Firering Strategic Minerals: From explorer to producer. Watch the video 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.
Indeed Baz, it could go the way of Dalradian, but the BoD an a few significant investors have a lot of skin in the game to let it go tits up. Odds anyone on new funding, go private or takeover? Maybe that's why they need a 'review' to twist someone's arm?
ATB, R.
''On the other hand are the directors the type of guys who will just shrug their shoulders ?''. No but they might be the guys with the deep pockets who buy the ashes of SG for a pittance and start again.They did not become wealthy by being stupid.
*But
Disturbingly, that might be the most likely scenario bbb.
On the other hand are the directors the type of guys who will just shrug their shoulders and let it happen after what they themselves have invested?
https://www.scotgoldresources.com/investors/capital-structure/
I can imagine they are calling for the heads, quite rightly, of the people who came up with and signed off on ridiculous projections.
Only they will know whether they are game for any more.
"They should just make better decisions and long term plans with effective management and accounting..." That's what we were led to believe we were getting when PD took over. LOL. Presumably even NLR trusted that's what we'd be getting when he handed over the chairmanship to "releasing what we're comfortable sharing at this moment" Hetherington. What a fine job the latter has done with his guiding hand on the tiller. (Bug again, who was giving him nonsensical data?)
If only we had an inside line to the goings on in the mine. lol
Long term plans cost money which they do not have and have lost all goodwill to raise any worthwhile amount. IMO the jig is up and SG will go into liquidation. If somebody with deep pockets buys it for a quid and no debt then it should make money. Cononish is not a hard place to mine.The above scenario means a total loss for all previous investors.Such is life, tis a hard world.
They should just make better decisions and long term plans with effective management and accounting instead of become subsidy junkies
''The company should be tapping the Scottish government for help '' They should change their name to Connonish Ferrybuilder and they will get millions.
So some of y'all think the company might be around long enough and have the effrontery to have yet another cash raise via a placing? If it's at 7p then that's a 99% loss the company will have overseen. Way to go, guys. Way to go!
The company should be tapping the Scottish government for help and using any contacts with proper gold mining companies to try to secure some funding while the price is so low. Mind you, who would believe anything Scotgold told them? Wasn't the drill rig critical? How often were we promised Phase 2 would get going? How often were we told that serious exploration work would get under way?
As well as the name of the third party company the other omission is by when their work is expected to be complete.
Maybe tb is camping out like a boy scout counting lorries as they exit the mine. Still, as long as he's sleeping well on his investment.
''.jam tomorrow for Baz! '' RH, I thought that Maybenot post would attract your attention. As you know Connonish hes been drilled to death and no a wee nugget to be found just the flour gold.I agree it is down to poor management. If they had had the correct amount of money at the start and people who knew what they were about then Cononish would have been a gold mine. tut tut.Instead they have played catch up.
'This is what happens when you don't find the exploration side of a mine.'
Maybenot, there is a 'mountain' of geo-data with SG. See the original JORC report of Snowden from June 2008 and the final Cononish Development Study of March 2012 where fig. ES.2 shows the drill data and ore-blocks, or would you like to turn the mountain into a pin-cushion?
The problem is not the geology or grades in situ, but the organization of mining. The Bara BFS of July 2015 indicated the need of 2 development faces, one LHS in preparation and one LHS in production to achieve P1 production and twice those for P2. Just now we appear to have just one development and one LHS in progress. Stope mining technology has not progressed that much in 8 years, so little wonder we are not consistently achieving mining targets.
You may have a point about retention of geologists in the last 11 years with little continuity, but ironically this has added breadth of new initiatives and techniques to the geo-data store since 2016.
By the way, the Cononish vein is not 'nuggety.' It is not like Alba's Clogau mine in Wales.
The above IMO and from two mine visits in 2016 and 2017.
Let's hope things get better.........jam tomorrow for Baz!
Regards all, R.
Whoever came up with the nonsense figures presented in Edinburgh - the geologists and/or PD - it wasn't TB. Nor any of the other figures presented to us that were seemingly concocted on Fantasy Island. An unpleasant fellow, and significantly poorer, but he's free to post what he likes within the law.
What does the reiteration from the brokers that's just appeared mean? Does anyone know what they value the stock at?
A groat? £10?
This is what happens when you don't find the exploration side of a mine. First mistake is too save money on drill spacing while outlining the deposit. This is NOT the fault of the geologists that work within the budget set out by the board. Saving money on initial drilling leads to this sort of thing especially in a nuggety narrow gold veins.
Second mistake pay senior geologists enough to retain them. If you do not do this the turn over in your team of geologists is too high. This leads to a lack of database and deposit knowledge which fragments your deposit understanding and predictably your mine design and ultimately your grade control.
It happens worldwide in these types of small operations and is a huge EARLY red flag to any investors.
Not being funny when I say this. But I think Tyndrum Boy owes a lot of people on here an explanation of whats going on. If he can promote the company for 13 years, incentivise people to invest with tours etc, then he should be on here explaining the situation to those he wanted onboard when things aren't going well. Parcel of rouges indeed.
Slacker, I don't think the "review" is in a geological sense. I get the impression it's in a business sense. I.e. What needs cut/changed to try and succeed. Minimum operating costs possible type review. If it's not viable post review...
I get the feeling, too many will have to be paid out for it to succeed. As I said many months ago. A restructuring that costs a lot of people a lot of money was always where it was heading. Not the mountain of riches TB promised you all. Sorry for that.
When our permissions with the National Park expire? Will the "full production in the long term" be achieved in time?
Maybe the problem is that our geologists came up with figures which in reality turned out to be as believable as a Harry Potter magic spell. But yes, as I also wrote earlier it seems crazy to get new people at consultancy rates to provide a realistic route forward. Are they, in fact, administrators?
Any future would-be employer of anyone involved in, what some might term, the management disaster (and blatant lying too, perhaps?) that is Scotgold Resources must be made aware of that person's role here. Social media is good for that kind of thing.
"A parcel of rogues" might be a fitting description for those who over the years have brought the company to where it sits today.
--
Donating the gold medal to the winner of Musk v Zuckerberg would likely attract massive interest in the company and some apparently much-needed investment.
I have resigned myself to a 10k loss. Let share holders turn up with a pan and pick. We own it so why can't we mine it!!!!@'🤠🤠🤠
one big bag of ****e from the first minute i spent 10k on shares at 63p@ ceo stood up there and sold it like a good un' with his powerpoint bull**** then wrapped his hand in.
Wouldn't the best people to review the mine moving forward be those that work it daily. Do they not have there own geologists etc etc. Makes no sense!!
Is the third party actually a company specialising in putting companies into administration?
Is it normal not to name the company?
tb and his wife used to own 3% of the company between them. I'm sure he worked diligently to get his percentage back up to that level to be one of the big boys. For 12 years the company has relentlessly destroyed shareholder value - allegedly. His paper losses will be catastrophic and may very soon be realised losses. Still, until then he can keep hoovering them up at these bargain basement prices. lol
Nicely played, Scotgold. Before £7.00. After 14p to sell. All while sitting on an actual goldmine.
“ the company is withdrawing its 2023 production guidance”
sounds like one big **** covering exercise to me. in advance of the collapse/restructure? will the next rns say, on the basis of the advice of the third party, we are left with no alternative to do….
good luck folks.
no wonder tb is mia
"I'll gladly pay you Tuesday for a hamburger today"
''The hope everlasting of jam tomorrow.''. + another wee cash raise.
That's something I suppose but still - a team of consultants turns up and announce what realistic targets are for the next 12 months.
Any information to base their conclusions on can only come from the people who have worked the mine. Borrowing Scotgold's watch to tell them the time. Or are they, after a quick mine tour (organised by? lol) going be able to identify significant things that others have missed?
Nice work if you can get it.
Nothing about the new CEO.
".... as we continue to develop the mine with a view to achieving full production in the long-term."
The hope everlasting of jam tomorrow.
Yeah but see the name on the bottom...
The review is to inform the mine plan for the next 12 months, not "will take 12 months"