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Has the article been removed about Maxit capital response to bhp/ newcrest on mining journal
To be honest Monte I don't care if it's sold or goes to production as long as it's not sold cheap.
And yes, every single person who has said it will be sold has put a timeframe on it more than once, so if it does end up being sold, they remain wrong.
To be fair, I don't think most people say imminent sale. They say things like within the next 12 months or by Xmas.
Anyway its not worth arguing about. Either we sell it or it goes to production. Ultimately,if its sold, the people who said it would be sold are right. If it goes to production again those who said production, would be right. Obviously no one knows exactly when. But only on sale or production can someone or side claim to be right. Imo.
HA HA HA HA AHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHHAHHA
..I look at this board once a month..all I ever see is Q saying 'this is going to production'
Jeez..
Not true Montecristo the people that I constantly say are wrong are those that have said imminent sale for the past 9 years.
They have been constantly wrong.
I have never said production was a certainty.
Those that have been constantly wrong try to spread that falsehood.
For the first time since we are about to gain 100% of Alpala I can now see an alternative root, but still at this moment in time production is still the most likely outcome for all the reasons I have previously listed.
Monte …. Spot on but then they’ll still claim to have been right
England now world ICC 20/20 champions.. a moment to savour
This thing about all the people saying the company will be sold are wrong while all the people saying production are right, is absolute folly.
You can say for 2 years; every day that the company is going to production and claim to be right yet if it is indeed sold after 2 years (for example ) you immediately become wrong and everyone else is right.
You can only claim to be right in many years time; if when the mine is producing , Solgolds name is still over the door. In other words you are always going to be right up until the very day you are wrong. Obviously no one knows exactly when that day will be.
HAHAHA you are Slug you cannot help but identify yourself.
I am not telling you how I know otherwise you might be able to disguise yourself.
Copperpot has persuaded me not to report you unless you become abusive.
So, Slug you reckon that the royalty is not ring fenced for Cascabel?
Slug you have a 100% record of being wrong.
Hubrishhunter and I both corrected you on nearly everything you have said.
Only a few of your acolytes tick you up.
Nearly there Slug a royalty is a percentage for a named area of the business in this case Cascabel.
It is not a royalty for everything Solgold produces from other tenements.
So, it cannot be used on proving up other tenements, hence it is ring fenced.
Lesson for today complete.
Both Osisko and FNV are NSRs. The RNS for the FNV financing describes it as royalty financing.
SM, agreed, looks like they don't see Solg continuing with Cascabel much longer.
Sorry Eloro ColonelDrake has said this company will be brought out imminently so many times I have lost count.
Thank you Quady, unlike your esteemed self, I don't flood the this BB with posts telling the world how great you are. I am a fallible peasant who knows the limitations of my knowledge. I have certainly gained an insight from reading Fort's posts who I have found more accurate in his predictions than yourself.
rcgl2, for me it tells us that the company doesn't really care, and that none of the current management have any intention of still owning Cascabel when it comes online in 2029. For the past few years we've tried to convince major miners and to a lesser extent the market that we have what it takes to develop a Tier 1 mine at Cascabel. In my opinion, this was done as an attempt to extract a bid for either the asset or the whole company at the highest possible price. Unfortunately, the company and the asset have been painfully mismanaged, particularly over the last 12 months and our credibility has been shot to bits. To cut SOLG some slack, management have had the impossible task of having to balance the interests of BHP & NCM and Mather, CGP and us PIs.
We now have well and truly dropped the charade of taking this to production and now all signs point to the sale of either Cascabel or the entire company. I feel that despite securing funding - which in many ways is an ultimatum to BHP and NCM - we're now selling the asset/company from a position of weakness rather than strength, because no one believes our management are capable of bringing this mine online (which will of course make finding the money to build Cascabel much tougher should we have decided to press ahead).
I'm just hoping there are multiple parties interested in buying us or Cascabel, as an auction scenario is the best chance we have of a healthy payday. If there aren't, or interested bidders simply sit on the sidelines and watch SOLG sweat - what does the company do at that point?
Afternoon rcgl2.
I was correct by mistermeister on this.
Franco Nevada is an offtake agreement and our latest deal for 0.6% is a royalty deal.
So, information in RNS is different.
As you say it looks like an offtake agreement is more complicated.
In fact I thought it was notable how little detail there is in the Osisko RNS. Compare with the RNS announcing the FNV deal back in 2020 which went into much more detail.
What does that tell us?
It's a royalty deal Slug, please read up on royalty deals.
Agreed LunchMoney although 50 million I feel is more than enough to get us to DFS because when the updated PFS is finished it will be in a format that is transportable into the DFS and so save millions.
This is part of the constant improvement to the exploration program that Solgold have continuously told us about.
The question I still have is do we take the 30 million loan, from the CGP deal.
If we did then that money would not be ring fenced and could be used for anything I imagine.
It also doesn't detail and restrictions in terms of spend, which suggests it can be used for any work streams associated with the project.
Lunch - the RNS could certainly be clearer but the following paragraph implies that it is for Cascabel only.
"The Board of Directors of SolGold (LSE & TSX: SOLG) is pleased to announce that SolGold has entered into a binding agreement with Osisko Gold Royalties Ltd ("Osisko") for a US$50 million royalty financing ("Royalty Financing") with reference to the Company's Cascabel copper-gold project in northern Ecuador."
If it wasn't just for Cascabel then the part of the sentence after 'with reference' is would include mention of Porvenir and/or the high priority exploration portfolio.
If we're reading that paragraph literally and at face value then I'd agree with Quady.
Sorry LunchMoney it is for Cascabel not Alpala but it is a royalty deal and as such is ring fenced.
It doesn't need to say it in the RNS.
Thank you for the correction.
I don't disagree with any of that Monte at all. I've given SOLG more rope than most and they've taken more than a few yards.
That's why I say we should look at a deal for Cascabel. Pass it on to someone who can develop it at a pace that it's ready for 2029/2030 and ready to help Ecuador out of economic destitution.
How I'd do this? Well if I was working on Citi's corporate transactions desk I'd be putting an ultimatum out to BHP, Newcrest and any other company that has expressed an interest to date.
You give them 28 days to submit their proposal in full.
If we don't have anything that works for the company at that point then focus turns to selling 80-100% of the Cascabel project. Same process.
If nothing materialises by that point then we'd be in for a rocky ride in early 2023.
The trouble is Bozi,
Like a lot of things in life, on paper and in theory it sounds great. The reality is the company have shown themselves to be completely incapable of taking this forward; how many ticking off's have they had over the years for low quality corporate governance?
How many board changes over the years?
How many delays and falling outs?
You can have the best company or asset in the world; but if you can't manage it properly what do you have?
When they say we will look for the best value for shareholders, I believe they are saying this is too big for us.
Bozi indeed copper going to be in huge demand