Member Info for RichyRich1

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!

Forgot to share this with peeps on here. This was back in August when I asked Craig about the ADI funding. For context my email first then Craig’s reply. I really like an MD that takes the time to reply to emails from small investors, hats off to Craig!

Hello Craig

Many thanks for your reply.

Are you expecting any news on the ADI funding soon? It’s taking a long time to be announced whether Cobra is eligible or not.

Good luck with the forthcoming drilling and fingers crossed the pathfinder analysis helps pin point the best spots to drill.

Stay safe and thanks again.

Best wishes

Richard

Hi Richard,
We have decided to discuss this with the market when the final (November) round of ADI submissions are complete for 2020. If we are successful in those submissions we will make an appropriate announcement then. This funding does not have a material impact on our exploration programme or budget, which will go ahead regardless, it simply represents a bonus if we are successful.

Kind Regards
Craig

So we’ve got this to look forward to as well! Fingers crossed we get a little bonus funds into the kitty!

50% earn in before 10th November. Given the money that will be in the kitty by year end I think the 75% earn in will be completed by end Q1 2021 rather than taking the 6 years in the original agreement!

What I’m secretly hoping (dreaming!) for is there to be a pretty good indication there is indeed an IOCG deposit and a joint venture deal is struck with a major. Basically for Cobra to be another GGP with a market cap of £800m so £1.50 a share! Ha!

I might be wrong but the CLN that hit the market at the end of October (issued at 2.3p) are now all converted and available to trade.

This gave us £1.5m which is being used for the drilling programme and fully funded to mid/end 2021.

The accelerated warrants at 2p have until 30th November to be cashed in. If they are all converted we’ll have 350m odd shares in issue and another £1.9m in the coffers.

There’s warrants attached to the CLN and options for directors at a certain strike price.

With the CLN, warrants, 95m warrants accelerated and all outstanding options this would give us £4.5m (£1.5m already assigned for drilling 2020/21) so £3m in the kitty and 450m odd shares in issue.

CM has hinted that they are finalising/working on the IOCG strategy. I think the £3m will be going towards proving up the 1m oz at Baggy Green/North White Tank and Barnes/Larwood Etc and a good whack of the £3m will be going towards drilling the IOCG target(s).

Total speculation here on my behalf but reading between the lines the board want the SP to be around the 5p mark (£17m market cap with 350m shares in issue) and accelerate all options/warrants by year end to give them the funds to rapidly explore IOCG targets and prove up the 1m oz.

The current drilling will hopefully be positive adding value to maintain a £17m market cap and fully funded until end of 2021 by which time we’ll know whether any of the 4 IOCG targets are indeed IOCG’s!

If any are then forget about a £17m market cap more like £200m with 450m shares in issue so roughly 45p per share!

That’s what I’m hoping for but hey WTFDIK!

This is why Dan....

“the publication of its Prospectus in relation to the admission of a further 71,356,300 Ordinary Shares of 1 pence each to listing on the standard segment of the Official List of the FCA and to trading on the Main Market of the London Stock Exchange (together, the "Admission").”

Hit the market on 29th October.

Interestingly we’ve now got 262m shares in issue and a market cap of £7m!

Only another £3m to add to market cap and the directors can get their options for hitting £10m market cap.

I think this will be achieved by end of November once the drilling results are made public.

Does everyone think it’s fair to say La Hueca is not as promising as first thought? Given the excitement and speed getting Porvenir visuals out surely if they had found something at La Hueca we would have known by now.