George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
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At least SM, the SP falling from 8p to 0p is a lot less distance to fall than the 40p to 8p which we have already endured and none of the wise pontificating here arrested that fall.
Fort - you've given new management, i.e. Caldwell a year to produce an event bearing in mind he has started with a bloated company, a PFS that didn't really wow anybody and a geopolitical position thrown up into the air by questionable government practices.
Do you have any real appreciation for how long things take?
It was never ever a case of walking in here, putting a bow on the company and prepping for sale in 3 months. That just isn't realistic.
Communication to the market has been less than what we all want but the strategy taken meant that newsflow was going to shrink. Would you have rather he gone the other way and fluffed the market with news all whilst going round in circles in the background?
To be fair to Scott he is trying to break the SolGold wheel. With the monster that is Cascabel that is no mean feat but some investors are completely misreading what is involved in getting this from where it was to where we'd all like it to be.
Reading between the lines, I'd say we're closer than we (you) think.
TheItalian - resolutions 10, 11 & 12 are explained in the AGM Information Circular. Pages 13-16.
Re: use of funds, I don't think any chance they will elaborate on that. It is basically asking them to confirm their strategy and corporate events over the next 6 months. Doubt they know themselves!
There is little new in 10-12. Just the usual flexibility to raise funds, with flexibility to dis-apply pre-emption rights.
Always a good option to have. I just trust the CGP boys less with this option vs. previous management.
With BHP in control the share price would be decimated and we'd all be diluted to oblivion. So far the only alternative I've seen you present, Fort, amounts to 'sticking Cascabel on eBay'. I am glad you are not running the show.
Guys, if I was young, I perhaps wouldn't object to spending another 3 years waiting. So far, 3 years of waiting, late PFS, muddled fund raising, and now mudfled SR. I don't understand how some folks can be comfortable waiting and waiting? If everyone are comfortable waiting another 3 years while guessing here, then so be it. I should be happy to leave at my break even price. Sadly, that price isn't 8p.
I don't mind being called whatever label cones to mind. I don't believe that you are all happy with the terrible SP, aside from the long timers who bought at 3p.
TheItalian,
To be fair, Eloro is correct. Lets face it, you've been in touch with SOLG several times and learned zero. Why? Because they can't tell you anything that is new material to market. And as you are fininding now, be careful with cosy chats as it's a bit like snake eyes... you can feel comfortable when you really shouldn't be.
Management are to be tested and proven on what they have achieved over 12 months period. And SOLG new BoD's have failed miserably. They've achieved absolutey zero. Here's my summary...
1. They've achieved share price destruction
2. They have failed to deliver outcome of promised SR
3. They have failed to deliver a monetisation event
4. They have failed to deliver the promised cost savings
5. They have failed to communicate the business direction to the markets
6. They have failed to deliver any shareholder value or growth in the period
The worst thing of all is point 5. They have told the markets that we are not a developer. They have told the markets that we are a mine finder and explorer.
They have told the markets by mothballing all exploration that we are no longer a mine finder or explorer and also not a developer. So what are we Scott? We are a bunch of inexperienced SOLG shareholders who are trying to sell a world class Tier1 mine which quite frankly could be stuck on ebay and sold in a week for market rate.
You can't vote that incompetence back in?? You are out of your mind.
Pre AGM...in next 4 weeks) they should have outlined the plan to 'return' to being an exploration company. Outline the plan to sell ENSA... as result of SR etc etc.
These are the minmum commitments expected. Instead... it's just ... vote us in as you have no alternative (oh but we do Scott!) and we'll drag things out to Q1 and then do bit more dragging out to H2. By then we'll have the shareprice to 3p and shares in issue around 7bln of which CGP boys will have 30%. See how it goes? No way. Vote these idiots out and you'll be better off with BHP as at least the market would believe someone is in control and the asset is going somewhere.
Eloro - at this stage, I disagree.
I would guess that someone could make a move upon the publishing of an attractive phased development plan and the indication of financing being achievable.
If we sided with BHP then you'd have to wait whilst they pushed people into the positions that matter. More wrangling, more politics, more heave and more ho.
And that's without begging the question of how much BHP would buy us for.
If getting sold pronto no matter the outcome matters so much to you then you might want to review your position.
Eloro, my young friend, once again you show how inexperienced you are as an investor. Genuinely, if I were you I would seriously question myself and my way of understanding the companies I invest in.
I don't mean to patronize but that was a very unintelligent post.
Only folks who need reassurance will need to email the company. Folks who have made up their minds based on the principle that past behaviour being indicative of future behaviour have no need to email the company. What are they going to say rather than the usual platitudes?
DBW, I am struggling to see what Scott will be able to deliver in the next few months when hasn't delivered much in the approx year since he became ceo!!
For one thing, instead of ranting here, I have emailed Solgold asking for a clarification about the rationale for resolutions 10,11 ad 12, the intended use of the funds and a good reason for existing shareholders who would be diluted in case of capital raise.
Let's see if they answer.
I seriously think you should all email them asking similar questions, prior to the AGM, which might be the only way to make them aware that there is an unhappy group of shareholders.
Eloro
I’m fairly certain BHP would be far worse.
Scott had a lot to put right and it takes time. Voting him out would be utterly stupid IMO Let’s see what fruit his work may bear in the coming few months.
Orth, the SP hit 40p last year because the Japanese and the Norwegians were buying if I recall correctly.
Typo...they can't be any worse...
People keep mentioning the share price being 40p back then… but it only hit 40p off the back of some very promising first drill results at Porvenir.. when we were an exploration company.. We have become a textbook lifestyle company now.. there is nothing at all to push us back to even 20p. The level of value destruction brought here by the CGP takeover has certainly surprised me… an open ended strategy review has been catastrophic.
Prior to that, it hit circa 45p years back when BHP bought shares…. But there was only 1.7 billion shares back then when they paid that.. we are almost double that now.. so even the possibility of another huge supermajor arriving and paying a huge premium to market to get a foot in, isn’t getting us back even close to 40p now.
We have become a textbook lifestyle company.. many may not like to admit it.
Fort, I am fairly certain that the SP started to fall after DC's failed raise.
I just want this sold so that I can move on while I am still young enough. If BHP can get that done, so be it. They can be any worse than the current and previous management who got us to where we are today.
Fort, you seem to have forgotten the comments made by the ex-CEO of Glencore who recently said the modus operandi of the majors was to 'screw the junior explorers'. Do you think he was wrong? The idea that we'd be in 'safer hands', as you describe it, with BHP is laughable.
You mean he was indanger of being 'accountable'.
Directors that 'dodge' accountabiity are not to be trusted and need to be voted down.
You are safer in hand sof BHP than these CGP tools. For the last time... BHP cannot steal this from you as they don't have enough ownerships and they would never get away with any underhand tactics. But they might have a plan and stock some bods in there that the market respects and likes and believes. That could see SP double in no time.
You need to have a sumper major visibly seen to be involved and driving things to some extent as the project is Tier1 and the market expects that. Having some clowns tool around who have zero experience of Tier1 mines while they depsrately scratch around trying to line their own pockets is a joke.
The market actually believed under DC as he had a CV to back it up. He didn't mess things up at all. The sp was 40p+ post his PFS. I wonder what the sp will be after Scott's imaginery PFS?? 4p? Scott hasn't even employed n external auditor team to review the PFS yet. Vote the him down and get a proper CEO in. And make sure those CGP boys cannot issue those 157m shares to themselves... pro rata my @rse.
Permits to commence construction and an end date to the SR is what we need. Hopefully end of Q1. C
Eloro, I certainly agree with your point about the SR being open-ended, and said so at the time, but I guess he thought by giving a fixed timeline he was in danger of making a rod for his own back, and by implication, making the company's position more exposed.
Add, I never doubted that you are also unhappy with our current situation. I also appreciate that you are being pragmatic with the hope that the long term outcome will be rewarding. It would have been more helpful if solg hadn't switched to making the SR unending. Too much about this company is reduced to guessing because we are not properly informed. My fear is that we will still be here in 2025 still waiting.
Adikt. Your latest defence, of the indefensible.
"we know he's heavily engaged in getting the various governmental agreements across the line as well as talking to the 20 interested parties."
How do we know, show me a link, I can show you plenty of evidence of the company misleading us.
You show me a link to back up what you tell us daily.
All you have is a ceo on borrowed time, trying to drum up support to sell a company that appears unsellable.
And you daily parroting scotty doesn't alter a thing
Adikt. It didn't take you long for you to do the inevitable, and jumt to scotty boys defence.
As I recall it, you would never hear a word against mather and the previous gang of incompetents, much like padmaster.
And look where they ended up. Sacked.
Although it didn't take you long after the sackings for you to change your tune about them. You need to stop hunting with the hounds and running with the foxes. Although I suspect it doesn't matter much now. We're looking at my entry level by Xmas. Many, many years wasted on here reading you and others telling us, as padmaster says in his ditty.
Here we go
Here we go
Here we go
How we get there
I don't care
All I know is
HERE WE GO.
Well adikt despite you, padmaster and rk and your 3 wise monkey act.
Pads was right. We've got there, that's for sure.
And low and behold, what are you doing about it.
Yes, voting for more of the same
Incidentally, I'm as unhappy about the situation as you are, but I do believe it's our best hope. None of us fully understood just what a mess the company was in - although a few of us suspected as much and voted against Mather in 2020. My support for DC vanished more or less the first time I heard him speak - his appointment was a disaster. In my opinion Caldwell is a huge improvement and he needs our support.
Eloro, we know he's heavily engaged in getting the various governmental agreements across the line as well as talking to the 20 interested parties. Given how slowly these things move, do you think it's his fault that they haven't all been signed-off yet? Or do you accept that governments move very slowly and that Ecuador has been through political turmoil over the post six months?
You seem to be of the opinion that he's sat on ar5e doing nothing, whereas I don't believe that for one moment.
Vote against him at your peril. And as for thinking supporting BHP is a good thing! God help us!