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The DFS has been firmly kicked into the long grass. Work will continue, but it will not have gone unnoticed that reference to it came at the bottom of the announcement. Not that we'll ever get there, but when can we expect it? Summer 2024? Q1 2025? As for production, the start date has now slipped into the next century.
Who said this? "The new approach is a clear shift in direction and is alignment with feedback received from a number of shareholders..." In other words, CGP, Sangha et al.
It really couldn't be any clearer.
The comment that the CGP stake of 6.7% could be sold before the merger was designed to answer the markets question on exploration funding.
Also noted this morning, Condor Gold has opted to go for a straight asset sale rather than try and take the asset to development.
Sign of the times. It's nigh impossible to get projects funded cost effectively right now due to interest rate rises and inflation.
Complete merger, progress Alpala DFS and JV or sell Ensa. Pay some dividend, retain a strategic exploration fund, restart exploration and get next one ready for sale or JV.
I agree Sharket. It does not come as a surprise that the studies we were all waiting for have been delayed.. it’s what Solgold do. I posted a few days ago that the PFS could be delayed, and how in my opinion it would be because it has failed to find the lift in project value it had promised… This is not a positive RNS at all.
Talking about people's world view , the interesting one for me is warren Irvin"s.
This is a man who was always clear that he wanted a sale, he thought the solg board were a bunch of morons and rejected the merger initially.
Now he is as happy as Larry completely agrees with the merger and publicity states solg are now going the right thing.
This from a man who is a major shareholder and knows the main players on a personal level and will know far more than anyone here . And Bobby boy is on the same wave length too.
How goes that fit in with people's
"World view'?
Quady, yes everything on the table, but the people now running the show want Cascabel sold, which makes it much more likely than you give it credit for. addicknt has it spot on, you are guilty of what you accuse others of.
A disappointing but unsurprising RNS. I think we can forget about Porvenir for some time. No timelines for when we'll get PFS2 (this isn't even mentioned anymore) or DFS at Cascabel (wasn't DFS late 2023 anyway, so pushed back further beyond that?).
I did not the slight tweak in language.. the financing is "expected" to close imminently whilst the merger is "anticipated" to close. The latter is at the behest of the regulator and CGP shareholders, which is probably why they can't be quite as bullish?
I feel as though the Cascabel Project Team have been looking at the various ways to de-risk the project for the last 18 months or so and we still haven't really heard any of its findings or progress.
Sorry BNc. :-)
Pick its nose on time………
Thanks for that Monte
Me cuppa tea now spat out across the bfast table………
Bn.c
Thank you Copperpot.
Monte, I agree. The full time appointment needed to be announced, but the rest didn't. Nevertheless, it's good to get a clear statement of intent from Caldwell.
One very interesting thing to bear in mind about the appointment is the remuneration. He is being paid a "nominal amount"...how many CEOs would accept that if they thought this was a long term appointment? They wouldn't.
ColonelDrake of course PFS 2 is not dead in the water.
That is how we reduce costs for Alpala.
Try reading.
It's delayed no more than that and required for DFS.
Q, at least I agree with you on one thing; we will not be sold before Christmas - unless something remarkable happens.
Was there anything in that, that we did not already know?
Apart from the delays. Well I guess we could have guessed that really.
I don't think this company could pick its nose on time.
Strategic review if done honestly should conclude that for everyone's sake we should sell the whole company before we run it into the ground.
Given that the DFS wasn't due until the end of next year, the reference to the delay is very interesting. I wonder why, given the extended timeframe, it was felt necessary to inform us of the delay? I can understand the Porv PEA, but the DFS is strange. Have we been barking up the wrong tree again? It seems every time a new CEO arrives we decide to look at things differently. All very odd.
Addicknt on my first post I explain that the whole of the announcement is ignored apart from one small bit.
It's the announcement that is contradictory not me.
Basically the announcement says everything is on the table.
Today's RNS is the same.
We will not be sold by Christmas as so many on here have said.
We continue to production, next stage is DFS.
It really couldn't be more straightforward.
Interesting that a 'spin out' seems to have been added into the mix. Don't recall seeing that before.
So basically everything that is not ENSA spun out into a new company....mmm.
Or some assets spun out...
I did elude to this a while ago... I think Mather might be taking on some of the grass root projects... just a hunch. The advanced stuff and priority targets likely to remain in folio as potential buyers of ENSA will wants those is my guess.
PFS2 was dead in water due to inflation basically making it pointless right now but move to DFS next year and inflation drops etc then you have a better story. Porvenir PEA disappointing though. No justifiable reason to hold that back imho.
Quady will be reassured but I am still looking for a sale...
The RNS makes clear still that the CGP share stake in SOLG could be sold very soon and before the merger completes...
Q, so you don't see the contradictory nature of your two posts? Oh well.
Correct Quady!
Think some have missed the key point...
" it is expected that the Cascabel Definitive Feasibility Study ("DFS") and the Porvenir Preliminary Economic Assessment will be delayed."
The DFS was due end of next year, an update to the PFS was due Q4 this year, it hasn't mentioned the updated PFS, so are we still expecting that ?
those that think a sale is still imminent.
No addicknt I haven't, read what I said.
Also didn't I say that the 0.6% royalty of 50 million was for Alpala DFS.
That is exactly what we are doing.
Plus a reduced build cost.
Nothing here saying we are going to sell Cascabel unless we get the price we want.
That has always been the case.
All the people that said we would be sold by the end of the year are wrong again.
They cannot understand why.
Yet I have been proven correct again.
It doesn't mean we are selling Solgold or Alpala.
At least it was a much quicker CEO appointment than the last, let's see how long this one lasts
All on track apart from the inevitable delay in the DFS. Hardly surprising since we won't need it.
A quicker appointment than the last CEO