Member Info for Simms45

While painful for long-term investors we are closing in by the day to convert all historic investment by Kefi to the tune of $95m including fees to Harry so at the end of the day all of this expense over a 12 year period will be our approximately 80% of Tulu Kapi gold mine and the banks and other equity investors will inject the rest. This financing once signed sealed and delivered will go down in folklore as today we are even a fraction of this. Exciting times should it all come together over the next 3 weeks. 1-2p sounds almost a bargain as this will only value Kefi at £50m-£100m and would still be below our NAV ag that point. Lets crack on and list on Saudi.

Plenty of positives but correct me if im wrong but Altair, who have been wholesale dumping of Eqtec shares over years helping the share price collapse is now snagging 15% of Eqtec from converting the remaining loan. Its great news we remove this debt but Lets hope they decide to hold onto these shares and not decimate the share price further. Overall i think these steps clear the decks of placings as we have removed any cliff edges. Gardanne is all guns a blazing and now lets hope they let fly with news on North Fork, refinance of Italy and so. We could be near the nadir of the price slide.

I totally agree. When it was only Harry saying this most people glazed over as frankly he has not hit a deadline for many year. In fairness there were plenty of outside factors and we have been literally rewriting the mining laws in the country so has been a slow pace. I hope however that Kefi will be richly rewarded by the government for going to the distance in a brace of new licenses in the country. In the last month we have had the Ethiopian MOM go on the record openly praising Kefi so we have full support of the EG and now someone else being clear on when to expect credit signoff. Looks we are nearly there and once we get the signoff then Harry will be able to access loans as he has done for decades or if the share price goes above 1.6p he can persuade his investors to trigger the warrants. We could be at 2-3p by the end of the year if we get the signoff as we were at 2.5p years ago on little more than believing Harry. Now we have the proof so i think there is every chance we will break new highs.

Early December sign off for credit approval is an absolute game changer and once the share price is over 1.6p, which will happen in a blink of an eye, then warrants can be elected to be triggered. When we get to 2.4p the warrants automatically gets triggered. Once that happens the share price will balloons as the cash runway is set and we have a boat load of cash to invest in Kefi and Saudi. We will probably smash 2.4p in a matter of weeks after credit signoff as there is a massive benefit to Kefi to get those warrants over the line and almost becomes self fulfilling as the closer we get to 2.4p the more investors will pile in as the value post warrants will be far higher given the use of the cash proceeds. Assuming credit signoff happens any investor will be bending over to lend money and curry favour to be part of the next fundraise. Really the credit signoff is going to be a huge vote of confidence. even if the market takes on $75m uplift we are going to trigger 2.4p.

Surprised the share has not taken off today after todays webinar. Key message is 2 weeks to credit approval and that triggers everything else and importantly guarantees our $100m sweat equity is our project equity so limited financing needed from pis, if any if warrants get triggered that seems immaterial given this is only 1.6p upwards. it will be a huge moment for shareholders when that happens. Wish i could top up but have plenty invested. If anything Kefi sounds too good when you listen about Saudi and comparable valuations. We just need to keep our feet on the ground but post credit approval we should move towards a £100m valuation and then towards £200-300m as we move to March next year when we get TK equity and onwards as Saudi finance completed. If we get news of a listing on the Saudi exchange then given AMAK is worth over $1bn we might well get a serious lift to £300m+ but so much potential but it all starts with credit approval as the rest will flow from that as the bank is largely injecting the most cash. Equity investors are queuing up to wash their cash throught Kefi as it has been held in Ethiopia for decades and Kefi offers the first legal way for international companies to get money out of Ethiopia and make a profit in the meantime. Going to be huge as once it starts i suspect investors will be waiting at the offices of Kefi to inject more money. gla!

We are fully funded into New Year from Harry accounts and TK is still on track to complete this quarter and really this month or early December. We are in credit and have been for months so as Harry said he is grinding through and we will come out the other end. When investors stand to gain $100m from converting sweat equity into capital in the project it is never going to be an easy ride. You pick your risk / reward profile and stick to it. This was a massive outside gamble that looks like it is going to deliver very shortly. This will transform company over next 12 months to be somwhere closer to £350m market cap with Saudi momentum kicking in once TK is underway. This will be a runaway train once we get out of the shed. Just gotta hope we are close as Harry has not said otherwise in any updates. I share the pain as i am underwater but we have ticked all boxes and credit was already agreed in principle so we just need to wait.

this was an all paper deal for marathan, save for some commomstock they bought, so just gives them a diversified position and b****** cash reserves of $148 and climbing rapidly. when you are buying companies for paper this is easy money for calibre. that cash could go a long way to jv with condor or some debt and equity deal. anyway i think the saudi arabia potential buyer is likely to move a lot quicker if they are in need of making a deal.

We had confirmation we are in Credit approval for a loan that was already agreed in principal. That must mean we have submitted all documentation required. Harry says he is "grinding through" but what that must mean is that the credit committee have asked for additional questions to be satisfied. all i can say is that I hope Harry to finalise anything outstanding as November is quickly evaporating and Harry have continued to confirm financial closure this year as recently as a few weeks ago so we have to assume that this is the case. There seems little detail about when these banks meet and what is holding things up as credit committees are working with all documentation that has already been filtered by bankers and lawyers and should be more about signing off. Could it be concluded before the end of the month

as otherwise Harry will be cutting in find on getting other partners to sign all their definitive agreements, if that has not already happened and perhaps part of the credit committee approval? as equity comes first the bank will only release funds mid next year once all equity has been injected.

The $400m is just the NPV on what is proved up so just the tip of the iceberg so i can see where JM is coming from as really the NPV is far far larger. However i always come back to same thought and probably all bidders as well is that if its so great find the $100m and go dig it up. It has always occurred to me that Condot could JV with any number of mining companies and go into production and Condor could keep a 50% stake, perhaps even get to 60% once all of the $100m is paid back to partner. Its win win. Then in 18 months and once producing market cap might be £200-£400m and then Condor could sell rest of shares to JV partner or whomever. I just cant believe that such a partner could not be found 12 months ago and we would be in a totally different place and prior to production bigger players far more likely to step in and buy a miner about to go into production. Maybe there was no JV option but all i see is cash sitting in so many miners looking for a home and a JV would have reduced risks for acquirer as they would only need to put in cash to build mine, MC would stay to smooth all politics and his contacts to deliver and Condor injects all its IP and assets. Still can happen but it seems the better option to maximise value. Where is that JV option and why is it never discussed as an option as so many junior miners go down that road as outright sale is hard and could carry risk for acquirer if MC and JM exit and could lead to loss of relationships that they must have built over last 12 years.

There is a good chance between Italy, North Fork and Logic we could see around £5m+ come into Eqtec over a not too distant horizon and then ultimately the sale of those assets as a bundled sale to an energy provider needing to divest. Logic looks likely to have to pay back its £2m loan to eqtec and North Fork while not live yet will get same treatment as Italy and be refinanced at earliest opportunity. Eqtec will have learnt lessons so hopefully North Fork will be faster to achieve that. Anyone of these at current market cap is transformational to share price as it gives us decent buffer of cash so investors can be risk on again.

Very interesting about the middle Eastern company that presumably MC is trying to close into a binding offer. A lot more confidence to hear he is in the country and making things happen and generally answering most questions. Lets hope we get one firm bid so this process can really get underway but Middle East player could be serious as their mining sector is booming with huge valuations so happy with mix of paper annd cash if need be. I presume when he says low ball offers this presumably is around $100m level which is 75% discount to NPV

It will be 4pm UK time so hopefully a positive update on concluding the sale and not telling us how many interested parties there are as a year is a decent time to conclude a deal. hopefully also draw in some new pis as its been a drip drip of sells for months and i feel the share price is a major problem for anyone considering a paper takeover as we are miles from the right price. As i have said before we need any binding deal on the table as this will force share price up for maybe a listed TSX miner to carry out a coup d’etat on Condor and ger this project happening. Things need to start speeding up or get someone in who can close deals and remove all obstacles.

I think 3rd quarter results are due so we should more updates before December. It will be hard to just copy and past last update on sale of assets as its right for shareholders to be made aware given Condor claiming assets were largely sold back in the summer and while that process might not complete until the New Year announcing the deal prior to December would make sense as we reach the 1 year point on change in strategy and Jim assumed Chairmanship. i do expect a warrant announcment for Jim to inject another £1m or so unless the sale will be announced. The fact he has not triggered more warrants might be a positive indication the deal is close.

The market value will update when we get the RNS confirming refinance but it looks we are progressing that and increasing our control over the project in the meantime. Todays news is positive as it shows action on the ground to achieve the refinance and presumably some extra cash in the door but we need to see progress. things are moving along but perhaps not at the speed investors would like but todays £8m market cap is a fraction of the valuation of the past and there is still not reason to think Eqtec are not able to deliver on the 100s of potential projects once Italy and North Fork are proving commercial success.

The MoM will be closely involved. i seem to remember the Chinese met with the government and it seemed the deal was "in the bag" from Condor tweet. There is no reason to expect this will not complete. JM can exercise his warrants at any time so he will be able to capitalise on the sale so there is no advantage to wait. Everything is aligned so there should be no more dithering.

Looks good to me. Performance improvements now budgeted and presumably Eqtec revenues and we increase our stake to nearly 40% with refinance in Q4 so assuming these improvements had started sometime ago but negotiations on cost had been ongoing this finance could be soon. Could be early christmas present !

We have to believe that the credit committee will give the project the green light. The Ethiopian government has been recently a vocal supporter of the project and as they are the key shareholder in one of the banks we can be pretty sure that no bank will go against its major shareholder. However i can imagine that as we are the first cab off the rank that we are chipping away at each issue that presents itself. When Harry said grinding that gave me a sense we were closer than ever to that point. Something should happen this month or sooner as it felt it was close but Harry has the stamina to keep pushing this until we get what we want. certainly Saudi projects look like they will come online sooner but TK has to be announced and binding as everything hinges on this. next week could be the week but we will see.

As of today we have probably invested close to £50m in Eqtec over the years and we are worth £6m. The value is grossly out of kilter, but everything is on Aim. we have experienced one of the biggest tide out events in the history of AIM and it is completely bombed out. There is simply no money entering AIM while interest rates are 5%. Looking at Eqtec if we get some of the £2m from Logic (i dont actually see why we would not) or the £2m refinance on Italy then at todays market cap these will have a significant impact. Idex are chomping at the bit and so many projects are moving in the background. i have confidence we will be a multiple of todays value by the New Year. really the price today is simply down to throwing out the kitchen sink and now they are quietly getting on with the key turning points. painful as it all is there is a chance we will rebound to a valuations closer to £250m in time. Everything is in place but next few months are critical to determine how quickly we will pick up the baton and run with it. next week is a new week and now the board have filled their small boots i think they are probably in a better position than most to know a company is undervalued and about to rise.

At some point the bod should declare the highest non binding offer which should be at least 30-40p a share but perhaps not somewhere north of 50-60p that i think JM would like. Obviously JM will know the price so should the unimaginable happen and he did bid for the company it would need to be a premium to the highest non binding offer. however i think he no interest at all to do that. We have a billionaire who can continue to exercise warrants at 15p for the forseeable future so we are fortunate in this regard. Obviously JM is trying to get something closer to the NPV with a healthy discount but i do not think we will see a bid of $200m and i suspect it will be around the $100-$150m. However the share price today cannot be helping those discussions as someone willing to pay $150m would look at the company and say why not simply make an offer for the company? for me the longer an asset is on the market the less people rush to conclude a deal. Condor own all the land and have all the plans to build the mine so they are only ones with the IP and assets to do this. Obviously the government are keen to bring the mine into life but they are also trying to attract companies to mine in the company so they need to keep Nic very pro mining and be supportive of Condor. Next week could see a bid materialise and the lack of news hin some ways are reflective of something happening. Obviously when you know something is happening there is nothing you can report not do you need to as the delivery of the sale will do all the talking.

You would think Hannan would get a binding deal one way with highest bidder as once we get the deal binding someone else will know the deal is progressing and show their cards or make a takeover offer. Continually extending this to me works against JM plan if he wants highest price as today buyers benefig from time elapsing but Condor does not as it continues to pay overheads and tap JM for £1m every 6 months.