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Where is thge evidence that the CEO doesn't care about the SP...?
Please tell me what he could do to get it up, beyond buying 790,000 shares at an average of 11.5p to arrest the fall after Beery Street had hammered the share price.
So please Eloro...based on your consummate Corporate Finance experience and as a mining CEO, share with us precisely what you would have done to get the share price up,.
I bought hundreds of thousandsa at c9p+...
Please stop whingeing just because you've lost a packet through benign neglect having bought higher than this.
So I repeat...tell us precisely what you would have done to arrest the share price slide...
Nobody said people shouldn't be true to themselves ans to vote against the board if that's how they see it?
You absolutely should follow your beliefs in your actions.
However, it's also totally realistic to have those beliefs questioned, particularly when they are blatantly wrong as they are on this occasion.
We can all try and put a date on a potential sale or monetisation event but none of us know. Those of us favouring Q2 or Q3 2024 are basing this on the outcome of the strategic review and allowing enough time for data room incumbents to review a phased PFS. It also takes into account where the treasury shares may be placed.
On the other hand, what is the logic for nothing whatsoever happening in 2024? Be pleased to hear it.
If you're voting against Scott in 3 weeks time it's because you
A) want to cause disruption
B) haven't been paying attention for the last 12 months
C) believe that the corporate initiatives taking place are completely worthless to the company and it's shareholders
D) a combination of the above.
Excellent points Guys.
If our vote doesn't carry any weight, then it won't matter how we vote. Excellent point Anon3.
Clearly, NM felt that our vote counted, otherwise he would not have sent emails, letters asking for our vote.
Fwiw, I don't think any of the big boys are going to vote against the board. They have a lot more patience than we do.
Rednight, I think you quite rightly say that us PI's won't be able to affect any vote.
In which case, it's not going to be a problem if some of us express our disapproval of what's gone on here, is it?
I'm with Fort here, I've said I don't see a sale coming for a long time, which in effect means yet another year of nothing happening.
And I strongly agree with Eloro. If you think a board should be voted down, you should go with that belief. My average here is sub 11p, so it doesn't affect me, but if I'd bought at nearer 40p, I wouldn't be overly worried about losing the last few bob either.
But then, us PI's don't hold the key to any vote, anyway.
He’s just trying to trade his way back up from the embarrassing little put put back to a merc
Eloro - I think you make some valid points. Particularly not having fear to vote for change given the fall from 40p.
However, a 100% gain from 9p to 18p would surely offset a 80% loss from 40p to 8p? Appreciating of course PIs may have their investment committed and no spare cash.
Ignore the redknight rambles. He changes his position weekly. Always in the interest of his book.
Of course SM I know that 0p means game over. My point is I am not afraid if the SP falls to 0p and I lose my money. The pain was already caused when the SP fell from 40p to 7p. Of course I want the SP to recover. But I am not going to allow the fear of peanuts, or the SP falling from where it is now, determine how I vote.
Folks can't have it both ways. One minute the SP doesn't matter, next if you don't vote for Scott the SP will be peanuts. I am curious what peanut is when we are at 8 to 9p?
Eloro, you keep repeating this (nonsense) mantra that the SP falling from 8p to 0p is not as bad as the fall from 40p to 8p. The fall from 40p to 8p has been tough to stomach, but the price can always recover. You do realise that at 0p the game is over, and that we have no chance of recovering our investment?
Red, you are missing my point.
My response was to the folks who said that if BHP took over we would be sold for peanuts.
What is peanuts when we fell from 40p to 7p?
If BHP takes over, the worst that could happen is the SP falling from 8p to 0p which to my mind is not as bad as the SP falling from 40p to 7p. So what is peanuts when we are already at 8p?
Furthermore Red, are you saying that you would be happy to invest into a company where the ceo doesn't care about the SP because the SP is irrelevant?
Unlike you and TI, I don't go around wi-lly waving about the size of my share holding. My vote will count, and so will the vote of every shareholder. Otherwise, you would not be trying so hard to persuade us to vote for Scott.
Gold has broken out...
Silver has broken out...
Copper has broken out...
And Junior Miners will break out when US markets open...
GDXJ pre market already well up...
All as predicted on here...SOLG next unless the Board is voted out...
You're right addickt...
He's slashed the monthly Ops spend from Darry'slavish wasteful $2.8 million a month to c$1 million a month...
And that keeps the lights on until PFS3 is complete and a takeover finally arrives...
KapilD have you been on a desert island...or in a COVID bunker...?
"unable to articulate a coherent strategy to shareholders"
It couldn't be more clear...
"we are not a mine builder..."
THE COMPANY IS UP FOR SALE!
I voted against confetti shares, abstained from Caldwell and for the rest
Eloro...if we vote out the Board, who is the WE who would find a new CEO...
What proportion of the 3.001 BILLION shares do you own...?
What proportion do us PIs own...?
So it won't be you or me appointing a new CEO/Board...it will be gthe major shareholders, including the very people you want to get rid of but more to the point, BHP, NCM and Jiangxi...
How will that help you.
Your very negative posts and b;aming the Board avoids the obvious point:
YOU bought the shares higher than this
YOU failed to sell those shares at 40p
YOU will vlote agains Scott and the Board and
YOU would have zero influence on who replaces them...
Are you mental Eloro?
Because you missed out at 40p you will vote for 0p...
That is the definition of insanity....
Take repsonisbility for your own failure and you might have gthe chance either:
To salvage 9p+ if you can't stomach anymore, or...
C Make potentially way more than 40p when the takeover happens, i.e vote for Scott
Vote out the Board and all your worst nightmares will happen very quickly...
Right on Bozi!
So in conclusion I say this...be very careful what you wish for...
Turkeys don't vote for Christmas...
I've voted for everyone except Steve.
We may be frustrated but lets be simple about this:
Either SOLG/Cascabel is sold or
We drift forever into oblivion because we cannot raise the funds to develop Cascabel without massive equity diliution, eithe rby issuing more shares or Convertible debt.
Its a simple fact.
Junior Miners are on their backsides because there is no appetite to fund them in the main market, which is North America, i.e. US and Canada.
Ingo as god as confirmed that a few years ago.
There is one possible alternative and that is to take the Lumniex route, which still essentially involves 'borrowing' money against a stream of metal for the life of the mine. It solves the problem but it is the most expensive form of funding the Capex.
So the alternative is to let the company drift on, doing a bit of drilling here and there, having to raise money probably through equity, meaning more dilution, etc...
Nick did a great job in the exploratory phase of Solgold, proving up vast resources, which are highly saleable buty involve block caving.
And if you decide to vote the Board out, are you doing that because you are angry, frustrated, because you are unable to take responsibilities for investing at prices well above this? Thats not the Board's fault. They never promised anything. Even the present Board has only promised a Strategic Review, which was massively necessary because we have a vast and valuable resource that we simply cannot develop ourselves.
Some people got sucked in by greed, FOMO, the hope of riches, multibagging, whatever, but..
We are where we are. The only sensible thing to do is sell the company, which is what Scott and Bob are trying to do, but until somebody makes a bid we wait. And WHEN somebody makes a bid the value will be revealed for the benfit of all of us.
If you vote the Board out now, consider the apternatives:
The company is headless and at the mercy of its shareholders and, with the past animosity of BHP and NCM the outcome can only b e uncertain. In my opinion that is the most stupid decision because the company would fold before our eyes and be sold for peanuts.
So maybe you think a new, different Board could be elected...at what cost (in terms of exit settlements for Scott et al and remuneration of the new Board/Executive...that would certainly impact the $22.9 million that was left at the end of September)
And whta strategy could they follow? Not an indpependent one, because I say again we are too small to fund or develop the resource.
So it would have to be dominated by one or more major players, i.e. BHP and Newmont who would probably divi things up between them leaving us with pennies.
Because lets be clear. If you vote out this Board and a new one gets elected which is more self interested, what is to stop them doing a massive equity issue which only they would be ab le to afford, leaving us massively diluted.
So in conclusion I say this...be very c
Gino/a
I called those who can not admit their faults, B@@stards, keep looking for Nesiee, maybe one day will turn up like SOLG this morning.
Maybe it is time for you to get some cheap Whisky to keep you warm, I am nice and cozy with further risers this morning on the list of winners in November. not many can beat me on the TIMING ( I have found none so far and is decades)
COMMODITIES
Gold and Silver well up this morning, and so is SOLG 9.38p +0.52p, so the turn is on as predicted.
Intraday chart ... http://uk.advfn.com/p.php?pid=staticchart&s=L%5ESOLG&p=0&t=1
Add - that's what I was saying. However, it's very hard to change a budget for the following year just a couple of months before it starts when you're employing hundreds more people than your remit carers for.
I do think 2023 spend would have been similar had it been Scott or Cazzubbo at the helm - it just would have been spent in different areas. Cazzubbo would have spent it prepping the next cabs for example.
The time to judge Scott vs budget is 2024. Spend should be halving and he'll need to stick to it.
Bozi, I totally agree with your observations, particularly those related to a lack of experience, but there's one exception; the budget.
SC will have ripped-up the existing budget when he he got his feet under the table at the beginning of this year and will have devised a new one based upon his turnaround plans. Every decision that's been taken is framed by the need to preserve cash for as long as possible. He's buying time to allow the delivery of the strategy and we must give him the space to do so.
KapilD - what don't you understand about the stated strategy?
- progress government agreements
- phased development plan 1H 2024
- ongoing strategic review
You might not like what they're doing, but to point to the money spent and say there's no strategy is just poor.
The spend is out of current management's hands. It will have been budgeted for in 2022 or earlier based on employee headcount. If you wanted to judge Scott, judge him on next year's budget.
Fort - did we see much growth from the Rio Amarillo and La Hueca exploration efforts?
How about the Blanca Nieves campaign?
I'm long on record saying that we should have been looking to drill Helipuerto for the nearology with Warintza, so it's not as if you need to convince anyone, but you still seem to think that household names are interested in earn-ins on individual projects. They are not, and generally for reasons I won't go into on here.
Of course you're entitled to your opinion, but like your long-held view that everything was going swimmingly when it wasn't, you've taken a poor stance once again. It shows a critical misread of boardroom dynamics, the progress made by the company in the year and the requirements to get this over the line not to mention an appreciation of how things work.
It's time to detach yourself from the Fort alternative reality because it has failed everyone to this point and it will continue to do so.
I know plenty on here don't agree and that's fine. But how they can spend over 12 months and USD $70 million and still be unable to articulate a coherent strategy to shareholders is beyond incompetent imo. They need to seriously get moving!