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Good one Q! Reminds me of Custer's Last Stand. Surrounded by Indians, but determined to go down fighting!
Mistermeister - you do remember when Nick got sacked as CEO, or have you conveniently forgot that?
Hanging off every Warren Irwin word does nobody any favours. His tweet last night was a humble brag when someone on twitter called his and Bob's reputations into question. However, when Warren has been held as some sort of saint and a friend to SolGold shareholders it is easy to lose sight I suppose.
Another frankly bewildering point here is how some don't see this as being an out and out firesale, despite individual shareholders virtually imploring management to sell the company. A firesale is exactly what it is and that means there's two options; we either get a pitiful recommended offer as some are now acknowledging or the company holds out and we see the SP cut at the midriff.
The company hasn't helped itself but shareholders haven't helped themselves either.
Amazing the people who are telling you this will be sold are now desperate for it to be sold at any price and tell you how bad the company has been run.
Solgold is conducting a strategic review, we are looking at the best way to take Cascabel forward.
What we have is a big discovery but there are caveats.
I called these out many times only people on here who don't know what they are talking about shouted me down.
First Cascabel is not as large as Solgold say it is.
Remember the first MRE at Alpala the cut off for calculating grade was 0.3
Then we went down to 0.2 and finally 0.16
The argument was that the rising price of gold and copper made the lower grades acceptable.
Yes it would be if the mine had been constructed and working, but for a start up we should only be looking at 0.3
In order to get full value for our discovery we need to build it.
People on here are scared of a JV, but Solgold is different, we can raise finance in our own right, so we can retain ownership.
We need a start up open cut mine targeting the highest grade gold and copper in order to finance our find.
Yes rising prices help, but not as much as people on here would have you think.
Ideal situation open cut at 0.5 equivalent.
We target the high grade.
Any company in the world can do this, so no specific knowledge required.
Where the skill comes in is doing the open cut in such a way and getting the infrastructure correct and in the right place, so we can progress to a cheaper block cave model further on down the road.
I believe we wait for the strategic review as hopefully this is the direction we are heading in.
Let's remember NM has done a great job not selling us cheap.
BHP has not acquired us as some said and will not acquire us cheap.
By all means if someone wants to bid, bring it on.
But they cannot because of the diverse book.
Because that means it would cost them more.
So many on here still don't understand Solgold.
Patience is required, and we have a few more years to go.
We always have had a few years to go.
Agree Add, DG1,
Nick Mather - wtf have you done with this company? Such a good potential to sell Cascabel earlier and rinse and repeat. Long list of hires/fires. Public spats, fraud, delays - over promises. Practically everyone sacked on the board at some stage except you. You have engineered that well- can you engineer a successful sale now. When can you start communicating to those shareholders that you have in the past so heavily reliant on and almost begging for votes. No more voting for you at next AGM if this is not sorted.
And where are you Mr Twigger? What are you adding to this? All this bs about calling out BHP. More smoke and mirrors. Are you Nicks puppet ?
Scott - let’s see with your potential big payday if you are the one to stand up to Nick and move this forward, finally.
He's simply expressing the same views as many of us long-termers. Combined with Caldwell's statements, we now know just how badly the company has been run - in my book the fraud was a clear indication. The old management team was swept along on a tide of hubris and unrealistic ambitions and we've paid the price.
Caldwell has one task and we need to drop any pretence of remaining owners, or even part owners, of Cascabel. Rightly or wrongly, my view is that the last round of funding was our last throw of the dice - the capital markets must be reaching the limit of their capacity to buy into a dream they've heard too many times. So do us all a favour Mr Caldwell and just sell the thing.
Yes, interesting timing for the derampers to appear on the approach to month end.
Chartwise, the monthly and quarterly bullish reversals are still in play. The RSI is in neutural territory, with a negative bias, so the froth has been blown off.
So set up for either an attempted reversal of the monthly bullish candle - a straightforward trading pattern we have seen time and time again on SOLG, why would this time be any different. Here are the usual crew doing what has worked so well for them over the last few years, or
Expect a ( hat-tip Martin Armstrong ) a False Move Down, which will provide the energy for the next leg up, if this is a manipulation in the other direction, and some news between now and 31st, designed to maintain bullish momentum and trap and exploit the bears' well-known trading habit.
Bear in mind ( pun intended ) that there is also a bullish quarterly candle, so the previous monthly and quarterly reversals is still in play atm.
Something for both bulls and bears here, so time will tell.
I said months back to take Arren Wirwins tweets with a huge pinch of salt. Now you know why I said it! He tweeted what some wanted to hear and you fell in love with him. More the fools you! Maybe he's loading up again now, maybe he's after cheap shares? Your cheap shares if you succumb to the conditioning!
There's lots of conditioning/fear mongering going on here atm, take a break from this board for a while if you can't stomach the carp being spouted.
I'm holding tight, just sitting patiently waiting for the inevitable green shoots of spring to appear!
I could be wrong, but very much doubt it!
Thanks Scot...Err, DG1Investor for that POV.
Post of the decade DG.
Fecking company is a massive liability and embarrassment.
Wonder if the Ecuadorean government know what’s going on behind closed doors.
Of WI is p*ssed off then there really is trouble at mill.
Z
Yeah DG1 maybe he is lamenting the opportunity cost. I don't know, I'm fed up. After reading his tweets last week I was planning on buying more yesterday but didn't. I emailed IR saying timelines on the outcome of the SR, or a timeline for when drilling would start (and where) would have been welcome before awarding the new CEO 1% of the company. I also mentioned the fact that it hadn't gone unnoticed that one of our major shareholders has now twice publicly stated that the company is up for sale.
The whole thing is starting to feel like a royal mess. We have Fort telling us several months ago that we're foolish to believe that things could be bad when BR and Norges are buying at 35p. Now when they sell at 17p he is happy to see the back of them. He claims that Bob's phone will be ringing off the hook with suitors hoping to claim our unique mix of metals.
The reality is we have a BoD who want rid of a complex Tier 1 mine in f-ing Ecuador that has a huge amount of capital spend required on it fairly soon, which weakens our negotiation hand significantly. Let alone the rest of the portfolio.
I have had a few this evening and need to just ignore WI from now on as he's as flimsy as the rest of us. Didn't he used to post on here?
Sharket - i do think WI’s tweet is more born from his own frustrations with Solg since his exit in 2017 and the lack of progress and mismanagement, rather than an indication of what price he thinks it’ll be sold at now
Many would agree that taking the lot at 40p+ 6 yrs ago would have been better than going through the last six yrs only to finally exit at 40-50-60p etc now
Lost opportunity to reallocate those funds - cost opportunity loss
30s it is then. Time to average down for those sitting in mid/late 20s and wanting a decent payday. What a f-ing mess.
Tidy payday for Scott if we go for 34p, which after reading the above is probably what we should all be expecting now.
Fast, smart and f-ing scandalous. I bet Mather is spitting feathers. Either that or he is desperate to get out because he knows we are f*cked if Maxit don't close a deal.
Let’s hope this will be over soon
Been a very long and hugely disappointing journey
Massive value destruction over the years - company has returned zero shareholder value since the rally to 40p+ all those years ago …so many broken deadlines, so much waffle, such poor mgt
Personally and it’s only my opinion, I really couldn’t care less about SC’s 30m options - I’m more interested in the the performance criteria and vesting periods attached to the options and why do we have to wait for these details …..more smoke and mirrors - just be honest with us
I couldn’t care less about a new incentive scheme for anyone left in the company - just get on with it
I couldn’t even care less if they all issue another set of options to each other all back slapping and talking up how well they have all done - just get on with it !
SC has given a reasonable presentation (better than BHP Cuzzubo could do) he’s sacked Fawzi and a couple of others and closed down a couple of regus offices - so 30m options sounds about right in these inflationary times
All I care about now is getting this company sold - Bobs had 5 mths at it now or maybe longer - how much due-dil is needed, I really don’t know the answer to this but would seem reasonable to me that we must be close. In my opinion Jiangxi are not gonna be the stalking horse - they will need to offer a bid that already has board approval - no low bid as it doesn’t look like anyone else interested (although I concede that could change)
So NM if your looking in - line up your options / incentives / bonuses / dish out the same to anyone else who has been about for 5 mins (mths) who is critical to getting a bid / get your wife’s, girlfriends, family to load up at these pathetic prices and for the love of god get this company sold
Most of us have had enough - most of us will be pleased to never hear Solg whispered again and most of us would like to move on and only occasionally reflect back on how badly a business can be run and to look back on our learnings to hope we don’t ever stumble across a company like this again
Well it hasn't come soon enough yet Bubble
Chin up guys/girls news will come soon enough imho
What's with the inclusion of Clarksons Securities under analyst coverage on presentation??
Clarksons Securities are more about oil and gas/shipping etc and not much to do with Ecuador or miners in general. It's a curious one as they are at the low end or bottom of analysts targets. Why would you include it when you have more than enough credible analyst coverage already?
Unless Scott and co need that low end number in there to help them set their option vest criteria lol! Wouldn't want to use all the experienced analysts numbers in the mid 60's and 70's now would we!
https://www.kitco.com/news/2023-03-22/What-s-holding-back-M-A-in-the-copper-space.html
The only thing that seems imminent is price drop. The guys were shrewd enough to laugh at NM. They already got their rabbits while the LTI are left waiting for the mouse.
Ship, that's a different question. I would like more clarity and I've made my views on the options perfectly clear. However, I haven't seen anything which is illegal.
They have given a deadline...end of H1.
Add, do you think that what is going on with this company is all fair, transparent and above board?
Another 5% drop for no reason doesn't make any sense. If there's an rns tomorrow it will suggest a leaky ship and insider trading which is illegal.
Over time I can now honestly see this having more chance of hitting 5.5p let alone 55p :(( we’ll you can’t say that over the last 5 years we haven’t had the chance to exit at 4,5 or even 7 bags but I guess some of us are or have been too greedy! I sincerely hope Scott can pull a rabbit out of his hat otherwise I can’t see much more than 30p to 35p achieving a nice round billion market value
my guess as to why there is no deadline for the strategic is...they are waiting for an offer , and they haven't had one. Now they have no idea what to do. They still have the wage bill to pay every month , probably why there is nothing going on drill wise , they don't know how long these wages need to be paid so preserve the cash.
Only 19 weeks since Scott took over from the rns 10 th nov
Share price then 17.7 p / so absolutely no
Value added
I agree will have to do something this year as no one will vote for the board come the agm, we have been asked to many times for what
I’ve finally hit the wall with this share too I’m 40 ish %
down if I sell