Member Info for Simms45

Great to hear. I am planning a raid on Metals but holding back until deal is supported by board. if deal falls apart i suspect share price of both companies will fall as it would be a missed big opportunity. The gap is still there in the deal and so far investors will not vote it through. Best of luck as i hope for all our sakes a deal can be sorted and i think anyone will see the CVR as a lawsuit in waiting as even i would not want Metals bod to waste money on drilling for 5 years as you have enough ore for 10 years already lined up by 15 years of hard snd painful graft by Condor and £60m in investment to get that in place. Gla

As this current deal does not even get close to 40p i am not sure MC will be sanctioning it. It cant include the extra CVR portion as anyone can guess it will be worthless and just put MC and JM in a battle with Metals. Personally i hate the CVR as i would want Metals to do no drilling for 5 years and just amass a big cash pot and pay it out. No point wasting it on drilling when you have enough ore for 5-10 years already, I really hope Metals improves the offer tomorrow but any deal with the CVR i will oppose for reasons explained. I want more shares in Metals. I still wonder if we might get an offer from Calibre because they had a deal before and i am sure was paper so that deal would be worth 100% more if same number of shares arw used. Given condor has slumped last 2 years its probably worth even more compared to market cap. Condor have spent £60m to date over 15 years so if JM sold for less he needs to get some help in the future on his investments as it would go down as worst deal for him by far. If anyone could turn this around though its probably Metals although Calibre are still clewr favourites to win the prize.

Last update was over 2 months ago

“ Grande-Combe front-end engineering design ("FEED") complete with client Idex finalising business case toward financial close”

So how close to finalising?

I would like to see the details of the contract signed as while the projects has slipped waiting on some planning issue we sold the site for this project in return for this contract. If it does not proceed what compensation was written into the agreement. My understanding it is happening but am not also holding out it will be 15m in Q1 2025 but we are expecting the next milestone increment subject to whatever we are waiting on. Idex are good for the money and paid over 1m euros so far just on this one project so i am largely waiting for the next update that hopefully is the next portion of the money owed and the next workload. Originally it was expected we would get the equipment order in Q1. No reason for some of this to not come in.

Having looked into MTL i am really impressed. They bought back shares and 5x in a few years. What a proper management team should be doing. Calibre will need to move fast as if a deal is agreed i am expecting Metals to take off. I think Calibre might be aware of this possibility so there might be chance they table in advance to stop Metals share price taking off and making their possible offer look worse. Its for Calibre to lose and to lose big as they would kiss best part of $6bn over 10 years for a lousy £100-150m! Something else must be up as Calibre max this opportunity as they dont even need a mine. This is cashflowing in 3 months for them and if they pay in shares its all cash coming back for 10 years at least!

Remember we have several deals with Idex but the main one we sold Grande-Combe for 3m euros in service contracts. so far we have had 750k + 440k in feed income. Another we have had other feed income. This is effectively contracted to happen so we are awaiting the next 750k etc. delays are normal but annoying as i hoped December would sign off so we can start in Q1 2025 as it was announced.

"Through the deal, Idex will acquire 95% of Grande-Combe through an initial €750,000 payment followed by a further €750,000 in milestones up to commissioning.

EQTEC, which is retaining a 5% stake, will also receive fees for engineering services, equipment, commissioning and licensing over the period until the first quarter of 2025 worth €15mln."

I am probably expecting a firm offer in the morning from Metals but they have a little longer but the sooner they do the better their chances. If it is good then i am happy as i get what i want and effectively JV the mine build with Metals and we keep the upside. Shame it took so long to find, effectively the JV partner. I will explain the best part in that i suspect Metals shares will rise subsantially if they get agreement and we could easily rise to 50p if we have more Metals shares. It will then take a monumental trump offer from Calibre to improve the deal over the combination. As Metals shareprice rises so will the offer Calibre need to offer. However Calibre cAn easily afford 60-90p if a paper deal and this will be only 30p in old money and the share dilution for them tiny. soon find out.

I also think that if Condor and Metals board sweeten the deal to include 1-2 extra share in Metals and almost scrap the CRV that for me is just a lawsuit in waiting this could lead to a sizeable re-rate of Metals and with that our own share price performance. This would be great deal for Metals because they have the cashflow to build the mine and by the time their current mine finishes La India will be operational. This removes a huge risk for metals long-term viability. This is a 1+1=5 deal if the upfront component is a little more than today. Calibre will then need to table a pretty sizeable deal over this to trump it as the upside for Condor investors for shareprice growth will be higher than with calibre and we get to build the mine in a small cap company.

I have always said Calibre was mostly likely buyer and often ridiculared but was right, up to a point. Calibre has held out an olive branch to re-engage so unless MC and JM are sleeping that has now happened. I presume Condor spoke with Calibre sometime ago and since then Calibre paper has doubled and Condor halved. so whatever the deal was before it will be even cheaper now in paper terms for Calibre. I will stand by my prediction that Calibre will make an offer, unless Metals offers a slumdunk tomorrow. Chinese are so connected to Ortega in Nic and were recent visitors so when MC said they had a preferred bidder i suspect they refer to the Chinese but as they will buy the asset they are not referred in the takeover panel rules. You can also imagine there is some sensitivity to outing them now when they do not need to. The other important thing to remember is that MC has not said they are no longer interested. however i still think Calibre will succeed depending on what offer might be made tomorrow as Calibre clearly asked MC and JM to re-open discussions and they will have a deal already they can dust off and adjust if need be. they are not starting from scratch. gla

Metals is only down because the offer was made public without Condor board supporting it. Had they got Condor board support Metals would be up in my view and quite strongly as you would expect both boards to explain the reasoning and the market would see 1+1=5. Hopefuly that can change with a cleaner deal. Honestly i think Metals shareprice will fall further if the deal does not happen. my reasoning is that while there are other operating mines Metals could buy most will be far more expensive and want cash and often will be at the end of their life with tired mining equipment etc and need a lot of expensive and risky drilling. If Metals want to build a mine and get maximum bang for buck they have 2m ounces and probably 8m more in La India. Metals probably only has 1 year to find it because it will take 1-2 yeaers to build. Otherwise Metals would be a cash shell. obviously your board will find a new project but your board consider this the best opportunity today. generally the market will sense weakness and will likely start negative momentum although the board might have plan B ready to go. I will certainly be holding my shares and buying more of Metals btw if something happens. gla

This is my take. Metals have until tomorrow evening to firm up their offer and we know Metals are talking to Condor BOD. This could be great deal for both companies because Metals need a new asset and Condor needs some fresh management and cash to build the mine. I have looked more into Metals and more comfortable at the upside potential for Condor investors. However Metals are up against Calibre who presumably will make an offer depending on what Metals does next. If Metals stick with current offer firstly i do not think Condor investors will accept it as 31p + some possible upside over 5 years. However shareprice growth of Metals could be substantial so that is a bonus. It may sound a lot but it is less than 1.5% of the gold in the ground and normally assets sell for 3.5-8% gold in the ground and we own all the land and the mine is ready to go up immediately. Calibre in this case i suspect will table a cash and share offer at 40p+ if Metals sticks with current deal and i think for many Condor investors (not me included) would prefer that. I personally hope that Metals ups the share portion of the consideration and drop the 5 year upside as realistically Metals do not need to do any drilling as they will have 2m ounzes of high grade gold to dig up off the bat and that will take 10 years+ so why drill for next 5 years? Could be a huge cashflow as well. If Metals lose this deal the market will consider Metals needs to look for another asset and i suspect the Metals shareprice will be affected quite negatively because the market will think this was the best option. If Metals secures Condor i suspect the shareprice will rise substantially as the upside is huge once you look over the La India opportunity with 150k ounzes at $1000 AISC. Lets hope Metals and Condor BOD reach an agreement that is good enough that Calibre might not even make a counterbid as i think the combination could be very cash generative.

For metals they need to make a proper offer in next few days of at least 45p cash and shares. Otherwise investors will reject i suspect. Calibre will make an offer imminently. They explicity said will only make an offer if MC and JM re-engage. We can assume that has now happened. The chinese wanted the asset only so hopefully they will make an offer. Only Chinese and Calibre would not have needed mine so Metals has been a very last minute entrant. The guys at metals seem to get down to business so i am more keen now on their expertise but they nees to offer cash and shares only to make a deal that has any chance.

“ At this time, unless Condor is willing to reengage in meaningful discussions, Calibre does not envision completing an acquisition.”

Condor will get a good sale guaranteed as 45p is a bargain and Calibre know it. In 1 year of trucking mestiza they pay back the outlay.

If you did not read the peace deal was signed so keep up https://www.ena.et/web/eng/w/eng_5552576 . So will we get second bank credit approval for increased lending and signatures on the definitive detailed financing agreements this month or not? This was always the case and not reading anything to the contrary? Quite an important step but is this happening this month as Harry repeatedly said? Has he said anything else i missed?

I am just looking forward based on known information as we cant change the past. Key difference today is Simpietro and Idex are paying millions in fees so are motivated to go all the way. In the past we did this work for free and teamed up with muppets who added nothing. This does not say much anout our CEOs ability to spot good eggs from bad but cash payers are a whole different ball game. i think DP wants to prove he can turn it around. I consider there is more value in Eqtec than the current market cap today and France or Northfork or Hawaii will come off soon. Was hoping a deal before Christmas but still have a few weeks left.

Chinese are asset buyers so do not come under takeover rules. I am sure china is still in the mix. Calibre mentioned to fire up their bid this month. Metals will put forward a better offer this week and probably 6 shares instead of 4. All moving ahead .

If you consider you will be in line for $6bn of gold proven up and pay only £100m this is only 1.5% based on gold in the ground. normally 3-8.5% is paid. This is a deal like no other and no other mine will have everything buttoned up and ready to build the mine like Condor has. This took over 14 years to get everything in place and Condor has spent £60m getting to this point.

Dont worry Pedro if any deal with MTL goes ahead your likely to find some new investors in MTL and plenty will buy in the open market. I think the 6% fall is because to it is not agreed. if it was agreed you might rise 50% on such a deal as MTL desperately needs to find new assets while the current one is depleted. This makes more sense for MTL than Condor today.

Someone is quietly hoovering up shares in the background from shareholders who sold today. All look to be buys based on time and close to £300k worth. A lot of PIs are missing out on the next phase !

02-Dec-24 15:21:54 27.95 104,972 Unknown* 28.50 29.00 29.34k O

02-Dec-24 13:46:46 27.567 350,000 Unknown* 28.50 29.00 96.48k O

02-Dec-24 08:21:00 31.00 180,000 Unknown* 28.50 29.00 55.80k O

02-Dec-24 08:07:59 34.00 320,000 Unknown* 28.50 29.00 108.80k O

02-Dec-24 15:13:43 27.94 142,403 Unknown* 28.50 29.00 39.79k O

02-Dec-24 15:49:47 28.00 50,000 Unknown* 28.50 29.00 14.00k

MTL will make a proper in next few days. Its obvious JM was working towards a proper offer around 44-50p and Metals just got a little overexcited. Maybe tomorrow they will make a real offer. Price firmed up end of day and suspect back to 30s tomorrow as this is how i read it and really its time for Calibre offer to fet an outing and the Chinese to make their asset offer.

“ confirms that it continues to be in discussions with that company as announced earlier.”

“”At least the money is now focusing on what we all want. That is financial closure. This will speed it up and no reason it is not expected this month as explained and that date has not changed. I think we will be quickly moving ahead of todays price as we must be due a more helpful RNS very soon. I am annoyed all these freeloaders pile in just before closure but that is how it goes.

“The net proceeds of the Capital Raise will cover the incurred and planned expenditure associated with site and community preparations for the Tulu Kapi gold project (the "Early Works Programme") and costs related to finalising the definitive agreements for financial commitments for capital and operating expenditures“