Member Info for Simms45

I think the plans are quite far advanced already in terms of full design and plenty of construction work has already started with regards to clearance, power, roads and delivery of some of the key and long lead kit. Therefore we have already started construction. This will continue so that when we raise the additional finance, perhaps in early 2022 we can continue the construction and potentially have the mine operational in just over 12 months for the 100k plant. i watch quite a few miners and 12 months is often enough time to construct a mine in potentially more trickier situations. With key equipment on site already MC will be wanting to maximise that advantage. I think the reference to 18 months was presumably related to once cashflow is coming in they would have everything ready to increase the production by whatever is the shortest and cheapest scenario to do so. we will see but we are in construction mode today and very shortly we will have all the designs ready to start building and i am sure there is plenty that can be started on.

The 17th is upon us Rustyrat so we can hope CNEL respond with what is required by HKex and get something moving. This was the last week of interviews according to Ivy so we should be due something as we are missing signing off the final results and now the interims and we have over $32m of retained profits for distribution to shareholders so this is crazy that they are not looking to release some of this at some point, even a token $2m would not go amiss to long suffering shareholders and have no impact at all on the company. For a company telling us how much they want to get back to listing on the HKex they certainly seem to be taking their time as we are heading for 6 months of silence. only comfort is underlying business is the same and must be clearly benefiting massively from the rise in Ethanol prices and global shift to E10 but come on CNEL give us shareholders something please, just not the latest Yoga news.

It would be useful to get a sense of how much extra gold we are looking at here when we have is in a 1km strike of 10m that sounds like the La India vein extension. You would think the market would cotton on that this is confirms the large gold reserves we have in our land package and that 5m is not going to be very hard to prove up but just needs more drilling. I think we need to see some real inferred numbers so we can get these added to the pot and do we know when that might be the case?

Normally DP is not after a RNS to give some meat on the bones of a RNS but as far as i can tell he has gone quiet? There is a lot of confusion actually what is agreement with Kiboo. Is Kiboo paying £3m pin money to get into the game and then they need to raise all money etc? As i understand all assets and land is held in Haverton so this new SPV is being created for the project only. Therefore land ownership and everything else stays in Haverton. While it feels like this is a lot to bite off for Kiboo and everyone would prefer a major as their is clearly risk to Kiboo assuming Kiboo inject the £3m i suspect this will be a payment to Eqtec to help us hit out £15m target this year. Really quite hard to unpick if i am all honest so where is DP to explain the exact deal as under certain circumstances it could be a good deal and under others it could be seen as not so good. I think the market has taken latter and personally also a little underwhelmed and lack of clarity so its first black mark for DP so far simply for not making the deal clearer as if he did we could have seen a rise in confidence. We will see.

Great listen. Thanks. I enjoyed his moderate pretense to not be 100% sure on things but that the 100k gold scenario was about a year or so away and 150k more like 18 months. If correct that would be a perfect scenario for investors as we know the smaller production plan is quick and highly profitable and a lot less expensive than the 150k PEA scenario. Therefore a lot easier to fund and considerably less dilutive, maybe 30% at todays market cap so almost a non issue. Its so obvious that Condor need go get some cashflow asap, see its shares balloon 2-3x and then dilute a bit more if necessary at much higher value. Must keep dilution to an absolute minimum or MC will be not seeing his £1.50 bonus anytime soon so we are all aligned. We cant just rely on a rising gold price although everything is in place for some reasonsbly rampant inflation next 12-18 months especially if the government ever bring in full customs and border checks on goods from Europe that they continue to kick that can down the road. They know as soon as they do thats another massive supply issue and prices will jump and plenty of Europeans will simply stop shipping to UK. I have alreadt found its nigh on impossible to find UK furniture companies dhipping to Europe anymore. Its just too much paperwork and no money in it. Total mess. Dont listen to BOE telling you this inflation is transitory as they are desperately trying to lower inflationary expectations but we will have 5%+ inflation by next year and still <1% interest rates leading to real losses for saver but of course great for the government who is drowning in debt and funny how some uncontrolled inflation might bring that down. Anyway everything looking very good and once some nervousness about Nicaraguan politics out of the way, that i think is a little overblown i would like to see some dates being exceeded and hear some action before christmas.

Last edison report in Sept 2020 based on lower gold price and slightly less Capex was an IRR of 26% and very conservative. The report is very valid today apart from that we are far closer to financial close and a new PEA for Hawiah incoming sometime soon. Lets hope October favours the brave.

I said “shareholder return” as opposed to “dividend” but its up to MC and co as to what they do with this. At the end of the day it is considerable value creation for the company which we are all part of so ultimately that value will be expressed either in a takeover, rising share price or dividend. All positive however you slice the cake.

As MC says Condor is drowning in high grade targets. According to RNS

"Cacao represents a dilational opening between two major basement feeder zones (the La India and Andrea Corridors)."

therefore MC perhaps thinks it is higher grade and possibly more concentrated and therefore maximise the additions to the inferred resouces for the 5000m drilling.

Looking back to to the Andrea Vein that comes off Cacao they say the following
"The Andrea Vein compares favourably with veins elsewhere in the La India District. At 2.3 km
strike length the Andrea Vein is a similar size to the India and America-Constancia veins which
produced the majority of the 575,000 oz of gold mined at a grade of 13.4 g/t between 1938 and
1956"

Therefore its just gives a lot of confidence to the 5m ounze district, if not 10m if they had the money to drill it. at the end of the day if we can get to 5m ounzes and producing 100-150k ounzes in less than 18 months we would be in a very good place. Would be good to see some strong game changing RNSs over Q4.

I would certainly be happy with the projected 35p a year shareholder return for 7 years. i think MC can considerably reduce the equity component needed to get the ball rolling and start small and grow from cashflow. Gold loans and private equity convertible loans can easily fill a lot of the equity component and if a toll was sorted that would probably solve a considerable component of needing any equity at all as that is the easiest way to secure gold loans. I suspect MC is hot on the trail to minimise equity needs and he has at his disposal at this time of money looking for returns a good option. 54% IRR is literally non existent and that is a very strong sense that lenders will have limited risk, especially now key components of project have arrived. A lot of other parts are going to be built on site and fabricated so a lot faster to put together.

Given the unbelievable wildfires in California last few years you would think California would be really on top of the situation to alleviate the issue. Looking at Eqtec Northfork project its win-win-win. It becomes profitable to collect combustible wood material from the floor to ship to Eqtec plant saving council cost, it helps reduce spread of wildfires by reducing combustible material, and gassification is a clean way to convert waste to energy and reduces C02 and has highest energy conversion when compared to incineration. And obviously very nice Eqtec generates IP revenue, equipment revenue and a stake in the project. California could install 100s of Eqtec waste to energy modules alone. The market size is unbelievably large and hence why the Eqtec sales pipeline is massing to close to £1bn in possible projects. This is just the tip of the ice berg but Eqtec need to ramp up to meet demand to ensure it becomes the global market leader.

The good news could well be starting to roll
https://www.londonstockexchange.com/news-article/EQT/acquisition-of-gasification-waste-to-energy-plant/15134855

Certainly Palumbo anc team, as they said in the H2 results are stacking news for this quarter. So many projects penciled in for financial close so we could be in for a good few months leading up to December. Has been a very quiet last 3 months but lets hope that £15m at 1.5p is being put go best use. i am confident we will get back to 2-3p before the end of the year and not go back. If they can hit a profit it will surely set then up for the blockbuster year next year when so many of the backlog of possible projects might come out of the blocks. Will Cop26 play a part in boosting the sector but surely everything is all pointing in the right direction. Come on Palumbo and team lets close thosd deals and crack on!

I received an update that " The management interviews will be conducted by DLA this week. " so we might be getting closer to some sort of closure but amazed this is still to be done really as it seems almost the first port of call to me. this is progressing very slowly and management continue to say they want this to finish asap but they are hardly showing those actions. you would have thought management could have done this sometime ago but it could just be confirming all matters. We live and sadly in this case learn even when all spider senses were jangling when the BOD simply went quiet from listing on the HK. its utterly bewildering.

Managed to watch the Beaver Creek presentation and MC is confident that Condor can pay down the debt in just 12 months and he let slip some great results from Cacao that have not been released to the market so that could be next week by all accounts and could add between 500k-1m ounzes to the pot so we would be well on our way to the fabled 5m number. He spent 3 hours with the mining ministry and this sounded very positive and technically MC has started construction. The high grade strategy makes total sense and the AISC is just over $800 so MC just has to crack on and move as quickly as possible as it looks everything is ready to roll. No mention of a toll or any specific extra bonus that would strategically have an impact on the share price but MC really needs to double down on those key variables that will help propel the share price towards the £1 mark and really probably a combination of a toll and adding big numbers to the gold reserves would probably have the most impact today. Obviously plenty of other strategically important variables but those that we are not expecting to happen would be nice. He is also pushing for the PFS to be asap so it might come a little sooner than early next year and would be great to conclude that prior to the New Year.

Its great to get a refreshed PEA with up to date figures as it gives more confidence to raising money from banks early next year as it shows the IRR is very high and bank pay off is very fast within 12 months so this is incredible to confirm. While the AISC has risen from 2014 gold price has risen almost twice as fast in the same period and personally i see gold rising a lot more over the coming years. The NPV shows over a 5X on todays valuation and if we can continue to add to gold reserves and head to the 5m district play then that should be 10x in time. The new CFO who has an outstanding track record and can now be put to work to structure the future and it could be anything frankly. Quite excited by the potential as we get closer.

Proof is in the pudding. Eqtec have gotta start closing deals and keeping those projects in play succesfully as Northfork is not exactly smooth sailing. If they dont get on top of all current projects then the backwash will get them. Personally Its 1.5p if they dont close any more deals this year or maybe 2.9p if they close maybe another 5 this year and keep closed deals moving forward.

Lets hope October is the real deal as if we have majority bank finance committed and key investor the rest will jump. Mining Ministry also feels like its got its feet under the desk and banging the drum so to not get TK OTT would not help their call to global miners. Personally i think if Kefi crosses the line a major might shortstep the whole discussion and buy in to this first mover as to a major this is back of the sofa money and why bother exploration when you have a turnkey gold operation and a massive parcel of land nearby you can dug up and ship to the mother ship for processing. We easily will have 5m ounze district. Market seems to be sniffing around and a lot of peeps will know the lay of the land more than us pis. Certainly drifting up.

All looking more positive as of late. Also today Akobo from Norway has applied for gold mining permit and has positive comment https://www.kitco.com/news/2021-09-07/Akobo-Minerals-applies-for-gold-mining-license-in-Ethiopia.html

“The Minister of Mines Takele Uma said, "We are cooperating with Etno Mining/Akobo Minerals to finalize the mining license next week, the first week of the Ethiopian New year. Etno Mining has worked relentlessly since the beginning of its exploration activities."
“

Seems lse is on the blink but RNS on London Stock Exchange shows we are about to conclude deal on Southport project. Nice. https://www.londonstockexchange.com/news-article/EQT/southport-project-extension/15124980

Leaky bucket news or just the drift back up to tuppence after listening to most recent update from Down under conference. For me that was a great listen to hear things so far progressed from the horses mouth. Could also be Hawiah PEA someone has got wind of. Certainly investors could do with some news update ahead of time for once as the time lapse is not helpful to Harrys credibility. He should under promise and over achieve.