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DM, they bought more shares in June of this year.
Bang on DM, unfortunately.
Eloro - you think it's FMG based on what?
One of us here is throwing names up into the air under a thread set up primarily for speculation.
One of us is cautioning against unsubstantiated rumour. I appreciate I might be coming across a bit heavy but I'm naffed off. I want to see something tangible from the company, not necessarily sale news, but I want to see this updated mine plan.
It is absolutely not good enough for Scott to call a strategic review that disappears into the long grass, bring Bob and Dan on board who produce nothing in nearly 12 months and then let slip that there's advances to Cascabel coming but then not say what they are or if we'll ever be furnished with the details.
The time is now to stop waving our fingers in the air and rowing in behind Fort. This company needs holding to account.
DM, you do understand that any 'new' or updated PFS's are required to input current interest rates, inflationary issues and metal prices.
Seriously... why the ....$%%^^ would SOLG go and do that? Sometimes you need to align your frustrations with the market and changing circumstances rather than with SOLG. Don't get me wrong... it's frustrating... but there's absolutely no point what-so-ever burning cash on speculative exploration when you need to conserve it all to help give you the upper hand with your current jewel in crown and most important asset. Yes.. I want exploration too but I don't want to see us do more dilution or give the buyers or partners of ENSA the upper hand.
Sometimes you have to be smart and realise that decisions are made for a reason and based on strength. SOLG is in a strong position right now. Had they blown $30m on exploration, we might have another Alpala on our hands or we could have another cash call on our hands. Furthermore, it's possible when the chinese took part in the last capital raise at 16p/17p... they did so on bass of no further dilution until ENSA deal concluded. Who knows. But get a deal done on ENSA and then return to exploration makes perfect sense. Or... split the company into two and allow some investors to exit or take part in a dilutive capital raise to fund an exploration folio. I think the latter is what is being planned and hence the website revisit or delays. Just a hunch!
But in summary... promises made 12months ago... sometimes need reviewing against market backdrop. A new PFS today would be a disaster. But a new PFS next year might be great. Timing is everything.
All valid points, DM.
Apparently, we have someone on here who doesn't think we own 100% of Cascabel (I assume he was talking about Cascabel, but I can't be sure). Does he know something we don't?
Cheers Fort,
I think it's FMG.
I was going to predict that Bozi would be along to fly the negativity flag, but that would have been provocative:)
Personally, having stated this before, I think that given the country risk and the need to prove economically how the resource can be extracted, simply there are no unconditional buyers who just look at the size of the resource to pull the trigger. So management is forced into a corner, where it needs to bring the project to a more advanced and derisked stage. My take is that this is what Scott is aiming for, which also supports why he had to move to Ecuador. I don't think there is a big mystery here, or incompetence, or any other conspiracy. NM thoughts he could sell and for the same reasons he could not, DC tried to reduce the project profile to make it more palatable but he failed, SC is giving it another go and from what I see he seems more pragmatic about it. The price can only behave as it does for these reasons, until the eventual big news come out.
Eloro, it seems to me people now divide into the bullish, the jaded optimists (I count myself amongst this group), the pessimists (Bozi and DM are the most eloquent of this bunch) and the downright morons (I think you may be able to guess who they are). Between us we cover all moods, although I accept the pessimists have understandably been in the ascendent over recent months.
That's because one outlook for the company is quite negative Eloro.
With each passing week that the company shows no sign of delivering value for shareholders, that negative outlook looms into view.
Focusing on the asset as Fort suggests is utter bunkum. A tier 1 deposit does not equal a tier 1 mine. If it did, we wouldn't be sat at a £425m valuation for our 100% interest.
It's chinese.
Fort, I as usual just read your latest blockbuster with complete indifference. But one sentence caught my eye.
Your claim we've kept 100% interest.
Bearing in mind, all your posts without exception.,
Lack even a semblance of facts.
Your 100% interest claim. Is breath taking.
Your posts are littered with.
It's my hunch
I believe
I think
I'm sure.
My theory
But you manage to spend hours dreaming up blockbusters for us, trying to make your hunches look facts.
Mate, it's only the solg gullible who take it in
I'll make a prediction: I predict that 90% of the posts on this BB this week will be negative with experts extolling why nothing good will happen here because the SP is currently low.
I don't recall them posting negativity when the SP was touching 41p back in 2022. I think the minute the SP tanks, thanks to DC funding failure, out they come with their negative prognostications!
Given that we don't know who the suitor is who is at the heart of the current rumour, let us predict who it is so that we can identify the true experts in the event that the rumour becomes a reality!
Are the results due anytime now?
What another ridiculous post……
If this tier 1 mine was on the moon would you be focusing on the asset….
Cart before the horse, no] wonder you are floundering badly.
There is no evidence of what will happen currently because the company haven’t told anyone anything and judging by the volumes not much is happening behind the scenes either.
RAMPERS GONNA RAMP
At least some shareholder are actually asking themselves what are the board playing at!!!!!
I think you need to ignore the management line and focus on the Tier1 status of the mine. How many minnows do you know that make it this far with 100% interest and as such 100% capital development costs. It's the mining cycle game for you. Most minnows farm out the bulk of it through super majors tapping them up in early stages. Often forced to Gove it all away on the cheap like GGP and Newcrest scenario. SOLG ducked that... it was a masterstroke. Tapping royalty payments was only possible due to the quality of the asset and the size of it.
So ask yourself a different question... instead of looking at corporate activity and predicting it... ask yourself how many Tier1 mining assets are out there now that are NOT in a super majors hands or a very large Chinese conglomerate or National like Codelco etc??
I don't believe SOLG will be the first minnow to be 'stuck' with a Tier1 asset on the eve of a massive copper shortage do you?? Focus on the asset, it's world class... greatest find in last 10 years and has amazing metal mix which smelters die for. It's a cracker. But it's risky block cave and demands a lot of Capex before payback time and that doesn't suit the likes of BHP and other super major shareholders these days who just want fast low hanging fruit deliverables with zero risk. Trouble is... they are short lived and becoming harder to find.
Fort, I didn't really want to get sidetracked by the issue and definition of production. My question was about how often anyone's ever correctly guessed a corporate action.
For me, this company is the most unpredictable in which I've ever been invested, which in turn is a function of successive management teams who've failed to set a clear strategy and then to deliver on it.
Adikt. As per your eagerness to rush to post and appear superior has made you look silly.
Quady clearly said GOING to production.
GOING to production is NOT producing ore.
That's being IN production.
GOING to production is by its own definition GOING to production.
I know your in a battle to be the solg board superior being, but I'm afraid quady gets today's points. im afraid he's once again made you look silly.
Much the same as your hysterical post ref the rumour I repeated.
Count to 12 mate before posting.
As
Doing the test shaft would boost the asset price assuming ti derricks via proof of concept. Not sure how much that would cost.. possibly $200m? Think Darryl said it could take 18months to complete... so on that basis, SOLG would need to JV rather than it be an outright sale. So you could see a deal that gives away 10% of ENSA in return for all the blind sunk shaft work or staged % stakes on completion of various derisking works. I don't think Maxit and co want this style of monetisation as it's simply kicking can down the road but that said... if copper prices are soaring in 2025 and SOLG had a proven mine shaft that derricks entire project further, then the 90% ENSA stake is going to be worth double what it is today.
It's always a game of business acumen vs greed or desire for early cash in the hand etc. Unfortunately for us (or fortunately!) we have Maxit on board and they are the 'early cash' types.
Q, obviously I disagree. Digging a hole doesn't equate to production. Production is defined by having a saleable product.
Disagree addicknt.
The proof that we are going to production, will not be when we get the first ore, because by then we will be in production.
The proof we are going to production will be when we start work on the decline.
I was just thinking back to how often any of us have correctly guessed a particular corporate event - aside from the obvious such as cash calls.
Some of us correctly predicted the fateful AGM would lead to Mather's demise, but even then that was pretty obvious. Beyond that I'm struggling.
Incidentally, there's no point arguing that because we haven't been sold yet proves that we're going to production, because it doesn't. The proof of that will be when the first ore emerges.
When you think of it in these terms it shows just how much we are in the dark and how unpredictable this company is.
Can anyone think of other examples? Evidence will be required.
I’d be very happy if we can achieve 1.5 for the whole lot.. and that would require competing bids..
The long awaited PFS issued last year answered many of the questions raised by the Mayfair paid for service Crux boys report. If you read the utter nonsense they recently produced on GGP then you'll soon know how they make their money. That said, the elephant in room will always be the question over block caving and to derisk that you have to have drill the test shafts and demonstrate it works. But that's the reason why someone would pay $3bln for SOLG vs $6bln. $3bln is small fry and works on a serious risk basis eg heavy discount.
I can't argue with other posters who point to slow progress on the sale... I think we all expected a swift sale as Tier 1 assets are rare and in high demand. But inflation issues of late combined with political issues of late all suggest the path ro a monetisation event has been or will have been slower than if the market was doing cartwheels and copper was hitting all time highs. Like all markets, there is a good time to sell and a bad time to sell. Sometimes... it pays to wait and be patient.
Historically, based on the last 12 months, SOLG much more advanced now. They've achieved major milestones and sign offs which are all crucial to a sale or monetisation event.
1. ENSA investment protection agreement signed ... tick.
2. ENSA consolidated to 100% so simple for Asse sale or JV... tick.
3. Ecuador gov agree mine life 25years... tick.
4. Ecuador gov sign crucial exploitation agreement... tick.
5. Ecuador elections firs round passes and eco warriors out of equation... pro mining candidates left in run off.... tick.
6. Ecuador new laws signed that limit mining exploration based on NEW licences but old licences (like many SOLG hold) given protection or go ahead. This is important as SOLG holds greater acreage in Ecuador.
7. Markets beginning to signal that inflation looks contained (although needs to fall faster) and possible rate cuts coming so debt finance likely to be much cheaper in late 2023 or early/mid 2024.
8. Possible to look at early deals on open pit on Tandy or similar around Porvenir. Potentially mitigates risk on ENSA and allows low hanging fruit production to commence alongside Cascabel development.
Remember... SOLG's share price was fairly steady in the 36p to 39p range ahead of the PFS and tested 41p after PFS.
The above is all very positive yet today the sp is 15p. So let's face it... the market has lost interest in miners like SOLG and are happy to price the stock on the basis that nothing meaningful will happen. The market did the same with Noront. In situations like these the market is simply saying... prove us wrong and deliver a monetisation event and then we'll wake up.
And you know what... that's fair enough. But don't for one moment try and align the low sp to SOLG's world class Tier 1 assets and folio. That's nonsense. The market has proven to be a woeful valuation tool and real value will only be seen here ONCE Scot, Bob and Maxit deliver the deal. Until then it coul
Sharemarket.
the other thing I forgot to mention was your post last week. told me all I need to know about you.
"My ex used to live and work in Ecuador,"
I was determined after your latest wild claims to have no further dealings with you, and put you in my fantasists bin
but you post today was so full of lies, I felt I must respond.
but feel assured. tonight will be my last contact with you.
ex worked in Ecuador. and 7 recommended your post. couldn't make it up.
proves my point admirably. board for fantasists. impressing other fantasists