Condor Gold Share Discussion Threads

[usmcgs] 05/1/2016 18:19

Temujiin Jibbo had stated that he had not been in contact with mc, only hrs before. Therefore the email must have been very recent. Maybe after jibbo had averaged down. That information is nothing new. He has not ruled out a placing and as per my previous he won't leave it until the last moment I live more in the hope of a deal before then

[temujiin] 05/1/2016 18:15

Posted by Jibbo on LSE and a reply from MC that is similar to one I revived from CNR a few weeks back. £1.1m+ in bank at Y/E as extimated, and that looks good to cover H1. I still do not believe there is any book running for a placement atm, so sometime in Q2 perhaps.
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Cash position
Today 17:47
I asked MC the following question recently:

In an interview last year you commented that Condor Gold would have cash of over £1m by 31st December 2015. Is this the case? There has been speculation on the BBs that Condor is running out of cash and a placement is imminent in January.

Mark gave me this reply and he is happy for me to put it on the BB:

'Condor’s net cash position at the 31st December 2015 was over £1.1m, which is sufficient to run the company for 6 months with the current operating cost structure, which could be cut much further resulting in no funding required for a longer period. The main costs of any exploration company are drilling, trenching and soil sampling. Condor halted drilling and trenching in May 2015 and stopped soil sampling in September 2015. There was a significant staff cut in September 2015 and key managers and the non executive directors took a salary reduction, myself included (see interim report). The main focus is to get Mina La India fully permitted, which requires local environmental, social and permitting employees who are not on expensive expats salaries. Please note in London there is a very lean structure with myself and a PA. All staff costs are pushed down to Nicaragua, where local staff are significantly cheaper than the “expat package” and they often do a better job! As the focus is on fully permitting Mina La India, which will add significant value to the Company, senior expat staff that are not in a permitting role have recently been made redundant, further reducing operating costs. As I have stated before, Condor is fully funded to conduct the current “Strategic Review”, which could last 6 to 9 months in total.'

So, in all likelihood and unless something unforeseen happens there will be no fund raising in the near future! IMO not until Q2 at the earliest.

[temujiin] 05/1/2016 17:20

Good bit of detective work on LSE. yesterday two late reported sells of 225000, today a sell of 335558, total = 560,558

Last RNS from CFI

9 Nov 2015 12:50:18

RNS Number : 0443F
City Financial Investment Co. Ltd
09 November 2015

They had 560,558 left to sell.

Looks like CFI are at last out. Thanks and good riddance.

[andy] 05/1/2016 17:07

The 335,000 sell at 15p at 15.00 sparked the recovery.

[usmcgs] 05/1/2016 16:27

Perhaps a new ii

[usmcgs] 05/1/2016 16:26

Over 1m volume. That is huge

Here's hoping for some decent news ;)

[temujiin] 05/1/2016 16:26

Well last notification from Oracle Management they had 3m+ but had stopped buying at around 40p. If they feel the time is right and start trying to bag the odd 100k here and there then the price could move up just as fast as it went down.

[usmcgs] 05/1/2016 16:21

Hopefully will see the large sell, after work, and believe cfi are out.

If they are out hopefully this will move quickly back up

[usmcgs] 05/1/2016 15:54

It will be interesting to see how quickly this goes back. Would be a good gauge as to whether qfi are out

[temujiin] 05/1/2016 15:36

Andy, I think we can rule out completely imo any thoughts of CNR taking this thru to building a mine. It's sale as 1st option or mothballing/snalepacing, or JV.

[jeanesy] 05/1/2016 15:25

Could be that the seller has now been cleared. Good luck to all still in

[jeanesy] 05/1/2016 15:22

as i said could be a turning point?

[temujiin] 05/1/2016 15:21

Well I can sell 25k above ask no problems atm so if, 'IF' you have shorts or if you want those shares back this *may* be the best time to buy.

[usmcgs] 05/1/2016 15:20

mms letting it go now

[andy] 05/1/2016 15:10

Temujiin 5 Jan'16 - 13:45 - 11539 of 11546 0 0


We're in Q1 now!

I agree with you that MC could issue an update, and perhaps reassure on one or two things, but if he does he risks causing more uncertainty if he fails to mentions things that investors then focus on.

"IF" he is doing a placing, he cannot issue a "we know of no reason" update, and with the current market for mining juniors so terrible, there are an awful lot of companies that are in the same boat, and that is the reason!

Clearly he has a decent project in a good jurisdiction, but major capex is required to bring the mine into production, in a time of market uncertainty both for the price of gold and for junior miners.

Not difficult to see why the price is falling,anyone interested can wait him out, and IF they do a discounted placing, holders risk considerable dilution.

[temujiin] 05/1/2016 15:06

That's more like it :) 335k sell at 15p, then followed by 2 buys totaling 250k. Hopefully things coming to a head!

[andy] 05/1/2016 15:02

Placing at 15p coming?

The price action suggests a placing to me now.

[jeanesy] 05/1/2016 14:59

Just look at that volume now. The last hurray or the turning point?

[jeanesy] 05/1/2016 14:57

Some serious trading going on now another 330k gone at 15p. Is that the last of the big sells?

[usmcgs] 05/1/2016 14:56

And a further dropHaving considered the previous posts concerning leaving aim, due to the £100k costs, perhaps it worth also adding the costs of rnss and other admin costs.I still believe exiting aim would prove disastrous for the share price but perhaps it is an option under the strategic review

[usmcgs] 05/1/2016 14:23

Not sure about the iis, that currently hold, but I do know that certain iis do have certain constraints.

Yes I think MC should make some form of communication, possibly along the lines that you have mentioned. There has also been the fall from 90 to 40 to 17.5p. Even if we put aside the 90 to 40, I feel that the fall from 40 to 17.5 since the strategic review announcement could and should be commented upon.

Just leaving the share price to fall should not be an option

[temujiin] 05/1/2016 14:17

Usmcgs, Q2 may well be penciled in for a placing. Given CNR have been skinnying along lately I would still like MC to state current capital as of Y/E asap for clarity. Don't know if there are any ii's that are so constrained re what they can hold or not.

[usmcgs] 05/1/2016 13:57

Temujiin

If they need to raise money they will not leave it until the last moment. Hence best guess would be towards the end of Q1.

I would be concerned, as the share price drops, that more iis may be forced to sell as they can only invest under certain criteria.