Member Info for Simms45

Not terrible if we get second bank sign off as that starts the long journey upwards and i hear murmurings from TW that ink is drying so could be a spectacular start to November if this comes in. Would be perfect timing as Saudi news is supposed to be coming in early November as well. If Harry can stack the news appropriately this will fly November back to a more realistic 2p+ as we are barely £30m market cap and basically on the edge of the biggest coup for investors in mining i can ever remember as we have almost no dilution! Gla lets hope November is going to be a good one!

Honestly we have a queue of buyers, but not at JM price, and plan B is obviously a JV and that queue will also be long. FM i almost forgot but there are so many miners who would come and oversee the building of a mine. It really is not that hard and plenty of seasoned partners or indivisuals could come to do this. We used to have Randy in the mix as the development partner all those years ago but i think JM wanted a clean sell. yes sales process is slower than we like but in business terms they took 12 years to get to this point so a few years concluding a good deal might be painful to painfully slow to shareholders but its not so long in grand scheme of things.

Is it me or is Tom Winnifrith very quiet on Kefi all of a sudden just when you might expect him to be bounding around? It would indicate he might well have been made an insider to some upcomimg news. Harry has also been very quiet for over a month. All bodes well in my view that thingss are going on behind the scenes and news could drop anytime! See you on the oherside :)

The deal is happening. We had government ministers and Prime Minister all extolling the benefits of Kefi in Ethiopia. We have more licenses being awarded to Kefi. We have signoff for the majority of the debt and we have one of the only ways foreign investors can repatriate cash out of the country legally. Harry has literally moved mountains but we know how long that can take. Could be any day now we get the next update, closing down outstanding matters. momentum is firmly towards closure. Gla

Well at least MC is doing a couple of site visits and strong indication that last bid met support of JM so this could be final curtain call before the deal is announced, most probably Chinese and with full support of government. Currently very very cheap so those with spare powder probably a great entry point!

We know Saudi are powering ahead and its true unless Kefi pony up the cash they will dilute us further but this is not a specific cashburn issue. Obviously closing TK is doubly important as we want to keep our stake. We had close to £2m in cash at interim stage and we can draw down on short-term borrowing. If Harry thinks we will close TK they will take a deep breath and board, as in the past, will not take pay and later on get this either in shares or cash. If Harry is not on track, and there is no reason to think he is not, then he would have to release an RNS to state this. In light of no RNS we need to continue to assume everything is on track and doom mongers need to base it on the timeline already shared.

With £5m banked, only in March, we have plenty of powder to last until next year. We have considerable access to short-term funding also share dealings will be done at current price. They are not going to do a placing as that is likely to mess up all documents already in place. Kefi has stuck fast to its October timeframe so we must expect an update in the next few days. will we receive the fabled second bank signoff, that we have got verbally, and that everything is moving at pace. so far every indication is that we are close and there has been complete radio silence. When it blows my advice is walk away and do not be temted to look as we could be 2-3p by Christmas if everything goes to plan in the coming quarter. Enjoy the ride!

The move in the gold price has been so seismic that no one now things gold is going below $2500 for sometime to come, if ever. 2 years ago they were looking at $1600 gold as a fair place to negotiate. As the gold price has spiked i think JM price demand has risen equally up to a point. However what i think has undermined everything are the shareholders as it must be difficult to go into a meeting an talk $200m+ when the company is only $60m market cap. If we were $120m market cap then buyers would have less trouble selling the story to their own shareholders that they are only paying a 50% premium. There are stories of 250% premiums in the gold space so its not unheard of but it is not common. I think the shareholders are equally to blame to be talking $150m when today we are $60m. It seems very hollow words sadly. I am fully loaded now with a lot more added but oddly the price is not moving. Personally i would be dissapointed any price under 60p a share as regardless of it being triple todays price it is still a very poor outcome given the value we would have extracted. Calibre are lifting over $620m a year from its operation in Nicargua 230k ounzes x $2700 every year. Condor is scraping around for $200m when it could be doing $405m a year in revenue. Crazy that in first 6 months they did not pivot and go hell for leather to raise the debt and get on with it. i have no doubt we would be a £1+ share today. if they had placing of £30m by now they could be buying back all those shares and maxing EPS as if the dilution never happened. I hope November is the month as sadly no one of Condor shareholders will do well out of this sale, only the buyer will be laughing all the way to the bank and JM and MC will look foolish in the rear view mirror to have let this mine go for such a bargain, even if $200m. NPV according to MC is now $800m+ and that is only the tip of th eiceberg of this district of gold that is likely to contain upwards of 10m ounzes.

So far every communication has focused on October being a key month for decisive matters to be released. We have 1 week to find out. So far everything is inorder. Only minor niggle, albeit a good one, is Harry idea to raise debt and power equity. Great for shareholders but hope that does not delay this any further. We have verbal agreement on second bank and normally once you get credit approval the bank advises the debt level ceiling as it is advantageous to a bank to maximise the loan as long as it meets debt requirements. Hopefully next week we say good bye to sub 1p at least as you can set your clock by the .6 Kefi has been held to for years. Time to step up!

Great. I also made enquiries and had no response. Greg was perhaps referring to completion of project but not technically operating. If we get a hot commissioning RNS that would help and get our stake back on our net assets as it was written off whole in Chapter 11. I envy anyone buying today. I averaged all the way down and added a bit more recently but my goodness its certainly no fun seeing the drop down to .6 on no volume. Huge shenanigans going on and i dont know who is behind it. Could be at 6p today and no one would argue we are not a £25m market cap company. This has been led 100% by appalling placements and seriously dubious deals. How the non execs are not reigning that in i do not know.

Great to see 2 site visits. Could we finally be at the end of a very long sales process. Most of the half dozen offers we have had would be non binding offers subject to site visit and due dilligence so until one hits JM price some companies would hold back site visits and many would know the site such as Calibre. If we can get one binding offer that leaves open door then it should lead to further offers or all out takeover. I am pretty sure Calibre will end hp owner but i think can see their valuation is exploding and an all paper deal now is so little the longer they can wait the better. I suspect the Chinese will table a £150m deal soon, maybe as soon as early November. Gla

Every communication has focused on October. No new information has said otherwise so at the very least we might expect an update next week, whether bank sign off or “just one more thing”. Harry has for once stuck firmly to October so lets see what he comes up with. Shareprice has been the most stable of any i have owned at .6 so market is not expecting much. If we get bank signoff the rest can take a few months but we will be off and equity investors will pile in as gold looks like it will go a lot higher.

While it is currently around 5% when the loan note is triggered we recover back to around 14.5%

To cap it off we have a £1m value shareholding in MNRG that could balloon over coming months. At this rate just this forgotten shareholding will be worth more than Eqtec, and all due to DPs disastrous focus on placings his allies at Altair and Pitcole but also to a group of shareholders who proceed to dump the stock https://www.lse.co.uk/rns/MNRG/convertible-loan-notes-gc2p25m2k6eilte.html. Should put pressure on board to make sure we realise these sort of windfalls before his addiction to handing over big stakes in the future.

Just looked at accounts and over £103m of accumulated losses! Only benefit is we will never pay corporation tax for a very long time if and when we make a profit. Not that we would Eqtec as a cash shell would be worth £5m just to take advantage of the losses. Anyway waiting on news as ever but something has to give. I really hope DP is not up to anything and holding back news.

If anyone ever does think of a takeover route its a nobrainer to buy as much stock on the open market so when you table an offer you already have reduced your overall cost. Amazing how 500k of buying does not even move the dial. We used to have tuppence sold and share would drop. Hopefully a sign things are about to reverse and get us back to 36p pending more exciting news.

Good find. It shows that gold loans are getting bigger because most people think gold will rise to $3k+. I think JM got stuck in a corner with the sales sign up when he should have pivoted and JVed and/or gold loans. Almost no need for dilution or at least at a full value. Frustratingly ultimately its the shareholders buying and selling that has caused us to be at such a low level and must be a real problem to JM but the gold rush is passing us by as 2 years waiting is not exactly filling market with confidence and investors lose patience and rightly so in this case as Calibre tripled and Mako the same. We have gone into reverse. I am sure Mc and JM are kicking themselves they did not Walk the talk as JM was often saying $3k gold etc was coming. Sadly this project has made him look so far a little feeble and instead of creating £1bn extra from Condor over 8 years will end up with maybe £50m. Not small change but no badge of honour.

Maybe also a silver lining for Eqtec that has a bombed out market cap but holds around a 14% stake in MNRG once the convertible loan is triggered. https://companyresearch.digitallook.com/dl/news/story/33018356/Eqtec_transfers_MNRG_shares_under_guarantor_agreement.html?&username=&ac=,%20208678

With MNRG reversing into a copper mine this should result in a decent payday for Eqtec shareholders given are stake in the company. Could add a million or so in medium term if everything pan out and DP exits our shareholding. Really hope Eqtec start delivering news on all these mattere as they are all relevant to shareholders.

That was a scandalous attempt by MM to take anyones stock who might have had a stop loss open. Recovered the gap but if i can i am going to stock up if i see these MMs at that again and beat them at their own game. Only reluctance is i have a good amount already so dont want to overexposure any more than i am. Averaging down is great as long as you eventually start rise again!