Firering Strategic Minerals: From explorer to producer. Watch the video here.
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This is exactly what you said:
"But Solgold is out of cash now, not in 2023"
Rich...apart from your disgraceful sexism...
You have absolutely no idea what you are talking about re Ayten. So change the subject.
Im posting unsubstantiated rubbish Redknight?
What is factual about this
"The strategic review is a smokescreen for a sale of SOLG or Cascabel.."
You're showing yourself up now...
Bozi...you can't honestly believe that Darryl was a BHP stooge when Nick was on the Committee that recommended him to the Board...?
We may never Montecristo..its all geared to selling Solgold...
Much much more!
0.75/0.8% is WORSE terms...
addickt it suggests to me that he knows something we don't know about another predator(s) lined up...
What I find stupid beyond belief is that BHP would complain about an investment worth 0.04% of their MCap that they could have bought for peanuts starting 2 years ago...
Similar for Newcrest...just pathetic sour grapes...
RichBetter...we're out of cash now...?!
What planet are you on?
$50m cash raise plus probably $20m left gives enough to last until end 2023 or beyond at $3m burn per month, even if we do more drilling...
But we won't need it because this is being sold...
Bozi...you do sometimes post unsubstantiated rubbish...
Stick to the facts...
The strategic review is a smokescreen for a sale of SOLG or Cascabel...
I think a decision should have been made 2-3 months ago to sacrifice one asset to develop the other.
Whichever way round that would have been would depend on what interest there is and at what level.
After all, if we're trying to entice BHP into making a move, surely the play should be to actively market one of our top 2 assets and potentially the flagship one?
I do think SolGold can have a crack at Porvenir with the proceeds from Cascabel, assuming it's going to be realistic to bring the infrastructure up to scratch.
Instead we have two assets and are moving painfully to progress both.
And there is the reason why the new lady cfo and a flurry of other directors left under a cloud. She had clearly done her job but it must have been vetoed in some way by dc… who’d a thought it :))
Labour could teach Solgold a thing or two about budgetary responsibility after our funding farce in 2022.
In fact, statistics are showing they could probably teach the tories a thing or two too. A conversation for another day in early 2025 though, by which time I'm sure you'll be well behind Tice and ReFash -if you aren't already that is...;-)
You don't need to tell me that RichBetter. But Marshall initiated the stripped down version, rightly or wrongly.
Plenty have been lauding Cazzubbo as a BHP stooge in recent days. I called it at the time he was appointed but was told i was being daft.
I can't do anything but call things as i see them when i see them.
I'm invested by the way but nice dig. Don't let that mask slip. ;-)
More optimistic here too Add.
Won't dwell on the details as it's all been said before, however there is now consistent narrative on some sort of corporate action in the near future from individuals who have serious skin in the game. I know many have had their hopes dashed before, however the timing is now right and there are now so many important factors now in place which make this time different. In these economic times, I'd certainly rather have one in the hand, than two in the bush.... so let's announce that we're up for sale and get this thing actioned off. C
Irwin been right many times …..
“First Step - Friendly Merger with Cornerstone - COMPLETE, Second Step - Raise US$50 million in non-dilutive financing - COMPLETE, Third Step - Realize full value for SolGold Shareholders - IN PROGRESS. Impressive positive progress, congrats!”
“I have known Scott Caldwell for a lot of years. He has the skills and I believe he will do the right things for SolGold shareholders. He has been on the SolGold board before, so knows the challenges SolGold faces. Onwards to Step #3”
Cascabel and Porv…. I have a hangover
For Mather to continue exploration, IF that really is what he wants, then Solg can repackage a chunk of the regionals to a new entity… (didn’t Ingo begin to create an investment vehicle?) and he can buy that, probably with partners, leaving Solg with Cascabel and Alpala, to either sell or JV.
If someone offers us too much, then the answer is obviously yes. But otherwise, I would prefer the exploration properties IPO'd to us remarkably long-suffering longs. And dgr. And the ultimate cascabel buyer, I guess.
Those licence blocks Fort, whilst in demand, won't carry much value until a resource is declared in line with JORC requirements.
So we'd have to sell Cascabel or Porvenir and use one to fund the other and the remaining folio.
I think now he holds 100% Solg shares, you can assume that cascabel auction becomes a Solg auction.
I'm still pondering on hoe Mather gets to continue exploring but guess that will become clear post strategic review.
There's a lot in the folio that the market and buyers like to value at zero but the truth is ... drill ready licence blocks hard to find in Ecuador and be interesting to see if the exploration folio gets flogged off leaving solg with just ensa.
This article from 2020 is worth re-reading and is very relevant to where we are today:
https://www.afr.com/companies/mining/solgold-seeks-funds-ahead-of-bhp-s-unshackling-20200211-p53ztp
“Cornerstone has argued the Cascabel project should be auctioned to the highest bidder.
Prominent Canadian mining investor Bob Sangha confirmed this week he also believed Cascabel should be auctioned rather than SolGold take the long and expensive journey to mine development.
Mr Sangha is the biggest shareholder in Cornerstone with more than 16 per cent and his company also owns more than 1 per cent of Solgold.”
When can we realistically expect to hear the results from the strategic review?
RichBetter - I might have this wrong but I think you might have the wrong end of the stick.
Had we gone lock stock with the 100% of the reserve, i.e. full development, then the capex would have been $5bn+ for ultimately very little improvement in economic output. Totally unrealistic.
Plus, why would you pay an extra $2bn up front to develop it if it isn't going to yield anything extra?
My interpretation of the PFS optimisation (and this may well be me with the wrong end of the stick) is that reserve usage would start to be built back up and additional capex phased into the plan, drawn from phase 1 revenues. So, back towards a multi-generational life of mine but with a more gradual phased approach and ultimately slower ramp up.
Also, it was Keith M who advocated that approach just before the initial PFS under Mather was going to drop, hence the initial delay whilst they went back to the drawing board, but I do get why you think Cazzubbo did this intentionally for BHPs benefit. Just not sure I agree.