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I suspect absolute minimum asset sale would be £100m and that barely covers investment Condor have made over last 12 years and for most investors here today a loss when the hope was £1-£1.50. The best option is to average down as multiple parties already made non binding offers and and confidence from board to say a deal is likely says it all really. Wording of RNS is quite clear and i think we should see 50p+ outcome but £100m would be closer to 60p+ so at 18p upside for limited risk as if sale does not proceed for whatever reason market is strong for gold and Nicaragua looking to be softening so i suspect it opens field.

The key in the RNS is what Punter64 as highlighted and that is the board is “confident” of a deal. The board know the offers and we know approximately the minimum takeout price. For a board to say they are confident at this stage gives you an indication that we are talking serious offers. Looks to be a minimum 2x from today and possibly 3 or 4 in a month or so. Happy to keep on buying as its largely on a plate for investors to make a quick return. Gla.

I think the market is asleep but i have added more this morning. Seems a no brainer if you have spare cash.

Its already been made clear offers of $100-$200m are only acceptable. Buyers know the minimum and frankly Condor can crack on but its a long way to travel to Nicaragua and make an offer they know will be refused. Now Condor have 2 offers and 7 pending we have a bidding war so $100m seems to be a lowball offer, but that is still nearly 4x todays market cap. Might only need to wait a few weeks for binding offers to start coming in and then watch share price pass through 40p. Gla as it looks to be the final step on a long journey. Maybe not the big exit but i suspect 40-50p is fair but could go higher.z

It could be a big pay off for investors today and far better than expected. 2 offers already, several more expected and up to 9 offers if they all make an offer. We only need 2 for a bidding war and we have that :) Happy days have returned for Condof holders!

“ 2 non-binding offers (subject to further due diligence) have been received by the Company and further offers are expected as nine companies are under a Non-Disclosure Agreement (NDA)”

Wow. Could be a big exit and a bidding war for probably one of the best assets ready to mine. Must mean we are looking at $ 100m+ exit and share price today is barely a quarter of that. Mind the gap’

If kibo are talking financial closure of Southport in Q2/Q3 that would be great news for Eqtec. We could be looking at a steady stram of 1-2 projects closed each quarter this year if Italy gets the thunbs up and investors pile in to a company that might have cracked the holy grail of gassification across multiple feedstocks. Looking good.

In fairness Condor have over the years carried out drilling work and the share price did not budge and it was a waste of money to continue drilling on this basis as delivering 10m Jorc ounces would be considerable expenses. Condor knew that they must develop the mine or be acquired along the road and why they bought the mill so they could keep that option moving. However i am pretty sure that after Joe slammed Nic with some vote winning sanctions it pushed investors away from funding Condor in December and Condor probably knew they had to wait for things to settle. Therefore in the meantime having had some approaches of kind they thought why not see if we can get the $100m-$200m asset sale price while we wait to see how the market goes and keep some mementum going. Roll forward 3-4 months and there is a thaw between Nic and US after the prisoner release so it appears that the risk of further sanctions has been largely removed and were so small in nature it really should not have derailed investors as much as it did. Also gold has strengthened, asset rich miners are looking to how to deploy cash into ready to develop mines and so on. I feel that Condor today is in a better position than ever to find a buyer looking to pay decent money and if that fails to conclude the financing and progress the mine build. What i mostly hoped was that a partner would come out of the sale process and take a 50% stake and give us share holders a ride to production that would maximise what value we can and limit losses for many investors. Even at a takeout price of 40p i suspect the majority of investors will be in loss, especially factoring in the years they have invested. Lets hope for some news next week as the months are flying by.

Lets hope for some "shock and awe" over the coming weeks as there should be no excuses to confirm Italy proper and prove that we can deliver commercial scale projects. This should open the sluices to access investment and get that pipeline of projects moving a little quicker. Investors in these plants are hesitant and rightly so as many projects over the previous 2 decades have not gone well. Eqtec have developed considerable IP and have proven their technology in the confines of universities and once they secure the confidence of their Italy project i am confident things will develop very quickly this year. However we do need to confirm the operational performance of Italy.

Its clear the lack of news is good news but it still is a case the company owes it to shareholders to share updates on progress as clearly some shareholders are disconcerted and selling and with such a liquidity it could damage the share price and the sales process as any suitor considering $100m+ will be taking a double take when they see market cap is only £28m. The difference is vast and therefore the company needs to keep the gap to a minimum as it will not help final negotiations regardless of how Condor spin this. Any buyer will say why should we pay $100m when investors value you are $32m so why dont we make an offer of $60m for the company instead, which would be 100% premium to today but $40m less for buyer. Really Condor need to stabilse the company valuation or it could create complications. I am confident but the lack of news is not helpful to the sales process itself.

You would hope that after over 3 months that some RNS would be forthcoming because i understand that activity that has material impact on the company should be released. I appreciate a sales process can require an NDA to be in place but there must be a timetable that Condor are working towards and would expect some update at pertinent points along the journey to announce offers, similar to Shanta, if simply to close the gap in the company valuation. What happens if we get no update until we get one that asset is sold for $120m? The share price would likely triple or more. Surely it is wiser to build momentum and at the same time be open to looking at financing the mine as if the share price recovers back to 30p we are closer to where we were before the sale process was announced. Now the US and Nic seem to be dancing together a little more you might expect more potential to find the $100m. Certainly the market seems a lot better than back in December. If the share price recovers back to 30p then that would be not a bad place to look at financing the mine with a mix of debt, gold loans and equity or JV that seems the far more favourable way forward so Condor keeps a stake while letting another miner forwards.

If you watch the Metalnrg webinar from last week, that i mentioned and presume you have not watched, you will find this information. To save you time listen around 6:50 but worth listening as it provides more information but all very positive but Metalnrg are taking about when performance data will be available so i presume both Eqtec and MetalNrg will have data at same time so it seems likely both will release that key information. I think a mid march RNS would be expected if performance data was released, especially as it is Eqtec’s technology. I would expect Eqtec to release first. It might be that they are pushing now for refinance as both Metalnrg and Eqtec are keen on that based on webinar and what was mentioned. From the video Metalnrg will roll some of the refinance cash into other Eqtec projects so that is a likely strategy to have different groups of investors refinancing and then investing in the next project and so on. If the investors continue to carry over investment they can eventually fund a lot more of these projects at the same time. Exciting times to be in Eqtec.

In the MNRG update they did say mid of March onwards we would get early performance data and perhaps Eqtec will wait for mid March to release a proper RNS confirming everything they need to confirm and more details on performance in one go. I would like to see more updates over coming weeks as it will not take much to change the trajectory of Eqtec back towards 1p.

Well i agree fantasy a few weeks is fine for update and cash in the bank in few minths but momentum is key. it was clear that after Tekele was kicked our for corruption the EG and MOM became equally motivated and for first time said they were going to resolve issues so that could be an RNS in itself. More a case that with a lot going in the background as soon as something relevant happens, such as EG resolutions or definitive agreements then Harry must tell the market. It feels momentum is being maintained but two key periods that look to have now concluded and perhaps an rns update could be due. The key one to push us higher is government sign off of extra £10m kefi investment and other small details. Once we get the rns we are off to credit we take off as the rest will fall into place as financiers, lawyers all smell a pay off is about to trigger.

We have had the EG government meetings 2-3 weeks ago and update from EG that they are working to resolve the final issues. The major difference this time it was the MOM minister who was saying this and not Harry. Harry said they had meeting in London in 2 weeks from the webinar that was on the 20th February. Therefore are we right in thinking Kefi are in the specific week when they are possibly ironing out the issues with lawyers to get to the definitive feasibility stage? If that is the case and things go well then if EG and MOM get a move on and Kefi resolves issues in London we could be due an RNS or update in the next few weeks, not to mention we are due an update on Saudi Arabia but it would make a lot more sense to give us a proper push upwards with the government resolving the issues so we can get the finance to credit and resolve final issues for the agreements to be signed. With so much happening I am surprised we are still welded to .76.

One thing i notice is that a project like this actually has considerable value to a miner because they can build mine to how they operate and almost certainly have cosy deals with mining equipment manufacturers. A virgin project ready to operate is far more attractive in some ways to certain miners than an existing project but not setup to preference. I suspect Chinese were knocking on door a long time ago and this sell process probably started because of it. Also if miners are being asked that is a certain move That would be very forthcoming and helped by Nic government if it meant favours with China. This could be the deal and it would probably be a good outcome allround but until we see an RNS to support this can only be included in the pot of potentials. Certainly feels the lack of news in this case is a good thing. Hopefully some update at some not so distant point.

Now they buried the bad news with a double RNS, albeit filled in the gaps of understanding i am hopeful Italy or other news is readying itself. My hope they are not going to play dirty and convert the loan at these low levels and then release good news afterwards as i understand Eqtec decide how they want to play it. I am hopeful they keep up repayments on loan and actually repay it in time as we could be due a good amount of Italy refinance money as that must be readying itself. Metalnrg are desperate for the refinance so at least 2 key shareholders need the cash. If we can release cash we do not need to convert loan unless it is when we get back to a penny in 3-6
Months time on back of news.

Results out April and so far we doubled on no news, unless you are close to the duo, but must assume something is going on. Regardless of all the unbelievable shenanigans they have projects and tech coming out of their ears so something has to stick. While the Covid period smashed our ability to deliver none of those projects were mothballed just put back which means a stellar period that Ivy confirmed. Therefore i have no idea on current profitability as i think China only turned the corner proper in October but if raw numbers stack up then there is no reason we should not get back to .45 suspension and onwards if they actually give some more forward guidance, agree to a 20% buyback and announce a dividend. Do all that and we would be 15p and directors can then do a tasty 10% placing and we are all quids in. Only question is my painful memory gives me low confidence the duo will do anything of the sort. I am sure they have organised that disastrous purchase of Canadian company with one of their mates and getting a boatload of backhanders to overpay. Sadly this duo cant be trusted with anything after all they have got up to. Gow poor old RB looks them in the eyes i have no idea but sounds this behaviour is normal in China where this is normal business practice.

All miners are grossly undervalued in my view, especially Shanta and hence why they did not sell. The value of a mine is the value of the cashflow incoming but pis are very impatient and why investors with long time horizons can see the value more clearly. Condor will not be sold for less than $100m so just like Shanta if the money is not offered then it is not for sale. This value would have been made clear early on to remove time wasters so if Zhaojin mining are serious then they know the take out price. Miners in many sectors have done extremely well and you might expect to see some miners in Silver or copper diversify to include Gold. We focus on other gold miners but really if you are a company growing you would probably be wise to diversify as well as geographically. I agree that there should be some update at some point to at least confirm we have multiple parties interested so we know where we stand as this is 3 months into the process and surely something is possible to be shared with investors.

I think once news starts dropping with US projects funded in part by the Biden inflation Act Eqtec will get back to fair value. The pipeline is so big there is no chance Eqtec will keep up unless we have global partners, which funnily enough they just spent 18 months securing :) Now Altair have offloaded 600m shares we can move on. Mind the gap on the next decent RNS.