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Agreed killjoy, point made
Just don't understand the problem people have with Quady, he maybe a lone voice but at least he is consistent - unlike others on here.
Bozi is correct ColonelDrake is always commenting that BlackRock are manipulating Solgolds price.
He doesn't understand fund management and how their business works.
It's just the buying and selling of units in funds that contain Solgold.
I know exactly how BlackRock works. You'll be hearing from them soon Bozi based on recent volumes.
I told you Royalty deal would be done. You said no. I told you Darryl would go... you said... and I'm telling you Blackrock are unwinding their 25m trading instruments. You'll get a TR1 in good time when they are fully ready.
Oh... and let's not forget that I told the GGP BB that at 38p the stock was over priced and heading sub 9p.
I'll sell you a crystal ball for £5if you want want. Postage £6.
RN,
Ha ha what is that a real tweet? Irwin being so caring about pi’s makes you wonder if he’s a few steps closer to God or is it a financial thing
An Australian drama is unfolding, we all know they are crap at them
Bit rich Fort, calling someone green.
At the end of the day you don't know how BlackRock works.
RogueNation,
You seem. bit green... new to all this. What did you think would happen when or during the CGP merger? Did you expect Darryl and SOLG to just continue as they were. You were told of the merger. You were told of the Strategic Review. What did you expect to happen?
Nothings been dropped on you. I predicted that Darryl would be leaving weeks ago. Some of us have more experience and can see ahead. Others just seem to flap around after the RNS.
I have news for you RogueNation... guess what the result of the Strategic Review will be??? Any ideas yet? Warren Irwin (who is as close to the CGP gang as you get) has already told you! What's not to like? Your pay day is coming soon!
I havent been able to see it. Any chance of a c and p??
Solgold have dropped a few bombshells on fatigued PIs this year in a very offhand manner. We had hoped for some stability, milestones being reached this year and at least some light at the end of the tunnel. The RNS today, without any form of context, rational or offsetting market supportive comment seems like a kick in the teeth. With the earlier tweet at least I thought maybe at last uncertainty can be put to bed. They can’t go on treating PIs like this.
I don't disagree Mathersfinger.
As I said in an earlier post today. This maybe about the 0.6% offtake agreement.
He might have been in favour of BHP and NCM retaining their percentage so an agreed sale could happen.
However Solgold have been unambiguous, unless we get a full value offer we go to production.
It could be that simple.
After all that explains why we sought funding.
"While BHP and Newcrest are again unhappy with SolGold’s funding model, neither has gone public with an alternative funding proposal for the company."END.
And this is why no one pays any attention to what BHP and NCM whine about. Like I said... you have to offer an alternative before you go about saying it's expensive for longer term shareholders? Who are these longer term shareholders then?? Who are the short term shareholders then?? I'm dying to know NCM??
It just reads like sour grapes....and should have read like this... 'We are upset that we couldn't get 70% of ENSA through doing dilutive equity deals and forcing the company into giving us all the equity. It worked for us on GGP but unfortunately SOLG are too smart for us and have put us in our box so yes, we are upset.
That's the topline is it not Biswas?
Quady,
The CEO leaving at the speed of light does make you wonder, did the board realise he still had a BHP tattoo on his ars* and a NCM tattoo on his pen*s?
I wonder why we don’t hear from NM and the like complaining about the financing deals struck, it affects them just as much, greed is the name of the game
Atb
Which tweet?
RodneyT, I'm pretty certain they will lapse. The manner of his departure does not suggest good leaver status. In any event, he doesn't deserve them.
RogueNation - what tweet are you referring to? His "Sale of SOLG" tweet was posted yesterday, and in response to a question on how full value will be realised here. It has nothing to do with Darryl's exit, unless there is something I'm missing.
Agreed Mathersfinger I think when the storm calms this will be seen for what it is.
Our two major shareholders are unhappy.
Solgold are running the show.
However would be good to have some meat on the bone about Darryl's departure.
That would be Irwin then Add. Lol
Mather, I don't think there's anything subtle about their messages.
Orthern,
Reading that piece really is the big boys trying their hardest to unsettle shareholders, using media to spread their subtle message, when you have them trying everything little trick in the book, well you know you have something they really want, by hook or by crook lol
Atb
Orthern, thanks for the transcripts, but as we know, the boards of NCM and BHP pay virtually no attention to us :)
If this company was anything other than an explorer with a huge asset, board disruption like this would be catastrophic. As it is, it's almost certainly to our advantage. Clear the decks of the Productionistas and install someone who actually gets it.
Wonder what we’d all be feeling like with this news IF we hadn’t had the tweet? The lack of communication whether it be supportive, clarification or correction over the past year is astounding when you consider the personnel changes.
Good morning all,
It's not necessarily the case in my opinion that DC has certainly lost his options on leaving the Company. I understand this depends on whether he is deemed a 'good' leaver or 'bad' leaver as well on the Articles of Association and the Option Agreement. Does anyone have a view on this? I think it could be useful to have clarity. I am going to review a few RNSs in the meantime. Cheers
Add - understand the RNS - my feeling is was this done as a verbal deal in the background with NM and CGP,? We will never know although I suspect so.
Mining giant Newcrest has criticised a royalty funding deal brokered by junior explorer SolGold, raising concern it represented expensive financing and was negative for the company’s long-term shareholders.
Newcrest — which suffered a first strike on pay at its annual general meeting on Wednesday — owns a 13.5 per cent stake in SolGold.
But along with BHP, which owns the same stake, the mining behemoths have a fractious relationship with SolGold after the would-be copper producer was forced to withdraw plans to raise cash in July.
SolGold on Tuesday struck a $US50m ($77m) royalty financing deal with Osisko Gold for its Cascabel project in Ecuador which hands it financing in exchange for a 0.6 per cent net smelter return royalty.
Newcrest chairman Peter Tomsett said he was disappointed at the move.
“All I can say is that we’re not very happy this time. That sort of expensive financing really is negative to the long-term shareholders of the company,” Mr Tomsett said.
“All this is sacrificing shareholders in the long term. I don’t understand it. And as you know, there’s been a number of governance issues with that company over time, and our position remains the same. We don’t believe those sorts of deals are in the best interest of shareholders.”
On the face of it, SolGold’s royalty deal is similar to a 2020 deal with streaming major Franco Nevada that provoked a rebellion from Newcrest and BHP.
In May 2020 former chief executive Nick Mather signed SolGold up for a $US15m, eight-month loan with interest rates of 12 per cent, and flagged the prospect of a $US100m funding deal in which Franco Nevada would take a 1 per cent royalty on revenue generated by SolGold from its flagship Cascabel project.
That deal was also described as “expensive” by Newcrest boss Sandeep Biswas, and the pushback from BHP and Newcrest eventually led to the departure of Mr Mather as SolGold’s chief executive.
While Mr Biswas again criticised the funding model on Tuesday, UK analysts said this week the deal with Osisko seemed “fair”.
Hannam & Partners analyst Roger Bell told clients the $US50m royalty deal would help alleviate SolGold’s immediate cash needs, with the four-year buyback option over a third of the royalty interest mitigating concerns that SolGold was encumbering its flagship asset at an early stage of development.
“The terms appear fair, in our view, with an implied internal rate of return of about 9 per cent to Osisko based on the pre feasibility mine plan, released in April 2022, and current spot copper and gold prices,” Mr Bell said.
While BHP and Newcrest are again unhappy with SolGold’s funding model, neither has gone public with an alternative funding proposal for the company.
So BHP and NCM are very upset are they? Will they be selling their shares and moving on?
No, just games, like a long drawn out chess game
Atb