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Hi, we are interviewing SolGold tomorrow does anyone have any questions?
Yes please Crux:
When are we going to get news on Rio Amarillo?
Thanks
Rio not drilling yet
But La Hueca 8 weeks in and not a peep ?
Hi Crux - yes please. The obvious one about the delayed PFS on Alpala - how much longer do we need to wait?
Thanks
G
Red, we had a RNS about Rio on the 8th October saying "mobilisation of the first drill rig planned for late-October". So it's going to be a few weeks before we start to get drill results there.
Here is my question. If Porvenir lives upto expectation. Is it realistic to expect that it could move ahead of Alpala and be prioritised ahead of Alpala and bought into production first ? Given the near surface resources may mean Porvenir can be developed quicker and at a much cheaper cost than Alpala. If the answer is yes , how will the other ENSA shareholder be effected?
As the porvenir discovery is within 5km of the national park boundary does this rule out an open pit as an option?
Is the very high incidence of quartz veins (28%) in drill core 2 indicative of the top of mineralised core?
Is there any idea of timelines to get permits to drill the Bartolo prospect of the Porvenir license?
Question: With the revised, current drilling programme, when does the cash run out? Is there any finance for exploration that can be raised against the Alpala asset?
Over the last month or so Mather and Ward have been using terms like 'certain discoveries', 'more Tier 1's to come' and 'Solgold's greatest moments'. Is this wise before the market is even informed of drilling updates and assay results?
What happens if reported results (drilling and assays) fail to live up to the hyperbole used in their interviews and presentations?
tks
I do not think Solgold would be issuing an RNS on a 273.7 meter drill length unless they think it may be of significance.
Connell, Garwin and their team have already discovered Alpala and know what they are looking for in the next one.
I have bought more today and at the current share price, IMO, the share price warrants the Alpala discovery on its own.
Solgold have to issue disclaimers on RNS's as the cores have not been measured, but they own so much other tenements in a country that has had relatively little past exploration.
pern - I am hoping and indeed 'praying' SOLG management's recent bullish statements on non-Cascabel activity is evidence based and not an attempt to get the price up for fear of a low ball bid....I reckon it's the former as I believe Mather et al have a pretty good idea of what we have and have no qualms in saying so in public statements, interviews and presentations
What is odd is the neutered price action of both SOLG and CGP. Both are currently struggling to make progress, in tandem. I wonder if there's a connection there?
Time will reveal all I s'ppose
phatt !
1. No more equity raises, prolly go down the lines of NSR's
2. No more lock ins - no negotiations
3. Q1 2021
Schlem, their references to Porvenir are based on their experienced assessment of the visuals (Steve Garwin has already called this a discovery) and meterage of mineralisation - that is the evidence that this is based on and some of the samples at intervals in the core have been up for public display so that we can see for ourselves. If it was all a sham, not only would reputations be in tatters, but they might also be subject to law suits. It's one thing to put in a standard disclaimer, but the disclaimer does not cover the instance of complete fabrication. There is no way NM would nor needs to risk that sort of thing.
Maybe I stand corrected ...
https://latam-mining.com/solgold-launches-20m-fundraising-for-alpala-exploration/
Q2 for BFS
Part 1/2
Perth-based corporate advisor Liam Twigger, who joined the SolGold board last year, has been appointed as chairman of SolGold.Chairman of seven years, Brian Moller, has stepped down, but will remain on the board. Twigger said he was grateful to be given the opportunity to chair SolGold in its next phase. The company has unrivalled potential, not only through our operational control and 85% ownership of the Alpala project and its world class resource of 22Moz of gold, 10Mt of copper and 92Moz of silver, but also through our exposure to numerous highly prospective exploration targets across the Andean Copper Belt,he said. The strong fundamentals of the Alpala project present a great variety of financing options, with all of them considerably endorsed by improved price and value outcomes for all shareholders, which is significantly higher than the current market capitalisation. Dr Robert Weinberg has announced he will retire as a director at SolGolds upcoming annual general meeting. Twigger will oversee an independent process to secure up to three new directors who are located in close proximity to the company's stakeholder bases in London, Toronto and Ecuador. SolGold last month appointed UK-based ESG expert Elodie Grant Goodey to its board. The company is aiming to have half of its board comprising of independent directors by the end of the year. Moller and SolGold CEO Nicholas Mather have also indicated their intention to step down from a number of other listed company boards on which they currently sit. SolGold said it was committed to adopting best practice corporate governance standards and had been developing new governance policies, processes and guidelines, including the appointment of Nadine Dennison as chief human resources officer in February. The company has established of a nominations committee and made improvements to the remuneration committee, which is reviewing a performance and remuneration framework to attract top senior talent, underpin increased board independence, and more strongly align executive remuneration to organisational performance outcomes. SolGold has appointed two London proxy solicitation firms, CMi2i and Boudicca, ahead of the AGM, and has also appointed law firm White & Case, who will advise the company on its corporate governance and shareholder matters as and when required. SolGold has been under pressure in recent weeks after its 15% Alpala joint venture partner, Cornerstone Capital Resources, rejected a hostile takeover offer and initiated a process to remove Moller, Mather, Weinberg, Twigger and fellow directors Jason Ward and Jason Clare, and replace them with five of its own nominees. The time has come to put an end to SolGold's suspect corporate governance and self-dealing practices, Cornerstone chair Greg Chamandy said in a statement.
Part 2/2
As one of the largest shareholders of SolGold, it is obvious to Cornerstone that the current SolGold board is incapable of managing the affairs of SolGold for the benefit of all shareholders in a prudent and transparent manner. Additionally, it is our view that the proposed Franco-Nevada royalty financing will significantly destroy shareholder value for all SolGold shareholders.
Cornerstone holds about 7.6% of SolGold and is the company's fourth-largest shareholder behind BHP, Newcrest Mining and DRG Global.
In June, Newcrest withdrew its representative from the SolGold board, https://www.miningnews.net/capital-markets/news/1389750/newcrest-pulls-its-nominee-from-solgold-board ;citing its displeasure with SolGold's funding approach
Other SolGold shareholders, Commodity Discovery Fund and Rosseau Asset Management, publicly expressed support for Cornerstone's action.
Commodity Discovery Fund's Willem Middelkoop said last month that while the fund had been a very loyal SolGold shareholder, it was supporting Cornerstone's move to change the board.
CEO Nick Mather's sometimes bizarre behaviour makes him unfit for the job now; he said
Overnight, he acknowledged SolGold's announcement improved the company's corporate governance.
Good to see a little bit of shareholder activism has worked; he said
We still have our doubts if these changes will be enough to restore confidence.
Rosseau president and chief investment officer Warren Irwin told a recent webinar that he'd long had a problem with management but he believed it would solve itself when BHP's standstill over buying new shares expired in October.
You could see a takeover bid come late October/early November from BHP, and possibly suitors out of China or elsewhere; he said.
This is clearly a top five copper asset.
Don't know if it's been posted
M365 - I agree. I get nervous with bullish public statements without published assays but it's utterly inconceivable Mather, Garwin, Ward etc would act in a manner that is contrary to what we now expect of them....hopeful...cheers
HB007 - Where's that from? Link?
K not H
That Latam-mining fundraising article is old - from last June.
https://www.mining-journal.com/copper-news/news/1392571/liam-twigger-takes-the-chair-at-solgold
august
Sorry, just saw yesterdays date at top
Somewhat surprised by this as we can still take the other 50m from FN. I thought the 100 was sufficient to complete alpala to PFS,and beyond.
Have we already spent it and have I missed an announcement to say ae want the balance. Ned