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Eish, it could well be, I hope it was.
Schiemel, good find, BHP been investing in a few companies lately, also been clearing old debts when time wasn’t up, maybe looking to borrow money on a long term basis?
Imo
GLA
Very interesting and pertinent point, Mathersfinger. Surely the powers that be must act harshly to establish rule of law? If they do, what would the implications be for us Solgers linked to them? I wonder if this was one of the factors for the fall-out between NM and Irwin?
Hi,
Cornerstone and ENAMI have continued to mine illegally and damage a protected area, as per the link attached.
Surely 100% government owned ENAMI would not want to be associated with this company, totally flouting the main worries for mining in Ecuador, should cornerstone be banned from mining in Ecuador all together.
If so should they not be allowed to hold any shares in a company registered in Ecuador, this would prove a point to all mining companies to respect Ecuador, nature and its people
https://corpwatch.org/article/enami-and-cornerstone-sued-over-r%C3%ADo-magdalena-copper-gold-mining-project-ecuador
Hi Father Ted. I am not sure who Matt is. But your questions are relevant. I would also appreciate other views about them.
As to 1. I do recall that when Solgold got its dual listing on the TSX, a purpose of it (as stated at the time) was to enable North American money to be invested in it, including from the USA. At the time it was presented on the basis that the TSX is a junior mining friendly exchange and has a history of attracting a lot of investment for start up mining ventures out of the USA. I am not sure that listing in a 3rd place at the present time would be of much assistance but am interested in other views.
As to question 2, my understanding is that there is nothing to stop Cornerstone selling out to Newcrest and (as of now) to BHP. But my personal view is that for either Newcrest or BHP it would be an expensive step. And once they bought out Cornerstone their intentions to takeover a majority in stake in Solgold would be revealed and the share price of Solgold would rocket and become very expensive for them. I think they would prefer to go for outright control than to do it in that way. Just my opinion.
I have two questions Matt...
1. Have Solgold considered a US listing, so as to attract buying from Wall St institutions and from Robinhood gamblers, and thereby increasing the shareprice presumably? (A hefty reverse split would be needed first.!)
2. Concerning Cornerstone, what is there to stop Cornerstone from selling out to BHP or Newcrest, and thereby making either corporate shareholder's position uncomfortably large?
Hi Hydrogen. Please don't take this the wrong way, I am not the enemy!
But most if not all of your Q's have been addressed in the latest series of webinars/podcasts and ironically the vid you posted the link to.
I am struggling to understand why you aren't more up to speed with Solg having been with them now for the last 6 months?
[Especially in light of how meticulous and knowledgeable you are on GGP}.
Z
H, now read that back with Disco inferno in the background
Genius .. soundtrack to success
GL
Share price manipulation,?? Ned
"SolGold placed on Thursday almost 75 million shares, at 21.5 pence apiece, until tomorrow, June 5 at 7: 00 am GMT."
Before anyone has a panic attack, that article is from the start of June, as the above snippet shows. No idea at all why it has a mid-October date at the top.
Schlem, it's easy to forget in all this that not long ago FN coughed up $100m for a 1% NSR on that somewhat forgotten deposit called Alpala! There is a Tier 1 (measured and indicated confidence) deposit backing up the current valuation too.
Think it was the raise involving DGR Global and such.... just wasn't aware of the CGP comments as well as Irwin's.
Irwin has called it wrong with SOLG all along , so take it with a pinch of salt
Somewhat surprised by this as we can still take the other 50m from FN. I thought the 100 was sufficient to complete alpala to PFS,and beyond.
Have we already spent it and have I missed an announcement to say ae want the balance. Ned
Sorry, just saw yesterdays date at top
august
https://www.mining-journal.com/copper-news/news/1392571/liam-twigger-takes-the-chair-at-solgold
That Latam-mining fundraising article is old - from last June.
K not H
HB007 - Where's that from? Link?
M365 - I agree. I get nervous with bullish public statements without published assays but it's utterly inconceivable Mather, Garwin, Ward etc would act in a manner that is contrary to what we now expect of them....hopeful...cheers
Part 2/2
As one of the largest shareholders of SolGold, it is obvious to Cornerstone that the current SolGold board is incapable of managing the affairs of SolGold for the benefit of all shareholders in a prudent and transparent manner. Additionally, it is our view that the proposed Franco-Nevada royalty financing will significantly destroy shareholder value for all SolGold shareholders.
Cornerstone holds about 7.6% of SolGold and is the company's fourth-largest shareholder behind BHP, Newcrest Mining and DRG Global.
In June, Newcrest withdrew its representative from the SolGold board, https://www.miningnews.net/capital-markets/news/1389750/newcrest-pulls-its-nominee-from-solgold-board ;citing its displeasure with SolGold's funding approach
Other SolGold shareholders, Commodity Discovery Fund and Rosseau Asset Management, publicly expressed support for Cornerstone's action.
Commodity Discovery Fund's Willem Middelkoop said last month that while the fund had been a very loyal SolGold shareholder, it was supporting Cornerstone's move to change the board.
CEO Nick Mather's sometimes bizarre behaviour makes him unfit for the job now; he said
Overnight, he acknowledged SolGold's announcement improved the company's corporate governance.
Good to see a little bit of shareholder activism has worked; he said
We still have our doubts if these changes will be enough to restore confidence.
Rosseau president and chief investment officer Warren Irwin told a recent webinar that he'd long had a problem with management but he believed it would solve itself when BHP's standstill over buying new shares expired in October.
You could see a takeover bid come late October/early November from BHP, and possibly suitors out of China or elsewhere; he said.
This is clearly a top five copper asset.
Don't know if it's been posted
Part 1/2
Perth-based corporate advisor Liam Twigger, who joined the SolGold board last year, has been appointed as chairman of SolGold.Chairman of seven years, Brian Moller, has stepped down, but will remain on the board. Twigger said he was grateful to be given the opportunity to chair SolGold in its next phase. The company has unrivalled potential, not only through our operational control and 85% ownership of the Alpala project and its world class resource of 22Moz of gold, 10Mt of copper and 92Moz of silver, but also through our exposure to numerous highly prospective exploration targets across the Andean Copper Belt,he said. The strong fundamentals of the Alpala project present a great variety of financing options, with all of them considerably endorsed by improved price and value outcomes for all shareholders, which is significantly higher than the current market capitalisation. Dr Robert Weinberg has announced he will retire as a director at SolGolds upcoming annual general meeting. Twigger will oversee an independent process to secure up to three new directors who are located in close proximity to the company's stakeholder bases in London, Toronto and Ecuador. SolGold last month appointed UK-based ESG expert Elodie Grant Goodey to its board. The company is aiming to have half of its board comprising of independent directors by the end of the year. Moller and SolGold CEO Nicholas Mather have also indicated their intention to step down from a number of other listed company boards on which they currently sit. SolGold said it was committed to adopting best practice corporate governance standards and had been developing new governance policies, processes and guidelines, including the appointment of Nadine Dennison as chief human resources officer in February. The company has established of a nominations committee and made improvements to the remuneration committee, which is reviewing a performance and remuneration framework to attract top senior talent, underpin increased board independence, and more strongly align executive remuneration to organisational performance outcomes. SolGold has appointed two London proxy solicitation firms, CMi2i and Boudicca, ahead of the AGM, and has also appointed law firm White & Case, who will advise the company on its corporate governance and shareholder matters as and when required. SolGold has been under pressure in recent weeks after its 15% Alpala joint venture partner, Cornerstone Capital Resources, rejected a hostile takeover offer and initiated a process to remove Moller, Mather, Weinberg, Twigger and fellow directors Jason Ward and Jason Clare, and replace them with five of its own nominees. The time has come to put an end to SolGold's suspect corporate governance and self-dealing practices, Cornerstone chair Greg Chamandy said in a statement.
Q2 for BFS
Maybe I stand corrected ...
https://latam-mining.com/solgold-launches-20m-fundraising-for-alpala-exploration/
Schlem, their references to Porvenir are based on their experienced assessment of the visuals (Steve Garwin has already called this a discovery) and meterage of mineralisation - that is the evidence that this is based on and some of the samples at intervals in the core have been up for public display so that we can see for ourselves. If it was all a sham, not only would reputations be in tatters, but they might also be subject to law suits. It's one thing to put in a standard disclaimer, but the disclaimer does not cover the instance of complete fabrication. There is no way NM would nor needs to risk that sort of thing.
phatt !
1. No more equity raises, prolly go down the lines of NSR's
2. No more lock ins - no negotiations
3. Q1 2021