Member Info for Simms45

I imagine getting everything in place for a sale is not cheap but we have sunk that cost and really it is just salaries and whatever overheads in Nic to keep the mine ticking over. given we have no drilling or anything really happening the £1m should give us 6 months easily and JM has 2 more lots of cheap warrants he can cash in for same amount. As we are now at the 7 month mark since January and have 5 non binding offers i fail to think that those offers are not within a whisker of £100m or why even bother bidding as i am sure it was made clear upfront from Hannan the take out price. Companies do not come all the way to Nic to make an offer they know will be refused and MC would not waste his time showing companies. it makes no sense for anyone. I think we have the right level of offers as that is why MC was whistling loudly in the Twitter account that he was confident about being sold. The delay is probably either multiple parties raising offers or there are conditions that need to be satisfied to make the non binding offers binding. There is little point to make low ball offers as JM is rich enough to fund this to production on his own so bidders know that.

We have already had the bank credit in principal agreed sometime ago so the "in principal" is now about the details SB has said. I think the timeline is still doable but does mean we need something concrete to happen in August, ideally early August so that we can start some build up as we have had too many false dawns. With the EG involved with their 20% who technically part own the banks funding the deal i think there is unlikely to be this sort of response given EG have said they want to expand the mining industry but Kefi is the "first on the block" and is being used as the Guinea pig so i think a lot of the delays is simply coming down to doing this the first time and not understanding everything. Bankers fees and other fees are also key to this happening and these people will not be looking to hold up the gravy train of fees. We should get a more solid RNS in August or otherwise if the plan is being pushed back Harry does not need explain why as he has had opportunity in last AGM but he seemed confident.

There is really nothing external holding up proceedings anymore, as far as i know, so really it is in the hands of Kefi to get this OTL. The silence is frustrating but Kefi are waiting on credit approval alongside definitive agreements so we are into the process stage. Kefi has not changed its deadline so really we should expect an update in August, albeit often the quietest month and according to many Harry will be lounging in Cyprus sipping his pina colada :) but he has proven to be tenacious where most CEOs would have exited by now so i think the final handbag moment to get some investors to sign on the dotted line and bank to fall into line will be easy compared to dealing with the likes of Tekele and the rest of the MOM and Ethiopian government with different aims and ambitions. Once we get that bank credit approval we are home and dry and can unlock a lot of value. The bigger news next year will be Saudi Hawiah and any listing so really if the ducks line up the next 12-18 months should be easily 10x on todays price and then from production start we bring in a whole range of new institutional investors to swap out the pis as Kefi could become a £500m+ entity within 5 years based on gold production plans across the mines and potentially higher if Saudi listing happens as they appear to have considerable appetite for miners in Saudi. if you have been here since 2016 then really the next few years will hopefully be the most prolific. Certainly i have been 3 years now and learnt a lot about bluster and to watch out for it. In Harrys credit civil war, bent ministers and kidnappings have hardly helped ;)

Admin costs have run around £2.5m a year. Given we are probably now running a barebones company until sold i cant imagine we are spending more than £2m on overheads, probably a lot less. You can discount any option as the board will be reviewing opportunities. I dont think a JV is likely but would be my preference to start getting gold out of the ground. A JV with Calibre for example would give us toll mining immediately and a mine could be built in the background, if that was even necessary as Calibre has spare capacity. I feel that 50p/£100m will be minimum acceptable but any buyer in 18 of building mine could get back all their investment and if necessary sell on the enterprise for £300m so its really a very nice asset. I am just dissapointed JM and MC did not crack on as if we had we would be in a much better place today even with dilution but they must have had offers of a serious nature to go down asset sale route so hopefully August will see the first binding offer.

What i was saying is that buyers know Condor are burning cash so as the clock ticks Condor burn through cash and might be keener to strike a deal. However £1m from JM in the kitty puts that one in the rough and probably gives 6 months extra. However at the same time this is a 5 horse race so really it is just about who will get to the price required and today as the share price is not anywhere near the 40p i think it should needs to be at to get a takeover offer that would suit JM price target. What we need is one of the bidders to go for the asset purchase that will lead to a re-rate and then a TSX listed company might make an 50% premium offer for the company or table a JV. We will see but price is firming nicely and we are moving back steadily to 30p with offers expected around 50p+

Eqtec are only down 95% from their peak of around 3p a few years and our CFO has a lot to answer for given he let things get out of control and really he should have been replaced but at this historical low where we are valued for same price as a semi in Chelsea i stand firmly behind Eqtec recovering a lot of that distance over next few years. Since the business model has evolved to license technology we need to see the orders come in. We secured €15m services + €1.5m cash for France so if we can do a steady stream of thoss deals we could start hitting thoss sales targets they hoped to see in 2021. There is a good chance that projects close or under construction that €40m+ for 2024 is not unrealistic and towards end of this year we should be cashflow positive. When that happens the market will jump back on Eqtec as we stand on one of the giants of the future as gassification waste to energy is going to be in considerable demand.

Phasers are set to “stun” so lets hope next week brings home the start oc news to get the Kefi wagon rolling and then close out financing in September. Timescales are tight but we must be close to credit approval and definitive agreements doing the signature rounds by now.

Good also to see decent buying today including a £38k purchase so some canny investors are staking their claim and have a good idea where this is going as its probably a good chance of doubling and then some in next month.

Nero i think you are spot on. We will get that binding offer in coming months as surely best and final cannot be far off and any loose ends on comfort letters are obtained. Since we started this process Calibre added nearly $100m cash so they could snap up for loose change now and i am sure they will be keen to not have a chinese neighbour as their way of doing business might see Calibres own mine fall into Chinese hands by hook or by crook in the not too distant future. The plan of bidders to just lurk hoping Condor would crack first has been properly routed by JMs investment so its really getting to now or never on final bids. i for one would like to see Condor take this to production in a JV with of the suitors so pis can see this through and benefit from the upside. Very close now.

We touched 1p on little news and director yesterday took a boat load at .9. at .6 if we get the RNS we are expecting 1p is starters and probably 2-3p very quickly is not unlikely.

End of July is imminent and for a senior director to take his holding at .9 gives us a small inside track of what is about to drop. If we can get some update on the bank finance credit sign off or signatures on definitive agreements we will start motoring. So far October start has not been adjusted so to even contemplate that happening they need this done and dusted by September with cash in the bank. obviously there is a series of events to get to that but once we have the starting gun from credit or signatories we know the end outcome. incredibly low valuation of the company at £27m and that is not even 1/3 of the sweat equity that will be converted into equity very shortly. I am certainly still expecting the share price to push to 2p-4p by that point to put us around our net asset value and then build towards the mine completes. Really the big numbers will come in once Hawiah gets the sign off and/or we start a listing process and placing on the Saudi exchange. If and when that happens 5-10p is distinct likelihood.

Key is we have 5 non binding offers and no one has dropped out of the bidding process and more have joined. Just a matter of time but certainly a binding offer in August really should be the aim as the board should be working through any questions and conditions as quickly as possible. The opportunity cost is we could have been 50% through a mine build at $2000 gold and that would have put a £150m market cap on the company by now. hopefully we secure the first binding offer asap.

Certainly depressing someone is fire selling shares but nothing we can do but enjoy the chance to purchase massively below nav. So we are worth only £18m and we just announced one deal of 15m euros + 1.5m euros cash for France and refinance of Italy is close and Northfork is about to get commissioned and just off back of Italy there is a growing sense of a massive pipeline building. Possibly one of the best times to purchase as cashflow looks very strong once Italy is refinanced and our Northfork stake will be worth in excess of £5m so that should also get accessed through a refinance. We then have almost a full house of MDCs covering the range of waste options. Obviously depressing as i bought much higher but for those with cash a great entry point. GlA

Its good to see however that the volume on friday was the highest for a considerable time and could start some movement upwards as we should be 30-40p if the binding offers will be 50-70p

Good to see Canada move quite a bit on friday trading after update to .5 canadian or 29p but we will have to wait and see if the UK wakes up next week.

Well we have 5 bids now and we know the only one that will get the prize will be probably 50p so a 100% gain maybe in a matter of weeks or months. 5 bidders is serious and while you would expect a site visit before purchase there is probably so much detail that a big miner can buy on conditions being met and i suspect its the detail being worked through now. Certainly a huge advantage having 5 bidders in place and all still in the race. Its a shame we are not at 30-40p as i suspect a share offer at 50-100% premium is maximum a bidder could table to persuade their own shareholders and minimum JM will sell for. Hopefully bigger traders will move in to close the value gap as its huge at the moment and easy pickings.

Bidding war is in play and we just need to wait for process to complete as i assume bidders will not make binding offer without the JM nod but with gold pushing $2000 this is now pin money for most producers that have $100ms of cash piling up looking for a home. Definitely a very good RNS.

Blue day so far so maybe sentiment is changing. I think an offer will emerge as with so many NDAs and site visits the board should aim to get the best price and that will take longer than if it was only a single company. Once we get one offer this gives any other interest to show their hand pretty sharp so key now iss getting that first acceptable offer and then see if the other parties relook at their price.

Surely before end of July we would get an update on credit approval from bank or that definitive agreements are getting signed? Has Harry said anything that i missed how soon we will get to close this finance as October is not far away and he kept saying that. August is always a funny month to get signatures so then it would be September. Will be glad to get to that day but certainly Kefi has been a learning experience that perhaps you only get once you have been through the equivalent of the Harry mincer to separate fact from rose tinted fancies,

Just need to churn over these share traders but momentum should be up for next few months as so much ground to make up.