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Bozi not boxing!
Boxing, I hear you, and I guess we have different reasons for investing in Solg. To my mind, the investment case for Solg has never been around copper production. Even last nights little fundraiser made no mention of mine creation, or copper production. If I wanted a South American copper producer in my portfolio (I do) the investment case around ANTO (for example) is far more coherent. I, along with many others, have Solg in their portfolio as an exploration company, the benefits of which are around the prove/sell/repeat scenario I outline. Owning Solg is like owning a house builder share who repeatedly asks investors to dig into their pockets to purchase land and build houses, yet never sells any. It’s infuriating. I have financially assisted proving one of the worlds biggest Cu/Au resources. I would now like to reap the rewards of that, or at very least have a board who were focussed at least in part on that. If NM seriously wants me to invest more money for creating a mine, and producing copper, he needs to clearly, categorically, publish a 5 year plan, and in particular how and when investors will be rewarded. If he’s serious about that what was last night about? He’ll be building a mine, not proving further assets in the years ahead.
Tos1963 - you're missing the point.
SOLG aim to become a producing major in Ecuador, not a rinse/repeat explorer.
Thanks Quady. I’m not underwater here, but nor have I made money on my investments over the years.... hence why I chuckled to myself a bit at your “not boring” phrase!
Good morning ToS1963, not confrontational at all, I get every point you have made, I am guessing the difference of opinion depends on the price we paid for our shares.
ToS1963, you say you want a return. If you're in profit cash in, there's you're return! I've multi, multi bagged so far, but still holding for the big day.....production and dividends. We all have a different investment strategy, and for me NM is playing a blinder! If you're not happy and in profit, cash in! Some folk want huge bucks but are not prepared to wait.
You can't have it both ways!
Copperpot, I agree....just hope NM is as good a poker player as he is a boss of an exploration company....ATB.
1963. There are plenty of companies that do that if you want that kind of model. Solg isn't that kind of model and never has been.
Well it’s one way of getting the volume up
If we change tack , if newcrest are prepared to do this when a minority shareholder then what would happen if they were a majority holder ?
FNR must be watching with interest.
Lol right angle Ray
Copperpot hope you’re right, but I swear if I hear that phrase “playing a blinder” one more time I’ll lose control. Been seeing it on these boards for so long without any return it really grates. He reminds me of Ray Wilkins. The crab. Always going sideways. Exploration company. Prove the resource. Sell it. Return some cash to investors. Prove another resource. Sell it. Rinse and repeat. Not rocket science.
Let's be honest here......Newcrest were not doing a favour or helping a buddy out (NM) when they bought their 15% of shares in the company, neither were BHP! It was a business transaction that was executed to make them money, pure and simple! All these majors are ruthless with no compassion for the loser. NM is no mug and will reciprocate the same ruthlessness back to anybody that tries to shaft ALL Solgold shareholders. He has my full backing, he is playing an absolute blinder here.
GLA.
iceberg, you know what I meant about the initial investment, and the whatiffery is irrelevant. They took the risk and did invest.
NM didn't offer them more shares because he wants to see them diluted, and what is that if not aggressive? He doesn't want anyone else dictating what he sees as his destiny...they will have a different opinion.
But whenever we have this conversation, I always come back to my central point and that is, neither of these two mining majors are in the business of sitting on a small minority stake. Nor will they be interested in allowing a small company to develop a project of this scale - for two reasons: the chances of them messing it up are too high and second, they most certainly have no wish to help create a major competitor.
Gloves off soon, I suspect.
Addicknt
Way i see it is NM gave both NCM and BHP an opportunity to buy into something with massive potential at a cheap price.
If they want more pay the full ask or be happy when it get saw sold to make a massive profit.
Can you imagine Zuckerberg selling FB shares to his staff in 2020 at 2004 value prices because they help setup the business.
I'm sure if either BHP or NCM offered to buy more shares at say 50p to 70p we wouldn't be talking about this but I doubt either of those majors want to see our sp that high.
All games imo
Add, solg wasn't a start up, there wasn't a mates investment. Solg had drilled several thousand metres of high grade copper and newcrest wanted some of that, if it wasn't for newcrest it might have been somebody else who knows.. So your argument was that they wanted to be involved in raising money at their value..ie we wouldn't give them more shares.
Sorry Quady, don’t wish to appear confrontational, but this share is the very definition of boring! I didn’t attempt to take part last night, nor was I tempted to buy at the same price as the discounted offer, which was obviously going to be available this morning. Reason being that over the years NM has received enough of my money, and to date I have received diddly squat in return. Now I understand that investing in exploration companies is the long game (was accused of impatience last night! Oh how I laughed) but the one is really dragging on. Hoping, and beginning to think we are nearing the end game now though. Still struggling to understand the rationale behind last nights rushed events. The “get them now, at this one of bargain price” type gimmick never sits comfortably with me. The seeming lack of director buys also seems worrying. All that said, still believe this will pay off, but it IS pretty boring waiting years and years for that to happen!
hit nail on the head there iceberg,
that's it!
put they think they're entitled to more n more equity as they've supported to date, but NM's no mug either, he aint letting them take it from him........ he aint having another orbis/semafo debacle on his hands I guess..........however, he's now playing in a much bigger league........
R's
BN.c
Yes, I can.
They've deliberately antagonised them by ignoring their suggestions for funding (and, I suspect, other matters).
As I've said countless times, Newcrest got this whole thing going. Without their money we'd be nowhere. So, put yourself in their shoes; you've invested money in a mates start-up business and then he ignore you completely. Do you a) slap him on the back, wish him well and buy him a pint, or, b) do you feel just a little bit peeved?
Now, I'm not saying NM isn't doing the right thing to achieve his dream, I'm simply saying he appears to be bending over backwards to alienate the very people who provided the impetus to advance the project and his ego. In my opinion, this is not clever. Mind you, if it's all part of a very clever strategy to get them to bid, then hats off to him - but I don't think it is.
My sensible answer to your question Iceberg, is you are correct, we have not given them lots of cheap shares, and not delayed the project. In fact over the coming weeks, we may find out, we have just accelerated not just Alpala, but the 3 licenced projects, we have the go ahead for. All the best everyone, no one can say this share is boring.
I really don't understand what solg have done to newcrest except not given then loads of shares and not delayed the project.
Can anyone give a sensible answer to this?
phattrader, you've hit the nail on the head.
Any discussion which Newcrest have relating to Solg are likely to be aggressive and as such, price sensitive. Their director cannot sit on Solg's board under such circumstances.
In my opinion, this is exactly why BHP have never appointed anyone.
Jerry, do you believe treating a major with full respect and and allowing them to buy cascabel for peanuts works in our favour.
Imo BJP set there stall out with the measly 300m offer 2 years ago and set the tone.
They can take this when ever they want bu NM is reiterating his message that full value is what it will take.
We give the majors what they want it will be a shame having come so far.
They are ruthless we must be too
Got my email from primary bid this morning with full allocation. Feels good giving money to the company again rather than buying someone else’s shares. One owner from new .
I think he was on the wrong side of the door, not at the table at all. He and NC are being made to look like idiots. This is no way to treat a major company or a fellow board member. He will be gone in a week, and BHP can have NCs shares if they want. Maybe NC bid 10p for the company, thus allowing BHP to enter the fray and put us all out of our misery..
Just my opinion though and tbh nothing would surprise me now.