Member Info for nero120

We'll know for sure once the feasibility study is published within the next few months.

Excellent interview! 2 PEAs due within the next 1-2 months, and the (B)FS should be out within the next 3 months if my figures are correct. Once the feasibility study is released the market will know exactly how much capex is required for what annual production and therefore free cash flow within 12-18 months from that date, that should (hopefully) light a fire under our share price.

The only uncertainties remaning from that point should be 1. Nic elections, and 2. mine build. By the end of the year one hopes the share price will be much higher, assuming the elections are held without any major unrest.

https://www.youtube.com/watch?v=KBpWeScNVYM

The CEO of liberty gold does a great job of highlighting why condor is such a rarity! I recommend watching this as it will give you a better appreciation for what we're all doing here.

So within 3 months we'll finally know capex required to construct the mine, excellent!

Also the Basel III rules concerning unbacked gold trading starting in Europe/US in July and London end of this year - coincidence? Seems like the perfect storm (put off for 10+ years) may be about to make landfall...

https://www.goldmoney.com/research/goldmoney-insights

Isa, interesting info - thanks! Many of us were predicting intractable inflation appearing much sooner however it does look like its finally here. Inflation will mark the end of the current monetary system, with no political will to raise rates with private and public debt levels at historic levels (in fact underreported due to balance sheet trickery - PPP anyone?) which would lead to defaults all over and systemic financial crises, they will continue to print and wont cut spending (in fact will likely increase, $6T US budget this year!) and that will lead to runaway inflation and finally hyperinflation of the major western currencies.

The gold price is set in the futures markets, not the physical markets so we wont initially see inflation reflected in the price. It will actually become more and more scare as physical premiums increase leading to less available supply at official prices. The futures markets will become more and more irrelevant as physical metal is arbitraged to the east where it will be priced by the real market.

Thats my view anyway. I recommend the writing of Alastair McLeod of GoldMoney who comments extensively on the subject.

Erdles the velocity of money doesn't matter much if an economy heavily dependent on imports (current account deficit) devalues its currency by printing to pay the bills. This is the true definition on inflation - general price increases are merely a symptom. Whether people within that nation are spending or saving, the price of imports are still shooting up!!

Fair enough ISA, just be aware we've got drilling results from La India in fill drilling due within the next one or two weeks (partial results only, full results not due for about 8 weeks), and drill hole results from cacao (3500m already drilled) could also come at any time.

Crazy as it seems, that is what explorers do! Take the risk to dig holes in the ground and find metal, then they get bought by producers who need to replenish their reserves and develop the resource into a mine. The PM market was broken by the last bull market, producers were run by cretins and spent far too much equity in m&a by the end of the cycle. Miners were largely regarded by the market as poorly run businesses. That also contributed to the length of the following bear market - nobody wanted to touch the miners since they were a surefire way to lose money. Those companies have been overhauled and are now run much better, and the market sentiment towards them is changing. Buffet's purchase of Barrick was a marker here.

From Mark's perspective I imagine that he expected to develop a decent resource and a producer would scoop up condor, which is what should have happened. But due to this screwed up market, there is barely any m&a and what there is is going for bottom dollar. In that situation, what would you rather him do? I'm glad that he and his team were able to adjust their strategy and move towards production (do you know how many explorers actually make it to this stage?!).

Also add to the list:

- Remaining 4% of land purchased
- SAG mill installed and construction continuing

- Condor will technically be a producer as opposed to an explorer, construction having commenced (assuming no opposition from government within the next 10 days or so)
- Drilling programs completed, resource/reserve upgrade
- BFS completed, annual production numbers and capex confirmed
- Construction finance secured
- Long lead items ordered for mine build
- Elections out of the way

That's a hell of a lot of game changing news to come in the next six months. Will the share price react positively? Possibly, but I temper my expectations by looking at the wider gold market - if money starts to flow into gold equities then condor's share price will rise (regardless of news). Ideally we want to be in production whilst gold equities are in a runaway bull market beyond all fundamental reason (like cryptos), then we can all sell a portion of our investment here, retire and live off the divis. Easy! :)

> I was told that banks didnt need a BFS to lend to the project by MC himself, yet here we are going ahead with one

Tester, they may not need to produce a BFS for a lender to get a loan, but the BFS itself is necessary for Condor for the high degree of confidence in the contained numbers for mine build and operation. The "Bankable" part just denotes that the level of the study is the closest you'll get to the actual numbers when in production.

Personally I thought the Q&A was fantastic, lots of decent questions and informative answers.

As to everyone here feeling down, we are building the mine! This is not all talk from MC, it is actually happening. We are nearing the end of a long road, much longer than it should have been granted - but I put that down to the bear market and the wider mining industry and major producers being unwilling to purchase explorers as in previous cycles (pretty much down to them overpaying for acquisitions during the last bull market).

Added to that, we have very exciting drilling news due. For La India in-fill drilling (now finished, and no more drilling required before extraction), one drill hole alone got 21.6m true width at 6.48 g/t (inc 15m at 8.68 g/t!) at just under 25m from surface!! That is within the open pit, very high grade material, and this from a concession that has been mined for decades! And then there's 5,000m of drilling on the untouched cacao concession (3,700m completed) and 8,000m of drilling on expanding the mestiza high grade open pit. One would hope that once those results are in it should push our resource over 3m ozs and clearly demonstrate that 5m ozs is within reach with more drilling.

So the mine is being built, and drilling is underway to expand our resource. What is there to complain about? The share price? Again I have to reiterate that Condor has not underperformed the market in any major way. Compare to the GDXJ (weekly chart) which bottomed at 17.50 in Jan 2016 and is now at 55. Condor bottomed at 18.5 in Jan 2016 and is now at 49.3. Ignoring the spike to 88 in Aug 2016 and the double bottom at 18 in Mar 2019 (since all equities will not move in perfect correlation with the market), I'd say that's pretty much par. And considering the fact that the GDXJ is comprised of very large market cap producers (not explorers) I'd say that's pretty decent. Sure, there are explorers that have outperformed during the bear market, but hey it's hard to be too harsh on MC for not being in that minority.

You might be dissappointed that it's not being done quicker, and I might share that frustration, but they're making progress and getting it done (building the mine and expanding the resource), the right way without massive dilution. What else can we reasonably expect?

CF, Mark mentioned in the webinar (on the "What is Condor doing now" slide) that assay results are taking a long time to get back from labs (not sure why, covid I suppose) and since the drilling programs are results-led they sometimes need to wait for results before the program can continue. This is likely delaying the whole drilling program unfortunately.

Personally I think we need to put this idea of toll milling to bed. We are in the process of building our own mine, why would we want to give another producer a huge chunk of our profit to use their mine when we are building our own?! Yes, a few years back it might have made sense but not now imo.

The only reason we might have to do it now would be to use the income generated to reduce dilution, however it might actually be that MC pretty much knows how much we need to build the mine and the options available to him to raise those funds, and that whatever dilution is required is simply not affected whether or not we do toll milling. For example, if another producer wants a stake in the company then they want equity not cash. Financing and managing equity/dilution is MCs forte, he has proved himeself extremely strong in this area and I would be very surprised if he's not thought through all the possible options with dilution as one of his primary concerns.

I wouldn't be surprised if he only keeps it in the presentations to not inadvertantly scare skiddish PIs!!

don't you just love the arrogance of crypto (or should that just be "greed"?) acolytes? Unable to control their smugness, they present their need to brag as altruism. I see the same thing on most forums I browse and not even financial ones. Their lack of self-awareness is breathtaking, when they see others refuse to drink their shared poison it plants the seed of doubt in their mind and makes them push the drug onto even harder to make the doubt go away.

No point in trying to reason with them or ask them to stop because they can't, and the inability to step away means the inevitable fall will be akin to a religious experience. Just ignore them.

Seingred, perhaps you can take your uninformed opinions on gold and gold mining to the community of La India. Though I expect they'll give you about as much interest as the people on this board. Do us all a favour.

"as always best to have a spread of assets but ten years of diminishing returns here, seriously how can peeps trash huge profits in crypto ? It is just nonsensicle"

For the same reasons people write books about speculative bubbles, and other extraordinary popular delusions and the madness of crowds. Because they end up destroying a whole bunch of people's lives, not to mention the financial damage done and impact on society. Those who do not learn the lessons of history are doomed to repeat them.

https://youtu.be/9kEedKzOzzw?t=331

Frank reminds us all why we are here, and why we are content to wait (from 5:30):

"The real bang for your money (and there's a level of risk you have to take) is to invest in a developer that has yet to go into production because you will get the revaluation when it does go into production and hopefully you also want to pick a develop that has the opportunity to increase it's resource ounces"

Condor has so much going for it, it will without a doubt be one of the primary beneficiaries when money starts flowing back into the sector. We don't necessarily have to wait until production for that to pay off imo, we just need this damn cycle to turn and gold equities to claim a larger share of investment capital. That's why this journey has taken longer than any of us expected, because of the manipulation of markets of governments and central banks who are desperate to keep the debt/bond bubble inflated, they have thrown everything at it and i doubt any of us expected the lengths that they have gone to.

Rest assured though, they will fail, and when they do the cycle will turn and equities like Condor will revalue to account for the true amount of inflation in the financial system. That is not something anyone can realistically trade, we have to simply take a position and wait, which is far harder than most think.