Member Info for Simms45

We have completely flatlined around .12 for a long time now. I am hopeful Romania deal happens and we get a proper update of what that means financially and perhaps with the new business we acquired a decent stake in (in lieu of paying their invoice) we might have generated some new leads or work. It feels that CNE is moving towards a breakeven but the board should hang their heads in shame for so many reasons but the lack of news is tragic and the lack of sales and PR and website that is not even trying to promote itself outside of the PRC is worrying. Anyway CNE might get back in favour with the party and close some deals.

Now Harry has got his placement away it sadly takes some of the pressure that was on him to wrap this up, afterall his adjustment to the debt probably put us back several months on its own, albeit its a good change overall but just not ideal to those who have promised many times of concluding this deal. Its hard to ever say how soon this could be and i notice Harry has done the classic of becoming vague after the placing. The share price is 10% below the placing price and i truly am jealous of those who have missed the last 3 years of Harry spin but you might well have chosen the perfect time. I am more confident now of selling Saudi for $50m than i am TK concluding in Q1 but i live and hope that both might happen in the next 3 months.

I guess all depends where x was at the time but Calibre have totally missed a golden opportunity and can only be a personal issue as $100m calibre shares is peanuts and they would barely notice. They could do most in cash. I suspect Ryan burnt bridges on the toll fiasco and many other situations. Metals are chomping at the bit to get the mine built. condor value will increasingly be recognised as that is announced and as things progress. In 6 months after a lot of decent newsflow no reason Metals is not worth 10p a share by then. I think Metals will take off far sooner if vote is in favour. Metals faced imminent decline in revenues in 2027 so its a perfect fit and i am very keen to find out if our Phillipines mine life can be extended. No point wasting another minute longer as all i wanted to do is JV the build of the mine and effectively we got it and upside is there for everyone at a considerable discount.

My suggestion for any investor is to re-read at least the last 3 interims line for line with fresh eyes and not be clouded by historic bitterness. You have to imagine Eqtec went bust in 2022/2023 when it announced it was mothballing every owner occupier project and essentially starting again. I guess the clues were there with all the snake oil partners DP lined up that in reality had no clout or connections to make anything happen but DP was happy to ride the wave hoping a rising tide would somehow make these projects come together but as interest rates ballooned, the tide went out and everything was exposed and the weakness of all his deals were laid bare. His scrabble was desperate and strongly felt but we live to fight another day and you will notice our partners are quite different this time around. Everyone had many opportunities to exit or average down with all news coming out in 2022 and 2023 confirming the worst. Since 2024 revenues are growing and thw new strategy appears to be working. Yes we need some real news confirming all the projects stated in recent interims happening but so far i have far more confidence in Idex to deliver actual orders.

An accountant, lol! Thats a good one. Whatever next will you say :) While not here to defend DP, who has made some poor decisions, i think you and sloppy need to understand the different revenue streams. Consulting and IP leans on our existing staff base so puts our 28 full time staff to good use, while Equipment orders are completely different as most of the revenue will be for materials and outsourced but we are led to believe up to 30% margin, which is incredibly high given most orders will be 10m+ if and when they come. If we can get close to 3m euros from consulting/IP/Maintenance contracts in 2024 and if we get one of the 2-4 decent prospects OTL we will be in a great and profitable position. Its not looking positive that one of those deals will get signed prior to christmas but you never know. There is little point being bitter about a paper loss, i am sure everyone has one given we are at an all time low. I wonder now what even attracted you to Eqtec as If you still believe in the macroeconomic changes and the tech (both of which have never looked better) then the smart move is to average down, otherwise sell up and move on as the stupidest people are those that linger around and not owning their own poor decisions :) Thank me later if we get an equipment order soon and you took advantage of todays buy in as my average is now sub 1p and while not happy i with a fairly large paper loss i am comfortable that that the longterm prospects will actually make me a far larger profit in the end.

Also noticed Calibre share price decline since condor has possibly slipped through their fingers. Incredible Calibre would let this asset go and wonder if the market is equally miffed why Calibre did not strike sooner. I am sure it is going to hurt Calibre in Nic and maintain the Calibre discount they say they were so keen to reaolve.

Also if you look at central administration costs and director salaries for the comparable period from 2022-2023 when a lot of cost changes were made this shows a reduction overall of 22.6%. There has been a small risen from 2023 but revenue has gone from almost nothing towards 3m.

Its starting to look like you dont understand accounts but in the first half of 2024 there was a payroll cost reduction of approximately 14%. On top of that Eqtec restructured debt which will save us at least £300k a year going forward, if not a lot more given the ridiculous fees we will save. Also factor we are only focusing on high margin, intellectual property rich services and away from development activities. Hence the significant uplift in margin. Not saying we are out of the woods but everything is looking very promising on most metrics.

It sounds you do not read the interim reports about cost cutting and staff levels and understanding what our revenue figures are likely to be this year on the same staffing levels as we had in 2023 when we had no revenue. if you did you would come to some different conclusions, ta least for 2024. I hope you will agree our losses are narrowing at least. obviously i hope one of the many financial closures will come in soon as France and Hawaii are looking very positive and there are plenty more. I appreciate you are bitter about past losses, as i am sure everyone else is, but better to own your decisions and look for the opportunity here or elsewhere. Personally the current £2.5m market cap vs the risk and reward in my view is tempting but like anyone i would also like to see some newsflow to better support that.

Maybe Candyman had a quiet word with Trump on Nic about buddying up with Ortega. Anyway Metals SP is building steadily. Surrey while Calibre could be lurking, possibly to acquire Metals, i am confident your target of 75p per share for Condor is doable quite quickly. There is every chance when the deal settles and market absorbs the mid tier Metals in the making that we can move to 10p on back of news of Phillipines runway extension and La India building underway. This mine could be fast tracked as Darren knows his way around and they will be already prepping everrything to get started. There is plenty of positive news because both companies needed one another. Today alternative is more twiddling thumbs as 2 years was a killer. Yes very poor execution of the sale process but we have momentum back which is key. The Chinese offer has not materialised either so far. Not over yet and Calibre do not need JM or MC if they pounced with a cash offer.

We had 28 staff underutilised in 2023 and laid off several as we wound down the owner occupier model that might have worked if they did not partner with snake oil salesmen. Now in 2024 we hopefully have 28 staff utilised. Bear in mind a large amount of consulting work is IP based so we adjust existing plans to suit each client but the time taken is not linear to cost. Eqtec can do very well with its consultancy revenues as you can achieve a lot. Once we get equipment orders we need more resource but bear in mind we started at end of 2023 with 0. 28 staff should be plenty for nearly 3m consulting revenue in 2024 as we know. We have a pretty decent R&D budget that is a fixed overhead but crucial investment. I doubt we added any staff this year from what we already had and we dropped JVL on £200k a year. Just need to re-read interims to see just how many projects are Bubbling along and how external developments are helping these along. One decent equipment order from probably 6-10 opportunities and hopefully momentum can switch. Painful as it is there is plenty of potential here.

Will be happy to lift a few of those Metal shares off you Surrey, but dont look in the rearview mirror on this deal. Your 75p will probably get properly valued inside Metals as the market will adjust to new position that Condor is funded to production, which is not today. Imagine if Condor today diluted at least 50% and borrowed $75m to fund the mine the market would both adjust shareprice and new market cap factoring in the new reality that mine is funded. This is 1+1=5 deal and your 75p price target, potentially not Too long after deal is completed. Sure some might sell Metals shares but plenty will buy in on the massively derisked and leveraged Metals company going from a depleting 1 mine proposition to multi country with possibly 10m ounzes in Nic. We could hit 200k a year gold in 2027 if all goes to plan. We would be mid tier gold miner and heading towards $1bn territory, as Calibre have demonstrated.

Current deal today worth 32p + CVR and we trade at 28p so we are 15% discount + an almost guaranteed 5p in 2 years. i suspect gap will close nearer we get to mid january. Looking forward to the Metals news held back that cant be released until after deal but most likely its an extension to Phillipines mine. If we get that news along with revaluation of La India could easily see Metals double in value, even quicker if Condor investors reinvest cash into Metals. Currently it still does not make sense to buy into Metals while we are getting a discount on the shares.

Eqtec has 28 ful time staff and this has largely been unchanged going back many years when we were owner occupiers of projects and were hoping to recover our costs through project finance but that failed to deliver. We are now a services company and selling our services and doing increasingly well from this with service revenue heading for 3m euros. The overhead of staff is relatively fixed. Maybe you should look at the accounts again or take some lessons if you are not sure. it is obvious to anyone, except you, that if revenues are rising and costs are stable or falling, as we are been advised, that the gap is closing. We have now relocated to Barcelona so saving a fair amount on UK costs and trimmed some other costs. When we get a equipment order of 10m-40m euros then our margins are 30% based on what we have been told. Yes we are still loss making but we are heading firmly on the right track. An equipment order could push us into profitable territory depending on the order size. We will probably get a technicial profit in 2025 based on recovering the $5m on the balance sheet we wrote off for northfork that will hopefully come back.

This looks old news as its says

“Our North Fork Community Power Plant in North Fork, CA will be commissioning February 2024, and Blue Mountain Electric Company in Wilseyville, CA will be commissioning June 2025.”

Wilseyville are moving forward but BMEC have not closed the finance. Last we heard CEO of BMEC was saying Northfork was live but Eqtec have said Q1 2025. I think cold commissioning is what BMEC refer to and Eqtec refer to hot commissioning but hopefully fully operational very soon.

I sense that unless the price rises closer to 35p+ there will be rush in January to lock in the 5p dividend on 1st pour and maybe 5p for the extra resource we find. 29p is leaving a lot on the table. Metals is a far more interesting company than i first thought as it has a lot of growrth in Phillipines to utilise their sunk cost of their mine equipment. There is one major prospect just 20k away that they are quietly confident about and there are some slides elsewhere with the idea to move the eequipment to a new location.

Lets try and stick to the current situation. Eqtec delivered revenue of just under 1.5m euros from a range of clients and revenue is rising so there is expectation we can do 3m euros just on what we know. Costs are relatively fixed so probably 4.5m although we have been led to believe there has been decent cost reductions throughout 2024. The point is the gap is closing and going back to 2023 loss you are taking big hits like Northfork that due to chapter 11 they wrote off until such time it comes out of Chapter 11. This should happen in Q1 of 2025 so conversely we might be due a bumper technical profit when that happens. Also bear in mind they also wrote off MNRG but that has so far brought in 200k so not so shabby. With recent 3.5m inflow from placing , logic + MNRG its not unrealistic to think that the money raised could last a lot longer as the deficit might be down to 1-2m in 2025 wheras 2023 we had 0 revenue but 4m costs. 2024 is the start of the turnaround but the lack of news is not helpful and like most investors we need to get proper updates on all aspects of the business to confirm all existing operations and better understanding of projects close to signing. often Eqtec close some deals prior to Christmas and next few weeks could deliver something.

Im interested in the news that cant be released until after the acquisition is completed. Hopefully put some strides into the shareprice as lot looks to be going on. Atb

Eqtec raised £1.1m just 2 months ago on top of £2m from logic and £200k from MNRG. I understand we have further cash from MNRG due. We have up to 9-12 months at least given we have growing revenue and reducing costs. Yes loss making but reducing. Firstly investors injecting £1.1m have a lot more due diligence and have sight of a lot more than we do so ask why institutions are investing. Are they insane? It is risk and reward. Market cap is £2.5m. Projects are happening as it clearly shown in revenues. Risky but potentially rewarding. We have considerable assets that can be sold to pay down debt if need be.

Presentation is great. the sort of can do attitude we need. All we are seeing is the changing of the guard as Metals holders buy out Condor investors. The arbitrage gap is closing but there is still no value for the CVR. This is 5p in 2028 and 5p maybe in 2029. So Metals holders are still quids in today. All metals holders are doing is buying a 5p dividend and then another one a year later. I presume the date by which the CVR is applied will depend on the date provided but presumably very close to the vote, assuming that all happens in an orderly fashion. If Phillipines can be extended 3 years or more that would be very handy. Also great Metals confirmed they are cracking on immediately and hopefully MC is doing the groundwork to make that happen. If we can be 200k ounce company in 2 years that would be huge. and probably £600m+ given Phillipines and La India are highly profitable with low AISC. if we are throwing off $1700 an ounce after $1k AISC with 200k ounes. That is $340m to play with. Nice numbers.