Member Info for ICB888

It should be helpful to the sale process that Gold is currently at US$1825 which is US$225 above the US$ 1600 used in the BFS. That is a 14% increase on the BFS figures and this is likely to increase further in 2023.

Punter 64 you need to get your facts right in your efforts to deramp. Randy has not bailed as he and Nicaragua Milling still own 4.5% of CNR according to CNR’s website. That may have slipped slightly as I don’t think overseas investors were offered shares in the open offer but he certainly hasn’t bailed.

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.

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 £100 million to £200 million range mentioned by Mark.

Always good to see a Director buying shares. Today’s RNS is the fifth Director buy this month and the twentieth this year.

I just noticed that the last Director buy was Martin Diggle buying 250000 at Q2-at the beginning of March. He can have a Happy Christmas sitting on a 100% gain at todays closing price. He certainly knows what Scancell has in store and when to buy. Everything looking very promising for Scancell in 2023 on several fronts. Wishing all SCLP Shareholders a very Happy Christmas.

You don’t know that MC has not bought in the open offer. You will have to wait for the open offer shares to be issued on 23/12 to find that out. Jim Mellon has converted his shares and had them issued which is why he has reported an increased holding. Your deramping is pathetic.

Volume now 225 million as BLU approaches the close with Buys exceeding Sells nearly 2/1. Avery good day as Satoshipay springs into life.

BLU surging Up 30% now and top of the Leaderboard.

Mostly buys today but being shown as sells. Volume currently 300000 and the sp is holding at 16.50 as we approach the cut off for applications for the open offer.

I think the reason Jim Mellon has said he won’t take part in the open offer is because the £1 million he has just given to CNR by CLN will allow him to convert that £1 million into shares at 15p. In essence he has already taken part in the open offer and to do so again would be giving Jim an unfair advantage. The open offer is actually to allow shareholders to get in at the same price as Jim and avoid dilution.

It is perhaps worth recalling Malcy’s comments following the 7th December RNS relating to the solar project with Total Erin.:
“ Chariot are powering ahead with its plan to deliver substantial renewables projects across Africa, this is another project in partnership with TotalEren in the mining sector. It is envisaged that the solar PV project will provide competitive electricity for the Karo Platinum Project, in Zimbabwe to an installed capacity of 30 MWp with a potential extension of up to 300 MWp.

The market has been concentrating on the Anchois development in Morocco but the company are building a meaningful renewable business here and this is another major piece of business that will substantially add to the value of the business.

The shares have increased by some 50% in the last month but I do feel that this is only the start of a more significant upward move. I have always thought that across both businesses the value will ultimately be a multiple of current levels and so I remain happy with my target price of 100p split 75/25 in favour of Anchois. ”
Malcy is combining the Renewables and Green Hydrogen as one business in making his remarks. Adonis always refers to the 3 Pillars of the business and yesterday repeated his assertion that each of the 3 pillars has the potential to become $1 Billion businesses in their own right. He gave clear indications of how Renewables and Green Hydrogen may be spun off as they must self finance and not draw cash away from Anchois.
It appears that currently the market is not recognising the present value of the Anchois project and is attaching no value to the Renewables and Green Hydrogen.
News to spark a rerate could land at anytime so while the short term traders try to make their pennies I remain invested waiting for the 50p to £1 targets set by the professional analysts.

I believe the main reason for the Open Offer is to allow all shareholders to pick up shares at the same price as Jim Mellon and not be diluted. It is being done to be fair to long term holders and not because the Company actually needs £5 million at this stage because it actually says it is only looking for £500000 to £700000 for the next couple of months and it has already received more than that from Jim Mellon’s Convertible Loan.

If you know Jim Mellon’s history he made a fortune in Russia after the collapse of the Soviet Union so don’t think he wouldn’t deal with them. It is also worth remembering that in the 1950’s when the mine was operating it was run by Russians. Russia is a supporter of Nicaragua so don’t rule anything out. If they wanted to make an offer to get the bidding going that would be helpful but China is probably more likely. Neither give a stuff about Sleepy Joe’s sanctions in fact they would relish rendering them pointless.

P64
You answered your own question because Mark was pursuing that drilling policy and wanted to prove up or give strong support to 5 million ozs+ being achievable. We all know as you say that proving up more ozs had little or no effect on the share price. Which was strange because Gold explorers are usually valued (as they are trying to now) on the value of the gold in the ground. Mark stated that he was ceasing to drill more areas because it was having no effect on the sp and burning cash. He naturally wanted the sp higher in order to raise future funds at a higher price and be more noticeable in the Market as a valuable company. Mark then had to go down the route of preparing for production to show that they were prepared to mine it themselves if they didn’t get an acceptable offer.
The market has not been kind to Condor and this has certainly not been helped by the majority of comments on the bulletin boards being predominantly negative and that is continuing during the sales process. CNR have had to go down the asset sale route because the sp is at a massive discount to the fair value of the assets. If some offers start coming in hopefully the sp will move up to reflect that. If it does move up then there is the possibility that the asset sale could become a share sale which Would certainly be my preference.

Share price forecast
The 4 analysts offering 12 month price targets for Chariot Ltd have a median target of 57.37, with a high estimate of 63.11 and a low estimate of 54.09. The median estimate represents a 210.96% increase from the last price of 18.45.

Up 2.8% from 11 trades all buys for a volume of 117000. Highest price paid 27.98.

The volume has reached 3 million in the first hour of trading. and it has already exceeded yesterday’s volume. We have seen the to be expected profit taking after yesterdays 15.4% rise as the sp has returned to its closing price yesterday. Let’s see how it goes in the next hour as one would expect this to start to move north again.

Up 10% and top of the Leaderboard. Obviously very disappointing but it was the figure mentioned. The current sp remains a ridiculous discount to NAV.

Currently Up 8.3% at 29.25 on volume of 1.4 million.