Member Info for Simms45

If we had a JV then surely we crack on with additional drilling but if we sell La India it would be unlikely somehow to keep hold of some licenses and go back to the start drilling. Drilling has not created value as the market cap today is less than the money invested. Only solution, apart from flogging, is JV and as part of that would be to crack on and add some ounces. Something will drop soon to put everyone out of the guessing as limbo land is not a good place to be. If we did not take this sales diversion or put a 6 month cap on time we would be rolling in cash as we would be in production by now. Still think JV is the way forward, always has been as no one will probably offer more than £150m and i suspect Jim will see that as too low given £2.4bn ebitda projection by MC over lif of mine. I think we are in stalemate. Hope to be proven wrong or Jim accepts lower price as that is still 2.5x todays market cap.

Key point for me is MC is in Nic next week. He said new Ebitda of project is £2.4bn over life of current mine and said he hopes to have some positive updates on the sales process in the not too distant future. This could be as soon as next week clearly. Its obvious to everyone Condor should build the mine given the economics as in current market you can make mistakes but still make a few billion over 8 years. For me that trumps £150m price. I suspect we have offers close to this but Jim is looking for more or maybe upside on top. I expect shareprice monday to bounce higher as its odds on that we might get a deal after MCs next visit. Fla

Great video. updated the EDITDA to current gold price that on 150k ounces a year the project will generate over £2.3bn in profit? Quite crazy sums of money and why the heCk are we not building the mine for $100m, that would only take 12-18 months, and payback i think is around 4 months? It is clear if they really are lokoing to sell them they are looking for a top drawer price as anyone offering £150m not only gets this back incredibly quickly but over life of mine would 10-20x return on this investment? Gold could be multiples of todays price in 5 years? And this is just on the gold we have already proven and not the district? Last point was important. MC is down in Nic next week and closed by saying that "i hope to have some positive updates on the sales process in the not too distant future" which could surely come after his visit next week. Lets hope this is the final few weeks. gla. feeling excited for next week after this update.

Riverfort will be happy to keep racking up the high interest rate and take the portion of the £2m from Logik. The £2m will be very handy for cashflow management. The key to todays RNS is that they have already agreed a term sheet to presumably try and get rid of all these sharks that DP has been feeding. We just need for this to convert. My expectation this relies firstly on £2m from Logik. Secondly it probably will be secured against the IDEX contract or potentially North Fork or Larissa. We do have assets so secured lending shoudl be possible. We have 50% of Italy so this is now generating cashflow that could also form part of the security. The sooner we can jettison the likes of Pitcole, Catalyse, YA and Riverfort the better as they have been killing the share price the last few years. I am feeling a lot more confident that the secured lending will be secured and hopefully we should be moving to a positive cashflow position as Idex will advance money and we will then supply equipment. it is then a totally different company. However we need to see some of this happen before investors might see some light at the end of the tunnel.

The alternative and what most private companies do is cut costs and work overtime to close deals. Company is turning around now that easy options are removed. Board should take not take salaries and employeee should be offered shares in lieu of salary. This normally peps the team up to close deals and remove wasteful cost. Hopefully DP flies economy to visit sites. Revenues are going well if minimum £200k a month so it is not too hard to balance the books. Debt holders can wait until Logik closes and we see some returns from Italy and Northfork. Surely Northfork will have signed a decent ongoing maintenance contract. News on Idex will be huge from this £2m market cap minnow that has had £50m lavished on it.

Maybe process is finally complete and bidding part is over. If one party put in a bid and other party at the time was not able to beat this helps focus the mind. Could be still on for deal this month and like someone else says another bidder could just offer an all share deal like Calibre and for almost 8% dilution for Calibre. Still seems to me Calibre will not let this asset go when they have ability to produce instantly. If they did all share this would be immediately cash generative.

Definitely in minor limbo but one i think they will be able to get out of. As soon as Northfork bankruptcy is resolved we should have a minimum 25% stake in a minimum $20m plant and Larissa is almost live based on updates. Loan can also be linked to idex that seem a far more credible partner. Getting rid of this death spiral of debt into equity and then dump on the market will make a huge difference to the momentum as its been 3 years of strategic investors dumping shares. The only question is why.

This is the exiting part

“negotiations are ongoing to finalise a longer-term financing solution with no conversion rights, for which a non-binding term sheet has been agreed“

This is key and ideally kick all these snake oil salesmen into touch. We only need £5m loan secure on Northfork or some assets and Eqtec can finally start to march forwards, however market must weigh up how this might in thr short-term shake things up.

So we are not short of offers or interested parties, just what looks to be short on Jim valuation. Is that £200m or something he is looking for? We have probably too much money in the kitty standing at nearly £2m and enough for easily 12 months so i hope Jim says very very soon he does mean what we all think it does. Deal Could drop any point so still a chance it comes May or June. Gla

Personally happy to see this and push DP harder to focus on closing deals and cut excess costs. No more borrow and spend as he ran out of runway. Eqtec was going guns increasing income each month and looked to be covering almost all costs to stop reliance on that model. £2m from Logik and Larissa and Northfork about to go live we should be in a good place and idex £15m will build over next 18 months.

Good to see more volume today and price firming back to 30p. Pendulum swings back and forth and just when you least expect it something will drop. Middle East, China, Canada could all be the buyer and everyone is on tenterhooks to find out who. I am more interested in the deal as i just sense that with paper booming in gold producers and gold price testing new highs things might have shifted away from cash to a bigger paper deal. Getting exciting as i think we have weeks to go.

We are a point that an all share offer from Calibre is barely a 10% dilution. Its a no brainer given Calibre can immediately truck ore to half utilised mine. Producers gold miner paper in Canadian is as good as cash. Cash buyer is now 2nd best option as it cant keep up with gold price rise. A price 6 months ago would be seen as a joke today. Certainly part of possible problem. Calibre paper would be perfect and Calibre shareprice would bounce a lot higher to make it clear to investors it will not run of material and be left with a headache.

Great to see strong buying last week and the steady climb upwards. Should see a penny very shortly if we continue momentum, and no reason otherwise as we are expecting 2nd bank sign off end of month that should propel us forward a fair notch. Personally more interested when we see 2p and where we should be but with so many false dawns completely support investor sentiment we need to see the cash now or some binding signatures. Gla

Thanks for your comment. That makes complete sense as Ryan at Calibre complains their valuation is a fraction of its Canadian peers. If they could bring all Nic assets together and sell as a package would make complete sense as it derisks for buyer having more immediate reserves as well as upside. Thanks for insight.

My expectation is that if China win the prize, Calibre could still make an all out share offer. Given their share price is booming and they are close to hitting $2bn market cap and $400m in thr kitty and addimg $200m a year we are now so small an acquisition and the impact on their shareprice from plugging the Nic issue and reaching 500k ounces a lot faster Means their market cap will be a multiple of the cost of Condor. Its a freebie for Calibre now. We know deal is in play as they would have to announce via RNS otherwise. MC cannot say anything until deal is announce. Again everything points to sale very shortly. Only different last week was a newsletter post but nothing has changed except deal will happen in time for results.

Well there you have it. Presumably deal is now finally about to be released as they have put the eoy as far away as possible. Hopefully announced in May but no idea what holdup is so hopefully its just signatures and not something else. Gla

Nobody has a crystal ball. When Condor is sold we should see share price double. Could be tomorrow or next month but i am still hopeful we secure the deal before June. While we might tread water in the meantime odds of deal happening are getting shorter. Happy to wait for the cavalry to arrive.

Bear in mind if those investors lose money, potentially a lot of money so you think thet will be so supportive of DP? At the eod DP must deliver results and returns and whike he has destroyed private investors and moved towards other investors i am not sure he is exactly securing their approval. Most are down quite a lot already. Northfork is close, £2m from Logik is not far away and Idex France is about to happen. Plenty of good projects ahead but DP should fall on his sword and let Le Saint takeover and save costs. It would also remove the murky relationship between DP and Altair where he hold some position or has far too close ties.

If the board can ensure income matches outgoings and the right decisions on cost cutting we can stop the artificial collapse in the share price. Riverfort now have 12m shares for £200k but we are 20% down already on their 1/56 price. Obviously verde will not happen or happen at a new low share price but for the amount they were planning to invest they would end up owning more than 60% of the company so assume that is not happening, which i think is a good thing as it focuses the board of the real decisions they need to make, cut costs and close deals and not rely on borrowing to cover their slowness. However will Riverfort hold? if they follow the long line of previous investors like Catalyse who sold within 2 weeks its no a good sign. obviously now closing in on £2m market cap DP has run out of refinance and placings. he has shafted all his staff and robbed private investors of £50m and we will find out if Dp is a coward as well which will be decided if he can make decisions to stop relying on borrowing.

Normally dec 31st results are released March or so. Condor have held back, presumably to conclude the sales process. Of course it might not happen and not a reason but you generally hold back annual results or push to the limits for a reason.