Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Agreed Lunchmoney, but I did include working capital in there. It's the "a minimum of 40,000 meters of diamond core drilling" which was the main driver for that raise. "Excess cash" is what's left after that or outside of that. Not the entire pot.
I think we had 1 hole on RIO which was 2000m or less. Porvenir might have racked up 20 holes or around 10k. My guess is that about 20% exploration was delivered. 80% undelivered. If they try and imply that Tandy was part of that then I'll vote the lot out at the AGM as that's nonsense.
We all know what was lined up as it's all in the presentations. What Darryl hasn't told us yet (and I'm dying to know) is why exploration got put on hold. No doubt we'll here excuses about permit issues, red tape etc etc covid blah blah blah... but none of that works as an excuse on the basis it was all known when the raise was done and would have factored some of those issues in.
Just imagine if SOLG come to market again and ask for $40m to explore regionals... the market is just going to say .... sod off we don't believe you. By raising $78m and not delivering on the 40km is nothing short of fraud imho. They raised money on the pretence of delivering shareholders a specific amount of exploration activity and delivered next to zero. That's not going to bode well when it comes to the AGM unless they pull a rabbit out of the hat.... which is what I am expecting as without something special (certainly more than PFS2 and Porvenir PEA... I think many are toast. The two Canadian directors ... they can go too.
Yes boys , you've all done very well, teacher will rewards you with ticks.
Because ticks show good investment strategy.
Agreed LunchMoney, also ticked up for accurate information.
Neither a production nor an exploration firm. It has lost directions.
What rubbish ColonelDrake, don't you read what Solgold say.
Since 2015 Solgold have transitioned into becoming a production company and we are well on our way.
It's a tricky one as not sure what you would deem as achievements or lack of achievements? Delivering PFS was achieved. I suspect delivering PFS2 and Porvenir PEA will be achieved too. So hard to fault what has been promised and what is delivered on that front.
The failures or shambles (as one can call it) can be pointed firmly at the $78m that was raised last year with the sole purpose of delivering a very exciting exploration plan across several key licence blocks. All those that took that placing, did so on the basis that it was buying some major catalyst opportunities. Share price drivers in addition to the PFS.
What Darryl and team delivered was close to zero exploration. Yet the actively spent the $78m. Remember, the Franco $100m ENSA money was ringfenced for Alpala. SOLG should not be spending the $78m on ENSA. But my guess is, that's exactly what they've done and the annual report will show numbers up to June 30th 2022. So we'll see the split soon.
On the basis that SOLG is foremost an exploration company, and $78m was raised with the sole purpose (plus some working capital) to explore, any failure to deliver on that rests with directors and directly with the CEO.
So as I said before, the BoD's have to tell shareholders where the $78m has gone and why no exploration has been done (outside of Porvenir). They should be voted in or out at the AGM based on the excuses or reasons given imho.
I rarely tick up people on here, but Not2sure you get a tick up.
Correct NM served us well and continues to do so.
While too many on here said he would be out, he is still batting for himself and us smaller shareholders.
He has my support.
Yes NM for me ..when it was hardest to raise the finance he always did and the sp always reacted very well as he did deals at above the prevailing sp and I think he would do the same again..he would not bow down to the bigger boys..he would do what was fair to all shareholders..just my thoughts though
"He might as well have just sent a recording of his last presentation and saved the travel mone"
Ah but then he would not have been able to enjoy onboard hospitality. It also passes the time of the day when you can't think of anything better to do.
Think a lot of that was instigated by Keith Marshall, Ship.
Porvenir I'm sure would be trumpeted more if it were a larger project or had clusters in the immediate areas. As it is, it's a nice intercept but not significant.
Time for SOLG to get moving. Get funded. Get to DFS and get some drilling done at Helipuerto.
If we were able to show an extension to Warintza under our licence then that would change the game. I think you could see a SolGold /Solaris merger and the next burgeoning major. It would be a mighty spanner in the works for others anyway.
7 Dec 2020
Was redefining the resource and downgrading it so quickly.
He couldn't wait to stab the company in the back.
If you look at the porvenir hole in Nov 2021 I think. Its a blinder, near surface and rich.
Are the company telegraphing this?
No
I'm surprised any of the long termers bothered to watch it.
I could have told you what would be said.
They have used the same script for the last 5 years.
It's like watching the wizard of oz at Xmas and wondering how it ends.
it is difficult to be confident that he is not doing stuff on behalf of BHP.
He looks like a rabbit in the headlights, no confidence whatsoever, not a leader imo..
There's one thing we agree upon
Can anyone on this bb name a board member they believe has done a good job and should be voted back in at the upcoming AGM?
If so, could you give a simple explanation as to why you believe they deserve it?
Seconded Frankincense.
I suppose I see today's presentation as a bit of a wasted opportunity, whilst he couldn't have given away anything sensitive, I'm sure he could have done more than repeat the last couple of presentations, play the same corporate video. He seemed to lack confidence and more so enthusiasm. Whilst I'm sure the wheels are turning in the background I'm also grateful the market wasn't open today.
I guess what I'm trying to say is that the next couple of months are crucial here and if he wants the backing of investors at the next AGM he needs to deliver and quick.
It's one of it's crude ploys.
Divide and Conquer.
The fascists did that a lot apparently, not that I'm intimating anything of course.
Just for the record.
Her Majesty the Queen is at Windsor now, it's the last time we will ever see her.
We are witnessing British history today.
Looks like you were correct Ortherncopper.
They wouldn't want any awkward questions would they ?
He might as well have just sent a recording of his last presentation and saved the travel money… and they cut it before the questions
Just the same old, waste of time watching it...
found it