happypills
23 Mar 2018
Re: £2.5m Raised It's really encouraging to see existing shareholders (inc. directors) invest more money.Happy
Temujiin
23 Mar 2018
Re: Permit countdown - weeks not months Only when production money starts to come in and fund operations can you really expect a substantial share price rise.========== ==And sometimes not even then, as AAU has demonstrated
Temujiin
23 Mar 2018
£2.5m Raised Condor Gold Raises GBP2.5 million by way of 5,197,674 placing. Usual suspects taking part which is good to see. 10% dilution but glad to see it out of the way and a relatively minor placing.Condor Gold (AIM: CNR; OTCQX: CNFGF; TSX: COG) is pleased to announce a placing ("the Placing"
of 5,197,674 Units (as defined below) at a price of 43p per Unit (the "Placing Price" together with a proposed Directors' subscription of 616,279 Units ("Directors' Subscription" to raise in aggregate gross proceeds of GBP2.5 million. The Placing has been undertaken by the Company with institutional and other investors. The completion of the Placing and proposed Directors' Subscription is conditional, inter alia, upon admission of the Placing Shares (as defined below) to trading on AIM. The Company has received conditional approval from the Toronto Stock Exchange (the "TSX" for the Placing.Each Unit comprises one ordinary share of 20p each in the Company ("Placing Share" and half of one share purchase warrant of the Company (a "Warrant". Each Warrant, which is unlisted and fully transferable, will entitle the holder thereof to purchase one ordinary share at a price of 65p (which is at a 50% premium to the Placing Price) for a period of 24 months from the date on which the shares issued pursuant to the Placing are admitted to trading on AIM (the "Closing Date".Mark Child, Chairman and Chief Executive Officer of Condor, commented:"Condor Gold has conducted a small private placement, issuing new ordinary shares representing 9.5% of the Company's existing issued share capital, to raise gross proceeds of GBP2.5 million, the overwhelming majority of the placement consideration is from existing shareholders. The placement proceeds will be used to see the Company through the final stages of permitting a 2,800tpd processing plant with capacity to produce 100,000 oz gold per annum at La India Project, Nicaragua.On 26(th) February 2018, the Company announced it had re-designed the proposed mine site infrastructure at La India Project to avoid the resettlement of approximately 330 houses or 1,000 people and submitted an amendment to its Environmental and Social Impact Assessment, as part of the application for the Environmental Permit. There have subsequently been further meetings with senior Nicaraguan Ministers and a site visit inspection of the re-designed mine site infrastructure. The Company believes it has made significant progress towards obtaining permits and we are in the final stages of the permitting process."Background to and reasons for the PlacingThe net proceeds of the Placing and proposed Directors' Subscriptions amounts to approximately GBP2.4 million. It will be used for general working capital purposes and to continue with the strategy to fully permit the La India Project in Nicaragua for a 2,800tpd processing plant with capacity to produce 100,000 oz gold p.a. On 28(th) February 2018, the Company announced it had redesigned the proposed mine site infrastructure to avoid resettlement of approximately 330 houses or 1,000 people and submitted an amendment to its Environmental and Social Impact Assessment, as part of the application for the Environmental Permit.Details of the Placing and proposed Directors' SubscriptionThe Company has conducted the Placing as principal. A total of 5,813,953 Units (comprising of 5,813,953 ordinary shares and 2,906,977 Warrants) have been and will be placed with placees at the Placing Price to raise gross proceeds of GBP2,500,000.The completion of the Placing is conditional, inter alia, upon admission of the Placing Shares to trading on AIM. The Company has received conditional approval from the TSX for the Placing. The Placing Price of 43 pence per share represents a small discount to the current share price.In addition, the Company advises that two directors of the Company, namely Jim Mellon and Andrew Cheatle, intend to subscribe for a total of 616,279 Units
desertjoe
22 Mar 2018
Re: Permit countdown - weeks not months Only when production money starts to come in and fund operations can you really expect a substantial share price rise. The days of punters going for "jam tomorrow" are over. There have been too many abusers in AIM-listed company directorates. "once bitten " etc etc.?
Dictum de dicto
20 Mar 2018
Permit countdown - weeks not months Now that the permits are more of a 'when' than an 'if' I would have expected a little speculation start to appear in the price. I'm therefore somewhat puzzled by the last few days action which has sent it in the opposite direction. Is this just market making or have the day traders showing a bit of impatience? I've no idea. What I do know is that all the right noises are coming out of both the company and Nicaraguan officials. The real question of course is one of what happens when the permits do arrive. I would imagine that we will get some price adjustment towards Condor's peer group average but will any takeover speculation start? We can only guess but I'm pretty sure the tyres must have been kicked in anticipation of an official sanction from local politicians. Will it then be a full takeover or a JV type arrangement with Condor's excellent local relationships oiling the wheels of mining activity? I'm expecting the latter but not completely dismissing the former. We'll just have to see what transpires when the permits are granted. If the permits are granted in the next few weeks ( 2 - 10 weeks?) I'm guessing the price reaction could be quite positive given that I detect little or no speculative buying in today's price. A 100% jump might be too much to expect but I don't see a 20% - 50% increase as wildly optimistic given what happens with other companies. Take Eurasia mining for example which experienced a 40% increase in early February after receiving its own permits. It's usually takeover speculation that really propels the price but Condor's has been suppressed for such an inordinately long time that it just might spring.I've just about started to look in on this on a day by day basis now. I think it's close.
Dictum de dicto
06 Mar 2018
Gold up $20 but still range bound? The longer term trend may still look good but gold still appears stuck in the $1300 - $1360 band. Trump's threatened tariffs are hitting the USD and U.S. stocks which is probably helping today but it's difficult to see what wil really push it up over $1400, or knock it below $1300 for that matter. Meanwhile, on the Condor front I'm still optimistic that we will see the permits come through by mid-year. The company relationship with both locals and government looks increasingly a solid one. The question of course is what they are worth in price. Could be 10p or 50p or more; it's impossible to say although we will have the Canadian market to help with a move when it does happen. Lack of familiarity with Condor could well be what is holding it back at the moment. Fingers crossed.
Dictum de dicto
26 Feb 2018
Condor price increasing Great news today.It's good to see the SP starting to recover with the latest permit info. I just hope we don't see the pump and dump crowd move in and spoil it for the longer term investors. The timeline on the actual granting is still not clear but I would imagine that it there is a good chance it will be in this half of the year. Condor has bent over backwards to accommodate the needs of the people impacted by the project; that must count for something. After the grant news the question then becomes one of being bought or building a mine. After years of being in Condor I could live with either although I'm quite happy to run the course if the build route remains the best course to see value returned. I've got my fingers crossed that MC will not make the same mistakes as Arian Silver, the epitome of snatching defeat from the jaws of victory.Gold still looks like it's on uptrend although apparently taking a breath at the moment. Its behaviour is puzzling given the weakness of the USD.
Temujiin
26 Feb 2018
PERMITTING UPDATE It would seem the resettlement issue is being completely by-passed and I'd expect a permit pretty soon (month or two( judging by this. PERMITTING UPDATE MINA LA INDIA, REDESIGNED OPEN PIT, NO RESETTLEMENTCondor Gold (AIM: CNR; OTCQX: CNFGF; TSX: COG) is pleased to announce that ithas formally submitted an amendment to an Environmental and Social ImpactAssessment ("ESIA" to the Ministry of Environment and Natural Resources inNicaragua ("MARENA", which is part of an application for an EnvironmentalPermit, to construct and operate a processing plant with capacity to processup to 2,800 tonnes per day ("tpd" or 1 million tonnes per annum ("tpa",without the need to resettle approximately 330 houses or 1,000 people.Mark Child, Chairman and Chief Executive Officer of Condor, commented:"Condor has been in constructive dialogue for several months with NicaraguanGovernment officials at Minister level to permit the construction andoperation of a new gold mine at Mina La India, Nicaragua. The general feedbackhas been that permitting will be much easier if the mine can be redesigned toproceed without resettling 1,000 people. Condor has accordingly formallysubmitted an amendment to the main permit application to proceed withoutresettlement.I am delighted to say that Condor's technical team believe that the La IndiaProject is both technically viable and economically attractive to proceed witha redesigned open pit that does not require community resettlement and alsoincludes the relocation of the processing plant approximately 1,200 metresfrom the village. Mine scheduling studies are on-going, and further detailswill be provided in due course. Condor Gold does not anticipate a materialchange in the total ounces of gold expected to be recoverable from theredesigned open pit compared to the open pit disclosed in the PFS (as definedbelow)."Key Amendments to the ESIAA study has been completed to progress the La India Project without the needfor resettlement of the village of La Cruz de La India (the "Village". Themain changes are a redesigned open pit, the relocation of the processing plant1,200 meters from the Village, the possible elimination of the southern wastedump, the elimination of the road relocation in year 3 of production and therelocation of the explosive magazine. A 5 metre high berm is planned betweenthe redesigned open pit and the Village to reduce noise and dust pollution.The mine site infrastructure requirements will be reduced by over 30% toapproximately 500 hectares.The La India open pit disclosed in the PFS has an existing probable mineralreserve of 6.9 million tonnes ("Mt" at 3.01 grams per tonne ("g/t" gold for675,000 oz gold, as set forth in the Technical Report (as defined below) thatwas prepared in accordance with National Instrument 43-101 - Standards ofDisclosure for Mineral Projects ("NI 43-101". A revised mine scheduling studyis currently underway. The Company does not expect that the changes to the LaIndia Project as detailed in the amended ESIA will materially change themineral reserves, mineral resources and the production rate disclosed in theTechnical Report.BackgroundOn 1 December 2015 Condor announced that it had completed an ESIA and formallysubmitted an application for an Environmental Permit to MARENA for theconstruction and operation of an open pit mine, a CIL processing plant andassociated infrastructure at La India Project, Nicaragua.The ESIA is a 700 page document which considers the environmental and socialimpacts of gold production from the La India open pit mine plan detailed inthe Technical Report and the Whittle Enterprise Optimisation study asannounced on 20 October 2015. The ESIA draws on data from 15 differentenvironmental and social baseline studies, some of which commenced in 2013. Inaddition to describing the potential impacts of a future commercial min
Temujiin
22 Feb 2018
Re: Is a re-rate to 100p+ possible? A 1 to 3 bagger is quite possible imo but as you say it depends on some good news re permits. I like that CNR have stopped exploration drilling for now and are in tick over mode and are quite advanced on side stepping the relocation issue. Personally I think that unless the relocation route can be wrapped up quickly and with near 100% village approval, I think they should ram that idea deep down in the bin.The so calledTSX listing re-rate was a damp squib but I think in the long run will drive the SP increases once permits are approved.www.youtube.com/watch?v=Pemo8pIM0D0&t=38sRecent MC presentation, widely available on other BB's.
Dictum de dicto
22 Feb 2018
Is a re-rate to 100p+ possible? I don't think it's a distant possibility but it obviously depends on a couple of things happening.At micro or company level we need to see those permits issued. This could be days, weeks or potentially months away. I may be optimistic but I don't think it is a year or years away if we have indeed got the momentum in the discussions that the MC meetings suggest. I've got my fingers crossed on it happening by or during the Summer but then who knows.The other factor lurking in the background is the price of gold. PoG has weakened in the last week or so but the longer term trend is still up. I've heard forecasts in the relative short term (2018) of $1530 (juliette declercq mentioned on last week's Macro Voices [link] in the longer term (by 2020) of a return to $2000. Jeffrey Christian was an 'enemy' of the goldbug fraternity around the time of the last financial crisis but he did nail the fall in gold, and he does appear to have some very close connections with the institutions that move the gold market. Perhaps he will be right on this one. Again, a Macro Voices interview last year outlines his thinking ([link] We don't hear the bear calls on gold these days but then there are not too many cheerleaders either. Cryptos seem to be where the fast money seems to swill around in. In we get the two factors working together at roughly the same time I do think that Condor could see a return to the 100p+ world. In the meantime I guess we just have to sit tight and wait for something to happen on either front. Still a good buy opportunity from me, though I have not added recently.
Dictum de dicto
15 Feb 2018
Re: Gold at $1353 Gold is back at $1353 again and could be about to break out. Inflation expectations appear to be a key driver this time. This should be positive for the gold sector and Condor.
Temujiin
13 Feb 2018
Interviews For those who haven't seen the link on the other sites, worth a listen. Clear hints imo that permits are getting close....ish [link] also Mark Child discusses their resource and strategy going forward.(Interview starts at 27 minutes 20 seconds)[link]
Dictum de dicto
10 Feb 2018
Next steps The final slide, mostly a reminder of where we are:Once permits granted: - 12 months of additional technical studies to BFS -18 - 24 month construction period Expand Gold Resources:- 8,500m drilling in 2017 - Targeting increase in contained gold in resource by approximately 0.9M ounces Demonstrate District Play:- 2,800m scout drilling completed in 2017 - Follow up on targets generated by soil survey, structural study - Rock chip sampling and trenching continuing in District - Geological mapping continuing in District The permits are obviously the catalyst for progress at the moment but it seems to me that we are on the brink of a breakthrough. The business case is there and the willingness is there; it should simply be a case of someone putting pen to paper with a signature. Everyone seems on board but the bureaucratic process never delivers as fast as it should. When approvals arrive I would not be surprised if they catch everyone by surprise given the elongated time it has taken so far.
Dictum de dicto
10 Feb 2018
Condor vs. TSX peer group Straight off a pdf. I've done what I can with the formatting. Slide 19:RBC Capital Markets Valuations at 31st December 2017Company Market Cap US$M Price/NAV EV/resource oz gold US$ Dalradian 250 0.52 93 Continental Gold 456 0.55 95 Dacian Gold 317 0.7 113 Gold Road Resources 452 0.84 70 Osisko Mining 548 0.61 127 Marathan Gold 113 0.6 73 NovaGold Resources 1293 0.6 45 Midas Gold 151 0.62 23 Sabina Gold & Silver 382 0.99 39 Global total 3,972 0.67 74Condor Gold 45 0.2 18As can be seen this supports MC's contention that Condor is ' Undervalued compared to peer group on TSX (quarter Valuation)'.
Dictum de dicto
10 Feb 2018
Re: Permit update There is an attached pdf, much of which is already out there. With respect to the permit aspect this is a C&P from the slide headed 'Permitting'
ermit for a base case open pit mine at La India is at an advanced stage -Re-permitting the former mine which closed in 1956.-Construction of a 2,800 tpd processing plant, producing 100koz of gold p/a -AISC under $700/oz -Upfront capital cost of $120M Passed all technical reviews of EIA Condor has had in constructive talks with national government over past 18 months -The government had given its blessing for Condor to now enter into direct dialogue with the local community to form a resettlement agreement ‒  Strengthening team on the ground to help with community relations and stakeholder engagement ‒  The local community lies in the old mining district and of a mining heritage. The case for building a mine is also compelling ' 'Benefits of a mine':To Nicaragua •  US$120M foreign direct investment from a British Company •  Show case state of the art mine in Central America with best possible environmental practices •  3% royalty on sales •  30% corporation tax To the Community •  United Nations poverty index at 41% in local community •  Reduces 75% to a poverty index of 11% with a new mine •  500 jobs during the construction period •  300 jobs during the operations •  Average salary in mining in Nicaragua is US$700pm vs US$200pm nationally •  Training courses to improve skills and salaries •  For every 1 job in a mine 5 jobs supplying the mine •  New healthcare center and school •  Water 24/7 not 1 hour in 48 hours
