RE: World gold Forum Q&A15 Apr 2021 09:05
ICB888
The other day I said all was rosy apart form rb selling. What a difference 24hrs makes.
I'm.glad First Majestic completed their due diligence to accept newly formed shares as part payment for a piece of equipment they had that was surplus to requirements along with 3.5m million in cash. Those shares we all believe on here at 50p are worth a lot more. Fact is this is a fantastic deal for FM they offload an assest from their P&L which would only otherwise depreciate will replacing with cash and hopefully a returning investment. First Majestic never sought out Condor to purchase shares with cash and invested as a opportunity.
From the Condor side of the deal we have made a commitment and progress by acquiring a SAG mill with large throughput which comes 12months ahead of of we designed and ordered one ourselves. However I asked a question on here the other day how much would one have cost if ordered from scratch, no reply. Someone else asked this yesterday in relation to the original capex how good a deal have we got for the SAG mill - MC replies with great question I'll need to work it out, don't actually know and possibly we didn't break down our original Capex to able to find out and I'll email the presenter later when I have the answer. What!! 6.5million and no due diligence on the cost.
Great news the drill holes are proving up mire gold and no negatives as of yet with another due to be released soon.
The land for me he keeps batting of as a non issue, however it will become an issue if we someone wanted to aquire us as I'm sure they will want this dirty work completed. The landowners I hope get a fair deal and not trampled on, yet at the same time agree with MC can't hold us to ransom and hopefully the government help sort this out fairly.
Still in and agree with Seingred will likely be 2023 by MCs own admission before production although with Condors lack of commited roadmap and dates will be fudged out to 2024.
Yes he states he's had 3 offers for finance but doesn't say whether good deals or not/passing comments or actual structured deals. For this study I hope we actually do the proper due diligence rather than the "I suspect it works out a little cheaper although I'll need to look back and work it out" - SAG mill statement.
All above are facts.