We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Tesla - You're crazy to think that the management, with 17p vested options, would accept an offer in the twenties, as this would give them a return of only between 18% and 71%. Not happening.
Alternatively, there will be gossip and rumours in the appropriate press before the deal is announced, rerating the price to within 50% to 70% of the offer price, to maintain appropriate appearances and secure the vote.
Just a waiting game.
Addicknt
I’m sure the other companies you highlighted would have had employees that if they had been successful would have been highly rewarded.
I am not up to date with how much these guys are invested buy hasn’t Scott got millions of options at 17p, in which case he hasn’t put any money in, he has been given an incentive. Perhaps,he has invested his own money as well.
However, there is no way i would visit Ecuador on his salary pro rata never mind live there……
Also, I do think this board has flipped from too much positivity to being too negative. The risk reward at 8p has to be reasonable between failing completely and the company being taken out in the 20s
It could not have been easy for Scott to make the transition from Canada to live in Quito at his age. Quito is at 2,850m above sea level. Altitude sickness starts to kick in above 2,438m. Every time he returns to Canada and then fly back to Quito, he has to become re-acclimated to Quito's high altitude.
He is not there for fun.
Banditputin, I absolutely agree with you that we aren't capable of taking this to production and it's always been a complete fantasy to imagine that we ever could. However, one of the key differences between us and SXX is the amount of money the key directors have invested. Their interests and ours now appear to be completely aligned, whereas I always had the sneaking feeling Fraser's weren't. This was also true of Peter Secker at BCN.
Our guys will be fully aware of the many examples of companies being over-ambitious in the mining sector and I believe they are now fully focussed on making sure we don't make the same mistake.
Arapahonation, for the reason mentioned above I think your observation about remuneration is totally spurious. Caldwell's commitment to the project is demonstrated not only by the level of his investment, but also by the fact he was prepared to relocate to Ecuador - not a simple decision at his age. He is hugely incentivized to make this work. DC's remuneration was absolutely obscene, as was Fawzi's, but the days of snouts in the trough are over. Of course, Caldwell's yet to deliver, but he appears to be on the right path. Give him time.
Relax Metooooo. It's the weekend and all that gold, copper and silver will still be ours on Monday. Relax.
Starting to have concerns whether this dog will ever bark.
SXX also slashed the staffing levels back to a caretaking crew while they considered a strategic review and tried to do funding deals. I think Solgold have put a caretaking team in place here. Maybe Nick Mathers mate could do a cosy up with Nick and ask him to go cap in hand to BHP and ask them to do a deal at 45p.
SC is obliging taking calls. I hope he has got a plan to move things forward from here. You don't replace someone on £800,000 with someone on £200,000 and expect to get more out of them. All that money spent on exploration does not seem to have improved the position although it will benefit someone else I imagine.
I hope I am wrong. Maybe SC can enlighten me as to why I should be optimistic at this stage.
'They then tried a strategic review to slimline the initial project. '
hmmmm
Quady says: "You cannot compare us with any other company out there.
What we have is unique"
If you were trying to sell this with a pitch like that at the board level it would not wash. I hope Solgold has a better bargaining position. I hope they have lined things up so there is a deal to be done. To me, it makes an interesting comparison.
Do you think mining companies have never dug metals out of the ground before? They make the cost analysis based on the data presented. That's their day job. Bread and butter. Simples. The big boys know what's required but they also know if they play it right they may get it for a steal. That's the hardball they play.
Anglo-American bought Sirius Minerals for 425 million and is spending billions building out the mines and a twenty-two-mile underground tunnel to Redcar to ship the fertilizer out. The viability of the project was there to see but Sirius Minerals just could not get the final funding through even though they had got the project well underway. They then tried a strategic review to slimline the initial project. The first production delivery is expected in 2027 for Anglo American.
"so in short we need to be up and running for this to be successful" Erm...isn't this true of every mining venture? In fact, it's true of every commercial venture, regardless of sector.
Hello anon3.
Going back some time.
When we had MRE1 at Alpala.
We had copper grades at 0.3% this was the cut off.
Then we had MRE 2 the cut off was lowered to 0.2%.
We then lowered it to 0.16%.
This increased the amount of ore we had.
All the time arguing that this was economical to mine.
This I believe is one of the reasons people are not falling over to purchase us.
We need this mine to be up and running in order to extract the ore from this large ore body.
Hence why block cave mining is the way forward.
Because in the long run it's cheaper.
Also because the diverse book means no one party owns 40% of the company.
It's makes it tougher to buy.
People on here quote 20 parties in the data room.
However looks like about 5 parties continuing to run a slide rule over us.
On gold their are smaller projects talking about 5 grams
We struggle to talk about 1 gram in places.
However lots of it and the ore is clean and contains other metals.
So in short we need to be up and running for this to be successful.
It's always been the case.
Every dog has its day
I wonder if the government of Ecuador asking for a 7 month bridging loan from the world bank could help or hinder this dog of a share :/
Bozi, I was asking while giving my view at same time.
Quady, I don't like it when you say the grades are not great, but there's loads of it.
It implies that it won't be cheap to extract.
I guess that's what it's all about. "Can any buyer make it pay?"
Nobody believes you Novice.
Just like we didn't believe we'd see a red dot on SOLG this morning...
Yes we see you.
Thank god I've got a few mill tucked away in GST...
But this dog will have its day 🚀
Are you asking or answering Anon?
Sounds like the latter.
Not everyone is in agreement, me included. I think things are likely to hot up heading into the AGM and some news on government approvals clears the decks for the phased development plan.
Most PIs will come round and re-elect Scott and then on we go towards getting the company sold in 2024.
As Fort likes to say, tick tock, tick tock.
3 million+ volume today
certainly a few out there adding while others sell or sit on hands.
Volume has calmed down somewhat since BSC sold out.
AT's still churning through larger blocks by looks of things. Bargain price indeed.
Good afternoon Gino
You cannot compare us with any other company out there.
What we have is unique.
I get that early stage construction with the copper and gold grades we have are not outstanding and their is no getting away from that.
However it is the size of the ore body which is spectacular.
If we get a near surface gold recovery at a lower cost.
Then we are going to build this, if not we need to JV.
Do the sums, I don't believe we are going to be purchased, because nobody will get all the invested parties together and make an offer agreeable to all.
Hence we need to build.
No, me neither at this price, as much as I think it's a bargain. Further to fall imo.
Is Gina invested here?
Plus, the offtake agreements weren't funding arrangements, more intentions to buy the product as and when it was produced. They weren't bankable.
Arapaho - but Sirius had started construction and had sunk many, many millions into the massive hole in the ground before they tried the next round of financing which was declined.
Despite the assertions of some on here we are NOT going to construct Cascabel.
I hope there is no comparison. There are definitely similarities. A lot of off-take agreements signed to help funding. Gina invested. Proven resources. A massive build-out cost. Theresa May, had suggested the Government would back the project while she was in office. The management line was always positive. In the end, Anglo American bought it out for 5.5p. Anglo America is building a state-of-the-art automated mine over a long-term build project. Anglo Mining saw it as an opportunity to diversify. I hope they pick up this project but not at these prices.
Exactly Red! No comparison to Sirius at all.