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“KEFI has now resolved all major conditions precedent that were remaining with the Ethiopian Government for the Project financing. Accordingly, details are now being checked by advisers to each syndicate member ahead of the signing of detailed binding definitive documentation in the near term.“

The key news is volume and while it could be someone just moving shares from or too their ISA etc we know that otherwise the shares changed hands. Given the size of the transaction i hope into a institutions hands. Given the price has been falling for sometime my suspicion is that this has been selling in the background and why perhaps over the last week we have drifted down. If this was the pressure and now has been completed then we can hope the new direction of travel is up. Is this Altair cleaning out their cupboards sadly we will probably never know. What we know is that Harry has been talking up news in june and we are nearly 2/3rds of the way through the month so really Harry will need to provide some update as so far everything else has fallen into place based on the most recent timeline and it does seem that we are now into the final stages of waiting for the EG to resolve some matters and from what we have been advised the EG are fully committed to get this project live so you would hope that everyone is all pointing in the right direction. Once we get TK into credit really the rest is going to fall into place.

I think in last 8 years developments are moved forward considerably not least Eqtec have had operational plants for last 10 years with excellent uptime. Italy is the first of probably 100s, if not 1000s of gassification plants as incineration is off the table. I doubt you will find a single incineerator getting planning. The whole switch to gassification is just starting. We do need that Italy confirmation but its more when than if because we have proven technology as documented by the industry key plays such as Wood and we Eqtec offer an insurance product that guarantees revenue from plants so an insurance company would not offer that without proof. While frustrating the first MDC plant after Covid was always going to have snagging and slow followup so i hope by AGM the board can conclude Italy. I hope to see an RNS this week prior to the AGM as otherwise board will have a lot to go over as the list of expected news is comsiderable but is very quiet on that front for many months.

Sorry. Might have got mixed up here or is Zijin Mining same as Zhaojin Mining? i just assumed it was spelt Zijin for western consumption but quick looks and maybe Zijin own Zhaojin? sorry for any confusion but i guess all connected in Chinese state ownership.

I am pretty sure MC has mentioned this is a webinar and several other sources confirmed including a character known as book5 who has artisan miners working on Condor land so they see who comes and goes. Zijin has been known for a while and likely pole position but several TSX miners are also known to have made non binding offers. I dont know who exactly but couple you can easily guess i suspect. For me its just a waiting game but that article was very eye opening as they are a very serious cash buyer who is owned by Chinese state so money is really no object, its just as much a buy into political circle of Nicargua. Certainly a lot more excited when you understand just how big and how much cash Zijin has.

What is interesting to me is that in this article Zijin has bought a lot of gold assets and does not mess around. The smallest deal on that page is $238m cash and the largest was $996m back in 2020. In the case of the $238m cash offer they trumped another buyer by 30%. They will only be looking at buying assets valued way over $100m in my view as they have billions to invest globally. If a TSX listed company does make an all share offer for Condor then sizing up Zijin they are likely to make a make a full cash offer. They have the cash and they need to develop a return and Condors assets will certainly deliver the billions of net cashflow they desire over a decade period. We know that Zijin are still in the picture to buy Condor so we just need to wait for their binding offer and see if any TSX listed entity wants to trump the offer or vice versa. Hopefully we might hear at anytime what is the price.

Just to remind ourselves from the very recent 9th June RNS they have on the record "targeted" June that even if it rolls a little into July this is none the wiser but surely they cant spout dates without pretty strong confidence and with the NOMADS approval :

"The resolution of the remaining (the third matter listed above) critical condition will therefore facilitate final credit approvals and signing of definitive documentation between the respective syndicate members, which we still target to achieve in June 2023. We are confident of these approvals from our long-standing and hard-working syndicate but, of course, we must emphasise that the pace of our progress overall is now essentially subject to the pace of administrative progress with the relevant Government agencies. Be that as it may, all parties are pushing and I am highly confident of the outcome."

I really hope that meeting that Harry attended in Ethiopia with senior government officials is going to remove the impasse to get the finance into credit as Harry as recently as the last update said they expected signing in June and we are now midway through and you might expect the share price to start to factor this in. Even if the signing slipping to July really we should start to get some news out of Ethiopia that something is happening. There has been many ceremonies of Australian and British officials with Ethiopia and so forth but surely something tangible should be happening these past few months. Hopefully Harry is not leaving Ethiopia until this is done. He has kept up momentum since the timetable last December but now he needs to deliver the main event. Not liking that instead of a firming price we are creeping down.

Looks that someone dropped 100k of stock at 8.01am this morning but the sell was not completed until later so looked to have upset the apple cart. Shares are being picked up so i am sure we will get back to 30p while we wait for the binding offers. We know we have offers and sale will happen and summer is technically starting in less than 7 days so lets see if the first binding offer can be concluded before the end of the month. I am not sure if Condor would need to make shareholders aware if they have a bidding war going on in the background but we can assume something positive is happening as otherwise they would need to advice shareholders nothing was happening.

There has certainly been a lack of delivery and RNS news of importance over the last 3 months after a lot of trumpet blowing for sometime by DP. While we need to reset the mojo and turn sentiment I would be more worried if we just had a few things we are waiting on but there is at least 5-10 probable RNS's we are due and some of these should have happened in all fairness. We have the cash, we have the projects and we have the plan but the company has too few people keeping on top of all of these projects and delivering. The team needs to focus on fewer projects and close them down as it looks they are jumping from project to project but not completing any. Frustrating but i am still confident anyone investing at these levels will be very well rewarded but probably first best to wait for Italy to be 100% confirmed handed over. Even 1p seems like bargain territory once the pendulum swings the other way and that is almost a 6x from today but it was really poor from the board to have used Italy earlier in the year to boost the share price prior to the placing and we are still waiting on confirmation . Investors are fine with clear understanding but trumpet blowing followed by silence is not helpful. lets hope some update will happen soon to get Eqtec back onto an upward trajectory. Confident it will happen but it is not much fun seeing the drip downwards in the meantime.

All looks good for June sign off so things are looking good!

There is only one direction of travel once bigger trades start coming in. Could even be stake building by a possible buyer as they can take 3% before a TR1 but i suspect not as it would let the cat out of the bag somewhat and shareprice would rocket. I suspect just someone who suspects heads we have 60p+ and tails we have plan B that is probably where we are in medium term after a short-term dip so really not much downside and even worse case is some JV or loan to take our mill out the shed and load it up with ore. JM is a billionaire and is in deep so he is hardly going to let this gather dust so all options point to momentum which ultimately will be positive for the share price, just not the current waiting game. Gold is around $2000 so lets get some of the 2m ounces of gold out of the ground.

Seriously canny trader simply mopping up everything on the quiet in the background and hope that no one notices but clearly someone is making a big bet on TK finance coming good and you would hope it was based more than hunch so could be smart money diving in just before lift off. Certainly these types of trades will become more common as we step past TK!

£100k buy looks like someone is trying to quietly build a position as if they did it in small trades it would lead to jump in price. Those selling today provided a gift to this buyer to take a nice slice. Maybe someone closer to the action.

The key is to push through resistance and upside towards 35p looks a lot clearer so hopefully next week we reach the new milestone.

Certainly the lack of news in the last few months have given oxygen to the flames of fear so the board need to update exactly what is going on with Italy and really provide updates on all projects as North Fork should be almost ready now and Croatia and France and Greece were all close. We have all been told we are generating electricity to the grid so the phase we are in is optimising the process. The university team have tested over 40 feedstocks but that does not meant to say the local waste is the same so they need to probably tweak to get the efficiency correct. Certainly the Spanish project has been operating over 10 years with olive pips so we know Eqtec tech works but we are largely on the frontier of this so we are learning and this will increase our competitive advantage. Lets hope next week that news is delivered or certainly some news as no news over this extended period is not ideal. The AGM is a great opportunity to get answers.

Talk about perfect timing to be betting the ranch on Kefi. I suspect someone with connections, probably Ethiopia with more understanding of what is going on. Follow the smart money.

To me its primarily undervalued regardless of 5 non binding offers but ultimately to maximise opportunity of bidding war i suspect it will be a asset sale vs a cash/paper offer from one of the TSX listed companies. However the absolute minimum from general consensus is 60p and why i feel 40p needs to be reached so a listed company can table a 60p offer and sell it to their shareholders as only 50% premium and NPV is $400m so everyone can say they got a deal. June should be the month but slowness to see binding offers is most likely because a few companies are working up their non binding offers and getting JM seal of approval so they can release as non binders were not messing around and presumably all serious to take ownership.

We already have a plant that has been operating for over 11 years with high availability so we know the tech works and why we are able to provide an insurance product to all customers. Clearly there are some snagging issues in Italy that we currently do not know what they are but the Jenbacher work started mid March so it could well be 3rd party issues. Certainly we have not had any meaningful RNS for several months so we are due quite a few updates and this is surely the first one expected. As far as we have been told the project is live and delivering electricity to the network so we know we are operational but perhaps not working to maximum efficiency and that might take time and they want to get that right as several other projects will rely on this as a demonstration. Come on DP please release the RNS stating plant is fully operational and working as expected.

As we move to sale i am assuming we are just rising towards 40p and onwards as if a sale happens it should be above 60p. If cat was out of the bag then depending on the outcome we would shoot up a lot faster but maybe smart money accumulating in lead up. Could be close to the finishing line.