still have assets there:

“ Namibia already has diamond operations and a major uranium mine formerly owned by Rio Tinto (RIO), so has plenty of experience in this area. But oil discoveries by TotalEnergies (FR:TTE) and Shell (SHEL) have the potential to supercharge its energy industry. “My priority is Namibia,” said Total boss Patrick Pouyanné last month, describing the results from an appraisal well as “very positive”.

There is that name again TotalEnergies. Yet another opportunity for CHAR to do business with TotalEnergies. I would be very pleased if when FID is announced TotalEnergies we’re the Partner for the Moroccan gas.

We would all like major news on FID asap but to say we haven’t been updated is incorrect as we were given assurances in the placing RNS on 10th July:

“ The Company continues to make good progress on its partnership process for Anchois, with the fundraise providing an improved financial position ahead of finalising negotiations.”

And

“ Commenting on the Fundraising, Adonis Pouroulis, CEO of Chariot, said:

"We have made significant strides across our gas portfolio throughout the past year, especially in progressing the Anchois development and we are now in the final stages of negotiating partnering on our licence areas offshore Morocco following a highly competitive process.

Our overriding objective remains to build further value for shareholders and we are therefore looking to raise funds for a new licence onshore Morocco as we continue to expand our strategic footprint in-country. This licence will give Chariot near-term drilling opportunities with the potential to accelerate Chariot's timeframe to first gas. The acreage shares geological similarities with our offshore assets so we benefit from unique insights on existing 3D seismic and on-block well data and have already high graded targets for a first phase drilling campaign.

Proceeds from the raise will also support the wider Chariot group as we continue to deliver on milestones across each pillar of our business for the benefit of all stakeholders."

The language is final stages of negotiation of partnering. I am not sure what else they can say until they actually release the deal. It is undeniable that this is peak summer holiday time so it may well be that final sign off will be in early September when all parties returns to their offices. But it could be tomorrow and if not September is now just days away. After a lifetime in business I am well aware of how difficult it is to finalise deals during August. A little more patience and I don’t think we will be disappointed when FID is announced.

Gold moving Up through 1915 but not yet having any effect on CNR sp or volume.

Definitely a positive day today Up 11.6% at 2.40p on volume of 1.3 million. It has much further to go. Worth remembering that when earlier this year Ed finally bought his first shares he acquired 2.2% of SEED at 2.69p, 2.52p and 2.5p. He is therefore currently underwater but will be approaching break even if this moves above 2.6p.

Yesterday’s volume was the highest since mid April. Yesterday’s 7.5% rise is continuing Up 7% on volume of just 524000 from 12 trades which are all buys. If we start to see yesterday’s volume again the rise in the sp could move very quickly in a northerly direction.

Someone bought 1 million shares in the last reported trade, such that currently buy’s slightly exceed sells on volume of 2.6 million. News any day now should ensure the rise we have had in the last 2 weeks continues. This should start to bring lth’s who have been averaging down below 1p back into profit.

Moving in the right direction this morning Up 1.1% on 4 buy trades for a volume of 86500. Perhaps helped by gold returning to 1900.

Hello Henry

If you struggle to understand what CHAR has delivered since the Fund raise in May 22 then I don’t think investing in shares is for you. It is all set out in the RNS’s since that time and in those commonly used words, do your own research. Essentially we are very near to FID which has required considerable work in a number of areas which have now been ticked off. When the announcements about FID are released one would expect a rerating in line with the broker targets.

If you believe as I do that this is heading to 50p and beyond in the coming weeks and months then why wouldn’t I buy more at 14p having previously paid 18p. I don’t want to be diluted so I increased my holding at 14p.