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Montecristo, if we can raise the CFP we absolutely will go this alone, once we have the redesign done, the hardest part in building this, is the CFP. It's a balance of risk, do you believe we can raise the money. I do. Building it is civil engineering project, take your pick, lots of expertise out there in the construction of a block caving operation.
Montecristo, we didn't use them in 2018, they were the party that gave us funding and they obtained a large shareholding that would have cost much more on the open market. We never used them. You could say that Solgold has used all PI's as we have also put money in.
Hello Scrat CGP are in an awful mess, they hold 15% of ENSA, they need cash and lots of it. Their 7.6% of Solgold shares, is their top asset, so they want to monetise this.
However no one is biting, so what happens to their 7.6% holding in the future, is a big question here. I am surprised with recent events, that NCM or BHP haven't acquired this, as their shareholding in Solgold, has no financial commitments. Maybe offers have been made, but CGP have said no, we know what this is worth. All about fair value.
Montecristo we are not using BHP, they have over 13% of the entire company for there modest investment, so Solgold have behaved well. They want more on the cheap, and quite rightly, NM has said that this is not in the interest of all shareholders.
Its has very little to do with COVID, as we were on this trajectory/strategy before it came, with very little drill results etc until fairly recently.
Q talks a lot about conspiracies, but the biggest one is that our SP has not been affected negatively because of his strategy to go it alone. That is a fact not a conspiracy.
This is why the vast majority of people on here know this, its not because we want a sale on the cheap at all, that's the last thing most of want but the current strategy would have ended in exactly that.
Why he cant see this is anyone guess, maybe denial or ignorance ?
My memory is hazy here but didn’t the original BHP holding come about in a private deal with the characters who were switching over to CGP and who held c. 10% of SOLG. I daresay BHP corporate governance could cope with investing in SOLG but not with CGP. I’ve been suspicious about that ever since it happened .. until the AGM. Had SOLG acquired CGP, then CGPs scary cash raising obligations around the Alpala development would have been off the table which might have realigned their investment thinking back onto the long game. That such a good offer didn’t happen suggests other, darker forces at work between BHP and CGP. IMHO.
I get that Quady, but the point I'm making is, do we think we can use BHP for a multi million pound top up when ever we need it, and in return they stay nicely on the sidelines as a minority shareholder and say and do nothing? Could that have carried on indefinitely like that until we got to production? What did the board think would happen after the standstill expired?
Montecristo we issued more shares to BHP in 2018, because we didn't have a PEA at that stage and needed the money, however we put them in a two year standstill to stop this type of thing. What nobody saw was Covid, and over a years delay. If Covid hadn't happened we would be further along, have the PFS, maybe the CFP, and , maybe even started the build, we are over a year behind. That's what happened. All the best.
I am trying to imagine, that this is true, what has happened and what is happening. Let's forget the conspiracy theories, by the let's sell it cheap brigade.
No matter what anyone says, the AGM was a success, this is because any other result would basically show that Solgold could not defend. They can.
So let's have a quick recap.
We are in the process of a redesign of Alpala to bring some of the underground infrastructure above ground to share resources with other mines. Why would you do this, unless they were pretty certain some of the nearby tenements are viable, as this adds costs at this stage, but saves costs later on down the line. So Solgold are thinking long term, about not only the construction of Alpala, but other nearby tenements.
Also we have been changing the BOD to increase our governance, and to increase the expertise of taking this to production. So maybe this is the next evolution, and Nick Mather is handing over to a CEO that has constructed mines, and brought them to production.
As the BOD has to act in the best interests of shareholders, ( doesn't mean selling it cheap because some PI's want a quick profit ) this may be being done with Nicks consent.
Thats exactly why its so difficult for a minor explorer to make it to the big league, the amount of funding/dilution becomes too much. Thats why I never agreed that we had a robust defence based on our share register, its almost impossible.
Even with BHP and NCM only on 13% each its looking like they have already forced our leader out.
Its important when its confirmed that the new BOD do everything they can to stop these two gettig us on the cheap.
Nick was very happy about BHP and Newcrest becoming shareholders. He used to shout it from the roof tops at every presentation he made. Did he and the board not know this could happen. Why in 2018 did we issue more shares to them? what was the thinking behind the standstill agreement at the time? You Can't have your cake and eat it in life I'm afraid.
Losing the confidence of 45% of the shareholders sounds awful until you think that tight knit group are after something else. Are BHP after a soaring SOLG sp or are they after the prospects. Well quite. They were always out to get us one way or another. It’s just business.
Oh dear Redknight, you are commenting without confirmation of the story, at the moment this is rumour, do you always lose your head over rumours. If it is true, I won't make a rash decision, but I will re evaluate.