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The lack of news is of course frustrating and undoubted a large factor in the current sp but BHP have recently invested in the company. They are a publicly listed company with, I'm sure, governance teams. They cannot invest shareholders money as a 'punt' surely? On that basis, I want to believe they know more than me and were still willing to invest. Fingers crossed!
lets face it, if a deal was done at 20p a share with cornerstone, then post MRE3 and funding deal, SOLG equity should be worth minimum of 40p. So if done at $3 per cornerstone share (essentially swapped), that's like $6 for cornerstone in real terms but with more liquid market to trade and upside of 80p+ based on analyst estimates.
Or Cornerstone can just sit it out and slowly find themselves cornered with little other options apart from doing a $7.5m deal with SOLG or even less.
Copper prices steadied on Friday but remained on track for their biggest weekly fall in almost 19 months on worries that the spread of the coronavirus could hit the Chinese economy and metals demand.
The virus is expected to dent China’s growth after months of economic worries over trade tensions with the United States. Additionally, a sharp rise in copper stocks has also weighed on prices this week as stocks in LME-approved warehouses climbed more than 50% to 190,075 tonnes.
The global world refined copper market showed a deficit of 33,000 tonnes in October, down from 89,000 tonnes in September. However, the metal used in power and construction was still on track for a 4% weekly loss, its biggest since July 2018. Read more
It's always been about cornerstone. Been like that for the last 18 months.
If you want to get a good deal you do two things:
1. You try not to add too much added value to the 15% interest you are trying to acquire.... TICK! 2. You do your best to make your share price attractive to any deal that involves equity eg; you want a low share price rather than a high as it makes any deal far more attractive.... TICK!
As far as BHP's recent 22.1p placing goes, that also helps 'value' Cornerstone's 15%. If another 5% had gone for 45p a share, then it's hard to agree anything less with cornerstone.
Cornerstone have already publically said that they are not in this to fund development. They do not want to fund future capex and so on. They have a few weeks or more to make a decision (if that) and my guess is that once done, the MRE3 will follow after and the greater funding package will follow that.
So in order - news flow would run like this:
1. Cornerstone deal struck. SOLG then own 100%. 2. MRE3 issued 3. Funding package deal revealed which takes SOLG to 2025 and leaves them XX% of assets (essentially a farm out or offtake deal with chinese.
NM is not naive in just raising 20 odd million from BHP @22 p, he must be waiting for something else to make sure there is enough excitement in the market about Solgold. If we get Blanca or any other turned good, we have drill from Mid-Sep we will be good. Moreover we will not be a single trick pony any more.
Lately I have seen no roadshows no marketing campaigns or anything from Solgold to push this. There must be quite a few things going in the background.
The market doesn't care about the mre delay or any news....regardless of what some might say.. We are pretty much bang on the 3 mth average. News or lack of it is irrelevant... What I am most looking forward to are the regional news...the heavy hints that the good grades are going to be rather special
Agree with all of that Earthling. Biggest difference I saw in the latest presentation was a bit more meat to the bones with technical info that is obviously going to be even more thorough within the PFS.
Don’t think the MRE3 is going to shift the SP much neither will the PFS. Even the end of year study won’t affect the SP. Funding, take over or a super duper new discovery (take your pick from the multiple concessions we hold!) will get the excitement back and with any luck this year we’ll have at least 2 of the above and if it’s the other one as long as it’s above £1 a share I’ll be happy!
In the latest presentation the underground mining projection was produced using a 3% cut off, yet mre2 was set up with a 2% cut off. I'm assuming that because we are getting good recovery's of Cu Au etc from the laboratory tests that 2% is now the goal. Will 2% be used in the imminent mre? Clearly we don't know until it is released, but will 2% be justified given the recovery results?
I’m sure if NM was worried about the SP there is plenty he could have reported to the market to give us a boost The big question for me is why and what is going on in the back ground? I believe they could have easily delivered MRE3 the end of last year IF they wanted to. So again why? This news black out can’t go on for much longer without questions from the market being asked I Personally think we will get it when NM Knows it’s the right time to deliver it within his strategy, what ever that may be. It’s just frustrating being a share holder and being left out of the loop. What I don’t understand is why release an updated/ new presentation, which costs money, when it has the figures in it from the last resource update? What is actually new about it?