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I was brought to CNR (and AIM) by watching Jim Mellon on various interviews extolling the future price of gold and how good a prospect CNR was.
To be fair to him, he put his money where his mouth was and invested a lot in CNR - and now really has full control of the company - which I am not sure is a good thing.
Do I think he has the interests of long term shareholders at heart - I am far from convinced - he has the interests of Jim Mellon at heart - but I also understand this.
I underestimated the risk of investing in a company whose only (very good) asset was in Nicaragua, undoubtedly a high risk area - recently proven by the sanctions and what it did to our share price.
I do understand the decision to sell - and get someone with the finance to build the mine and get it into production quickly, but I do not understand the decision to sell without a backup plan for CNR to go and finance the mine build. He could finance it himself - on very favourable terms.
I completely agree the mine needs to get built quickly - the govt of Nicaragua want to see the jobs and royalty incomes.
I have to generate about £4K by next Friday if I want to participate in the offer - and all the time I am seeing the SP creep nearer to 15p. My gut is telling me not to do it - it will bring my current average of about 32 down - I have not worked out to what, but I'll have to sell funds - which sometimes takes time to get the receipts.
Surely JM knew by setting the placing/offer at 15p - that's where the SP would head.
JM could end up buying the whole lot at a very low SP - maybe that's what he wants - he could even buy the whole of CNR and take it private at very low cost if there were no other buyers. That is one of my fears.
I've now learned a lot in AIM.
Take a profit when you can - which I have failed miserably at - here and with other junior miners.
Don't throw good money after bad - which I have undoubtedly done.
I've been following the mantra - the stock market is where the impatient transfer money to the patient. Not sure that quite rings true - but I accept timing is everything on entry and exit.
Good luck to all long term shareholders - I have invested a lot in AIM - but only what I can afford to lose - although nobody wants to lose anything. I am not going to sell CNR - I am going to site here hoping for at least a break even exit. But I am not confident.
The offer - I'm assuming if all shares held in ISA's - if you have no allowance left - you'd have to sell some other assets to have money to do the purchase.
I guess I am like many other fools on AIM who have been too slow to sell and convert to cash on all of my junior mining stocks - I never expected Condor to be below 20p again. If I look at my other AIM stocks - I have not much worth selling at this present time. !
I have no idea what the timeline will be. I really hope that gold price shows sign of a big increase - this will help us greatly in terms of speed of sale and price realised.
I would have preferred to see the BFS and this announcement long before the recent US sanctions - this has done us no favours - and some will be looking for a bargain buy - the only thing that will stop that and help shareholders is strong demand and multiple buyers. £1+ I'd bite their hand off now. I think we will see some quite low ball offers though. Hope I am wrong.
I am still here and holding - did a couple of small top ups for the grandkids in the low 8's - but no more accumulation for me - either in GGP or AIM explorers hopefully going to be miners - which are all in the red. I am about break even here though.
Doublehun - "there is a massive market out there probably with plenty of opportunities " - there will be - but if in AIM - only a very small % will give investors a return. I sit here now wishing I had traded many of my stocks - hopefully I have learned my lessons. AIM - I have seen plenty of pump and dump on here - don't put GGP in that category though. Although I probably love it too much!
Looks like it was a contarctor company employee involved - Procon - - tunnelling and underground mining contractor
https://www.reuters.com/world/americas/newcrest-mining-reports-safety-incident-canada-mine-2022-10-23/
https://procongroup.com/project/brucejack-watering/
Very sorry to read about any accident where someone is seriously injured or worse - and most important thing is to learn lessons and implement them across all your operations.
Unfortunately looks like someone has been seriously injured or worse - and huge impact on the individual and their family, and colleagues.
Hard to expect anything from current BOD except awarding themselves more bonuses. Hope I am wrong - don't think the new major shareholder is building a controlling stake - trading volume not high enough.
Although I hope they are.
Coach - I am same as you - my average is now just below current share price as I have bought all the way along the journey. Think you had a lot of shares if my memory is correct. I am early sixties - but these are for my family - so just holding and hoping.
I have no complaints at all with what SD has done since he took over.
GH was quite smart exiting when he did. I take some reassurance that CB and Starvest have remained large holders - well I am assuming that.
Just hope the drill comes good on some of the other targets. I read a lot now, here and a bit on GGP chat - cannot keep up with telegram.
All my junior miners have suffered together.
Until Ukraine is sorted - and we have peace - still huge threats for markets and the world in my opinion. But no point in worrying about things over which you have no control.
Hi Doublehun - I had intended going but cannot make it now - real pity as was looking forward to meeting some other investors. Another time - have posted on the other place to let Strudel know.
I really have never been able to understand those that have doubts about NCM intention to mine Hav.
1. Telfer grades poor and struggling to keep it paying for itself while it awaits new feed ore - yes this can be more low grade new discoveries at Telfer - but the game changer will be the high grade ore from Hav.
2. Already pointed out - NCM have spent over $250m at Hav already - and continuing to spend - as well as considerable spend on Telfer to keep it going in future.
Why would NCM not mine Hav - and yes I agree delaying the development of Hav would have weakened GGP - but SB will come under huge pressure if Telfer turns loss making.
SD IMHO has proved himself very capable - yes I'd have liked SP to stay higher and be higher - but largely been out of SD's control. Patience required for all long term holders.
Interest rate is 3.5% on bulk of loan, 4.5% on a small part - and NCM load at Libor +8% will be paid off giving cost savings.
long way from profit for me - my average is 1.4 - well done dvh - you kept buying and averaging down. I always said I'd be happy to walk away with 50% loss - £35K - hopefully I can improve on that. Going to watch developments with interest
4 small trades today - so the RNS has hardly lit up the trading sheet!
Why did they declare? I am no expert - but have read many times you do not have to declare if you are still accumulating and building a stake.
Maybe they are just keeping themselves correct and within the law - or maybe they are sending a message to the BOD - time will tell.
So from yahoo data - volume trade (buy + sell)
1st July 22 to today = 119 million
1st March 22 to today = 485 million
4th Jan 22 to today = 700 million
Think if JP had sold he'd have to declare. This will be interesting to watch - they are a hedge fund so will be difficult to know what they are up to.
Philip Richards - Founder and Honorary President at RAB Capital - been there over 23 years.
https://www.themarque.com/profile/philip-richards very interesting profile
Chairman of Superdielectics plc - building supercapacitors https://www.ipohub.io/companies/superdielectrics-group-plc/34952/
maybe interested in zinc? Who knows.
when you look at historical volume - could easily have bought 81 millions shares over a relatively short period. Wonder if they are finished accumulating - if not why did they declare holding?
Not looked in detail at who they are yet - lets hope they want to takeover and move company forward and displace the current incumbents!
SD and the team would not have offered NCM $85million for 5% of Hav unless they were sure they could fund this, along with the rest of the development costs.
SD never wanted to sell the 5% - he would have been well prepared for any scenario where it could be retained.
NCM got 70% of Hav for $65m. They will get 75% of any discovery on Juri for $20m + the loan they gave GGP.
SB maybe thinks that with the $60m for the 5% - they may be able to get a few more JV deals and spend the money on exploration - and this might give NCM a quicker or greater return for the money - and the do not need to spend the $60m all at once if it is JV exploration drilling.
The 5% at $60m is poor value when comparing it to 70% for $65m - but it is a very good long term investment.
I am delighted we as GGP will be retaining a 30% share of Hav - and very well done to SD and the team for MRE2 and securing 30% share of Hav for GGP. I am delighted and will raise a glass tonight - hope SD and the team do the same.
Not been on here or the other place much due to the great weather, but sad to read about Mrs Speedy, but glad Speedy's very prompt actions and the NHS helped her have the best outcome. Wishing her a good recovery.
I watched my father caring for my mother as she declined (not stroke another condition) - both of them wanted no help and he wanted to care for her over her last months - but I can now see the toll it took on him, so also take care of yourself Speedy and take any assistance offered.
I have even stopped looking at share price multiple times during the day.
Of course SB is doing the very best he can for NCM shareholders - that's his job, and his job was to get 5% of Hav for as little outlay to NCM as possible. If a CEO paid over the odds, firstly his board of directors would be furious as would the shareholders.
He only has to to watch out for GGP - in the scenario if they got into financial trouble would it slow down the development of Hav - and that's when he'd be in the driving seat - hence the need to for us to have funding secured - and I think SD is on top of this.
NCM also seem to value partnerships - and SD always say the relationship is good.
SD has the exact same job to do as SB - to get best value for GGP shareholders. I am very pleased with his performance, and willingness to communicate with shareholders.
I think it's nailed on NCM will buy the 5% - it is a huge bargain, only surpassed by the 70% of Hav they got - for $65m according to JV, but I think they spent a good bit more before GGP had to start contributing their share.
If it was $65m then 5% of Hav cost them $4.65m.
NCM also have the big spend to keep Telfer going which GGP do not have to contribute to - we just have to pay a tolling fee which SD was very happy with.
Interesting NCM are going back to do more exploring on their Telfer ground - personally I hope they don't find anything - as it's closer and 100% owned and would probably take priority over Hav if big enough. But years away - and Telfer needs more feed now to reduce AISC and increase profits.
I have not sold 1 share, have kept adding and will hold - like many others of course I want to see SP increase - but just have to be patient. GLA.