Surely it’s part of Nicks bigger plan. He didn’t need to update the market to tell us the PFS will be delayed further unless it’s part of the new SolGold transparency criteria?
Oh dear, think we’ll be punished today. I can’t even imagine the amount of work involved in completing this kind of study but if Nick has any sense and if he does have any other news from the regionals now would be a good time to get them out to keep investors on board.
Don’t really see why today’s news warrants a 7% drop with only 700,000 shares traded!
Given SolGolds track record I think it would be fair to say La Hueca and possibly Blanca has not been as positive as first thought. The rest of hole 1 assays at Porvenir fizzled out? Hole 2 drilling completed and nothing too encouraging worth reporting?
Hole 3 drilling commences?
I’m confused at the sudden blackout of news. We were kept informed about drilling commencing with both hole 1 and then hole 2 at Porvenir so why no news that hole 3 has commenced unless it hasn’t?
The board are great at getting good news out but have a tendency of just not reporting mediocre news even though it would be nice to keep shareholders informed.
Getting frustrated!!
Depends on how Craig wants to release the results. Interesting he was highlighting not all of the results will be available until the new year which means some of the results will be!
Not sure about that Quady. I’ll need to dig out the interview but NM definitely stated in the past there will need to be an equity portion for the financing of the mine.
Is it not as simple as this (or maybe I’m being a simpleton!)....
1/3 rd of the mine development needs to be using equity. We don’t know for sure but will have a better idea when we get the PFS!
If the mine build comes in between $3-$4B (some are suggesting closer to $5B) then 33% of
a) $3B = $990m
b) $4B = $1.32b
That’s a lot of shares needed to be issued to cover those amounts.
If (HUGE IF) with regional discoveries we got up to around 50p a share....
a) 1.98B shares needed to be issued
b) 2.64B shares needed to be issued
Is the above not the reason why Nick needs resolution 11 to be passed so he knows when the time comes he can issue/raise the new shares to cover the 33% mine cost liability??
I’d imagine early 2021 Banan, I’m really looking forward to the 2021 drill plan.
Does anyone know 100% when Cornerstone are liable to contribute towards development? Is it on completion of any feasibility study or on completion of the definitive study?
I’m sure this has been pointed out recently but just to reiterate looks like these prices will used for the PFS.....
“Copper Equivalent is currently calculated (assuming 100% recovery of copper and gold) using a Gold Conversion Factor of 0.751 (CuEq = Cu + Au x 0.751), calculated from a current nominal copper price of US$3.30/lb and a gold price of US$1700/oz.”
So roughly an additional 20% added to the value using $1700 rather than $1400 gold price...$800m to the NAV?
A lot higher than 2.4p!
I think we all know why Cornerstone haven’t called an EGM to sack the board specifically to remove Nick Mather. They might not need to if Nick doesn’t get re-elected at the AGM.
Does anyone know what happens if the resolutions aren’t passed and if NM isn’t re-elected?
Is there an EGM called and other candidates names are put forward and shareholders vote on who they want elected?
The warrants being exercised is obviously a good thing as it’s money in the kitty. If all the remaining warrants (80m or so) are taken up this will raise roughly £1.6m at 2p.
As far as I know (others may know for sure) we’re fully funded to roughly mid 2021 from the £1.5m raised with the CLN’s.
What I’d prefer to see happen is the first round of drilling is completed (hopefully with positive results!) with the SP hovering around the 5p mark (£15m market cap) then do a raise at that SP.
Please correct me if I’m wrong here but being main market listed we can raise 20% of our market cap in shares so £3m (if £15m market cap) at 5p for 60m shares?
That’s a lot less dilutive....
Warrants = 80m for £1.6m
Hypothetical Issue of equity = 60m for £3.5m
Does that sound about right?
Cobra is not an AIM listed company, main market listing! If you were a serious Cobra investor you would know that!
That’s what I’m hoping for Fairview, results not released until early December with an update at the same time saying all drilling completed.
If the price drops back to the 2p warrant price by then I’ll be trying to get another 2m shares which will almost impossible to do with small free float!
With the warrants being accelerated can the board release price sensitive news?
Anyone who reads my posting history on here knows I’m über bullish on Cobra. What we need to bear in mind though is our market cap has doubled in the last month or so without any news to warrant such an increase! Some of the warrants and CLN’s have come into play increasing the shares in issue considerably (with potentially a lot more to come by 30th November) which appears to have been absorbed and increased our market cap rather than diluting the value. First round of drilling results will be interesting but I’m a little concerned the market has priced in the results to justify a doubling of the market cap with no news other than more shares in issue! Very much looking forward to drilling results and I hope I’m wrong and we rocket but need to temper our enthusiasm me thinks.
The warrant holders will still have until 30th November though no?
I’m kinda hoping we don’t get the assay’s until after the 30th November to flush out those that believe in Cobra and looking to invest long term rather than those looking for a quick buck.
Technically the warrants should be priced in already. We were making head way yesterday and I thought we were going to break 3p until the Covid vaccine announcement was made and gold took a hammering!
Kuro....why has this come as a surprise to you? The warrants have been discussed in depth on here. Get used to it as there’s still around 85m of these warrants to come by 30th November!