".....Canadian investors will find Condor a compelling investment that is undervalued compared to its TSX/TSXV listed peer group. "
You can say that again. Despite the shake-out on the TSX is recent years Condor is still head and shoulders above most of the junior explorers in the quality of its resources, and management for that matter. How many of them have skin in the game like MC for example?
Hopefully, this is just the start of its re-rating to Numis 140p - 150p target area.
Be interesting to see if the recent rise on AIM continues now we're finally listed on TSX
CONDOR NOW DUAL-LISTED ON AIM AND TSX
Condor Gold (AIM: CNR; OTCQX: CNFGF; TSX: COG) is pleased to announce that the Company's ordinary shares will commence trading on the Toronto Stock Exchange (the "TSX") under the symbol COG at the start of trading on 15(th) January 2018.
Mark Child, Chairman and Chief Executive Officer of Condor, stated:
"I am delighted that Condor is to be listed on the TSX later today via a non-offering long form prospectus. The listing constitutes an important milestone for Condor Gold, providing a local trading platform for existing and new Canadian shareholders and investors. The vast majority of mining and exploration companies operating in South America are TSX/TSXV listed and, in my opinion, Canadian investors will find Condor a compelling investment that is undervalued compared to its TSX/TSXV listed peer group. Condor is the 100% owner of the La India Project, a high-grade gold deposit close to permitting, which can be expanded, and is located in Nicaragua, a jurisdiction with a pro-mining government.
Condor is in the final stages of permitting a base case processing plant of between 2,300 tonnes per day ("tpd") and 2,800tpd with the capacity to produce 100,000 ounces ("oz") of gold per annum. In early December 2017, I held a constructive meeting with the Nicaraguan Minister of Energy and Mines, who re-confirmed the Government's support for the La India Project. Subsequently, Condor has held further technical meetings with the Ministry of Energy and Mines and the Nicaraguan Ministry of the Environment.
Condor has been engaged with the local community for several years via employment and many social programmes, from healthcare, to education, to the distribution of drinking water. Over the past 18 months, we have been in constructive talks with the Nicaraguan Government and, with their blessing, we have entered direct conversation with the local community regarding key aspects of permitting. The strategy remains to permit, construct and operate the base case processing plant, significantly expand the current mineral resources and prove a major gold district at La India Project."
The Company will remain listed on the AIM market of the London Stock Exchange and its shares trade on the OTCQX. Shareholders/Investors who wish to buy additional shares or sell existing holdings acquired through AIM can continue to do so in the normal manner. Shareholders who wish to trade on the TSX must have a Canadian broker. Shareholders who wish to sell existing shareholdings on the TSX must first transfer their holdings from Computershare's UK Share Register to Computershare's Canadian Share Register. Further information on this process is available on Condor's website.
The DXY is also looking weak (90.90) , no doubt helping fuel the uplift in gold. If it drops back into the 80s I reckon we could see a significant move up in gold next week. Conversely, if it recovers we will see a pullback.
The moves in gold plus the appearance on the TSX (Monday?) and we could see Shugg1e's prediction of 70p PDQ.
They look like good calls to me. If gold does break through $1400 I could see Condor back at 100p, still short of the Numis target of 140p/150p but a good return for anyone investing today. It was 150p until November but was scaled back to 140p when gold showed a bit of weakness; maybe they will change it back to 150p again.
It had slipped back to $1328 when I last looked but still looks fairly strong in the grand scheme of things, continuing to inversely mirror the general weakness in the USD DXY.
Noted on the TSX. It did seem to have some rogue entries on the trading list but now appear to have been deleted. Looks like you guys are right; we don't have any activity there just yet.
I dont think the listing on the TSX is active yet and that is why you are not seeing action there. I think the recent rise is in anticipation of the TSX listing and it will take a leap when the TSX listing actually happens.
It's starting to look interesting again. I'm not seeing a lot of action on the TSX yet but then again it's early days. With hundreds to go through it may take a few months before they 'discover' Condor.
Ddd, I also got burnt by Arian silver! Ouch....
Now, for the first time in many years I have very little in Condor and it starts moving. Yes, I realised things would likely pick up with the Canadian listing but thought I had enough time to get out, make something with Frontera and get back in with Condir.!
But things have moved a little slower than expected and have been caught with my pants down.
Believe it or not I've been in Condor for eight or nine years. I can't even recall when I first bought in. I abandoned the idea of getting out early years ago and chose to stick with it for the long haul. And a long haul it's certainly been. Arian Silver was supposed to be the long term bet but Condor looks like the better option. The difference of course is that Mark Child's has some skin in the game and wants more than just a salary.
I'm more optimistic about Condor's chances in 2018 than I have been in years and may even buy a few from time to time.
No, Frontera resources.
Awaiting gas flow figures which have been reported to be good but theres been a delay on the follow-up figures which is making people jittery, but rumours of a JV.
Not a recommendation but worth a look.
My plan was to take some of my cash out of Condor as I had been waiting so long for something to happen and make some quick profits on a gas exploration company that looked like it will publish good news over Christmas. As usual, probably better if I had kept it were it was and then switched to the exploration company as news has taken longer than I thought!
I'm keeping an eye on the TSX for some activity. I can't help thinking that today's increase reflects the fact that the Canadians will soon be far more involved. Condor Gold must look like a real 'diamond' amongst a lot of the dross still on offer on the TSX, notwithstanding the fact that its value is barely understood on AIM.
I also picked a small number up recently although it's been flat since then for me. After an age in the doldrums I have a feeling that 2018 will see gold back on the agenda and Condor with it. Bitcoin looks like it's following a classic burst bubble pattern after a parabolic rise and a second attempt to regain past highs. If it drops during January it could fall right back to low four figures or even three. This can't be bad for gold although I suspect many rainbow chasers will go for etherium or ripple...
this exchange on LSE might explain why a TSX listing should be a good move
'TSX Companies 4 times valuation'
TSX listed Company resource oz gold US$ average over US$100 per resource oz gold in the ground vs US$18 for Condor. Price to book ratio TSX average 0.84 times vs 0.22 times from Condor. Aisc TSX average US$1,012 vs US$710 of Condor. 5 TSX listed companies operate in Nicaragua
Continental Gold 112
Pilot Gold 46
Gold Road Res 68
Lundin Gold 56
S2 Resources 471
NovaGold Resources 68
Midas Gold 35
Sabina Gold & Silver 38
Global total 100
BigDog replied :
Aguila, what are the numbers next to the companies relating too?
its the value in US$ per resource oz gold in ground for a basket of companies similar to CNR listed on the TSX. On average 5x CNR current valuation.
And most of those will have significantly lower projected / actual profitability since TSX average aisc is US$1,012 vs CNR's which I thought is likely less than US$700 (originally calculated when oil price higher than present)
So arguably if CNR was on TSX already it could be valued at more than 5x current valuation.
And this is before on-going work which is gradually expanding the resource.
So the quicker the TSX listing happens the better.
Hi, been wondering why would a this listing improve the SP, I assume it trades the same shares in issue but gives them a wider market, is that right? It's not likely to be cheap to list and I also assume that there will be different reporting requirements so added cost. Still as long as they don't delist here and crystallize my loss I'm happy enough. Made decent money trading this over the years but still don't want to lose on the current holding !
Best exchange for us to be on so might make a difference to our SP
TSX Conditional Listing Approval Granted
The Board of Condor Gold (AIM: CNR) is pleased to announce that the Listing Committee of the Toronto Stock Exchange ("TSX") has conditionally approved the Company's application to list Condor Gold on the TSX. Condor's flagship La India Project in Nicaragua hosts 9.6 M tonnes at 3.5 g/t gold for 1,083,000 oz gold in the Indicated mineral resource category and 8.5 M tonnes at 4.5 g/t gold for 1,231,000 oz gold in the Inferred mineral resource category. The Indicated mineral resource includes 6.9 M tonnes at 3.0 g/t gold for 675,000 oz gold in the Probable mineral reserve category.
The TSX/TSXV is a robust market with liquidity and access to capital, particularly for the mining sector with the participation of over 200 Canadian institutional mining investors and over 500 international institutional mining investors. The TSX/TSXV is the number one public market for mining companies globally with 1,218 public listings with combined market capitalisation of C$305 billion and coverage by more than 200 mining analysts. In 2016, the TSX/TSXV accounted for 57 per cent of all equity capital raised in the mining sector, making it the top source of investment for mining companies globally.
Final approval for the listing is conditional upon the Company satisfying the conditions and requirements imposed by the TSX. The Company will work to satisfy these conditions as quickly as possible. The listing is also subject to the final receipt and acceptance by the Ontario Securities Commission of the Company's long form non-offering prospectus, which the Company expects to file in the coming weeks. The Company will issue further press releases as appropriate.
Mark Child, Chairman and CEO comments:
"The TSX listing will constitute a milestone for Condor Gold, providing a local trading platform for existing and new Canadian shareholders and investors. The vast majority of mining and exploration companies operating in South America are TSX/TSXV listed and, in my opinion, Canadian investors will find Condor a compelling investment that is undervalued compared to its TSX/TSXV listed peer group; 100% ownership of a high-grade gold deposit close to permitting, which can be expanded, in a jurisdiction with a pro-mining Government.
Condor has been engaged with the local community for several years via employment and many social programmes, from healthcare, to education to the distribution of drinking water. Over the past 18 months we have been in constructive talks with national government and, with their blessing, we are now entering direct conversation with the local community regarding key aspects of permitting. Condor is entering the final phase of its permitting process to construct a 2,800tpd processing plant with a capacity to produce 100,000 oz gold p.a. from a single open pit and continues its strategy of expanding the gold resources through drilling and proving a major gold district."
"The Company will remain listed on the AIM market of the London Stock Exchange."
Will know all the right people and understand potential future issues.
Appointment of General Manager Mina La India
Condor Gold (AIM: CNR) is pleased to announce the appointment of Mr Aiser Sarria as General Manager Mina La India, Nicaragua. Mr Aiser Sarria is a Civil Engineer and Nicaraguan national with 16 years' experience specialising in mining projects. Mr Sarria joins Condor Gold from B2Gold where he was the Projects and Mines Superintendent at the El Limon Gold Mine, one of the largest operating gold mines in Nicaragua.
Mark Child, Chairman and CEO comments:
"I am delighted that Mr Aiser Sarria has joined Condor Gold as General Manager, Mina La India. Mr Sarria joins Condor from B2Gold where he was Projects and Mine Superintendent at the El Limon Mine, which is only 35 miles away from the La India Project. He has the relevant experience of open pit and underground mining to progress Mina La India through permitting, additional technical studies and construction.
Over the past 18 months we have been in constructive talks with national government and, with their blessing, we are now entering direct conversation with the local community. Mr Sarria's appointment, with his recent experience of working in a nearby operating gold mine, will strengthen the leadership team on site and help with community relations and stakeholder engagement, as we enter the final phase of our permitting process to construct a 2,800tpd processing plant with a capacity to produce 100,000 oz gold p.a. from a single open pit".
During his six years at B2Gold, Mr Sarria was the manager of seven open pit operations, involved in underground mine operations, the construction of two stages of Tailings Storage Facilities and was Pavon's Mining Project Manager. From 2002 to 2011 he worked with AGRENIC, CEMEX Nicaragua and CEMEX El Salvador where he was responsible for many civil work projects, including 11 industrial plants producing construction materials and the extraction operations for five quarries.
"Condor Gold (CNR.LN BUY 150p) Interims - CNR has released its interim results to the end of June. The company finished H1 with £3.168 million of cash, having raised £5.2 million of equity during the period and completed 7,291m of drilling at the companys La India project in Nicaragua and a comprehensive regional geochem programme that identified two major basement feeder zones. Post the period end a 5,922m programme was completed on the Mestiza vein set at La India that hosts a 785koz high grade soviet era resource that was excluded from previous studies that is being converted to 43-101 standard. This included exploration of the high grade Tatiana ore shoot that has a strike of 450m and an average true width of 2.2m in the mineralized section. The next main catalysts for CNR should be ongoing exploration results and the advancement of the permitting process to develop a 2kt/day operation producing ~100koz/year of gold."
This is quite interesting regarding the reasons why there has been a bit of friction between locals and CNR, and why we haven't heard much from CNR about the issue.
Also of note is the statement 'As far as possible, expropriation will be avoided'... which means that expropriation will be used if required, which is no different to what has and will happen in the UK, like over HS2 or Heathrow for example.
During the run up to the Presidential elections in November 2016, several large projects seeking permits in
Nicaragua, including La India, were asked to keep a low profile with regards to their communications with local communities. In January 2017, I held a meeting with three Government Ministers and a senior member of the
Presidency (the Committee). The Committee said the Presidency supports the Project and wants to see a new mine re-opened at Mina La India, the US$120 M in foreign direct investment and 500 jobs. The Committee
asked for a Resettlement Action Plan (RAP) to be presented to it: once the Committee and local mayors approve the RAP, it could be presented to the village. It is understandable that the Government should want to
approve a RAP prior to the RAP being presented to the Community. However, an unforeseen negative side effect is that for almost 12 months the Company was not able to communicate the resettlement plans directly to the village.
This in turn created uncertainty and understandable concern among the people to be relocated and led to
some protests in the village against the Company. In mid-August, the Presidency signalled to the Company that
the Company should reach an agreement over resettlement directly with the village. This represents a change in
policy, as the Company can now communicate directly with the village regarding resettlement. The Company
will therefore discuss details of the RAP with the community, which will include, proposed resettlement locations, type and size of house and garden and the compensation matrix. It is hoped this will go a long way to
removing concerns about the resettlement and establish the fact that Condor will act in a professional manner
over resettlement. A top resettlement expert consultancy has been engaged.
Condor has been working on a land acquisition programme for over three years and plans to acquire approximately 800 hectares of rural land for the production scenario in the PFS. A few months ago a property
lawyer joined the team to strengthen the land acquisition team and assist with a clean up of the land titles, to ensure that all were registered and in good order. This makes providing title to new land and property easier,
during the resettlement process. Two resettlement sites have been surveyed and valued.
MC says the majority of the locals are in favour of the mine and training of over 300 people has started, mining jobs are typically $700/month, compared to locals earning $150/month, currently locals get water for an hour a day, the mine will bring water 24/7.
The mine will bring in $120m of foreign investment in to Nic, never mind the $100million's of taxes and royalties etc.
Deluded anti capitalist in nice homes with hot and cold water around the world might want to sign a petition, but the majority of these hypocrites I suspect, would think quite differently if they had water for an hour once a day and earned $150/month.
No inside info I'm afraid just making the point that these sorts of protests often attract (are started by?) relatively rich bystanders with a point to make but little stake in the situation on the ground. The area has been mined extensively in the past I believe, a lot of Condor's stake is based on old workings. Maybe the company haven't handled the PR too well, very often activists are way better at this than people with a day job that actually adds value ;-) Hopefully at some point they will find something more interesting to be against (save the newt maybe?)
Chance imo of the gold staying in the ground aren't high imo. I'm not sure what the tax / royalty take of Nic is (I haven't the time to check) but if say CNR get approval and eventually mine 2M oz, at $1250, then:
2M x 1250 = 2500M sales.
If tax/royalty is 20%, then that's $500million to the Nic government. That's not something, imo The NicGov can easily ignore just to appease perhaps half of the local community and some lefty liberal tree hugging unicorn believers on a website!
Important message from the Financial Conduct Authority:
Posting inside information that is not public knowledge, or information that is false or misleading, may constitute market abuse.
This could lead to an unlimited fine and up to seven years in prison.
If you have any information, concerns or queries about market abuse, click here.
The content of the messages posted represents the opinions of the author, and does not represent the opinions of Interactive Investor Trading Limited or its affiliates and has not been approved or issued by Interactive Investor Trading Limited.
You should be aware that the other participants of the above discussion group are strangers to you and may make statements which may be misleading, deceptive or wrong.
Please remember that the value of investments or income from them may go down as well as up and that the past performance of an investment is not a guide to its performance in the future.
The discussion boards on this site are intended to be an information sharing forum and is not intended to address your particular requirements.
Whilst information provided on them can help with your investment research you need to consider carefully whether you should make (or refraining from making) investment or other decisions based on what you see without doing further research on investments you are interested in.
Participating in this forum cannot be a substitute for obtaining advice from an appropriate expert independent adviser who takes into account your circumstances and specific investment needs in selected investments that are appropriate for you.