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If we're valuing SOLG on a full Cascabel resource basis then my valuation is well out. However, our direction of travel seems to be away from this.
My concern Add is that we're heading from being a company with a large deposit to one with a small reserve and larger resource that won't become a factor until the latter stages of development or construction.
Obviously I could well be wrong but I feel that undeveloped lbs and oz will fetch a lot less than were they incorporated into some sort of development plan.
I suppose I'm saying is it's the trade off for the smaller footprint, reduced Capex etc.
Another way of looking at it is to ask ourselves why were only showing a plan for a portion of the asset if we have no intention of building it ourselves? The only answer I can reach is that the intention has become about extracting a much as the high grade core as we can in the early years and that will surely mean that a lot of the lower grade resource is going to be wasted or left unmined as it becomes economically unfeasible to do so.
I don't see the point in removing Scott. We can't remove Mather, Sangha, Irwin, CGP, Maxit etc and they have all agreed Scott is their proxy. If shareholders registered a rebel vote against Scott they'd only appoint a replacement and continue with the same plan.
“I know I'm becoming a bit of a lone voice, but I maintain my view he represents our best chance of achieving value”
Add…. I concur entirely
Bozi, did you put a hyphen in there by accident?
It will be even more disruptive if we wait another 1 to 2 years, then get rid of Scott and will then have to start all over again. The only solace here is that the Ecuadorians mentioned 2025, so they must believe something will happen before then. Hopefully it will not be another hasta mañana with can firmly kicked down the road.
If this BB represents what the market thinks, I think we have proven that there is no such thing as the wisdom of the crowds...
I'm not sure I see your point.
Sure, all permits etc would be included in a DFS, but we aren't working on ours at the moment and haven't been for a long time.
Let's just be thankful we've got two of the hurdles dealt with and pray we get the others, particularly the IPA, in short order. I believe we'll see a positive impact on the sp once we get them.
Very sensible, Bozi, although I think your valuation is way off. Your point about disruption is spot on...it would be disastrous.
I've come to the view that following the 'merger' and SC taking up the reins, he found the situation was far more complex than either he or the other Canadian detractors imagined. There was no easy solution and he's had to unpick the mess left by previous CEOs and almost start from scratch - hence the delays.
I know I'm becoming a bit of a lone voice, but I maintain my view he represents our best chance of achieving value.
Chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://wcsecure.weblink.com.au/pdf/EUR/02641027.pdf
Check out this recent DFS... Section 7. pages 39 to 43
With the approvals we already have and or are working on, we are way more advanced than PFS.
chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://wcsecure.weblink.com.au/pdf/EUR/02641027.pdf
Hard to argue Orthern.
As much as I hate to say this being a holder of the shares I'm starting to think 5-7p is fair value for the stock.
I do also buy the argument that we don't really want fresh management post an AGM because a revolving door at the top level creates vulnerability and delays while business strategy is reviewed and amended.
I'll therefore be voting for Scott. That's not to say I approve of the job he has done to date or am hopeful of the one he will do in the next 12 months, but he probably gives us the best chance of protecting our investment, and that's clearly where folks like DBW and TheItalian are coming from too. It makes sense.
Really? SC has said nothing is happening on the DFS and we need those permits DFS, or no DFS.
Enough is enough. This company has become a lifestyle company with disappearing millions. They came, saw the gravy and all want their share. Scott is no different except he spoke too soon before he got a good picture of the gravy flowing in the trough. Snout firmly in, forget about the long suffering PIs. My no vote will count to break a tie. Even Warren Irwin has become disillusioned and stated that he is not seeing the demand to match the copper deficit mantra. Not long to go for the AGM.
Is the Board trying to pull the wool over us small s/h eyes....
My bet is we are very advanced on the DFS....
Every member of the board will already know they are toast at the AGM...
Their positions are completely surplus to requirements, as Solgold are effectively mothballed... with no plans for any future exploration at all, anywhere,.. in any of our large portfolio of tenements, that we like to shout about in every presentation... (Of which we still have spending commitments of circa 400million dollars on). They have a track record of persistent failure to make any deals over the years, either for Cascabel, any of the regionals, JV, or Solg as a whole... despite the endless jam tomorrow..
So we now have a settled share price of 13-14 pence...
Scott's previously identified culture of non performance has simply continued...
At some point, after the failure to do any deals to monetise the assets, you surely have to speculate on the underlying reasons why?? can it really be we have a constant stream of underperforming management? or is there an underlying issue with the asset itself that is kept under wraps? making the deals we all want to happen, unattractive to a major...
yet despite all this, some will argue to vote them back in.... again.
Well said 1984. Small investors +BHP will have sway.
Scott came, made comments which led us to believe he is the one who will finally deliver. So far all he has achieved are talks and a webinar. At this point if BHP could get things moving and I end up with a profit, I am gone. Almost a year since Fast and smart, and now they have exceeded slow and stupid.
They’re sat scratching their bums spanking up our capital
Sack the lot
I am struggling to comprehend how some on here are simultaneously criticising DC's tenure, which was characterised by an underwhelming, smaller and more realistic PFS and praising Caldwell for seeking to do the same, perhaps on an even smaller scale? I was no fan of DC but I imagine he's sitting there laughing at the fact that the company's only publicly stated ambition is to essentially do what he tried and failed to.
I'm still thinking (or hoping at this point) that the IPA and permits are the outstanding blockers to a deal and that all this talk of PFS 3 in Q1 next year is just buying time. And they have to be delivered this side of the AGM for Scott to maintain any level of credibility.
Even delivering the exploitation license, the IPA and the environmental permits (only the exploitation license has landed so far) over a 12 month period is simply not enough activity for a company of our size. What is everyone actually doing on a day to day basis? Making tea for those in the data room?
I think we can anticipate a much higher operating loss in the y/e accounts as the figure will take into account the fees associated with the CGP transaction and redundancy costs (although these may fall into this year). It will look messy. Not that this matters - the important bits are cash balances and burn rate, which is where the supposed efficiencies should be reflected.
Btw, we picked up CGP's fees - does anyone recall this being mentioned at the time? Or did it only appear in the last MD&A?
@Eloro, and then what, once you have cast your rebel vote?
Given that the company's main objective is to sell, but to do that we need to advance the project until it becomes viable to the buyer, and given who the big shareholders are even if SC goes, who will follow if SC falls?
Do you really think that we as small shareholders have achieved some new guarantee or sense of security that our interest is going to be more protected?
You must not be very well versed in corporate development matters, and sound like an unlucky capricious punter who put a few k down without really understanding the moving parts and the risks.
Lada you means. Swears by them. The only car that could ever replace his beloved Austin Princess with the quartic steering wheel.
“What's the betting they place 100m shares (3%) pre AGM just to give them some extra support lol!”
That’s exactly what I was thinking …… may be counter productive though as ( unless the price was right ) they’d probably lose further pi support plus they’d have to place with someone who thinks they’re doing a good job…..
If the sp was 24p today rather than 14p... we'd still be frustrated with lack of news and progress. But it would feel better. Share prices depress investors when they are low. But end of the day... would you be selling at 24p today if you are holding for the end game outcome?
The share price won't rerate until Scott reveals a JV deal or asset sale. I can't see any catalyst apart from a monetisation event that will move the dial now so not sure why some are out with daggers on the company performance. It's a binary investment now that exploration has ceased.
If they were to kick off the latter again, the it might become more enjoyable and less boring. Remember, it was exploration drilling on Porvenir that saw the sp jump from low 20's to early 40's. Nothing to do with ENSA or Alpala although the market conditions were much better back then and less shares in issue but just 85% ENSA and CGP still hanging out in their mud hut.
Something has to give. If the idea is to bore us all into submission of a pony offer as that's all Maxit can conjur up then it looks like it's working. But upcoming AGM will have Scott and a few worried. It's out of their control. And Scott was already on the unwanted list. What's the betting they place 100m shares (3%) pre AGM just to give them some extra support lol!
100% he’s a skoda driver. Seems just the sort
Red that’s true they’ve made too many EVs and run out of people to sell them to.
That’s because the only way they’re viable is via a tax write down. All the business owners that wanted one have got one and not many companies are doing salary sacrifices for staff yet
Market saturated and now we can buy diesels until 2035 it’s giving the EV manufacturers a headache. Ford are moaning but JLR have welcomed the extra time to transition
Aptera looks like some cheap prop from a 1980s sci fi movie.
Oddly enough Quady I could see you driving a Fiat Multipla. Or one of those little Invacars from the 1970s.
But why are you obsessed with getting 2 tall people in comfortably? Who are these people? The Slender Man and his wife?