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Gino/a
I called those who can not admit their faults, B@@stards, keep looking for Nesiee, maybe one day will turn up like SOLG this morning.
Maybe it is time for you to get some cheap Whisky to keep you warm, I am nice and cozy with further risers this morning on the list of winners in November. not many can beat me on the TIMING ( I have found none so far and is decades)
COMMODITIES
Gold and Silver well up this morning, and so is SOLG 9.38p +0.52p, so the turn is on as predicted.
Intraday chart ... http://uk.advfn.com/p.php?pid=staticchart&s=L%5ESOLG&p=0&t=1
Add - that's what I was saying. However, it's very hard to change a budget for the following year just a couple of months before it starts when you're employing hundreds more people than your remit carers for.
I do think 2023 spend would have been similar had it been Scott or Cazzubbo at the helm - it just would have been spent in different areas. Cazzubbo would have spent it prepping the next cabs for example.
The time to judge Scott vs budget is 2024. Spend should be halving and he'll need to stick to it.
Bozi, I totally agree with your observations, particularly those related to a lack of experience, but there's one exception; the budget.
SC will have ripped-up the existing budget when he he got his feet under the table at the beginning of this year and will have devised a new one based upon his turnaround plans. Every decision that's been taken is framed by the need to preserve cash for as long as possible. He's buying time to allow the delivery of the strategy and we must give him the space to do so.
KapilD - what don't you understand about the stated strategy?
- progress government agreements
- phased development plan 1H 2024
- ongoing strategic review
You might not like what they're doing, but to point to the money spent and say there's no strategy is just poor.
The spend is out of current management's hands. It will have been budgeted for in 2022 or earlier based on employee headcount. If you wanted to judge Scott, judge him on next year's budget.
Fort - did we see much growth from the Rio Amarillo and La Hueca exploration efforts?
How about the Blanca Nieves campaign?
I'm long on record saying that we should have been looking to drill Helipuerto for the nearology with Warintza, so it's not as if you need to convince anyone, but you still seem to think that household names are interested in earn-ins on individual projects. They are not, and generally for reasons I won't go into on here.
Of course you're entitled to your opinion, but like your long-held view that everything was going swimmingly when it wasn't, you've taken a poor stance once again. It shows a critical misread of boardroom dynamics, the progress made by the company in the year and the requirements to get this over the line not to mention an appreciation of how things work.
It's time to detach yourself from the Fort alternative reality because it has failed everyone to this point and it will continue to do so.
I know plenty on here don't agree and that's fine. But how they can spend over 12 months and USD $70 million and still be unable to articulate a coherent strategy to shareholders is beyond incompetent imo. They need to seriously get moving!
I've just remembered when mather reached out to small shareholders.
He told us there will be multiple exit points for all shareholders.
He was right all the from 50p to 8p.
Bozi,
It's not about trading excitment. It's about 'growth'. Growth comes from exploration.
SOLG are apparently not a developer according to Scott. And we're not an explorer either? What are we?
You're entitled to your opinion as am I. I don't share your views. If you think sticking with a bunch of guys that spend $70m per year doing zilch is a good idea, then that's up to you. You'll find out out the hard way. Well... you already are I guess. As are we all.
Fort - Mather is the very last person in this planet. That would sanction a JV. Your whole argument comes crashing down with that comment as it's showing a complete lack of understanding about the players involved.
Your strategy is the very worst. Every farm out reduces the attractiveness of a regional project but as long as you get drilling excitement to trade your book I suppose that's fine.
I certainly won't be voting them down because I know what comes next. It certainly does matter what the first bid is. It always matters, competition or not. The lower the auction starts the lower it tends to finish.
I haven't sold any Stock at all. I'm bullish on the asset but absolutely despise this management team and Maxit. Never seen such a poor show from a set of execs that are supposed to be experienced.
$70m wasted in a year. What a shambles.
Vote this lot in for another 12 montsh and they will be laughing their heads off. I think they all expct to get booted.
But ultimately it comes down to Norges, Tenstar, BHP and Newmont on how they see things. Not sure on who's holding si held under Bank of Singapore Ltd. Any ideas? They have 3.5% and don't recall a TR1.
Right on cue. Solgolds very own heed tha ball
What’s going on in your split level head today shunts?
"a million words, day after day"
And that's just you, needalife.
Pipe down you dafty 🤣🤣🤣
Fort is adorably simple
As if Fort can change the direction of Solgold with his vote anyway , you gotta laugh at the very implication.
Agreed Sharket …… Fort if you ask Nick he’s fully behind Scott
Not only one of them but fully supportive of Scott and the direction of travel. Fort has either sold his 600k shares for a huge loss and is looking for a lower entry, or has no idea what he's talking about. Probably the latter.
“ Sack the lot of them”
Mather is one of them ??
Bozi,
I repeat... doesn't matter what the first offer is... any offer will do. Even if it's 20p. Why... because others will follow? Why? Because Tier1 assets of this quality don't go for £600m.
The copper upcycle won't last forever. The sweetspot is likely 2 to 5 years away. You'll be late to the party if you waste another 2 years with these jokers. It's going to take at least 3 years to get production moving and into the market. And that's based on a phase one shallow resource base case.
20 interested parties in the data room. Copper in demand. So of course the assumption is there is huge demand out there for Alpala. Perhaps it's this management team that are the obstacle? Perhaps they are the ones that can't seem to engage with buyers properly? Perhaps they are the problem? When that penny drops... you'll soon realise that if you vote them down, you'll soon see positive events unfold. Why? Because they will get a deal done. The rest follows like domino's. Hopefully Noront style stuff.
They've had their chance. Failed. They had chance to get some exploration sorted to run in tandem through regional deals that are earn ins or zero cash burn cataysts for shareholders and they failed. They've had well over 12 months and they've not delivered anything that involves partners or moving assets forwards.
That's why they need voting down. Yes it sounds chaotic.. but from chaos comes 'action'. And to date I've seen no action from CGP at all.
No management team on this planet would go into this AGM with zero news and expect to be voted in. The fact they have zero to say or have been zero prepared spanks of a management team and advisors (maxit) that seem out of their depth. Scott's not CEO material at all. You know that. But he's Maxit's material that's for sure. And look where that has got us.
It's taken them almost 12 months to decide the best way forwards is to relook at the mine plan and pFS and go for a shrinky dink version lol! Erm.... guys... that decision should have happened this time last year and then we'd have it done months ago and would not have burned $70m and have absolutely nothing to show for it.
Sack the lot of them. Get Mather back on board... get some partner deals done and get some exploration underway. Then by all means sit back and let Alpala drift along while SOLG punches holes into more potential Alpala's.
Fort - do you think that someone favouring as opportune a time as whilst the company is changing CEO to make an offer will be interested in making an offer fair to all shareholders? They won't.
If binning Scott brings a bid event forward then the bid won't be worth the email it is written within.
If you voted Scott out in 3 weeks time, what control do Maxit retain? The guy they inserted as CEO will be gone and they'll be relying on Mather, Charmandy and MacDonald being able to pull enough strings in the background, and there's no guarantee of that.
It's time to stop rocking the boat. You've rocked the boat the last three AGMs and it has achieved Jack diddly. You can afford to do that when waters are calm, commodity markets are buoyant and everyone is happy with their portfolio. You can't afford to do it now where we're fighting the tide, getting smashed by some pretty big waves, etc. The boat runs the risk of overturning.
Your whole thesis relies on there being a wealth of competition. Without it your whole case collapses, and there's no guarantee that they're all waiting for each other to move. Were that the case, someone would have taken the bait by now.
For what it's worth Fort, I'm not against locking myself in for a couple more years. Get the phased development plan out and show an ability to finance it. In a rising copper market, that is the way to illicit a proper bid, not a 20p per share firesale.
50 years of investing heh NAL?
Clearly they had you in mind when they said that there is no fool like an old fool:)
So, if you have been investing for 50 years, that would put you in your 70s at the earliest. Spending your twilight years on this BB is you playing your favourite sport of Coffin dodging:)
At least you can blame your illiteracy on dementia. Have you changed your diaper yet NAL?
Being a schoolboy is infinitely better than having to rely on a carer for the basics heh NAL!
Mr Drake , says the man who has been wrong every week for the past 3 or four years. Who thinks you would be correct this time? You have a track record for coming to the wrong conclusion.
Bozi,
Getting rid of Scott as CEO doesn't effect the bid situation. I will likely bring the event forward. If we are to assume that Maxit have some parties lined up that have a rapport with them, then they would most likely bang in an offer if Scott gets removed pronto rather than run risk of new management coming in.
Maxit and co won't risk losing control so if they are faced with shareholder rebellion then you can banl your bottom dollar a bid will follow very quickly. And as for low balls... it doesn't matter what the size of the bid as it's all about forcing others to make a move. Until someone makes a bid... no one will move.
So think of it this way. If you want Maxit to feel some heat and deliver a monetisation event pronto... then vote everything down. Vote all of it against.
Then watch these CGP's act fast. Voting for them just gives them another 12 months to take the p155. You are bacially voting to be locked in here for another 12 months.
Nothing will happen in Q1... there won't be any PFS. Mark my words on that one. You'll be lucky to see a PFS in H1. They will just string it out. Why wouldn't they? No rush is there?
It's time to call an end to this poor management show ... $70m spunked this year on what?? No exploration?? It's woeful. Even I thought the CGP boys couldn't perform as bad as this. And I had high hopes for them. It's been a shambles.
Vote them out or you'll regret it. If you want a buyout... vote them out as it will land fast. There is no stability in continuing the weakness and instability. That's just plain stuipd.
You sad, sad bunch.
a million words, day after day, and it really makes not a scrap of difference how you vote.
clearly, nobody cares, nobody.
if they did they would be buttering you up.
instead, they have, they are, they will treat retail infesters with complete contempt.
and if you all fail to see it its even sadder, im a complete nincompoop, but after
50 years investing I think I can speak from experience, not from Irwin's share buying for schoolboys.
how are you getting on with it eloro.
Turkeys and Christmas come to mind here. After the turmoil of the last 2 years the very last thing we need is to vote out our heavily invested CEO who has spelled out that he is pushing for what we all as private investors want.
It should not even be remotely up debate, unless you are Quady and want us to transition into a producer.