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Has anyone managed to discover how the Chariot Roadshow is going or who they are talking to? If they succeed in getting some European and American institutions interested we should hopefully see an increase in volumes in the coming days and weeks.

There is some positive movement now Up 6.9% on low volume of 148000 from just 9 trades. Perhaps as this is the first full week of trading since the Christmas and New Year break we will get an update on the sale process this week.

Gold continues to rise reaching 1880 in Hong Kong this morning.
It is useful to look at the figures in the BFS released in September to see the effect of the rise in the gold price on value:
“ · An Internal Rate of Return ("IRR") of 23% and a post tax, post upfront capital cost NPV of US$86.9 million using a discount rate of 5% and price of US$1,600 oz gold (Mineral Reserve Case).

· An Internal Rate of Return ("IRR") of 43% and a post tax, post upfront capital cost NPV of US$205.2 million using a discount rate of 5% and price of US$2,000 oz gold.”
The rise in value is exponential.

The Ruvuma 3D seismic acquisition programme, the largest 3D survey to have been conducted to date in onshore East Africa, completed on 9 October 2022 and the processing and interpretation of data will continue into 2023.

That was from the November RNS and the Seismic collection was completed 3 months ago on the 9th October 2022.

If you look at what the analysts think then caviar is more likely than jam:
“ The 4 analysts offering 12 month price targets for Chariot Ltd have a median target of 57.24, with a high estimate of 63.05 and a low estimate of 53.92. The median estimate represents a 265.17% increase from the last price of 15.68.”

If you are making comparisons with SOU perhaps you should look at how long their Partnering and Farm out process is taking. They announced it on 9th August 2022 and updated in December. They have a lot of interest apparently but have not yet done a deal. CHAR have also reported a lot of interest and are ticking off milestones. There is not a lack of progress at CHAR and they are certainly not being made to look like that by comparison with SOU.

Very promising to see Bechtel appointed to this project. They are a World class company who have been responsible for major projects all over the world. This is a major strategic project for the USA and Bechtel will be able to deliver it as quickly and efficiently as is possible.

Some decent buys in the last 3 minutes of trading including an AT buy at 15.95p has closed CHAR up 0.5% on volume of 2.6 Million. Perhaps some news by the end of this week to spice up next week’s roadshow?

Moving Up again as the offer moves to 18p. Now Up 9.6% on volume of 384000 as the last Buy went through at 17.75p.
Just 27 trades so far with just 3 sells.

The volume is starting to pick up as the largest trade of the day goes through 50000 at 17.5p. It’s only averaged 3 trades per hour so far. Up 7.1% on volume of 290000 with buys at full offer a further tick up may be coming.

Perhaps worth recalling that CHAR was one of 12 Shares to follow in 2023 as a number of negative posts appear.
This is the final paragraph of the Toal Markets write up on CHAR on 29/12/22:
“ CHAR undertook a major fundraising round in June, raising gross proceeds of $29.5m. At the end of H1 the company was debt free and reported cash of $23.4m. The highly encouraging discovery at Anchois, and encouraging news on other fronts, sent CHAR’s share price flying this year, up 107pc to 16.2p at the time of writing, taking its market cap to £155m. Note, though, that its stock was as high as 24p in April, indicating the value the company could reach again as it closes in on a FID at Anchois. ”
We are due news that could land at anytime which should move this sharply higher to previous highs and beyond.

A slightly late reported trade of 230000 at 16p has just been reported as a sell whereas a 15000 trade 10 seconds later is shown as a Buy. The fact that CNR is Up 4.5% suggests the 230000 trade is actually a Buy.

Late reporting of a 200000 Buy at 25.75p from 1.13pm today which is the highest price and largest trade of the day so far.

Does anyone have any views on the likelihood of the Roadshow producing a bid for the whole company. Total are already partners on the Renewables and Green Hydrogen. They would seem an obvious partner for the Moroccan gas and they are active in Namibia.

Seingred the deramping moron.
Specialist subject stating the bleeding obvious for the purpose of deramping. Everyone who invests in non producing mining companies knows that placings come along regularly and there is nothing clever in you choosing to point it out. You only do so to try to encourage weakness in the share price. This is most unhelpful to the company as placings have to take place at lower share prices thus increasing dilution for shareholders.
You are a deramping trader and I think most people know that and ignore your drivel or have you on filter.

We can observe the effect of the sanctions on the share prices of the other Nicaragua based Gold Companies and it corrected quickly. It is of little significance now. When Mark made the comment about receiving cash in the range US$100-200 Million this was post the sanction announcement and no doubt with the benefit of discussions with Hannan.
Your blatant deramping is as tedious as usual .

In order to get to where CNR is now with the BFS it had to keep moving towards production to get the best price. CNR still has the option to move to production itself which has always been important from a negotiating position. Condor is now set up such that a purchaser could be producing in a year ( sooner if it was Rio/Calibre using Toll Mining) and recover their investment the following year. It’s a very attractive commercial proposition.

I think it is also important to remember when there are posters saying this is a distressed sale of assets, that it is much more usual to sell at this point than go into production. We know that it has always been Mark’s preference and intention to sell for some years. The BFS has been completed and it was incredibly unfortunate timing that it coincided almost to the day with Biden’s electioneering sanctions announcement. The sanctions have not nor were they intended to affect CNR or similar companies already producing in Nicaragua. Hannan would not have taken this sale on if they weren’t confident that they can deliver a good deal in line with normal industry valuations.
Let’s await an update on the sale process which hopefully won’t be too long.

Following that post I was asked to comment on the likely share price and this was my reply:
If I comment on likely share prices I only do so on the basis of what the company tells us about the value of our assets by RNS or in the course of interviews or presentations. We have all seen the BFS and you can work out value from that. In terms of comment from Mark in his interview at Mines and Minerals on 9th December he talked about having US$100 million to 200 million. Converted to Sterling that’s £83 million to £166 million approximately.
Based on the current market cap and sp the suggested sp would be between x3 and x6 the current sp of 15.35p.
The predicted range would therefore be between 46p and 92p.

Excellent post from Nero 120 this morning to deal with the increasing deramping on this bb. I am reposting something from a few days ago by way of balance.
The RNS on 22nd November stated:
“Condor Gold Provides a Strategy Update and Appoints Advisor to Sell the Assets

Condor Gold (AIM: CNR; TSX: COG) announces that following a robust and economically attractive Bankable Feasibility Study also known as a Feasibility Study on the La India open pit it has appointed Hannam and Partners to seek a buyer for the assets of the Company. On 26 October 2022, a Feasibility Study Technical Report was filed on SEDAR titled Condor Gold Technical Report on the La India Gold Project, Nicaragua, 2022 dated October 25, 2022 (2022 FS) and is also available on the Company's website www.condorgold.com”
Since then the funding has been successfully completed and the new shares issued and trading since yesterday.
This is a time to remind investors why CNR is conducting an asset sale. The market has refused to recognise the value of Condors assets (its gold in the ground) in its share price. The company is therefore selling the assets in order to secure proper value in accordance with normal industry valuation metrics for pre production gold companies. That value equates to many multiples of the current 15p share price.
There is talk on the bb’s that Jim Mellon just wants to get his money back and 40p would do the trick. This is simply deramping nonsense. Jim Mellon is gold bull and has not had £ millions tied up in Condor for many years just to get his money back. Jim Mellon is only ever interested in making multiples of the amount he has invested. He has made serious returns in the past on several investments in commodity companies. His longtime partner in the commodities field was Steve Dattels whose early career was at one of the worlds largest gold companies. Jim Mellon has the knowledge and the contacts to obtain a proper valuation for the gold in the ground both proven and potential to over 5 million ozs..
Let’s not speculate too much until we receive an update and see whether Hannan give any comment on the US$100 million to US$200 million range mentioned by Mark.