focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
CNR licences secure till at least 2027
$2.3 billion
'PEA - La India open pit + 2 feeder pits + Underground - fully permitted
150,000 oz gold p.a. over the initial 9 years of production
At US$2,400 oz gold over life of mine, EBITDA increases to US$2,317M vs US$1,205M +92%'
Is any of this new?
'AT US$2,400 oz gold over life of mine, EBITDA increases to US$769M vs US$355M + 117%'
https://www.condorgold.com/sites/default/files/presentations/Condor%20Gold%20Corporate%20Presentation%20May%202024%20v2.pdf
I emailed MC a couple of weeks ago re. progress on the sale, & got a reply within minutes:-
He plans to update the market at the same time as the release of the FY 2023 results, if not before.
MC mentions $120m. Imo this is their low/expected target - so $0.66 per share? 55p?
'... I expect shareholders will either be paid a [dividend] or...'
Shouldn't the Company have told us the answer to this?
Hannam 'teaser' sale prospectus sent to c. 70 potential buyers.
Hannan has CNR's NPV at $418 million.
20p shares currently in circulation - a Company cannot issue new shares at a lower price (15p).
Warrant holders meeting in Goldalming on 21st December to vote on new placement fyi.
If a Company wanted to buy Condor (or its assets) surely it would make sense for it to accumulate shares at 22p? Rather than 60p (or whatever). But no such buying in evidence.
Another worry - why no RNS explanation of change from Plan A (to fund mine build through debt/equity) to Plan B? Presumably all who had access to the data room earlier this year said no thanks.
Fyi, I am a '1%-er' and participated in the last 2 private placements.
'Condor Gold - target price 82p'
Valuation: GBp82/sh TP from PEA scenario using 0.8x NPV12%
We continue to base our DCF model on the 2021 PEA open-pit “Scenario A”, applying a 12% WACC and P/NPV of 0.8x to derive a risked sum-of-the-parts valuation for La India of GBp82/sh target price, 273% above the current share price. As such, we implicitly include upside beyond the upcoming FS, as the Oct’21 PEA incorporated an expanded operation at La India, America and Mestiza. Estimated free cash flow of ~US$139m in the first full year of production drives a rapid ~1 year payback period from first production (~2.5 years from first capex), leveraging exceptionally high-grade material early in the mine life. We also see further exploration value still to be unlocked in future through the identification of additional satellite pits. The slight reduction in our target price to GBp82/sh from GBp85/sh stems from the modest dilution implied by the Jun’21 equity issuance and the pushing back of first output in our model to mid-2024E from late 2023E. These factors were partially offset by the rolling of our target date to Dec’22E from Dec’21E and a weaker $/£ FX assumption of $1.3/£ vs $1.4/£ previously. Hannam & Partners
Tried again with Barclays. They offer 41.95p, but only for sub ÂŁ1,000 trades
Isa - where are you getting your 41.95p? Barclays offering 42.60p at the mo. Sell 41.00p
The COMEX (& LBMA) have been 'about to' go tits up since I first started trading gold in about 2005
I'm never sure about this COMEx conspiracy theory. Every time a Gold producing company reports on its recent gold sales, they are always at or near COMEX prices.
Can anyone provide a reference to a sale of physical gold where the seller got a significantly higher price than that quoted on COMEX?