Member Info for ICB888

I think we can be fairly certain that they are currently working on all or most of the things you have mentioned. The cancellation of the Crux Interview at short notice suggests CNR are close to making serious progress which they can’t discuss at the moment and are unable to answer questions about. The next scheduled event on the website is Mines & Money in London on 29th November so hopefully news before then.

But each of those 3 is higher than the last so the statement is true!

Meaningful news regarding a sale, farm in and/or financing could land any day now. It is 2 months since the Completion of the BFS was announced on 12th September and we know discussions we’re talking place for many months while the BFS was being finalised and updated. It will be very surprising if we don’t get very positive news before the New Year.

Mark Child, Chief Executive of Condor Gold, commented:

"During the third quarter of 2022, Condor Gold continued on its journey of de-risking the La India Gold Project, advancing the Project to near construction-ready status. The Company's strategy has been to develop the fully permitted La India Project in 2 stages using the new SAG Mill that has already been purchased. The delivery of a Feasibility Study on La India open pit with an average of 81,524 oz gold per annum for the initial 6 years for a relatively low total upfront capital cost of US$106 Million is a landmark and further 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, process and G&A are US$480M, 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$355M, 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..

The plan is to materially expand production with a stage 2 expansion by converting existing Mineral Resources into Mineral Reserves and an associated integrated mine plan. On 25 October 2021, the Company announced the results of a Preliminary Economic Assessment and filed on SEDAR a technical report entitled "Condor Gold Technical Report on the La Indian Gold Project, Nicaragua, 2021" detailing average annual production of 150,000 oz of gold over the initial 9 years of production from open pit and underground Mineral Resources and provides an indication of a production target. Outside the main La India open pit Mineral Reserve, there are additional open pit Mineral Resources on four deposits (America, Mestiza, Central breccia and Cacao) which represent an aggregate 206 Kt at 9.9 g/t gold for 66,000 oz in the indicated Mineral Resource category and 2.1Mt at 3.3 g/t gold for 223,000 oz gold in the inferred Mineral Resource category. In addition, there is an aggregate underground Mineral Resource (La India, America, Mestiza, Central Breccia San Lucas, Cristalito-Tatescame, and Cacao) of 979Kt a 6.2 g/t for 194,000 oz gold in the indicated Mineral Resource category and 5.6Mt at 5.0 g/t gold for 898,000 oz gold in the inferred Mineral Resource category.

Calibre were Up 6.58% on Friday continuing to recover the fall caused by the sanctions. It really is time for CNR to follow their lead.

I should of course add that first gas production will now be 12 months earlier than we thought until the last RNS and investors were happy to pay upto 1.3 pre drill.

Those thinking it has further to fall before the next rise would do well to look at the history.AEX rose above 1p in August with circa 3 months to go if the drill was late September. At the beginning of October it moved above the 1.2p level and stayed there until the delayed drill announcement. If the drill is at the start of March we are not much more than 3 months away and we will have 3D seismic news in the meantime. It seems highly likely that AEX will soon re establish 1p as the base level.

There are 6 trades so far for a volume of 50000 all of which are shown as Sells . That is incorrect only the 11000 at 23.10p is a sell. The others are all Buys as it’s currently 23.375 to buy.

It is annoying how MM’s spike the sp at the close as they did yesterday to 16p which was above full offer and then revert to the mid price on opening which creates the impression of a fall. Let’s hope for a good finish to the week on the back of strong rises in global stock markets if nothing else.

From another bb:
“ November 10. Peter Schiff: Over the last five trading days gold had one-day rallies of $52, $40, and $49. Gold rallies of that size are very rare and having three in five days is practically unheard of.”
The rise of Gold continues and currently it is 1761.

Finally with Buys outweighing Sells 5/1 on volume of 5.5 million AEX has moved Up 5.6% . Let’s see if we can finish the week back at 1p.

Calibre are Up 8.3% after a couple of hours trading in Canada. Calibre have now recovered about half the fall they had when sanctions news was released. CNR had a good day yesterday rising about 8.5% if you use the true closing price but has a long way to go to get to recover half its fall. Let’s hope some news is close to get this moving north more rapidly.

Gold just moved up to 1740 and Condor moved up to 23.5p which it closed at yesterday on the UT which was reversed this morning back to the mid price of 23p which it should have closed at. So CNR rising on very low volume of just 59000.

It seems investors are finally starting to believe the company when it says the sanctions won’t impact Condor as CNR closed Up 10.59% on volume just short of 400000. Other Nicaraguan miners have been putting on decent gains for several days so good to see CNR following them. In order to get back to where we were before the sanctions scare we need to get back above 30p and then press on to give some value to the filing of the full BFS in Canada. In the absence of the sanctions scare one would have thought it quite likely we would be at 40p by now. Let’s see if the rise continues tomorrow.

In order to have confidence that this can and will turn out well look no further than Wentworth, who have been operating and making good profits near by. Also they were very keen to take 25% of the project which was a great vote of confidence. Their bid was taken over by ARA on pre emotion rights which indicates the operator’s massive confidence in the project as they now have 75%.

Condor now Up 8.2% on volume of just 228000 from 14 trades. The last trade was a buy at 23.30p which is approaching full offer of 23.50p, so a further move up looks not far away.

Where is the gamble as we know the gas is there. This is an appraisal drill not a wildcat.

Nero/El
You are absolutely correct that Mark is seeking to sell on the basis of the value of the asset(I.e. gold in the ground) not by reference to the current sp which is totally discount by a factor of x10 from its true value. That was spelt out very clearly in the last interview with Crux a month ago. A sale has been the aim for a long time and I am sure they are working very hard on that at the moment as they will have been doing all year. So I think the delay in the Crux interview is because material news is imminent and I very much doubt Mark will want to do a placing prior to releasing news on a sale, Farm in or financing.

We should not forget that the last RNS was actually good news accelerating first gas by 12 months as expressed by the Chairman:
“ Charles Santos, Executive Chairman of Aminex commented:

"Whilst I am disappointed to announce a delay in the spudding of the important CH-1 well, the acceleration of production is a game changer for all stakeholders in the Ruvuma development and will halve the time to gas production from Ntorya and receipt of revenues to the Company. The advanced negotiations on fast-tracking production reflects a strong desire of the Tanzanian authorities to bring additional gas to the market as soon as possible and the steadfast commitment of the Operator to move this project forward at an enhanced pace for the benefit of all parties involved. We would like to thank APT and the Tanzanian authorities for their cumulative efforts in continuing to progress the project."
It’s only the traders who are selling who were planning to sell in the build up to the drill, because for long term holders the 12 month reduction in time to first gas and revenue far outweighed the delay to the spud, which is essentially of no consequence. The drill is an appraisal drill not a wildcat we know the gas is there. The more significant news will be the 3D seismic which they have been appraising for some time. They could release some preliminary seismic at anytime or wait until early in the new year when it will be fully completed. The 3D seismic will determine the location of the drill so they will want to know that sooner than later with the spud in March so news on spud location could land at anytime. The 3D could, as it often does lead to a significant increase in the amount of gas and hence the value of the project.

The sp has regained its early high of 20.25p as the volume passes 2.5 million. A recent 50000 buy trade was 20.35p so let’s see if this indicates SCLP will be moving higher still as the afternoon progresses.