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My favourite bit
"There is no more bluffing that we are going to build Cascabel“
No one fell for it anyway …. Did they ??
"There is no more bluffing that we are going to build Cascabel" - Quady didn't you say you'd read this article? I'm glad that myth has finally been put to bed. No wonder the SP has started to wake up.
Dbw, many thanks for sharing. Looks like we're not messing about anymore. Time for BHP and NCM to sh*t or get off the pot. Well done Bob Sangha.
Shake-up
The ejection of Cuzzubbo follows a shakeup which began with the Cornerstone-prompted merger announced in October. Under the deal, Cornerstone has appointed two directors to SolGold's 10 person board, with former SolGold director Scott Caldwell and Dan Vujcic joining as independent non-executive directors in October. Caldwell has become interim CEO following the departure of Cuzzubo.
"There is no more bluffing that we are going to build Cascabel [Mather previously told MJ that he aims for SolGold to become bigger than BHP]. We are going to maximise shareholder value by bringing in an appropriate partner to do it. We have wasted five years. Since 2017, our share count has increased 50% and our share price has fallen 50%," said Sangha.
"Scott is well known to us, we are very supportive of him, he has the skill set for the job and he will do what is right for shareholders," Cornerstone investor Warren Irwin of Rosseau Asset Management told Mining Journal.
Shareprice likes the lack of a ceo. A few more companies should try this.
The departure of Darryl Cuzzubbo as MD and CEO of Ecuador copper-gold junior developer SolGold has exposed a growing rift between key shareholders about the future of the company, as its merger with fellow Ecuador junior explorer Cornerstone Capital Resources brings a new burst of energy to the stalling company.
Maxit Capital chief executive Bob Sangha believes BHP and Newcrest Mining have dishonoured themselves in their attitudes towards SolGold.
Maxit was a 19.5% shareholder in Cornerstone and co-owner of the subsidiary which holds the Cascabel project in Ecuador. Now it holds around a 5% stake in SolGold as a result of the merger.
BHP and Newcrest said they were unhappy with a US$50 million royalty deal SolGold recently struck with Osisko Gold Royalties for a 0.6% net smelter return (NSR) on its Cascabel licence area.
After its recent general meeting, BHP chief executive Mike Henry said SolGold has come up with a "disappointing high-cost" finance option, telling shareholders that SolGold is just one option in the BHP portfolio.
"It's but one of the many options that we're creating across the company for future growth in these future-facing commodities. … We've taken a toehold position in Filo Mining in Argentina, another potentially large copper deposit, there's Kabanga Nickel in Tanzania, a large nickel deposit, plus everything else we're doing inside the portfolio," he said.
Newcrest chair Peter Tomsett called the financing "expensive" while Newcrest CEO Sandeep Biswas told reporters after its annual general meeting on Wednesday, "that sort of expensive financing really is negative to the long-term shareholders of the company. … This is sacrificing the return for shareholders in the long-term and I don't understand it."
Sangha didn't mince his words when Mining Journal called him. "[BHP and Newcrest] are self-serving in their actions at the recent annual general meeting and in talking down a tier one discovery to the detriment of other shareholders. If they don't like what we are doing they can get out," Sangha told Mining Journal
After the failed financing attempt this summer Cuzzubbo spoke of disagreement among the principal shareholders on the best way to bring money into the company. "BHP and Newcrest have a view on how we should be raising capital funding and the shareholders have a different view on that, and we need to work through what's best for all typical shareholders," said Cuzzubbo at the time.
While BHP says it has other options, Sangha clearly thinks so with other major miners including Fortescue Metals, Anglo American, Rio Tinto, First Quantum Minerals and Barrick Gold and more all circling Ecuador looking for opportunities.
Cont …….
375,149 UT at 19.24 and a 1m sell order filled...was that the mill that someone was bid for earlier...
All looks very very good for tomorrow...
There's your big buyer redknight, 1M shares @ 19p. Worked buy?
Sharket
Was being offered more into the close
Looks like the 1m was an order being filled earlier.
If not it was just a sell at a decent price
Late reported so hard to tell
Interesting UT. Well above the ask heading into close.
Quady the vulture/Jack Russell on a Transit Dashboard was obviously lying in wait for me to post anything so he could do his stirry stirry post affirmation thing.
Went off like a gold miners cart full of hot Nitroglycerine on a bumpy road.
And as usual I didn't mention any names because I have no way of knowing but The Ego assumes we are always talking about him.
Plenty may detest Slug, only one is obsessed by him.
Calm down dear.
Lunch, on i) isn't it preferable for SOLG/CGP to keep these shares in 'safe' hands for the AGM (to redknight's point). Although you'd assume whoever they were placed with would be 'onside'. Point ii) is a good one.
Based upon DGR Global's RNS of 11/11/22, the Osisko money will be used solely for the development of Cascabel. "Proceeds will be dedicated to expenditure to advance the CascabelCopper Gold Porphyry Project in Northern Ecuador." I think we have to assume (and hope!) that they haven't communicated something wildly inaccurate to the market.
https://wcsecure.weblink.com.au/pdf/DGR/02597094.pdf
Which does of course leave the question of funding for exploration, which is clearly what Mather wants. The most obvious option would be to sell Cascabel to the highest bidder, return some of the funds to shareholders and use the rest to repeat the strategy across the portfolio. But I'm sure we'll be thrown a curveball or two instead.
Jezzoo I see our chief stirrer is stirring again and as usual is wrong.
Yes, I knew he was Slug, but Copperpot convinced me not to report him as long as he wasn't vile.
So, I didn't.
Plenty more on here detest Slug.
"RK, I didn't see the answer and in any event the various related posts were removed...not sure why."
"Ah because RichBetter was the Slug..."
36 hours of useful commentary deleted due to the ego of one poster no doubt.
So...MM sitting all day on the Bid for between 200k/350k...if its not a big buyer what is it...?
RNS tomorrow announcing the CGP shares have been placed at 20p?
Just thinking out loud.
Ah because RichBetter was the Slug...
300k
IN smaller size 19.04/19.0389
RK, I didn't see the answer and in any event the various related posts were removed...not sure why.
agreed...
re AS see my post earlier today...
If they do sell the shares I hope they sell them to a financial institution which is only interested in making a short term gain...a sort of arbitrage position. In order to make a bidding process effective, the last thing we want is for them to fall into the hands of a trade buyer.
Also keen to know why AS left, Red...
It's not like (m)any of the directors are still around now so its water under the bridge...
red, that makes sense to me. It'll be interesting to see how the likes of Blackrock, Norges and Berry St vote at this year's AGM given the turmoil of the last few months. As I said the other day, corporate governance clearly has gone out the window.. whilst the mining.com article was amusing, having someone tell two of our major shareholder to "go f*ck themselves" isn't really what institutional investors like to see.
I'm going to drop Fawzi a note this evening asking whether the company is sticking to its guidance of Q4 for PFS/PEA or whether everything is now playing second fiddle to the strategic review, which is all we really seem to be focused on at this point. Will let you know if I get a response.
RK, it's the same process for all platforms. I use HL these days, but I've never thought of it in terms of it being a 'firm' quote. It's merely the price and I can decide to transact or not.
In ship broking you will see firm and indicative offers - the latter meaning there's no obligation involved and is really just a means of testing the water - excuse the pun.
With regard to the other question; you said you knew why AS had left...care to spill the beans?
19.0089/19.0082...
We have a backwardation again...firm prices...BID 19.0193 ASK 19.0188...!!!
Stille leads me to believe one MM has a big Buy order...