Member Info for ICB888

From todays RNS:
“Adonis Pouroulis, Chariot CEO, commented:

"We are delighted to be partnering with Vivo Energy, a company which has an extensive footprint in Morocco and the African continent, to develop and deliver a long-term supply of natural gas across the rapidly growing industrial sector in country.

"Morocco's significant industrial gas demand, which this partnership will supply into, further supports the commercial viability of the Anchois project. This agreement confirms the priority given by Chariot to the Moroccan energy market, expands upon our other existing sales negotiations around future offtakes for the gas from the Anchois gas field and sets out a collaborative partnership with one of the continent's leading energy distributors, as we continue to develop this high margin low risk asset.“

An IPO is mentioned in the article:
“The bulk of Dynasty’s technology platform stems from the work of co-founder and chief technology officer Crispin Tristram, who developed South-East Asia’s most popular gaming and esports platform, Dunia Games, before launching Dynasty.
Dunia grew to support 22 million monthly active users and booked annual revenue of more than $US500 million.
Since launching three years ago, Dynasty has been testing the waters of an Australian IPO, but Mr Baxby said the timing was still up in the air.
“The IPO market is still somewhat closed, so we’ve raised incremental capital to fund the business growth,” he said.
“We’ll have to wait and see what the market does and where we gain the most traction.”

I am afraid I don’t know why someone would do such a small trade. Perhaps they wanted to check the price with an actual trade. Interestingly they delayed releasing that 75000 trade for an hour. All quiet again now.

There has only been 1 trade for 69 shares at 32.2666p after 2 hours of trading. A very quiet day after yesterday afternoon’s activity and strong finish.

This relates to a legal point:
“ This decision relates to a specific point of law and no determination has been made in relation to the merits of the underlying claim. The case will now be referred back to the Court of King's Bench of Alberta to consider the merits of the claim and they will determine the timetable for this process and the timing for future hearings. Bacanora alleges that Mr. Orr-Ewing obtained the Sonora Royalty either by misrepresentation or without consideration. The Estate disputes the allegations and intends to rigorously defend itself in the action.”
Also:
“ The conditions requiring Trident to provide funding in respect of Sonoroy to enable it to complete the acquistion remain at Trident's discretion and includes a provision that at the time of funding, no changes in Mexico's regulatory regime materially affects the Sonora project and that the litigation by Bacanora is favourably resolved for the Estate. If Trident elects to exit the joint venture, the repayment date of an initial loan made by Trident to Sonoroy of $2.5 million is due six months from notification of termination of the Sale and Purchase Agreement or Joint Venture Agreement.”
Today’s reaction is ridiculous and should correct quickly once investors read and understand the RNS. I am sure the company will be giving an interview to explain this.

Up 2.3% at 33.50 on volume of 430000. 33.9p has just been paid .

The sp is recovering and the buys are coming in now with the latest 25000 at 33p. The volume is 300000 which is double yesterdays volume already.

9 consecutive days above 18p was undoubtedly a very positive development showing clear interest from the market. Investors are anticipating further very positive news after the FEED RNS in early March, but the market is now getting impatient. The rise will be resumed as soon as CHAR releases further news. Just a reminder of where this is heading:
“ The 4 analysts offering 12 month price targets for Chariot Ltd have a median target of 54.54, with a high estimate of 62.56 and a low estimate of 49.72. The median estimate represents a 217.43% increase from the last price of 17.18.”

The last news was the FEED RNS on 8th March. In that RNS we were told other work was going on alongside FEED:
“ · In addition to the FEED, other technical work has been progressing in parallel, in the lead up to development sanction, including:



o Environmental, Social Impact Assessment ("ESIA"), for which onshore and offshore environmental baseline surveys ("EBS") have already been conducted;

o Field Development Plan ("FDP") is being finalised by the Lixus joint venture partnership to enable the award of the production concession;

o Development drilling planning is ongoing which can further evaluate the potential of an additional 754 Bcf of 2U prospective gas resources for minimal additional cost. The targets identified have an independently assessed geological chance of success ("Pg") ranging from 49-61%.”
It has been encouraging to see the sp back above 18p for several days until yesterdays fall. The market is clearly unhappy that there has been no news for nearly 2 months and the company should remedy that.

There is a further US$100 million special dividend in Q4 taking it to US$ 550 million plus at least US$25 million buy backs.

The volume at 119000 from 17 trades is barely half of yesterday’s very low volume . Gold rose close to 2010 earlier and is now at 2000.. Metals and mines generally have been under pressure for a few days but are improving a little today. This is not the first time on the rise from 15p that the sp has pulled back for a day or two before continuing the rise. I expect normal service will resume soon as CNR is still way below the level of any first offer that would be acceptable to the Directors.

On the point about JM deciding now that they aren’t mine builders. I don’t think that it was ever his intention to build the mine. It was always the intention to sell before production as is the way with most gold exploration companies just as Ross Beatty is doing with one of his exploration companies. Condor would have sold years ago if the market and the gold price had allowed it to. Condor is doing exactly the right thing selling following the BFS at the start of a bull market for gold.

Look at this valuation from the last CNR presentation which will obviously be endorsed by the Investment Bank conducting the sale:
“ Valuation 14April2023
Market Capitalisation at 30p = £54M or US$67M
Valuation of an oz gold in the ground. Takes no account of permits, FS, land, upside, mill 2.5M oz gold for La India Project + Rio Luna concession and silver credits US$27 per oz gold in the ground or 1.3% of today’s gold price $2,030 oz gold
Post tax NPV: Best indication is 150,000 oz gold p.a. scenario in PEA:
• US$418M NPV and IRR 54% at US$1,700 oz gold. price to book ratio 0.16 times
• US$628M NPV and IRR 74% at US$2,000 oz gold. price to book ratio 0.10 times
• US$769M NPV and IRR 87% at US$2,200 oz gold. price to book ratio 0.09 times”
Let’s take the middle one which is conservative as there seems to be a widely held view that Gold is going much higher.
So that gives a value of £503 million. If anyone thinks Jim Mellon is going to sell something currently valued at £500 million for £60 million I think you have a problem. If an offer comes in at double the current sp 66p that still only values CNR at £120 million, which is less than 25% of the valuation. The sp should continue its rise even in the absence of further news as it is massively below the likely sale price and will move much higher in minutes when the first offer lands.

Condor Gold
@CondorGoldplc
·
43m
Condor Gold Signed 9 Non-Disclosure Agreements with Interested Gold Producers -
@SwissResourceAG


"In the next step Binding Agreements are to be concluded, last but not least there could be a bidding battle for the project." $CNR $COG

Watch HERE: https://bit.ly/40x2VlT
It’s the recent interview with Jurgen which Condor have tweeted this afternoon no doubt to remind us that they are hoping for a bidding battle.

Just for information SCIR are up 25% today on no news. It would certainly be good for AEX if the transaction involving the sale of their 25% of Ruvuma was about to be completed.

A 500000 Buy at 18.50 was a £92000 vote of confidence.

The 75000 trade at 34.51p was late reported as a sell but if you look at the trades and the spread at the time of the trade(12.47pm) it was clearly a buy. Also the sp marches higher with the first buy at 36p just gone through.

Now Up 2.2% at 34.50 on volume of 127000. The last 2 trades have been buys at 35p which is full offer. Looking promising to tick up again shortly.

The uptrend remains at the start of a new week. Currently Up 0.5% at 18.8p on volume of 570000. We should see 20p this week as we await news.

4 buys to start the week all at full offer 34p and a volume of 45000. Just moved Up 0.7%.