Member Info for nero120

Did you ask the company?

Punter is right, it is in all shareholders interests to take part in the offer and see the company through the sales process.

I know that many here are unhappy with MC, but if we stand back and look at the situation objectively, he has managed to get the company to a production-ready state with a very economic resource. The market is not pricing condor correctly, but then again I believe more and more that markets are simply broken these days and I have little faith in the price of anything right now. If our share price was 50p right now and they announced a sale I doubt any of us would be unhappy, after all that's what juniors do right? Prove up a resource and sell it to a larger producer to build and operate the mine. However the share price is languishing, but then so are many other gold equities right now. The sanctions on the ministry of mines was such bad timing and we really are so unlucky to have the wind snatched from our sails right at the point where we'd finally be ready to sell or go for production. We really can't blame MC for this, no matter how annoyed we are at the share price.

I will take place in the offer and I truly hope that Jim and Mark can sell the asset for a decent return. I believe we should be able to expect updates on the process throughout Q1. If a sale goes through then I expect shareholders will either be paid a divided or since this is an asset sale a buyer might prefer to takeover the company.

Err, what?!

"Ana Paula is permitted for an open pit mine with measured and indicated mineral resources of 1.46 Moz gold at 2.17 g/t gold and 3.27 Moz silver at 4.8 g/t silver."

"The company said that the purchase price for Ana Paula is US$10.0M cash, adding that subsequent milestone payments are comprised of US$10.0M of cash payments and US$10.0M of cash or share payments."

So what is that US$30m total for a permitted open pit mine with measured and indicated mineral resources of 1.46 Moz gold at 2.17 g/t gold and 3.27 Moz silver at 4.8 g/t silver?! Surely that cannot be right?

I share your concerns tester, but doesn't it seem crazy that the project wouldn't sell?! To think that a gold producer wouldn't jump at the chance to own a fully permitted and derisked mine that can churn out 100,000 ozs a year for 9+ years seems pretty unreasonable no? Then again, I think we are all so jaded after so many disappointments here that we can't quite believe that it could be so straightforward now. After all, isn't this what developers do? Derisk a mine and then sell it? I guess we'll know soon enough.

I sold some last week which covers the placing cost so I probably will. Anyone else?

Tbf you didn't single handedly fund the company for over tens years of operations.

£2! Though I'd be content with 80p. Anything less and I will be severely disappointed.

I somewhat agree CF, but tbf we could have said that at any point over the past ten years, as the financial system could have fallen over at any point during that time and gold been revalued.

Personally I'm not too concerned about the share price. Like I said, we live in clown world and the market has never given condor credit for what it has achieved. I repeat, we have permits and a bfs to extract a billions dollars worth of gold over 9 years, and no debt. The is objective, not subjective like market cap or share price. If someone wants this asset then they're going to gave to pay for it.

My concerns at this point are:

1. A sale is agreed for far less than its worth, but tbh I don't think that is likely. If Jim doesn't get the price he wants then he probably won't sell. Question is, what price would he be happy with?

2. After another 6 months a sale has not been agreed. A placing will have to take place to keep the lights on, but at rock bottom share price. Then off the back of a failed sale they go for production but have to issue so much equity at sub 20p that it dilutes existing share holders investments. If that happens then we could have saved 6 months of opex and another placing by just going for production.

This is all guesses, but I think they will get the sale though I have no idea at what price. This is not like 2015, the project is derisked, permitted and has a bfs. If they get no realistic offers for that then the world really has turned upside down.

Yes looks like Jim wants an exit. Is this related to the sanctions I wonder, or is it just that the team have taken this explorer as far as it can go before breaking ground and it's "s*** or get off the pot time" as it were? Many people on this forum tend to look at management (MC and JM specifically) as there to rinse the PIs and personally I have never got that impression from Mark, who I believe has worked hard to get the project to this point despite numerous set backs. Was there things he could have done better? Undoubtedly, but who amongst us can say they make all the right decisions? Some things are out of our control. Most explorers never get permitted and to construction ready stage, so this in itself is an achievement.

To be fair to the Condor team, they have worked damn hard over the past ten years and deserve to be rewarded for their achievement. If management believe that a sale is doable and in the shareholder's best interest then I have no reason to doubt them. I'm very interested to see what the market makes of this - production ready, low capex ($100m for the build, the FTX fraud apparently was "worth" $32 BILLION for crying out loud, $100m is peanuts! Pure clown world!), derisked and permits granted. Surely 9 years of 85,000 - 100,000 ozs of gold is attractive to someone out there? Rio, Calibre, First Majestic? I guess we'll see.

It is starting to look like the Condor journey is wrapping up, I sincerely hope that all LTIs don't have to book a loss on what is a rare and valuable asset. But then again, we do seem to be living in clown world where most people seem to confuse the concepts of worthless and priceless. Best of luck to all.

Question is what is a 2m oz project with a BFS for $1b worth of gold mined over 7-8 years worth? Surely not nothing, so where does the first bid come in? 30p?

Sure buying many millions of shares on the open market is not really feasible for such an illiquid company as Condor as it would send the price quickly up and over your target purchase price if not done *very* slowly.

Also sad that it's come to this and I don't like the uncertainty now.

Hope you're right ICB888. I also wonder how this will affect the political aspect and community engagement. The Nic gov wants the mine built asap to create jobs, as do the locals - it is in no ones interest to delay the mine build even further and could even undo some of the great work the company has done in this area over the years.

Hopefully Mark and Jim see a very realistic chance of a quick sale for an acceptable price to *all* shareholders. I very much doubt any of us would be unhappy with such an outcome.

I think that's over-the-top harsh Punter. Proving up and derisking a gold project in a country like Nicaragua is no mean feat! Many gold explorers have failed over this painful bear market, or the share holders have seen their investments inflated away by excessive placings and wasted capital.

Mark has managed to get us to this point in one piece, but I share concern about this RNS. HAve to admit it is not the RNS I was hoping to see. I don't understand the need for it if there are plenty of potential acquirers lining up to buy the asset. With a very attractive BFS out and JM as chairman I would have thought selling this asset would not have been too difficult, but I really have no idea what's going on. Looks like going to production is now off the table but what if no acceptable offer comes in?

MS=MC

I know for a fact MS is working on it, but the daily movements of the share price are largely irrelevant. And as for cancelling the Crux interview... could it not be that Mark simply had a cold/was double booked/had to wash his hair/etc - why does cancelling an interview must only mean that "market sensitive news is around the corner"? And even if it was, Mark still has plenty he can talk about in a 30 minute interview to continue to grow awareness of the company!!

For crying out loud, take a break!

There is no volume, it's just PIs coming and going as it has been for the longest time. We need actual gamechanging news to drive real volume such as a sale; financing for the mine build; large investment from an established miner; toll milling agreement; etc.

Until then we are just burning cash, the share price will be stuck in limbo. We continue to wait.

CF not sure I agree. These are illiquid markets, it makes no sense to value a company based on a market cap from a company where only a few PIs are trading each day.

I think it's helpful to see Condor like a private start up where you have equity. Whatever "valuation" is placed on the company by the share price is not really reflective of it's actual value - until a "real" market for the company is established. Hence why I believe any potential sale will be based on asset value and not market cap, as MC has spoken to in recent presentation.

We live in hope, H50!

You do have to laugh at the ridiculous bad luck though - we finally drop an amazing BFS on the market and literally on the same day the US impose sanctions on gov individuals involved in the gold market!! You couldnt make it up!!

If I were MC I would be screaming curses at the sky at this point, because he not is why I'm invested here. He will get the job done. We're almost there people, do not lose it now. The bear market for risk assets is just getting started (including property) and we genuinely have an opportunity to make a lot of money here, stand fast!

I'd put it more down to weary investors seeing the news which pushed them over the edge and finally sold out. Calibre has income and so investors have a reason to buy back in once the risk has been assessed, unfortunately Condor being an explorer does not attract such volume. Investors need to be given a strong reason to buy in here.

Of course, JM taking up the chair and being on the cusp of sale or production is a great position to be in, but IMO that won't translate into real buying volume until solid news is announced regarding either financing (count down to actual cash flow) or an offer or large investment from a producer. Once we have that I'm sure we will rocket on some decent volume, but unfortunately all we can do for now is just wait.