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I don't need to. It didn't happen
If its of any help, I bought some more 2 days ago, that's probably why it went up in the last hour on Tuesday ?
Look back at your posts a while back when we were in the high 30's and look at my response a little later. Maybe you missed it but it was there. I clearly remember thinking. Why o why do people sit on their hands in the low 20's and top up when it's spiking.
Indeed BNC
I did no such thing
I asked on here, who was joining me for a top up the other day.the response was very underwhelming.
I do remember shipwreck mentioning he was topping up at the recent spike and me reminding him that it's actually better to top up when the price is on the floor not reaching the moon. Amateurs ah?
It took just under a month for RIO to up their low ball Turquoise bid by 18%. Following suit, BHP should be looking at upping their low ball to OZ Minerals first week in September. Of course, it could take them longer to count the pennies behind the sofa and get the fag packets and crayons out again but the majors are in danger of creating a sceptical sentiment out there where first bids are deemed merely no more than a starter gun process rather than a fair and smartly valued pitch.
Rule number 1... never accept the first bid. Rule number 2... never accept the second bid. Rule number 3... expect the third bid to reflect the companies real interest and desires.
Going to be a very interesting September.
One or two folks did Sean
Two of us posted on here saying as much
I even gave the price of my entry.
Atvb
Bn.c
Just touching 20p was a wake up call to the markets. We have fallen too much, we are oversold, we are cheap at this price.
I don't have the spare cash to snap up a bargain but it is agony to watch the price to sit here and none of you will touch it but you will pile in at 35p.
snowman, I think most knew what you were suggesting but the reality is, unless you are a supermajor miner, it's inevitable that you end up giving most of the cake aware to the financiers in some form or another. Royalties are not liked by the majors as it's real non risk creme of the creme stuff.
SOLG's exploration folio goes deep and requires deep pockets. They have over 60 licence blocks left all require at least $7.5m spent on them or they get handed back for zero.
SOLG don't have $430m to spend on regionals. We have $25m to spend on getting PFS2 and Porvenir PEA sorted. So dreams of doing more exploration requires either JV deals or farm outs etc or an equity raise using SOLG shares.
Love it!
These big majors are finding it hard to get the low balls through. I don't think this is going to work for Turquoise hill holders either. I think they want at least another 15% on top of that.
Can't wait to see what BHP do with Oz Minerals lol!
Fortissimo, my wording has been poor. I admit. I do agree with addicknt and Ortherncopper that another royalty deal is not favourable at this moment. At least not to get some working capital. But I have limited knowledge of corporate finance compared to yourself and others on this board.
You make valid points about dividing the South and the North. I would like to see regional exploration to restart to hopefully get some additional excitement in this company.
But in the end my original question was about the required government royalty for Alpala. But somehow we started discussing other things. Which is perfectly fine of course.
Rio Tinto has increased its offer to buy out Turquoise Hill Resources to $3.1bn (£2.6bn) as it moves to gain more control of a giant copper mine in Mongolia.
The Anglo-Australian miner said it was offering C$40a share to Turquoise Hill’s minority shareholders – 18pc higher than its previous bid of C$34 that was rejected earlier this month.
Shares in Turquoise Hill surged 24pc – their biggest intraday increase since March.
...
Time running out for BHP to prove their case for Solgold....
Sneaked a position on too Mon pm 20.271p DBW……….
Good luck
Bn.c
"Cash is needed at some point, but I also think we can't keep on giving away slices of the pie." END
Snowman, seriously... that's got to be most ridiculous thing you can say? The only way a company like SOLG can finance ENSA is through 'giving a slice of the pie'. Whether that's in form of equity or royalty or ENSA ownership ... that's up for debate. But one thing is sure, money doesn't grow on trees and you know as well as I do that SOLG's apparently plan A is to sell a chunk of the pie in exchange for cash to bring it to development and production. There is no other way. They won't get debt financing that is unsecured. No way! So it's either combo of royalty deals, CB's and some traditional secured debt or bank loans all that have high interest rates and all (as SXX found out) end up resulting in major liabilities which is dangerous ground to be treading especially when doing block cave developments.
This is my point. This is why this farce has to come to an end. The elephant in room is Alpala and so far neither SOLG, BHP or NCM seem to have made a clear case on how it should be funded. All we know is that some shareholders know how it should NOT be funded lol!
On a side note, ENSA finance / funding is always ring fenced and cannot be used for rest of regionals. Interesting one that one mmm. Instead, SOLG are seen as the 'tap' through equity to fund that part of the folio. So here's a scenario... what if you have someone like Chinese / Valuestone that want only the South folio and then BHP and NCM that only want the North folio. And some in-between that believe SOLG is 'all the folio' when it comes to funding the mother ship.
This is why CGP did not want to offload their 6.5% of ENSA to SOLG in exchange for xx SOLG shares. CGP knew that the equity/ shares would be targeted but the ENSA stake would retain and grow in value.
It's complicated, but I think we have some interested parties in the south that differ to those who have eyes on the north.
Hope we hear some updates before we present at this next event…….
Bn.c
Cash is needed at some point, but I also think we can't keep on giving away slices of the pie.
However, my question was if the government royalty will be 5% or 3% as used in the PFS. 2% makes quite difference the if it comes off the revenue.
Another royalty deal is definitely not a good idea… however, it’s not BHPs asset, and Darryl needs to tell them so..
Re raising funds to restart some exploration, If our board are incapable of closing a JV with anyone, (or was this just an empty bluff?) and BHP apparently don’t want to fund us, they should offer a chunk to another supermajor.. at a significant premium…. given we have been told many times we are vulnerable, that they are circling, sniffing around, this should not be difficult…
Our board need to stop Pandering to BHP and NCM..
As I said a week ago or so, I don't mind BHP or NCM being against royalty deals. What I am against, is that they make that an issue but do not back it up with an alternative solution nor do they state their forward interest in Alpala or SOLG! Of course most can join the dots and read between the lines but that's besides the point. If BHP and NCM objects to royalty deals and prefers equity dilution, then they will surely also object to Franco doing $1bln finance and so on. So how exactly do BHP and NCM think SOLG should finance Alpala because it's very obvious that it cannot be done with equity raises alone.
This is why it's just a childish game and BHP and NCM (or one of them) has to stop trying to control SOLG's finance options and the direction of the business. If they continue to do so then it could be seen as a form of coercion and unduly using their position to influence a lower price Take over.
Twigger called them to account and yet here we are still apparently being bossed around by large shareholders.
So come on Henry... or Tiswas...(sic)... about time you enlightened the market on how you see ENSA progressing and being financed. If you can't put forward your ideas, then shut up and leave SOLG to get on with the business.
Someone at SOLG or Citigroup needs to show some mettle. Just tell these two to F off! Get a deal signed with boliden and off go.
The royalty deal of 1% does have an option for 0.5% to be bought back so it's nothing in grand scheme of things for BHP or NCM. And it's way way better than what could be 20% share dilution at 20p levels.
Can anyone explain how BHP and Newcrest Mining have power to influence decision making of Board when they have no representatives on the SOLG Board of directors! Cornerstone has one while Newcrest withdrew their's a year or so back. So all this conjecture that BHP and NCM has adversely caused such and such to happen resulting in our current situation seems a little confusing. Whereas Mather and his fellow cronies, all chosen while he had great influence and still has including selecting Cuzzubbo, is/are the real culprit/s which sees SOLG in this unbelievable situation we find ourselves in. Yes, BHP and NCM, and for that matter Cornerstone, have voiced their concerns about how SOLG has been run by Mather and his cohorts. As we enter what will be probably a significant long term world recession, if not depression, this is the path that our current Board, and especially Mather, has lead us into. All the while he has looked after himself in huge pays, bonuses, allocations of options, million dollars company loans and entitlements. And all while he has been working in a part time capacity........reaping off additional money from the other part time board roles he is supreme controller of, e.g., DGR and it'd other daughter subsidiary companies. Apart from day traders there will not be many long term holders making anything from their investments. Remember at the time SOLG was first formed it's shares were listed at 50p. Mather saw that value drop down to 2p and guess who bought big then.
Eish, couldn't agree more.
It is September next week & we appear to have enough cash until the end of the year. Drilling has almost dried up to conserve cash.
Something has got to give in the next 2 months. We will need to raise some cash from whatever source we can, and if BHP/NM are determined to frustrate some of those efforts, it will make it even more difficult for SOLG. Not sure how this will play out but BHP need to be careful that the Chinese or another third party don’t come in and spoil their best laid plans.
But then Addicknt, if they are so opposed to that form of financing, then put in a decent offer and stop p----ing about?