Member Info for Simms45

You should read latest on Metals but looks like their Phillipines operation could have a second wind and would be great news if it does to extend a lot longer so we double up on ounces. If you get back in Just before vote i guess you can this up as Metals will take off once they seal the deal and people will want the free CVR at curent values. I think there is a log more upside here once dust settles and that discounts Calibre taking a shot.

Its just an illiquid market. Small buys and sells move shareprice abnormally. If anything drops on equipment sales could easily rise 400% over a few weeks back to a derisory £10m. I am assuming now Northfork is Q1 and that is what Eqtec said before and that alone could be a huge change in monentum as Northfork is the sweetspot of wood gassification we have perfected. Wilseyville site should land after Northfork gets a big green tick.

JM only speaks for 26% of shareholders. He does not speak for the other 74% and Calibre know this. Therefore if they tabled a higher offer ultimately JM would need to stand down or Metals would need to raise their offer. As we have seen JM has got a board seat on Metals that was probably not offered by Calibre. Still time but i am a fan of the Metals deal as we move on from the 2 years of dithering that cost us a fortune. Nothing is to stop calibre taking out Metals in 12 months when the mine is nearly built and Metals might need some extra local support. If Metals do get a toll agreement with Calibre then that would be the perfect way forward. I would hope Darren is readying to speak to them as that would mean we get gold income from within 3 months of the deal. Something i cant understand why was not agreed nearly 4 years ago as Calibre kept on speaking abouts its hub and spoke model but there was only 1 likely candifate and that was Condor. As someone has said would be ironic if Darren signs this end of January.

Its crazy that shareprice only moved 1p on £250k of buying today. Does appear also someone selling but very odd as does MM really have that much.

Looks someone sold only 18k worth and price tanked followed by buying. Goes to show that if some good news lands this could take off. But we are still waiting on news and its been thin on the ground. Come on DP drop some news and reboot the newsflow!

No news October, barely any news November and so far nothing in December. We had a raft of teases in Interims and plenty of collaborations and feed contracts but nothing major. While i appreciate it might be a bit insensitive to drop big order updates right after a discounted placing we are now in December and historically was a busy month for updates. Will we get anything this week? BMEC, Idex. Simonpietro, CompactGTL, Northfork the list is long? Not every deal can simply slip away. For investors to put in £1.1m at double the shareprice today only a few months ago what news did they know of for them to do that as they are 50% down.

Yes. First pour payment will be due in 18 months assuming they crack on. 2nd payment is a long way away but 40k of drilling is pretty decent and should amount to something. Its up to Calibre if they want to make a bid but it looks this deal and first 9.9p payment would happen in Q1. They are not very specific as you would think deal would happen x days after both shareholders vote in favour but left vague. I am expecting Metals price to rise significantly on closure as as it would transform the company from one that had 3 years left of production to one with a a proper 10-20 year lifespan. Must be worth 2-3p extra on shareprice.

I only wish Condor went for a JV 2 years ago and things would be different now. The cost of 2 years has created a lot of the consternation and the dithering in Condor when you look back has cost us 4-5 years when much more decisive decisions should have been taken. We have at least 33p today in cash and shares. WE have 5p from first pour. This is 38p. i do not doubt that Metals will re-rate as their discount was due to the $200m of cash they will get over next few years was leading to a cash shell. now they have a 10 year runway the market can better put a value on the long-term prospects. still some risks but having 2 pretty wealthy characters on the board is no bad thing to raise loans etc. What i have been most impressed by is that the board do not appear to be keen on dilution. This is the killer for PIs. I really hope that Metals will stick to that. Next week Metals will present their case and Calibre will decide if they make an all cash or share offer. They have at least $100m sitting around Valentine is about to kick off a ton of cash so they can make an offer. MC has lost his £500k bonus at this time so he shoukld be motivated to see Calibre make a 40-50p all cash offer. however i still feel that Metals shares will rally and their offer will improve overtime. Sure i wanted to see a minimum 45p-65p offer but sadly that is not the case today. Calibre have 25 days to make a bid and the board should have spoken to them as Calibre specifically said they are waiting fort the call. we will see.

You need to flip the logic. JM needs to get 75% of investors to vote along with his 26%. Obviously if a better offer is proposed in the meantime its obvious that even with his 26% everyone else will vote against. At this point JM asks Metals if they want to better their offer or walk away. If they walk away board and JM recommend competing offer and off we go again. JMs irrevocable undertaking means very little if Calibre offer a better deal. As they have paid $550m for Marathan something like Condor is actually very little. They did a $300m placing not so long ago that appeared to be far more than they could possibly need so that cash is wasted in their bank account as they dont need it. Even Calibre said it was largely a rainy day fund as it was rude not to accept the cash on offer.

As i have said before if Calibre make an offer JM accounts for 25%. If he does not get 75% of those who vote it will not happen. At that point his irrevocable undertaking expires. Board can then recommend the higher bidder. This current process is the only way to flush out Calibre, who appeared to be just biding their time. Now they do not have that luxury. Calibre are giving up billlions over a tiny all paper deal. We have to assume MC spoke to them as Calibre specifically requested that to happen. Its now up to Calibre if they want to make a bid and let the 75% of shareholders who are not JM decide. Condor has a pretty large pi base so pis will decide the outcome but today there is no offer from Calibre. Maybe next week. Calibre could rely i suspect on the other 75% who are not getting a cost board seat at Metals with all the bells and whsitles.

I am pretty sure JM was aiming for a lot more, as was MC who looks to have missed his 40p target for now. Metals has played a blinder. Condor thought with this offer they could turn round to Calibre and say they offer xp so Calibre could organise a response. However Metals were aware lf not being used in this way and went public to force into the open and speed up process to get board backing. It has worked for now. I am sure Calibre will make an offer and if they do shareholders would easily defeat the current Metal deal. Then Metals would need to raise offer. Calibre cant let this money tree walk as for them its free cash on the face of it. Calibre clearly stated that if MC contacts them and dusts off the original non binding deal to

Metals rising steadily as Condor aquisition sinks in. I suspect we could be 10p by New Year, making any alternative offer less likely. Still might take a few more weeks for market to wake up and see Metals looking like a £140m company with huge 10m ounze district and 2m ounces ready to dig up. Best part is $6m of high quality kit already bought and land cleared. Condor reckoned a fast track of 12 months build is possible and i see Darren being keen to get things off the ground. Interesting no no one from Metals or Condor has really said anything yet but perhaps a little time as still early days.

Its just the start. 6p metals is 34p Condor + 10p cvr (of which 5p is fairly likely). Nice arbitrage for Metals investors to join while there is 20% gap at least today. Still fair chance Calibre will make an offer as Condor are a free money tree. Key is MC talking to them as i guess JM has had to move behind Metals for now. All very positive as we get 35% of overall company and Metals will have $200m cash in 18 months.

My understanding is lets say Calibre offer 50p cash. A lot of investors might prefer this and vote down the Metals deal. At this point all bets are off. The board then needs to look at the new offer and Metals would need to compete. After this the board will recommend either Metals or Calibre offer and we move on. JM is only warranting this deal while it is only deal on the table. Obviously he cant hitch his caravan to Metals indefinately if the other 75% are wanting to go with the other deal. There is a chance that within 26 days something transpires.

When Northfork does come back online and we get our 25% this will be $5m+. my hope is Eqtec sell the stake and clear our debts. We can do similar with Italy that we own 49%. Again it could be sold and pay off debt. I would certainly like to see debt paid down as we near breakeven. There is a long list of projects progressing so we just need one thing to come off and we are motoring. Yes today the lack of news is not helping us as where is our next 750k from Grande Combe as part of the sale contract. while this was part of the milestone it was contracted so it will be happening, just slower that hoped. plenty to turn things around and one of them i hope will come off.

I think you do not quite follow what happens. if Calibre make an offer in next 27 days it does not take many people to vote against the deal and torpedo it, obviously that is the plan. In this case it does not matter if JM votes his 25% as he can do what he likes. the other 75% vote against. it is irrelevant. Then metals has to make a better offer or the board then recommend the new deal. this is how it works.

I bet they do as well. I just think there was bad blood between Condor and Calibre as they screwed us over royally on toll and on playing games as the original deal came to nothing. Look we had 2 years of dithering. No one wants any more of that. Calibre may or may not post a better offer but all i care about is action and if we own 35% of Metals with a bod that looks straight and buys back shares then we are in better hands than before. Obviously we should have diluted and gone into production 2 years ago but sadly JM did not have the gumption to make that decision as life would be a whole lot better today. I would like a 50p+ cash offer but unless one of the non binders turns up and announces it it is not happening, Metals share price has been steadily rising and with Condor OTL i am confident Metals share price will push on to better days. We massively derisk Metals that was about to run out of road and now they have 10-20 years. A rerate will happen. I would like to see Metals share price get to 10p post the deal signing. Only when deal is sealed will true value be unlocked. 27 days now to see any one else going to enter the ring. If they do condor voters can torpedo deal as it only takes 20% of shareholders to oppose and this deal is dead. So if Calibre offer a deal, even with JM warranty it does not matter because everyone else will vote against. The JM warranty means nothing if someone else makes a better offer. Just this board probably owns 10-20%

How does the vote work when people do not vote as many will not so is it based on 75% of those who vote? Thats an entirely different story and makes this deal more likely as so many small holders are nominees and dont vote. If the deal is not voted through Candy will need to up their offer, which in reality they should have done already but they probably done the maths. 5 MTL shares was what i hoped and not 4. I dont care for drilling bonus as its not going to happen. The issue here is that JM has his board seat so he is happy as larry and swapping Condor paper for Metals. I am sure MC gets his bonus £500k + a shed of shares and a nice consultant role. Certainly to have spent £60m and basically got it back in 13 years is pretty poor given gold is at all time high. Really not sure a bonus is payable when if you factor in inflation this is probably 30% less than cash invested. I think the combination is great and if Metals share price can now take off i am sure condor investors will be less upset. At least we have momentum back and back on the front foot and it does not stop Calibre or Chinese making an offer. Frankly Calibre really dropped the ball on this. They literally handed over £1bn to Metals right on their doorstop. it does not stop MC talking to Calibre but if you look at what calibre did to Condor over last 5 years dangling toll etc and pulling rug you know Calibre is a hostile takeover and JM and MC will walk the plank immediately. This metals deal gives JM and MC a cosier harbour.

While 2 years is madness and this deal should have been found far sooner we have our JV partner and we can benefit from upside of someone who knows what they are doing to get this up and running. It is now up to Calibre if they want to trump the offer. It will probably take 50p + as i sense Metals shares will now rise substantially over coming weeks if this deal happens. By the vote this deal could be more like 45p. I am disappointed nothing was tweaked but we can get 5p extra or first pour and 5p (maybe never) if Metals do any drilling. Its an absolute steal for Metals but since we own 40%, or thereabout, of metals we would see the upside more clearly. I am expecting Calibre to do something or they literally leave billions of profit on their doorstop. It would be crazy if they did not but there is time. They can do it with spare change and for Calibre they will continue to suffer a low PE because Nic assets are not seen as they should be.

I really hope the CVR does not trigger MCs bonus as it is contingent and frankly we all know will amount to 0. I have had earn outs in my time connected to factors out of my control and funnily enough your done up like a kipper and ends acrimoniously. Its shares and cash only. i would vote against anything else as its worthless window dressing and JM is shrewd enough to know it has no value to shareholders unless they spend £40m on drilling in first year but if they did that i would not be a shareholder of Metals as it would he wasteful and i want to see cash converting into buybacks snd divis