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I've been in countless Board rooms as a Chairman and/or Director and I have never seen a clash...differences of opinion occasionally, yes, but these matters are usually sorted out by the Chairman BEFORE the Board Meeting...indeed in all my 30 plus years experience I've never seen a vote on anything...you create a consensus view before you walk in...
Ultimate dictum as in Solgold going forwards...No Surprises...
I sold out the remaining half of my Solgold holding last week. I am very annoyed for various reasons, which are fairly obvious, but am keeping my eye on it to see if the new board gives me hope for the future. My point is that if anyone comes on here and said, surely 18p by the weekend, they get dived on. Anyway good like.
I'm not against criticism of the NM regime and past missed deadlines for example, but comments such as "equity at 15p" or "going to 10p" add nothing...especially when they are posted by people who don't hold shares...
Negative speculation on the future doesn't help as there are by definition no facts to back it up.
I am firmly of the view that the new Board/Alpala Committee are completing a process of 'sweeping clean'...I have characterised this as 'kitchen sinking'...
Lets give them a chance...there is already a pattern of openness, honesty and realism developing, without the confetti of RNSs at the back end of 2020 that produced little or no progress and a refreshing absence of 'overhyping', especially with tedious repetitive conference presentations...
Will we ever forget 'shock and ore/shock and awe' and the vacuum of good news that followed.
I myself have posted constructive criticism both here and on 'the other side', including hammering the corporate governance debacle but the ESG focus and the new independent Directors give SOLG an edge over other players, especially the intemperate management of our 'junior partner'...
Its time to move on....
I have had a long, frank conversation yesterday with a key player and am very reassured and positive about the future, hence we are now back up at 675,000...
And no...I was given no inside information whatsoever...nor will I be...
rcgl2 indeed ! as previously posted, i've never been in a boardroom but imagine that clashing of personalities and strategies must be commonplace - as per any work setting ?
That does certainly appear to have been the case with SOLG - but will we ever know exactly what went on, i doubt it?? And one can only muse about how things could have been played differently and for the better .... But to coin the old cliche, we are where we are, and providing lessons are learnt - which after mistermeister's post yesterday, i have more confidence is the case, then i honestly believe much better times lie ahead. As someone said recently - we shareholders are certainly due some :)
Nearly every day for a long time now with the occasional (Friday...)busier ones....probably more of the same for near term....unfortunately those low volume days playing well into those with agenda to depress the SP....frustrating, yes indeed, YET, worrying ,not at all for me.... Hold, and add if you want and can...IMHO. GLA.
"The pressure to replace mined reserves will be one of the big drivers for mergers and acquisitions this year"
"Additionally, they note that larger companies are trading on higher multiples, which means smaller mid-tier miners risk being left behind by their rapidly growing peers. This also creates pressure to make acquisitions and consolidate to keep up."
I can see the Board of Directors getting an RNS out fairly quickly to stabilise the SP, they surely do not want this low for too long. I have to say it!!! we are a target for a cheap offer!! 50p is coming!!
"Block caving is a capital-intensive mining method, requiring significant initial investment early in the mine life for infrastructure and primary development. Once in place, the method’s high upfront costs are offset by high production rates and low operating costs (relative to other underground methods) over a considerable length of time, resulting in a low overall cost per ton. Block cave mining is among the least costly of all underground mining methods per ton of ore extracted. While the startup costs are comparable to those of an open pit mining operation, block caving operations have a significantly longer lifespan..."
"Exploring and finding rewarding underground deposits is a job that can be successfully completed by juniors..."
I wouldn't get to paranoid RK, as EUA and GGP who are supposedly our closest peers are also well down from their recent highs and will probably be back above them soon!! Considering our batch of announcements last week we are doing extremely well and just shows the fundamentals here are rock solid... HHmmm I wonder why. try not to look at the price on a 15 min basis.
Also speaking of BHP, when they did their Nov 2019 placing, the RNS stated "SolGold has invited, and BHP may provide, secondees for the technical effort for the completion of Feasibility Studies at SolGold's 85% owned Cascabel project in Northern Ecuador and regional exploration effort." I wonder if BHP did ever provide any secondees for the PFS effort, and if so what influence they may have had. I don't think we did ever hear that they had so maybe not.
Perhaps if they had taken technical advice from NCM who are meant to be the experts in this field, it would now look less bad for the Solg board.
We know that Porvenir assays holes 5-8 are “pending” Blanca first two holes “within the month” Yet to be told where we are now with Tandayama ......” The first hole at Tandayama-America, TAD-20-001 is at a current depth of 595m. Drilling initially intersected visible chalcopyrite copper sulphide mineralisation from 55m depth, with significant increase in chalcopyrite abundance occurring from 327m. At 524.5m depth, drilling passed into a zone of strong visible chalcopyrite copper sulphide mineralisation within a quartz-diorite intrusion” That was 7-8 weeks ago