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Having just watched the latest interview with Mark explaining the reason for the Sale and the latest funding , I don’t agree with broomtree that he had little enthusiasm. There was no suggestion of a fire sale and he did mention that although Hannan have been taken on to source buyers to create a bidding battle he said they were still open to other options such as a JV. I suggest people watch it themselves and form your own opinion.

Jim Mellon has commented in the RNS as Chairman:

“ "I am pleased to support the Fundraise with a commitment of £1 million, which the Company has already received. I encourage existing shareholders to take up their pre-emptive rights under the open offer of 1 new share for every 6 shares held. The Company's La India Project is almost construction ready, with the key permits to construct and operate a mine, a bankable feasibility study completed, a SAG Mill and surface rights purchased. Initial production is targeted at 100,000 oz gold p.a. with an expansion to 150,000 oz gold p.a. The strategy recently announced is for the Company to sell the assets. The fundraise allows the Company to enter a sale phase sufficiently funded".
It is perfectly true that it is a better negotiating position if you are well funded so buyers don’t think you are going to take a low price for a quick sale.
The reality is this is the only way Jim Mellon can take a further slug of shares before the sale. He couldn’t buy them any other way because he has inside information regarding the likely sale price. He has however been fair and is allowing existing shareholders to top up and avoid dilution at the same low price. The sale which may well occur quite quickly will value the shares at many multiples of the current sp and 15p. Such a shame the deramping crew won’t be able to buy in at 15p. I will be taking up my rights in the open offer and don’t expect the sale to take very long as the buyer will want to start constructing the mine asap.

MD said Scancell was the most exciting science he or his science due dill man had ever seen.

DDD
I agree entirely with your last post about the bizarre sp movement. The derampers are having their last stand but not a great deal is happening as the volume is very low. Once this manipulation runs out of steam, which it probably did with the vol of 75000 on Friday which was 10 of the volume on Tuesday, which fell sharply each day. If you look at the advfn bb the deramping crew have been in overdrive tuning out negative drivel incessantly. I think they have had their last hurrah and will be buying very soon. Once the move north starts it should be quite rapid as there is not not a lot of stock available and every one knows this will be sold at multiples of the current sp. The current sp is totally irrelevant because it in no way reflects the true value of Condor hence the asset sale which will focus on the value of the asset which is the correct induration to value a pre production gold mine. It is the value of the proven gold in the ground plus serious value for the gold that is not fully proven but gives strong support to this being a 5 million oz+ gold field.

“UK turns to coal as gas
prices soar
Imports almost double as Ukraine war turns natural gas into a no-go zone
Laith Al-Khalaf
Rising gas prices resulting
from the war in Ukraine have
forced the UK to nearly double
its coal imports in the fight to
keep the lights on through
winter.
The increasing use of coal-
generated power in the UK
comes after years of shifting to
cleaner electricity from gas-
fired power plants and renew-
ables, but is deemed vital as
Vladimir Putin crimps gas
supplies to Europe.
Figures from Kpler, a com-
modity analytics firm,
show
that
more than 560.000
tonnes of coal came into
British ports last month, com-
pared to 291,089 tonnes in
October 2021
a 93 per cent
increase.
In
the first ten
months of this year, more than
5.5 million tonnes of coal
came
in, already exceeding
last year's 4.2 million tonnes.
Victor Katona, senior ana-
More than 560.000 tonnes of coal came
into British ports last month
ALAMY
lyst at Kpler, said increased
demand is because of the ris-
ing price of wholesale gas.
"With gas prices like these, re-
lying on natural gas for power
generation is a no-go zone for
anyone who can switch be-
tween fuels."
Prices for gas have increased
rapidly since the invasion of
Ukraine.
The doubling of the October
coal imports suggests that the
UK is accelerating purchases”
How can Hasina not approve Phulbari when we see UK having to increase the use of coal for energy security and financial necessity reasons.

Mark has been talking to several interested parties for several months while the BFS was up rated and finalised . The current sp in no way compensates the company for its futures.

It is interesting to note the fact that Total are drilling in Namibia which could have a beneficial effect on Char’s Namibian assets. Total are already involved with our Renewables business and The Green Hydrogen project in Mauritania. It’s getting to the point where it’s only Anchois it isn’t currently involved with. Total must be an obvious leading candidate to partner on Anchois and the wider Moroccan gas fields or just buy out CHAR.

20.99p has just been paid for 25000. The rerate continues at pace.

Now Up 6.6% at 20.25 on volume of 937000. Another good day looking likely.

We have just seen the largest trade of the day so far 50000 Buy at 18.2. Let’s see if CHAR can continue the rise to be firmly above 18p.

Absolutely right DDD the bashers are out in force on both bb’s particularly advfn which has a tag team of derampers hard at it. However since the announcement on Tuesday only 1.3 million shares have been traded which is a very small amount in relation to the shares in issue. Condor is an illiquid share and it’s quite easy for a group of sellers to push the price down on low volumes. The truth is most shareholders are holding for the end game which will be multiples of the current sp as Mark is on the record that CNR is worth more than £1. He has been talking to Potential bidders, Farm In Partners and Finaciers for several months while the BFS was finalised and subsequently. We know his aim has always been to sell and now the BFS has been filed in Canada, which is the most important mining market he is implementing that strategy with the active support of Jim Mellon now Chairman as well as largest shareholder. When this starts to move up again it is likely to be rapid so anyone waiting for another 1p off the price is likely to get caught out when this turns north.

The Company has now commenced the end game and a sale has always been the preferred exit. We know there is considerable interest and Hannan have been brought in to conduct the auction. There are probably so many discussions going on that CNR had to inform the market about a potential sale and appointing someone to run the sale probably precludes having to report various offers including no doubt low ball ones from chancers.
The work Undertaken by CNR upto and including the BFS ,which was delayed to update it to include issues bidders and financiers, has set out a very profitable business proposition. The mine is ready for the run into production with all permits and approvals in place. We know £100 million will get production running that will repay the £100 million within 12 months and finance increasing the production. This mine will produce a £1 billion+ in its lifetime and probably multiples of that.
If a big player just injects a load of cash it could be producing those returns sooner. Selling CNR for £1+ Would still be very cheap based on the value of the gold. As Mark said recently he is not looking to sell based on the current share price as it massively undervalues the asset.

Long term followers of Condor know that a sale has always been Mark’s and one assumes Jim Mellon’s preferred option. Circumstances have caused them to have to take the mine development to this preproduction stage and the high level BFS.
A sale is the most likely and usual course of action for a small explorer like Condor. Mark made it clear in his last interview that if the sale route was used it would be on the basis of an asset sale and not by reference to the current sp as that in no way reflected the value of the asset. I imagine they have offers of finance and interest from companies to farm in which will demonstrate to Purchasers how they could take it too production. I have said on a number of occasions recently that I expected the sale not least because this will avoid any further dilution for Mark, who doesn’t have Jim Mellon’s ability to make large cash injection. It also avoids dilution for all existing shareholders.
Mark has recently said CNR is worth more than £1 as have other commentators and so one would imagine that his aim is to achieve £1+. I believe this has always been the strategy and today is confirmation of the sale route being the preferred option. Mark knew this when he talked of £1+ and it will be very disappointing if the final offer is less than £1.

The post from Capt Bligh on advfn:
“ An extraordinarily positive meeting... the suppressed excitement over Modi palpable in both the presentation/ room/ and afterwards talking to Martin Diggle ("of all our life science investments by far the most exciting" and briefly to Lindy. I asked her if she was surprised by the speed that Trish ( of whom they were well aware and had contacted MacMillian to see if her posting was within rules... no probs they encouraged articles that promoted trials), had responded yes she said amazed that her reaction had been so quick. At one point she said "I could say more , but [compliance] would tell her to shut up. What an incredibly impressive person she is.”

Adonis does spread briefly about how well Anchois is progressing when he has gone through todays RNS about electricity in South Africa. He mentions the gas off-take agreements and that there are several parties interested in partnering.

Thanks to Searcher for his posts.
Phulbari is getting regular mentions in the Bangladesh press which is very good to see.But the most significant event is promotion of the project in Parliament and an MP asking the Power Minister why Phulbari had not started yet Hasina I seem to recall from another report was in Parliament when the Phulbari questions were asked. This will put pressure on Hasina as the issue becomes so public and she knows the people of Phulbari including the farmers fully support mining at Phulbari.

Of course it’s good news CHAR are in active discussions with all the relevant parties to get this to gas production asap. CHAR are fully engaged to ensure there are no hold ups and that the Moroccan Government realises the importance of the project to Morocco.

Is one possible scenario that Milton and the other institution that hold all the 6.2p warrants are taking profits now by selling their existing shares which they will then replace with the warrant conversion shares, which they will continue to hold. That would also give them the cash to exercise the warrants. Once the warrant exercise is completed the share price should rebound strongly and the company will have a £3 million cash injection which is the positive side for the company of warrants being exercised.

I wonder if someone getting wind of this most encouraging news caused the rapid rise in the sp on Friday morning before it gave up much of the gain in the afternoon. It will be interesting to see if enthusiasm returns tomorrow and the push through 18p will succeed this time following buys at upto 17.95p on Friday.

Good to see Chariot moving up into the close. Currently Up 4.9% at 16.15p.