Member Info for Simms45

Good point that last update was later than i thought in Jan but actually 20% rise in gold occurred in March. That must make the value of the assets higher and would draw more attention. However a 4 month blank apart from the Jim “very very close” comment did appear to seal the deal, on basis Jim is the deciding vote. I am confident it will happen May so they can tie up financial reports on a more positive note. Hopefully we push to 40 p this week as i think we should see share price double on the deal. gla

We were told advanced discussions in Dec 2023 with two parties and 0 comms from Condor since as its top secret. As a buyer you also want to finalise a deal relatively quickly as it is not efficient for any company to delay action. Buyers will walk away if Jim is dithering or playing games or planning to build mine. I think the deal will happen in May in time for the delayed eoy report that has not arrived from 31st Dec year end. Only reason is to conclude deal and make this the last financial results they report. Alternative is crack on and build mine and apologise to investors for wasted 15 months of dithering. I suspect a deal however.

I keep on asking the same question. Any other CEO would at all costs stop this spiral and take drastic cost cutting to balance the books as he ran out of placing options years ago when the company valuation dropped below £20m but he seems to have only taken minor cost cutting and today we get a kick for another 10% dilution that will mean millions of shares being dumped so Altair do not accidentally hit 30% stake and have to make an offer for the entire company. Dp knows this and has always known this but he carries on and we have seen the share price fall continuously for 2 years while Altair and Catalyse and Riverfort have sold shares. Everyone should ask what is DPs game as he has had 2 years to trim the fat and the ridiculous £200k advance for 10% dilution deal has already wiped 30% off the company value and next week Altair will will probably be offloading these shares hoping that with all the extra benefits they recoup the money. DP needs to stop this and now.

We just cant afford debt for equity swaps of £200k for 10% of the company every few months. Any company over 30% needs to make a bid so to keep under 30% they need to sell. This is the issue. if Palumbo needs to borrow another £200k and we only worth £1m that is 20% dilution but Altair in meantime will need to offload 10-20% of existing stake. You can see where i am going and why Palumbo must immediately ensure cash coming in meets costs and avert that spiral. Its been on play 2 years from what i can see, if Palumbo sorts this we could see progress back to £20m market cap but today its just an issue.

I think we need to separate the projects and technology and some great people from David Palumbo who appears to be working to his own end and continually converting debt into equity that is then dumped on the stock market so that the next debt to equity is at a lower amount and a higher stake in the company. We actually do not have enough market cap left for any more debt to equity. That is only reason we are £2m and not £20m. Someone needs to email or speak to him to understand why he has not brought costs under control. How he can look his staff in the eyes having robbed them of their equity is beyond me. Its so obvious what he needs to do. If DP ultimately enriches himself at the end of this spiral it will be beyond anyones understanding. He has robbed £50m from private investors while barely investing a penny himself. I guess that was a warning. Could be a 100x from some point or a wipeout if DP turns out to have been a thief all along. Lets hope he has some honour left to his investors and staff and stops the shenanigans.

Good to see a fair number of buying transactions today. Not many big purchases but any excess from yesterday is being mopped up. You just never know what might happen on monday as somehow i think the big news will happen on one monday this month.

The steady rise now looks unstoppable for the next 3-4 weeks. if we can get to 1.5p pre financing that would be great place to be. Tomorrow is another rise.

I am very comfortable the quarterly service revenue of minimum £600k a quarter is covering a lot of overheads as its all service and not equipment but it either needs to step up or Palumbo should trim 20% of staff or tell all staff everyone faces 25% cut in salary. Company must stand on own feet while projects catch up or put staff on 50% paid leave to come back next year as i think we have almost 30 staff. Board should also cut their salaries. There is simply no excuse for management to not address the overheads promptly and professionally if we dont have net cashflow. Palumbo should also then comsider if he is cutout to be a ceo if he cant make those difficult decisions. his borrowing from altair is far too high a cost for the company and its staff as it is crippling the company. We gave 10% of company away in warrants today for what appears to be £200k advance? Madness and Verde are now long gone and Palumbo is to blame for his poor management to not manage costs more effectively. Time for Eqtec to trim some fat

Impressive today to see how much of the deadwood has been cleared for a relatively small fall so enable the next build in the shareprice towards 40p. all coming together. Gla

This is now all about management trust and that Palumbo and team has not always had a devious plan. If they did they could be reported to the SEC and potentially go to prison if it did play out under nefarious circumstances. They have extracted £50m from private investors or £40m revenues etc but working with, what looks like, a a backroom of snakes who simply dump stock driving the price further. I cant imagine Verde will happen now since Altair just got a boatload of warrants for nothing. Can someone explain why when you make a loan that will presumably receive a interest payment that they appear to get £180k of free warrants that at these levels are close to 10% of the company? Was this for the £200k advance that we still need to pay back or what is this for? Palumbo for the record has a chance to explain to investors his long-term plan to grow the company as a listed company and he should do that. if their plan was to always take private then really the best strategy of all investors is to keep on buying and build private investors stake in the company to 30% collectively as at £2m market cap this is ridiculous. I am aware of the £5m debt now but surely we have Idex and so many other projects due to come in and this is really very low debt for this type of company. on the one side i am very confident but on the otherside i am not trusting DP in his intentions.

Brakes are off. Onwards and upwards to 1p. This will steadily climb as frankly its still unbelievable we are valued at only £38m? That is bonkers low. once TK is cleared and JQ in stage of finance 10x that will not be unlikely, maybe more given the incredibly premium added to Saudi assets. if we can get JQ operational in 2025/26 and Hawiah 2026 we would be heading for a mega valuation. All to play for but a 3 year horizon, subject to TK closure will be a pretty good bet.

We raised £5m, enough for a year. harry said burn was $200k a month, although Artar are carrying our share of cost of Saudi until TK is closed. We have plenty of powder and i suspect Harry will do his next raise around 2-3p post TK so we can crack on in Saudi. However once TK financing is closed we will generate good revenue from our services to TKGM so we will also be getting a fair amount of the $380m financing in one way or another. Its not all clear but we have clear blue sky for next 3-4 weeks to rise to around 1p-1.5p so enjoy the steady growthh as our placing hangover is gone so nothing appearing to hold us back. Gla

Every week that passes means we are a week closer to sale confirmation. I certainly help for everyone’s sanity we conclude this deal in May. Very quiet from Condor and Calibre who are now sitting on a $300m warchest. Come on lets get that deal announced.

Kefi is now in the clear to build steadily upwards over next 3-4 weeks as the churn from the last placing has all been executed. Been in this stock several years and pattern is almost identical year on year. Wish i knew that in year 1 as would have saved myself a lot of grief. Happy days ahead and as long as we close financing by end of June all will be happy campers. Should be a few decent updates leading up to that eventual news (2nd bank signoff /Saudi) so enjoy the next period!

Good for you. Leave plenty of upside in for the next man. A generous investor. Gla

Finally 40p looks in sight. Massively undervalued so could see this pushing much higher and especially when leaks occur for sale or takeover. Gla

Inching ever closer. What cant be denied is this project is very much happening and we appear to be around 90% of the way to financial close. What seems apparent to any potential investor is i am putting a 5-10x return in a short space of time as £150-£300m is still an absolute steal given out Saudi and Ethiopian assets. Going to be exciting when this closes.

I am using the date after the sanction as it is a great base to see how far Calibre and even Mako mining have raced ahead of Condor and really Condor has a lot of catching up to do. Condor is now half price for Calibre on a paper deal that it was when this process started. we have a lot of catching up to do and suspect tomorrow we will make a decent jump towards that correction. whatever date you pick over last few years calibre and Mako are both more than double and its hard to not find a miner that has not. bit like shooting fish in barrels. Time for Condor to start spreading its wings. hope your coping ok as you must be kicking yourself selling Condor last few months and investing in OMI as they have had a pretty torrid time. still time to double down on Condor and make up the difference before the RNS.

For a start Calibre is 4x from point when Sleepy Joe mentioned some lame sanction on a Ortega associate and Nic caught a cold that day. Mako mining is 3x. Condor is a laggard at just over 2x. harder to not find any miner producing that has not doubled in time period.

Moneyweek barely hit the shelves until friday and most will read over weekend so we should see a good rise on Tuesday, if we do not get an announcement of the sale. Need to bear in mind the 45-65p range was really when gold was $1800-$2000 an ounce and in worse times. Since then most miners have doubled in value, generating considerably more net cashflow that could be used for making purchases and lenders are far more willing to lend to miners again. While i think the deal is done and we are now in the final stages if it was paper then the value could be more. Whatever the price it will be grossly undervalued but for those investing today under 40p will still be a nice return for probably a very short time period. gla