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Pipe down Teslaslug you absolute dafty.
Losing your shirt on Star Phoenix has made you very bitter hasn't it?
What were you thinking? StarPhoenix? It sounds like a company that manufactures those plastic gold waving cats you see in Chinese takeaways .
Toddle off now, the adults are talking - unlike your 100% lost investment, SOLG still has a fighting chance.
Why has the company failed to deliver updates on resources there used to be regular update and over 12 months nothing surely not right and why share price has tanked ?
They probably haven’t got pristine padded walls with red crayon marks all over them
Mr. Twigger, Chair, and Mr. Clare, Non-Executive Director of SolGold, jointly stated:
"Our time at SolGold has been marked by significant progress and the consolidation of the Cascabel Project. The company's current trajectory is highly encouraging..."
Current trajectory highly encouraging? Were they holding the chart upside down?
Given we are nearly 200 million off our spending commitments for Cascabel in the current IPA... I am sure they are also questioning our credibility.... Especially as we try to negotiate a new one, whilst having mothballed it.
Absolutely SM, no credibility whatsoever after the last 12 months.
It's the contradiction to all the arrogant statements around merger that annoy me most. CGP "know it better than everyone else" berks. Big-headed plans and promises, no execution.
Will be interesting to know what favour they still hold with Govt. Or whether that is hot air from Scott as well.
One thing is for sure, the resignations were not planned and something has most definitely forced their hand. You don't get yourself in a situation of announcing the resignation of a chairman without having a replacement lined-up. And as someone else pointed out, Twigger has only recently ponied up more cash for a share purchase. As ever with Solgold, nothing is straightforward.
Summit …. Yep
Plenty incentivised here to do a job
Add, I think the strategic review was launched prior to PFS3? I sold out when Scott did that interview announcing the "phased approach" with a ridiculous timeline against it, because it clearly marked the end of the (short lived) "fast and smart" mantra.
As always with Solgold, we're left guessing, poorly informed, wondering whether the company actually has a plan, let alone whether it is capable of delivering it. My guess is that we are producing MRE4 and PFS3 so that in the event we don't find a buyer or a JV partner, we have a more realistic chance of going it alone and raising the requisite finance to do so. There is no way in hell this current management team would have been able to get away a fundraise for the original mine plan IMO. Generally speaking I feel our credibility has been shot to bits over the last 12-18 months.
Seems to me you clear the decks pending exit 🤔 ceo has skin in the game so aligned
True to form the share price not reacting well to the CGP boys RNS. Sp seemed like it was getting into better waters but good old Scott and MAxit are there to slap it back down!
Can't have it rising can we boys?
Add - I do, but to coin a Cazzubbo phrase, there's a element of plan B be getting plan A about it.
We decided to stop pushing new cabs and instead we're repairing and painting the old cab before we send it to auction.
1984 - that's just your view though. I don't know how anyone can justifiably hand the keys back to the same rabble even when you consider what has happened over the last week!
That said, new lows of state behaviour and standards are being normalised all the time.
I do however believe that this lot have used any pass they may have had, and I'm not saying that to wind your or anyone else up. For example, I don't think I need to ask for your view on Sunak's claim that he halved inflation.
People have had enough. If they vote for something more terrible it's because they've been driven to it. I'm not faulting them.
SM, yes it was, so thanks for clarifying. And I agree with your comment about Mather - it's not typical for an NED to make this sort of comment in an RNS.
My main point is that if a new PFS/MRE/mine design etc is critical to maximising value, why did we commence the SR simultaneously? Wouldn't it have made sense to wait until we had all the info available?
Add, in case your comment RE lack of work on the PFS was because of what I'd shared on here, the document did state that some of the technical work would be done in house (which we have to hope is underway, god knows who is actually leading on that though), and then a third party would be found when required. Direct quote:
"-Engineering of the elements required to advance the study will be conducted by SolGold technical personnel; and
-Required third-party engineering will be sourced through a multiple-bid process and awarded to qualified firms
based on quality, cost, and schedule"
Reading the second part of that to me implied we haven't gone out to tender for this work. Perhaps we have in October/November (as the doc in theory only an analysis up to end of September), but then again we do reference activity that has taken place in October/November elsewhere (e.g. under Government Relations).
I'm not too sure what to make of the resignations. I don't think the two of them would have been voted against at the upcoming AGM other than by the usual suspects. I found it interesting that Mather was quoted. First we've heard from him for a while.
Bozi, do you not think we're pursuing two separate and contradictory paths at the moment? On the one hand we've opened the doors to all comers and have said we're open to anything, and on the other we're supposedly working on a new PFS, funding etc. The matter was further complicated by the suggestion in the MD&A that we're not actually doing any work on the PFS. Which is it? A question for the AGM, I think.
I understand Fort's frustration, but I do think he's terribly mistaken about SC, notwithstanding what I've just said.
Don’t agree bozi. Replacing something terrible with something even worse for the sake of change is totally irrational. But hey, people are so stupid they’ll just do what the bbc tell them anyway
As for Scott, let him finish. He’s not moved to a s.h.it hole like Ecuador for the long haul
It wasn't an issue for you when the merger was announced Fort. Why not?
After all, Maxit have previous here.
Your argument is slightly contradictory. Let's go ahead and vote Scott out for example - what happens then? Maxit appoint another proxy and charge themselves another pretty penny for doing so.
The options are therefore to keep with Scott and hope he can sell it in 6-9 or bring a new CEO and BoD in and reset the clock to 18 months+.
That should tell you who your turkey is.
FTJNY
Nonsense... vote Scott out and you'll force Maxit's hand. Between Maxit and Mathers et al, they hold enough stock to make sure BHP don't run riot. You need to look at the share register and realise that there's not much BHP can do.
So you can vote for turkeys again at xmas like you did last year or you can try and inact some change and apply some pressure.
They've blown $70 this year on what? And you want to vote them in? You're not throwing away the keys by voting Scott out but you might be regaining some level of control by doing so. These CGP boys are wrecking this business and profiting themselves. Have you seen the fees that Maxit have raked in this year from SOLG?
Add - the director argument is garbage but I can understand the general sentiment.
Do you not worry about what the path might be to a sale back in the region that many were initially expecting - say 40-60p (60 being close to the analyst' average)?
For me, it means SOLG needs to survive and keep itself solvent for another 9 months. We need the phased PFS to be water tight, attractive and generally not far short of definitive in its standard/bankability. We're going to need commodity prices and sentiment to move and hold in our favour and after all that we'll still probably need a competitor to the first bid.
That's a lot to hope for unfortunately.
The problem for Fort is he has gone from being the most bullish chap on his to the bearish. There's no in between. There's little to no nuance. It means he understandably gets picked up on for extreme views on both sides.
I do hope we can all find some peace where SOLG is concerned and quite quickly. Many of us have gone through the wringer in recent years with the way the company has been managed and it's about time it came to an end.
For me, if Scott and Maxit aren't going to sell it, step aside and let someone else come in and push it the Quady route.
'Well, I'm not happy losing two directors...' In fact, I'm so unhappy I'm going to vote get rid of another one. Hmm.
You've given us five points suggesting the company is being lined-up for a bargain basement sale, but appear to be happy to trash the sp completely by getting rid of the CEO. Another hmm.
In an earlier post you also seemed to be implying you want the Chinese to bid for us at a negligible value just to provide you with an exit. Another hmm.
You really do seem to be very confused at the moment.
Based on what we've witnessed the last 13 years 1984 that is the definition of completely rational.
Please give it a rest! All this Scott out rhetoric is like Turkeys voting for Christmas! If Scott is voted out the chances are we will end up with a CEO who is aligned and in the pockets of the big boys and then you can truely kiss goodbye to any chance us PI’s have of making a decent profit! Scott is doing a decent job under very difficult circumstances ( Market & Ecuador) and has put his money where his mouth is and invested in Solg as well as relocating to Ecuador! IMHO anyone voting him out well and truely needs their head seeing to!
Certainly feels like the scene is set for an offer announcement but whether that is teased pre agm and fulfilled in H1 2024 .. who knows... but the 'how to sell a company' playbook has been pretty much followed to a T.
1. Reduce share price so threaten shareholders with some kind of misguided reality
2. Reduce cash balance to point that means more dilution
3. Reduce company to moth ball status and bore shareholders to death
4. Sack or remove chairman and anyone esle that gets in the way of sale plans
5. Present pony offer to shareholder and pray someone else counter offers it.
Tick tick tick...
Trouble is... they have an AGM coming up and the above is not going to help much if Scott gets the boot. So what else do they have up their sleeves as planning like above always results in plan b's and they knew what they were walking into Come Dec. So come on Scott and Bob... time to show your hand very soon. Lets have it then.
Exactly DBW, the same kind of irrational behaviour as those who will vote Labour because it’s not conservatives