{"id":10865,"date":"2024-12-03T15:07:09","date_gmt":"2024-12-03T15:07:09","guid":{"rendered":"https:\/\/dailywashingtoninsider.com\/index.php\/2024\/12\/03\/metals-exploration-eyes-condor-gold-calibre-mining-denies-interest\/"},"modified":"2024-12-03T15:07:09","modified_gmt":"2024-12-03T15:07:09","slug":"metals-exploration-eyes-condor-gold-calibre-mining-denies-interest","status":"publish","type":"post","link":"https:\/\/dailywashingtoninsider.com\/index.php\/2024\/12\/03\/metals-exploration-eyes-condor-gold-calibre-mining-denies-interest\/","title":{"rendered":"Metals Exploration Eyes Condor Gold, Calibre Mining Denies Interest"},"content":{"rendered":"<\/p>\n<p><strong>Metals Exploration (LSE:MTL) has confirmed its intent to explore the acquisition of Condor Gold  (<strong>LSE<\/strong>:CNR,<strong>TSX:COG,<\/strong>OTC Pink:CNDGF), offering a blend of shares, cash and contingent value rights (CVRs).<\/strong><\/p>\n<p>Meanwhile, Calibre Mining (TSX:CXB,OTCQX:CXBMF) has clarified that it is not pursuing any deal with Condor, distancing itself from earlier reports of interest in Condor&#8217;s La India gold project.<\/p>\n<p>Metals Exploration announced its proposal on Monday (December 2), saying that it values Condor\u2019s existing share capital at approximately 67.5 million pounds (US$85.4 million). <\/p>\n<p>The CVRs would give Condor shareholders access to a share of potential future revenues from additional gold resources discovered at Condor\u2019s projects, capped at 1.6 million ounces over five years.<\/p>\n<\/p>\n<p>If fully realized, the CVRs could add 22.6 million pounds to the total consideration.<\/p>\n<p>Galloway, owned by Jim Mellon, non-executive chair of Condor, has pledged to support the proposed acquisition. This support includes Galloway\u2019s 24.7 percent stake in Condor and additional shares through warrant exercises.<\/p>\n<p>Prior to Metals Exploration and Calibre&#8217;s clarifying press releases, Condor said on Sunday (December 1) that it had received non-binding offers from both Metals Exploration and Calibre. <\/p>\n<p>As mentioned, Calibre has denied any active interest in acquiring Condor or its La India project. <\/p>\n<p>In its own Sunday statement, the Canadian mid-tier gold producer acknowledged past discussions with Condor regarding La India, but emphasized that no current talks or offers are in place.<\/p>\n<p>\u201cAt this time, unless Condor is willing to reengage in meaningful discussions, Calibre does not envision completing an acquisition,\u201d said the company, which operates a hub-and-spoke system in Nicaragua, where La India is located. <\/p>\n<p>La India has been on the market for over two years, with Condor engaging in sale discussions with various parties. <\/p>\n<p>In September, Condor said it was in discussions for an asset-only sale of the project. The announcement highlighted that the sale process aimed to unlock value for shareholders by seeking buyers capable of advancing La India.<\/p>\n<p>At the time, Condor emphasized the project\u2019s potential, underpinned by a feasibility study confirming robust economics and a resource base of over 1.1 million ounces of gold.<\/p>\n<p><span><\/span><strong>Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.<\/strong><\/p>\n<\/p>\n<div>This post appeared first on investingnews.com<\/div>\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Metals Exploration (LSE:MTL) has confirmed its intent to explore the acquisition of Condor Gold (LSE:CNR,TSX:COG,OTC&hellip;<\/p>\n","protected":false},"author":1,"featured_media":10866,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":["post-10865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"_links":{"self":[{"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/posts\/10865","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/comments?post=10865"}],"version-history":[{"count":0,"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/posts\/10865\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/media\/10866"}],"wp:attachment":[{"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/media?parent=10865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/categories?post=10865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/tags?post=10865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}