Member Info for Simms45

As far as i see it we have 2 people from CNEL that are communicating publically stating investigation is being wrapped up. Depending on the findings will depend how soon CNEL is relisted. As to delisting having spent so much money and effort with listing it makes no sense to delist as back in the UK they could have taken the company private for a few million for shares they did not own and do that. Furthermore if the board were up to tricks they would have definitely gone private and not do this in the open. We are certainly not dealing with the most stupid BOD on this planet as they are heading presumably for $10m profit. I suspect it will be less after this debacle but Ethanol market is booming globally. CNEL should be landing contracts in all directions. We will see in next few weeks where this lands and what the BOD plan to do. I will be shocked if nothing changes as i suspect a big black mark for transparency and oversight. We need more key people checking contracts so this never happens again. in normal circumstances the key people would be jettisoned for gross incompetence but because those people own so much of the company this seems unlikely. To answer question if the company delisted (highly unlikely) investors would still own the same share of the company but money would only come from either dividends or a takeover. Share trading will be obviously greatly compromised. CNEL are booming and i think they will buy their way out of this foot in mouth event, probably wasting a lot of shareholders money in the meantime.

With all due respect whether you believe Kefi will succeed or not you should equally keep abreast of updates so that when you do say something it might have greater resonance as opposed to largely expressing your disappointment that you timed your investment into Kefi at the wrong time and your patience with Harry ran out. many others agree with you. I agree wholeheartedly that we all expected, based on the language, that events would have completed but that is the risk/reward profile. I was simply hoping to save others a few minutes trawling the conference to find the update that is about 30 minutes and from only a few days ago. Harry makes some key points on how advanced the financing is with bank finance signed off as for me that is key as they are the most risk averse followed by the main investor sign off. The rest will hopefully follow now as the lions share has got board approval. The other key news for me was the event of the key investors all meeting in October so that will be important to confirm is happening as it sounds if it does we are getting closer. Delays have been very painful, especially for those long-term holders but every delay does also coincide with a step forward and without that i would have probably moved on myself. Knowing we largely have all the money is a key one and Harry cannot report this if that is not the case. Harry also talks about the actual reality in the country politically that is completely different to what the news media purport and that there is no appetite for the majority of the country to go back to a military dictatorship by the TPLF. There is clearly a risk but we are worth £30m for 2 massive projects. With a good run this will be £300m in 2 years so the reward is equally high to match that risk. Personally the downside is largely covered by Hawiah as this should go into production around the same time as TK and we are due a updated PEA for Hawiah anytime over the next 6 weeks and for me that is worth more than the share price today. That PEA could be a biggie. Obviously hats off to those who can dip in and out, perhaps yourself included in that i guess you are lurking to probably get back in again at the lowest price you can. Well done if you achieve that profitably.

Would recommend anyone who has not watched Harry in the last conference to do so and hear it first hand. The presentation is around 6 hours 40 mins into the 3rd video ( vimeo hot com /event/1216727 (password : paydirt) but its well worth it. Its a confident performance and he states publically both the bank finance and corner lead investors are signed up and Harry is in Ethiopia now and waiting for October for all investors to meet. It does feel being the first mover into Ethiopia has not played to our advantage up to this point with constant delays and clearly Harry is as frustrated as anyone but key is we have the key funding in place and we are waiting on the mining ministry or government to catchup and if Harry is right that all key people are flying into Ethiopia in October they are doing it for a reason so if we get confirmation on this further it does feel there is light at the end of the tunnel. We will see but we are barely 4-8 weeks away and while it did not happen last month with the greatest intentions we have made considerable progress in a short time. at these levels it is possibly one of the best entries.

We should get the final drilling results this week based on what MC said and help us on our way to the 5m ounze target and new PEA that will refresh all data that has not been updated from the time of $1250 gold. Now heading $1815+. could be the start of the re-rate we have long been waiting for.

Incredibly positive message direct from President Abiy and perfectly timed for Kefi. If Harry has been right that its a case of waiting then surely with this sort of message from the top we hopefully cant wait very much longer.

I had small update from ivy that corroborates what Richard had said and suspect we will get some update in the coming weeks but certainly feels a lot slower than it could have been.

“The interviews with the related matters' parties have been arranged orderly these weeks by the independent investigator. The board is also urging them to finish as soon as possible.”

Great to see 1.8k of views so far for Condor on Crux as that is better coverage than most other platforms. The comparison with K92 is quite interesting and i think valid to some extent, albeit they are ahead of us in the curve and a little larger etc but they have gone from $1 in 2019 to over $7 today. Hopefully Condor can emulate and from such a low base if we are pushing $100m free cashflow in 2-3 years then £300m valuation is not unlikely and by this time we will be talking 170k ounzes a year and 5m district so once the cashflow starts investors can better use DCF models and ideally yield to value Condor and then things get more interesting. Management have 22% of the company, MC has been at this for 15 years and i think he will be looking to early dividend to start rewarding investors. most gold mining management have nothing close to this level of equity so they are more focused on salary and options. MC through early dividend could start to take a few million in dividends each year as he has earned it. I think the market is also taking stock of the new CFo and see that things could start to move quite quickly. someone joked about Mako but John is clearly a deal maker and pulled off a big one with B2Gold so really anything is now possible. Feels to me the share price is going to get back over 50p very soon as even that feels very low for Condor. we have more drilling results very soon according to Crux interview and PEAs in 3 weeks. The latter will really speed up share price growth. Feels Condor could be about to push on and not drift back.

Plenty of good questions to put to Harry tomorrow so hopefully you fire them over to "questions hat brrmedia bot co bot uk" and get answers from the horses mouth. Certainly Harry has legitimate questions to answer about his interpretation of financial closure as he has cried wolf a few times depending on the understanding and that is not helpful to Kefi to build itself over the medium term so he needs to start to under promise and over deliver. Things are however moving forward and might be classic situation of 3 buses coming along at the same time in a few months but Kefi needs to strike while the market is firing on all cylinders and capitalise.

Plenty of good questions to put to Harry later this week in the webinar. Should be an informative one as Harry has said point blank in previous webinar they will use short-term borrowing until TK finance completion so that is on record so be interesting to hear if he has changed his tune. Ultimately things are moving forward at a reasonable pace but still some loose ends but a lot of solid progress across TK and Hawiah that is quickly dwarfing TK as already the numbers are starting to look very exciting. Kefi still valued at less than £40m which is unbelievable when finance is confirmed and the PFS for Hawiah drops shortly afterwards. Slowly but surely.

Gold back over 1800 and looking strong. Everything is slotting into place at a steady pace and i suspect the share price will be back over 50p as our new numbers due out at the start of September will show just how profitable this mine will be and how soon they will be able to produce. With the new top drawer CFO in place we are in a very strong position to execute any number of possible deals going forwards and is quite a coup for Condor to secure someone who can hit the ground running. In some ways, from a pi perspective, Calibre looked to have behaved in poor faith holding our a toll deal but then appearing to string MC along and then slamming the door. Potentially John was not impressed by their behaviour as MC is a straight shooter and did look that Calibre were play tricks. Anyway all systems are firing as we go into the final 4 months of the year where a lot should happen.

The key for me is he knows intimately the strategic interests of Rio Tinto and Calibre and everyone else in Nic from his role at Calibre. He helped turned Calibre from average to something significant buying B2Gold assets. he has only taken this role because he probably knows the end game already and he expects his bonus on the sale of Condor in x years will be multiples of his salary along with options. I suspect he can see just how good Condor prospects are and he wants to fully use his expertise again with Condor that maybe suits his interest. I really feel this is a great addition to the team and i suspect the market will come to realise how useful as we move forwards.

Calibre was always most likely company for Condor to do deals with and Rio Tinto did not sign a deal with Calibre to find acquisitions for nothing. for me this CFO switch is possibly strategic and gets Condor serious abouts its next step. i am sure Rio Tinto is circling. i wonder who has moved into his shoes at Calibre? i would say pretty positive news.

That certainly raises the chances maybe of a toll if almost a friendly planting of Calibre key staff in the company. This could be an interesting appointment to smooth the way.

Brainspark please recap this board and faq on Kefi website as this has already been put to bed and its onwards and upwards. All falling into place steadily. Every week passes is a week less to wait for financial close. still personally confident news this month.

In a normal scenario i would discount dividends for many years but this is a heavily management led company with a large management ownership and have seen no return for 10 years. Salaries are moderate across the board and is well run so they are not extracting large bonuses etc. Condor will be sold no doubt within 2 years anyway but today debt is cheap so its a false economy where that is the case to pay it off early. if MC is looking to sell he needs to focus on maximising the share price and dividends and yield plays a huge part in gold mining valuations overtime and the sooner you start paying a dividend the quicker the share price rise and the broader the shareholder base. sure its early to think about this but i was only saying that a 9 month production according to MC is as much cash as todays market cap. Theoretically could pay out the full amount and within 12 months have the same again. Just reinforcing the very low valuation today. Plenty of possible curveballs but with Condor you have a very steady team not rushing but getting the job done.

It would certainly be a great day when MC confirms 100% and that slip is out of character. I agree it will happen and there is no rush as why buy the land now when the cash can be used elsewhere and where compulsory purchase will probably come into play at some point if they are being ridiculous when 97% of the rest have sold and probably enjoying their life. However knowing all this then i wonder if those holdouts are smelling the coffee and keener to do a deal now. better to take a slightly higher offer today than be told your land no longer belongs to you or the price is $x and its final. Certainly another confident interview and his calculation of $60m free xashflow from just first 6-9 months of production shows had incredible this mine will be for shareholders. That is our entire market cap today in cash within 9 months and not even 10% of reserves. We could be seeing double digit dividends pretty early as JM and MC will be looking for early payback. Looking forward to the new numbers he said will drop early September. We have been using 6 year old numbers so should be a nice reset.

Its great to get some further murmurs from anywhere inside this hermit company. You would think that service suppliers/consultants working, many still for CNEL as they were on 12-18 month contracts in some case, and pocketing large sums of money would respond sameday with their work schedules to validate queries and ensure they are good value for money for shareholders. Who exactly was in charge of appointing all these consultants and agencies? For PR its normally the role of a marketing or sales director, that we do not have. Who else was part of team involved in contractor pitch selection and appointing all these contracts? Only positive is that if its just a few left and draft is coming together imminently then we might get a little more insight into whether we have a clean sheet or if the BOD have considerable failings to change their behaviour. However this is just the first step and assumes a clean sheet is found. Still a fair amount more to do and it is far too slow imo for a company so supposedly energetically trying to get relisted. Richard B is our only hope as i still to this day have no idea about the BOD who have no photos or ever done an interview as far as i can see.

It is almost 2 months since Richard Bennett tweeted that everything was back on track with auditor and Chairman said getting back its listing was the highest priorty but since then we have heard nothing. The last quarterly update was 1st July so technically not due another for a month but you would have expected some updates in the interim. Even the last quarterly update had 0 business update referring only to BAU when we all know so much more is going on that is privy to the BOD but kept secret from shareholders. This falls short of HK requirements “for company to inform market of all material information for the companies shareholders and investors” and this is the most basic requirment and easiest to fulfill but they have failed that already. There has been no update on anything at all in almost 2 months. It is beyond belief we have a BOD who worked for years to get listed on the Hang seng, maybe $5m of expenses along the way and then once listed immediately dropped the ball on everything and instead of being a $100-$200m company expanding and taking advantage of the massive growth opportunites are mostly trying to keep it to themselves and Richard Bennett appears to be no doing anything when its clear the BOD are up to something. The company is technically drowning in profit relatively speaking to market value but cannot throw a few thousand at professionalising their PR and investor relations. It is baffling beyond recognition and anyone can see we need to expand the senior management to have more oversight of this as well as many other things. The end of August is nearly upon us. I am only relatively relaxed as fundamentally the company can buy their way out of this mess but the BOD need to be properly penalised and the non execs are nowhere to be seen and should be leading thr charge.

I think the addis fortune article was based on some real news and jobs postings appearing around same time as well as some positive Linkedin message from Harry (crypted) all tied together to earlier this montn but could well be just sitting on President Abiy desk or in some ministry. As we know this is almost first deal for Ethiopia gold sector so there is a lot of learning along the way. The key is we are moving forward and most have been around a while so what is a little more waiting.

Some excellent grades found. One possible issue before for toll was working out Condors share of gold if the ore was mixed with Calibre or whoever as it would be hard to know and sole use was possibly not possible. The additional drilling provides concrete affirmmation of those grades. Onwards and upwards.