Member Info for Simms45

We have seen heavy selling for sometime now. Often sellers are selling for other reasons than not believing in the prospects of the company. So many overleveraged individuals and hedge funds and we have now experienced a full 18 month bear market and many are simply unable to hold back the inevitable before the tide changes. Lucky for those able to enter the market now and ride the tide coming in. There was some questions around cashflow last 6 months but the management made a lot of smart moves to head that off than dilute further at .29. I think we should get some news next week as month end is quickly coming into focus and Eqtec need to start converting all the deals properly. Hoping for a good start to the week.

Calibre now pushing new 12 month highs on back of gold pushing back to 2000 so hopefully this is going to motivate potential buyers. We still might go to production if offers do not hit the sweet spot but i am sure we would be 30-40p and potentially based on Calibre if we had gone forward with finance for production. We can still do it but prefer that by end of month we either know we have a good deal or knock it on the head and crack on and we will have only lost a few months and arguably market is starting to look very gold positive. We might find we have serious interest in next few weeks as i cant imagine the time table did not put January 31st as a cut off for first rounds.

I think Harry is literally expecting to announce funding any day and then finding he is being delayed by one department or another. He is in Addis and if he knew he would have to wait for new MOM and know that would take weeks or months he probably would have said so by now. His silence is more a case of him hoping to announce at anytime. I am happy to wait until end of month and then get an update. I hope he can conclude before that time and keep on banging on doors.

The change in Sept > Dec share holding table shows Altair increasing their holding to over 18% and 2 new investors as well as PIs with Hargreaves Lansdown taking up 20% share showing that PUs combined have a big say in the company. There has certainly been a lot of shares changing hands last 6 months but if we get indication it has ended we could finally get back to more realistic valuation as we trade below our asset value and we are close to some major deals as so many have been bubbling along for 18 months that one of thee should pop and send us back closer to a penny.

While not exactly a gold mine Kodal shows a model of how to fund a $110m project. if Kodal can do it so can Condor and keep investors on board for serious share price growth. Even equity subscription was at a 100% premium to share price for 51% but i am sure anyone here would give up this sort of partner dilution. https://www.lse.co.uk/rns/KOD/major-funding-package-for-bougouni-lithium-project-trfqt3rknlc8sb2.html

What we need to have is an RNS stating multiple serious offers. This gives a proper sense of auction and rising bids and ideally we get this update by end of January while gold is pushing on to $2000 and bidders will be keen to tie things up. On flipside the further in time from Biden popularity sanction mess also the better as it might include more companies from the US or elsewhere but for me that is the question. If gold keeps on rising so does the valuation and other interested parties might want to come in so there is also argument to wait a little longer as market sentiment is quickly changing from doom and gloom to a lot more positive as inflation is about to tank to less than 4-5 % very quickly as energy costs drop through the floor. I am sure deal needs to be clean or you start thinking what is the point in paper as you are then relying on a 3rd party management team who does not appear to have cash. That would be a red flag as Condor assets values are tiny for a half decent major flush with cash and looking for a home. Timing of sale was probably the worst possible and looked to be JM becoming exasperated and wanting out. As to warrant holders i suspect many will never see the price needed and JM will do it correctly and at point it is possible. This is why takeover is probably best outcome for warrant holders as it factors in everything. Selling asset is a very different animal but if we get $100-$200m from what MC mentioned is a landing zone it will provide a small return on investment up to date but over a 12 year period a very very poor return for investors overall. Still hopeful we take this to production and properly reward investors, forward sell gold and hand out a special dividend and then sell producing mine to highest bidder. Incredible after 12 years to give up when it would only take 12-18 months to go into production as its the 12-18 month stage that sees greatest share price growth. lets hope end of Jan we get some positive update.

Good to hear Harry is in Addis. He needs to stay until the finance is done. Its quite possible Takele was trying to extort money from every miner and Harry was not playing ball and could have been party to bringing the MOM down, given it appears from q&a he has done it before so knows the ropes. The corrupt MOM is gone and no doubt has plenty of axese to grind against those who might have shopped him in. What i am not sure now is when TK will get green light as surely president is on board to make it happen? Maybe nothing is now needed and its just a short delay. Could be next week for all we know. feels good though as i think everyone was scratching heads what was holding things up and while not confirmed i think we can probably all imagine and Harry was probably only miner not playing MOM games.

We have certainly had our fair share of curve balls and we can only go on what Harry releases in an RNS. The expectation now is that the delay was caused from 31st December was related to the removal of the MOM but i agree that Ethiopia now have an important task to maintain their international credibility and present this as a isolated incident. Whether it was is another matter this should help us as it looks previous MOM was simply messing Kefi about with internal delays that explains a lot. hopefully president will step in and quickly resolve the matter. Feels a lot better now we probably know some more about delay background and Harry can hold his head high for not capitulating as probably many other miners might not have done.

This is good news as if this MOM minister was trying to extract a little money from this deal and he did not get anywhere, which seems possible given his attempts to destabilise kefi from leaked news reports etc, i would imagine Kefi could get very quickly the right support we need. It seems very likely from what we are reading but leaves us in a great position to finally close the deal.

I feel the turning should properly happen with Deeside. We have big new investors interested and long stop is 28th February. That should have been a £4.5m boost for last years results but now will fall into 2023 assuming it happens. i would expect a conclusion to confirm the deal by the end of this month and £4.5m minimum is very useful to Eqtec and will probably mean no more placings this year so put a decent wind behind Eqtec so we can bounce back up to a penny. Italy and Croatia due anytime and North Fork is coming together. Could be a lot of decent news come end of January imho. “

We remain committed to announcing the funding of Deeside in early 2023 and to moving at pace from there toward financial close and construction start “ DP

Well what looks clear to me is that the overhang is no longer around and something i have suspected for a long-time as we have been almost anchored to .7 for so long when the news begs differently. Yo could buy almost limitless amounts and i think it was the hangover from Harry paying contractors with shares who sell into the market for working capital. has happened so many times as Harry has done that before. Finally the BID/ASK is looking a little more perky and the price can hopefully start properly balance for supply and demand. It looks you can just get stock today at .8p but if TK is finalised in 1-2 weeks that is a crazy low price. If TK happens next few weeks then investors will need to look at the real market cap of the company and it is not £28m. it will be easily £100m+ and that is pessimistic. and with gold smashing through 1800 and then 1900 today it could be 2000 within a few weeks and investors know that who are buying into Kefi and probably motivated to close the deal. gla but if it is next week or the week after we find out where we stand Kefi should move higher.

Next few weeks could be key as i fail to imagine that if Harry knew it was more than a month he would have updated the market to that effect but Anytime January would be a major milestone. Therefore best hunch for me is next 2 weeks on monday/tuesday. Would be a great culmination to finally crystalise our $90m of sweat into equity. Still cannot believe we are valued £25m or so, not even the same as the value of the tax loss if we sold kefi as a tax vehicle. probably most undervalued exploration miner i have ever come across. Even a few years back when i first was looking Kefi had lowest gold in ground value against any other peer and that was not factoring in Hawiah or JQ. Very fortunate those joining now i can say but next 2-3 years Kefi with a good wind could easily hit 10p+ depending on what happens with each asset and if Hawiah lists on Saudi exchange all bets are off as that could be a huge number. Will be checking early next week to see.

Calibre has now punched higher in market cap than it was before Joe sanction tantrum so shame Condor did not stay the distance and raise the cash when we were at 32p as we would probably be riding high now as gold would go straight to shareprice growth. Also if they followed through on production maybe been a serious contender for acquisition would show up as the production countdown was underway. We have spent over a month now and share price not even barely recovered and still 50% down. We should get some offers for the assets no doubt as i simply cant imagine MC or JM going down that path if they were not confident as the dent to investor confidence in failure when they have not made clear they will continue to production otherwise is not helping. Maybe an investor is found as there are probably many different discussions, maybe Tether gold but that plan to go to production if no serious offers by 31st Jan would keep offers serious. Hopefully we get an update before 31st January as La India clearance would be quickly recovering its weeds and trees otherwise. My hope is a cash partner to come in on the project and we push on to production to extract real value for all investors as selling the asset for not much more than all the money and time if last 12 years seems not optimal. Hoping for a positive update as we are massively behind all other goldies that have been powering ahead.

Great to hear from TW who has the ear of Harry and confirms the “formal” part is looking very positive.” imminent” is less than 2 weeks and i suspect if Harry knew closure was post February he would have provided a delay RNS as is traditional. certainly Harry is getting into a tighter corner unnecessarily so he would only do that if he is waiting. Looking good.

When TK does cross the line hopefully the fact we have one of the biggest gold and copper exploration licenses in a highly prospective area of SA will get its just value reward. If Hawiah was a sole project we would probably be a £50m minimum market cap but TK is massively overshadowing Hawiah and not until TK is closed will anyone actually value Hawiah as largely the confidence in company assets will follow on from TK. My guess is that if kefi released back to back RNS, probably artificially held up to be released after TK then we might be still a few weeks before TK closes. If it was a week i am sure Kefi would find a way hold these back to get the impact they deserve. Harry must be seriously annoyed but ultimately he needs to keep on top of every moving part of TK and second guess any last minute curve balls. Gold rising is a huge plus as confidence in gold is well and truly back and $2000 gold does not look far away. We are powering ahead regardless on all fronts. I hope Harry will not be leaving Ethiopia until TK is delivered as i think it needs to setup camp outside the ministry or whoever is holdings things up. we will see but outlook when market cap of all of Kefi is £25m we could experience a very long surge over several months to land is considerably above.

Fantasy Hawiah news was probably ready sometime ago and obviously Harry would have preferred to release this after TK finance but you cant hold it off forever. as we see today it largely has no impact on shareprice but had TK finance been signed off already this news would have taken us a good deal higher. You dont need any hunches on this really because put yourself in Harry position and work out the order of news you would like to release. Clearly a hold-up as we did not get TK by 31st Dec and Harry lost his $500k bonus but we are now into 5th working day from New Year so lets see as we might need to wait until end of month. Just as frustrated as anyone else but we continually move forward and TK is still happening, according to everything in the public domain.

I dont think he could code it any better. Formal is specific to closure and “shortly” is a little ambiguous but he could have just as well not said anything or even more ambiguous language such as simply update shortly. i think more people will take the word formal a little more on the side of happening within weeks.

The numbers on Hawiah just get bigger and bigger and bigger and importantly reporting higher grades and increased resource open pittable resource to speed up and reduce capex in the future. All looking that Hawiah is going to be a globally important copper and gold mine. For those hoping for a TK resolution there is some coded wording that says the following " for which a formal update will be announced shortly" and hopefully the word "formal" is what we are all waiting for. looking a lot like a belated late christmas present.

I think Eqtec have taken many positive steps to help move into cashflow positive territory. As new plants come online we will access revenue from service and maintenance as well as share of profits. They also have a lot tied up in projects like North Fork and Deeside that could be extracted if they sell onto a major investor but maintain the service contracts thus creating large chunky inflows as well as ongoing revenue. We have almost more assets than our current market cap and these will rise in value as projects are re-valued and completed. I think for the next 12 months Eqtec have a fairly robust plan to not be forced into the capital markets but we will see. Getting Italy and Croatia MDC live will be first clear signs of a turnaround and Northfork momentum. We also still have the longstop on Deeside that has not changed and a large investor is supposedly actively involved. Plenty of variables but looks reasonably strong prospects in all cases.

Toll mining is still easy money but i guess it does depend if they have full capacity within 18 months. Most mining licenses take a long time as Condor well knows. As we are selling the asset i dont think directors are not able to buy their own shares in their own company or they will never be allowed as they must be looking at assets all the time. Rio Tinto moved into Nic with Calibre as partner and they have done 0 so far and they are fine with political shenanigans as they have mines all over the world. The recent biden sanction was very lame singling out one miner with very close financial connections and was a crowd pleaser for some exiled Nicaraguans. Sanctions were massively overblown and Calibre powering ahead. Time is a healer and it should be forgotten. The extra month of distance should help with financing and cracking on as selling asset now in this market just as gold is on ascendency and capex is very sma with 55% IRR is poor unless $200m offered but i just cant see that also as we languish as a company at £30m. Anyone would simply go rogue and make an offer of 40p a share and see how it goes. The market cap needs to rise substantially to help the asset sale or buyers will ask questions why company is valued so little and what are they missing in their due diligence. Really hard to sell an asset like this with a company valued so low inho.