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Heres a scenario indi...
First of all we're in this royal mess because
1 Darryl's disastrous attempted cash raise and the aftermath
2 The appalling incompetence of the team dealing with the nmerger documents that led to having to produce a Prospectus, thereby delaying the conclusion till March
3 Berry Street dumping shares in an illiquid market
So heres a scenario...
There is at least one prospective bidder
They are using Autobots to keep the SP down until they are ready to bid. The higher the SP the higher the starting price. There is no other sensible explanation for so many Autotrades for such small denominations that are clearly neither to build or sell a position, nor especially making any money.
In an illiquid market it seems very easy for these spoilers to operate.
However I refer back to the 829k buy that led to a 10 % rise in the SP last week
So what do you do if you're Scott and you know there is interest which is not concrete yet and you know there is a story to tell especially when PFS3 is issued in an environmemnt of significantly higher metals prices than PFS2?
1 Buy shares to put a floor under the market... that worked until copper fell to a 12 month low
2 Remind people that the story is not just about Cascabel and not just about copper. Porvenir is probably a Tier 1 in the making on its own
3 Release exciting updates on other projects
4 With the overall purpose of keeping prospective bidders and investors on their toes and keeping the floor at 8p
Given the Autotrades and the lack of buying (probably because people are fully invested and in the main not selling), I don't know what else he could do...
The pics on X, look much better of the rock samples, one could almost define the Gold shows as imbedded Nuggets!!!!
might be a good idea to start digging them out,
Indi, I'd disagree about PI influence here.
I base this is on previous agm and management asking for our votes.
5,10 or 20% COULD make a big difference here.
Well said rcgl
"This isn't a junior mining bull market frenzy where bids are being thrown around like confetti. "
Not yet, but watch this space...
You are absolutely right Eish...and to my mind there is nothing preventing SOLG from doing it...if it is the current SOP...
Something like...
"The current status is that the Company remains in receipt of X non-binding offers, with five site visits having been completed. Although none of the non-binding offers have progressed to firm proposals to date, the Company is in advanced discussions with Y gold, and Z copper roducers. There are currently twenty companies under Non-Disclosure Agreements (NDAs)."
Do you know eloro. I've now been picked up for squid not squib 5 or 6 times.
Makes me smile, and do you know, I would of put money on it being you this time.
Anyway, off to bed to dream of the £1.50 a share that's round the corner. have a good day
Bulletin
Private individuals can rant as much as they want on a bulleting board, however I suspect the votes of PIs will make little difference to the overall outcomes at the AGM.
FWIW and IMHO, I also believe the Strategic Review / JV / Sale Process has been impacted by geo-politics. On the one-hand Western governments do not want the Chinese to get their hands on such a valuable asset, while on the other hand the Ecuadorians appear to prefer the Chinese being involved. Add to this the 'diverse book' (dare I say), and we've ended up in stalemate with the share price suffering as a result. The million dollar question is, how do we get out of this royal mess?
Fort showing his true colours today.
Blanca is an epithermal target and it's good to see some very promising grades in the rock samples. This is maybe the breakthrough SOLG we're looking for when doing the last exploration campaign.
But this will only ever be an appetiser for Cascabel. The chances of 1000m high grade cores is remote at best anyway.
The comparison with other companies is amusing too. I can see why the GGP investors were frustrated. Clueless to put it politely.
If there is one thing any undecided investor should do it is not listen to the noddies on this board. Fort leads the group.
Lord Braggart! Think he’s had his wings clipped a bit having to drive round in a little family put put when he was used to a v8 merc!
He reminds me a bit of foghorn leghorn.
Very misleading colonel.
It doesn't matter who was steering the solg ship over the last 12 months we would of been down anyway.
Stop the witch hunt and get back in your bunker
Voting in favour of the board and backing them all the way.
NAL, I gave you a tick up because you made me laugh this morning when you wrote "damp squid."
Squids are damp because They live in the sea:)
I think you meant to write:
Damp squib=Something that is disappointing because it is not as exciting or effective as expected.
I think Lord (RK) Braggart is a damp squib. At least that's what his wife says:)
DBW, agreed... got to start somewhere. If this was an RNS from an AIM minnow like EEE or others, it would put on £50m+. Instead, SP is struggling to notch up £10m advance on cap. But lets not worry too much as the sp would be moving faster north if we had 4 or 5 1000m high grade drill cores to report. Wonder whether Scott and co are suddenly waking up to the Mather strategy? Had they adopted that earlier, we might be 40p+ right now and ENSA could tick along for as long as it takes... who cares etc etc. Instead, the CGP boys put all their eggs in one basket and then dropped the basket by looks of things.
Anyways... enough of those guys... soon be some fresh blood and impetus back driving this business forwards.
What is very exciting about today's news is that the smaples are circa 10km's from Alpala. And what's even better... is they have nothing to do with ENSA. It's under the Ecuadorian subsidiary, Carnegie Ridge Resources S.A.
Just imagine... if the are joined? Literally one large spine/belt running all the way down. Yum yum!
Bianca might turn out to be the real 'core'. The real 'low hanging fruit' core that NCM thought was out there and wanted SOLG to continue searching for it.
With Bianca (it's early days but lets get excited).. Tandy (open pit shallow and cheap to mine) and then Porvenir... these are all potentially solid mines which are much easier to finance or partner up on as lower capex and lower risk.
The time to fully test these was 'the last 12 months' as they would have offered support to the SP. And lets face it, it would have cost less than $20m to knock out 5 to 6 holes across all of them.
Missed opportunities.... and now with an SP of 8p... we are hugely handicapped, cash pile dwindling and looking like we won't be raising very much cash from those 157m shares.
Bianca looks great... unfortunately due to Scott and Bob et al... they've left us with Ricky.
Such excitement.
So much chatter.
Even reading one clown predicting £1.50 again.
Wonder how the markets are reacting. Oh, indifference
Come Thursday it will be another damp squid.
Bbg, be careful mate, you will wet your knickers.
Some of you must be in extremely deep to keep embarrassing yourselves, over what after all amounts to another rns that means F A in the real world
Cascabel started with a few rock samples
“The Blanca-Nieves Project is strategically positioned approximately 8 km north of the company’s Cascabel Project in northern Ecuador, which features the large Alpala and the Tandayama-America porphyry copper-gold deposits. These Projects are situated on the Northern Andean Copper-Gold Belt.”
The strategy is clear as day. Turn Cascabel into a turnkey project which is both fundable and saleable.
"if you have the patience."
Well, I've been here since the 3p days, so I think I'll manage in that respect.
If I don't peg it first :-)
Well im sure you wont be disappointed, that's a decent average should make a decent return if you have the patience.
The Majors have a knack of trying to force as many Private shareholders out as possible, they are very greedy.!!!!!
Low Sp buying opportunities like this week only come around now and again,
Hold Tight!!!
Roxi, I added yesterday, to bring my average down to sub 10p.
Just sitting, waiting for a sale, same as I no doubt will be this time next year.
Then again, a sale is imminent and just round the corner, so I'm constantly told, Haha.
Anon, great buying opportunity, imo if you have spare cash, that is, bottom drawer until 2024/25
Bob was the one who said fast and smart.
No one put those words in his mouth
If I read that right Condor announced they had instructed advisors to find a buyer for the project in Nov 2022. It's open pit and they have a BFS completed on it, fully permitted and drill ready. They have 5 non binding offers, and lots of site visits etc completed, but they still don't have a binding offer, 13 months later.
Doesn't that illustrate that Solg attempting to sell Cascabel which is only at PFS stage subject to revision, not fully permitted and is absolutely massive is a process that was never likely to be completed in 6 months. People calling for Bob Sangha's head, claiming he hasn't delivered etc should think about just how long selling these sorts of assets can take in this market.
This isn't a junior mining bull market frenzy where bids are being thrown around like confetti. DD takes time.
Really? You'd never know, looking at the SP.
Total disdain, as per.
The market already knows what we're sat on and is only interested in one thing, imo.
Can now buy !!!!