We chatted to IronRidge Resources' CEO Vincent Mascolo who explains why the company has become a lithium explorer. Watch the video here.
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After reading and digesting Friday detailed RNS carefully (very carefully....) I came to the conclusion that although few matters not fully clear enough, overall we have no reason to worry too much, certainly no need to panic....
Like few said already, as an exploration company with no revenue funds will be needed at some point ....not urgently for sure...as always what remains to be seen is when exactly, whom from, and at what cost for us pi....meantime we expect raft of drilling/assays results that judging by the potential could well support decent rise from the current lows....as always IMHO.
For me personally it means no plans to sell any of my holding, quite the opposite, I will try and add when I can to make the most of the current weakness, and increase my growing (again...)stake here.
GL all and enjoy the rest of the weekend.
As ever Quady is wrong. I did not say that once BHP were released from their restrictions we would get a bid. In fact, and as I've said previously, I have not put a timeline on things. It's simply my belief that it is inevitable - as appears to be the majority opinion both on this bb and amongst industry and City experts.
As for the 'retirement' situation, it's as plain as the nose on your face. Throughout last few years Mather has been full of pomp, and in a sense, justifiably so. People on here and specifically Quady, boldly dismissed any idea of him retiring and argued forcefully that he was 'only 68' and had plenty of juice left in the tank. But then he made the mistake of thinking he could ignore our major shareholders.
Quady and a few others thought his 'triumph' of gaining re-election demonstrated how he'd given the majors a 'bloody nose' and how they would now 'skulk off with their tails between their legs' (these words were actually used immediately after the agm.) This was a classic misunderstanding of boardroom and shareholder dynamics, particularly when a new board had only recently been appointed. The expressions of disquiet uttered by NCM publicly were a clear indication of what was to come, and sure enough it happened.
I don't believe a man like Mather had any wish whatsoever to walk away from his position. He was on the verge of a triumphant end to his career and people in those circumstances don't simply walk away. But the most telling reason of why I am right is this; if he was planning his retirement for the past 12 months, why did he put himself forward for re-election, only to 'retire' a month later? You really don't need to think much beyond this fact.
Anyway, this is history and we are moving towards a very different approach to our interaction with our main shareholders. Personally, I think Mather's NED situation may become difficult, particularly for a new CEO and, consequently, may not last long. But who knows? He may prove to be an ideal NED and will offer full support to the new incumbent, but for me, the jury's out on that one.
Hi Hi from someone who said this on Thurs ?
"15p coming soon, may be 10p.........the two wolves will savage the SP to buy more. Standstill expired so someone is buying off market after orchestrating the dire rns."
think we all know what your agenda is LOLzz
Redknight you make a good point in NM's share holdings and influence, and I take that on board.
As Barry says the idea was that NM was always going to step down, as we transitioned to become a producer has been reported more than once, but completely ignored, because it doesn't support his argument. ( he never let's the facts get in the way of his postings )
We know in some detail, thanks to the MD&A the reasons for the changes in the PFS.
Just look back at the rubbish that has been talked about.
First we would never sign the Franco Nevada deal, as it was a bluff to get a bid from BHP. Even though we were told many times it was covid holding up things.
Then we were told that once BHP were released from standstill, that this would be over by Christmas.
We are still being told a bid is imminent, even though we have changed the BOD over time, to improve governance and bring in experience to build a block cave mine, and move to production.
We have more than one reference saying we are looking for the CEO to have experience of building a block cave operation in South America.
The way some of the armchair CEO's talk, you would think that no one in the world has that experience. I think it's a possibility that someone has already been found, and are coming on board, and are disengaging from their existing role.
I have always said that we need to get the HLD and LLD correct, and this is exactly why the PFS is changing.
How do I know that, because the MD&A lays it out in some detail.
We have the conspiracy theorists that say that it was too expensive to build.
They should read the MD&A slowly, it says no such thing, and lays out that significant cost savings can be achieved and why wouldn't you do this.
Remember we are expanding Alpala construction, I guess like me you are thinking that this is going to pull in more resource than we currently have, and that could lead to a significant increase in the PFS, possibly some of the higher figures that have been discussed on here.
All the best.
I think commodity market is about to tank, I don’t trust the evil bankers........they always hype up a sector when they are ready to sell. Big boys sell into rallies while bag holders sell in downturn.
Don’t suppose you could post the whole article?
Smick exactly right
CGP must know that by backing BHP/ NCM they are potentially voting to dilute their own holding .... so what is their angle?
Whether pi’s like it or bot our interests are very much aligned with Nick’s .
The main danger is the board majority just doing a cheap placing favouring BHP / NCM.... Nick has recently proved twice that there are other options, this clearly hasn’t gone down well but demonstrates that punitive dilution is not the only way.
For balance Red Nick with the backing of Pi , valuestone and blackrock still have a major say I'm things and all are looking for a decent payday.
Yes cgp voted against Nick in the agm but that does not mean they would vote to shoot themselves in the foot.
As Quady would put it the beauty of a diverse book and probably soon to be more diverse.
Absolutely right Scrat..buddying is common on top Boards...
ONLY BHP, NCM and Cornerstone...? Together with Valuestone and BlackRock they could decide our future...
Come on Quady they couldn't boot him...he owns or influences 17% of the Company...hed be a lose cannon at a time when they cant afford it...if youd been in Boardrooms of PLCs you'd have more savvy...
Barry don't bother with him, he only posted that, because he wanted to have a go at me. He ignores all the evidence, and has previously said, once BHP were released we would get a bid, that this would be over by Christmas, that we are doing things to put pressure on BHP to bid.
Everything he says is a bid is coming, he is the most consistently wrong poster on this chatroom.
All the best.
Add.. I believe that it was confirmed,in a call to Ingo, that NM had already planned to step down in the summer but needed the backing of PIs at the AGM to stay on as NED. A summary of the investor call was posted on here a few days back if I remember rightly.
I’ve had it confirmed that the Franco money (100m) can be used for any license that falls within the Cascabel concession (ie Tandayama) ..... though I think we’d reached that conclusion anyway .
My two long festering thorns - SOLG and SCLP - for two different reasons could at last see cure-alls. SOLG might take another month but SCLP (as it's on the airwaves across Europe) could instantly double on Monday morning. Dream on . . ..
We have all the evidence we need Quady. He no longer has his job and if you think he voluntarily 'retired' you are more naive than I thought.
Ideally, non-execs taken together bring independent experience spanning all dimensions of a business. Sometimes they individually and explicitly buddy an exec directors own portfolio. I don’t think anyone would baulk at NM being the non-exec leading on exploration.
Not sure the discontent was across all shareholders - the voting seemed to imply only Newcrest, BHP and Cornerstone voted against NM. It appeared nearly everyone else who voted for him. Maybe that would be different today. I colud be wrong.
Possibly LunchMoney, but usually when a CEO goes, he leaves the company.
He was voted in by the PI's and that is such an usual result.
The MD&A gives the reasons.
I know that is standard speak, but maybe it is what it says.
I guess we will see.
Not sure about that one Quady...
The AGM voting clearly shows discontent with NM in the CEO role. He almost didn't get the votes. So it ultimately cost him his job (as CEO).
Sure, he has moved into a role with a more suitable 'explorer' focus - hopefully better for everyone.
There is no reason why Solgold couldn't strengthen the leadership team with block caving experience. I don't think the CEO needs to be the person with most block caving skills - he can get that advice from the Board / technical committees.
Let the CEO focus on stakeholders, strategy and delivery.
All the best.
to be investing in SOLG and to make money.....Lucky we have such asset size already and potential......but bottom drawer for now for me.
been in SOLG for 13years or so......Although tempted to add at this price........it just feels a bit complicated!
We have no evidence that the AGM cost NM his job.
If it would have cost him his job, he would be out of Solgold.
What we do have is the next part of the evolution on taking this to production.
NM has stepped down, and is involved in the exploration.
The next part of the evolution is to get a CEO with block caving experience, and that is exactly what we are doing.
Plus Add it probably cost him his job simply because he was trying to do the right thing ..... NM now knows he can’t push the big boys around.... on the other hand BHP/NCM now know there are plenty of alternatives to their sub value placings which has been confirmed recently.... twice .
My take is we will need money again at some point basically BHP/NCM can put up or shut up
He is probably on the same money with less responsibility and can get back to what he likes exploration.
Felt my investment was safer with him in charge and skin in the game.
As I have said before the first time I met him his first question was when did you buy in? “Oh good so you’re making money then”
Pleased he is still going to be around in some form.