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Yep we're fooked here, thankfully my portfolio is varied and am expecting better things in my other large holding... she says hopefully
We are doomed.
"Need to pawn some of the misses jewelry for more solgold shares"
This is exactly the kind of disingenuous rampy nonsense I've tried to call out in the past. This share has further it can fall, and I think bbg knows this. But rather than take a measured approach, he posts lies about how many shares he is buying as a 'top up' and then denigrates any poster who dares to point out that all is not well at solg.
Frustrating, but at least I don't spend the kind of time on here that others do.
Hi mick, same here re the 10+ years.
To answer your question I doubt anybody knows - and that includes our management who, imv, increasingly demonstrate their total cluelessness (I’ll happily eat my words if they end up delivering a great sale/sp).
Atb & gl
Do you really think they'll recover from this?
Been in over a decade, & this is terrifying!
Have you told your wife about that £50,000 worth of shares you told us you were buying this morning?
BTW unless I’ve missed it, you haven’t provided any evidence of your purchase - as you have previously demanded of others - and I think it was Stackhigh who asked you to do so this morning.
You’re such a hypocrite !
Not much demand in places for a ‘chief or head of asset destruction’
Its a position only Solgold have implemented over the last couple of years, much to the major shareholders delight.
Here we go.... and the winners are ? the crooked MM and II 🤔
Need to pawn some of the misses jewelry for more solgold shares
"But they have painted themselves into a corner with the need for an imminent fundraise."
According to the RNS, they are fully funded through to June 2024. I don't think a fund raise is 'imminent' on that guidance but personally have not seen SOLG's cash balance fall much below $10m before they raise funds and they can't be far off that level now.
No management team, not matter how crap (like this bunch) would run the cash down to $2m level (eg about May 2024) and then seek cash.
I think they already have a buyer for the 157m shares which if placed at 10p levels would raise $18m. That would be a shambles and complete failure on management team but compared to zero finance raised and admin, some will say a good result. If the 157m shares go to Bob and his crew, then I seriously think he's going to come into all kinds of flack as it looks orchestrated to suit his own means. Stuff like that will have investors reaching for baseball bats rather than the other way around and Bob getting his bat out. Bob and Scott know exactly what they are doing to the sp with the lack of news on the SR, IPA, Porvenir, zero exploration and so on. They would know very well that it would drive the sp to multi year lows.
I wouldn't be surprised if Scotty boy hasn't been putting out feelers for his next post.
The one he'll take up just before the lights go off for good and the Govt take back the asset licences and sell them to someone who can monetise it and start paying them taxes.
I hope Sangha and co have more sense of self-preservation and are not gonna try and pull a trick like that. Under these circumstances, with this much at stake, people end up getting hurt.
But you have been saying who is offloading, doesn't it result in a holdings notification etc.
This is being manipulated down by a rinse / wash scheme, where the same shares are sold back and forth between two or several accounts, just like a shell game. The entity still owns the same number of shares, just moving between right and left hands. This will not be discovered or investigated, so just put up with it. Pity any who have to sell at this level, but don't get over leveraged or greedy on a short-term punt.
But they have painted themselves into a corner with the need for an imminent fundraise.
1984 "Call me cynical but looks deliberate to me"
Agree. I just checked this site for shorts and appears from the graph that there are around 4m .
I asked on the forum recently and was told by Red that they are all closed.... https://fintel.io/ss/us/slggf
From what I can see it doesn't look that way. Someone wants this lower.
Whilst 14m volume is better than usual, the fact stands which is that's not even a £1m in cash on a company that has market cap of £180m now. So 0.5% of market cap traded??
That's nuts. Should be at least 3 or 4 x that. Some stocks on corrective move days see 5% to 10% of their market cap worth traded.
2,064,957
The real distress will come on the next placing due in a couple of months. They will have little option but to practically give away CGP shares. And to whom? I'm sure they will be greatly recieved by the circling sharks.
A franco style deal? Scotty doesnt have the balls! This is the only thing that will get the sharks frenzied and bid. Giving away revenue to PE bit by bit...this will drive the sharks batsheet. Besides, it might not be possible now with the economy.
Or a good ol dilutive, heavily discounted placing...which will most likely be offloaded to the sharks anyway off the books in those murky deep liquidity pools.
Either way, its win win for the sharks. So why on earth would they make a bid when they can conduct a creeping takeover?
And who wants to place a wager re whether the PFS will land before the fund raise?
Who’d have thought it hey?
A combination of high energy prices which stop GDP from growing and mass import of unskilled workers which causes GDP per head of capita to plunge. We’re all worse off as a result
What we need to do is swap our Somalis for gas power stations
NewbieSM,
Not much has changed from yesterday. The story remains the same. If anything, an outcome to the Strategic Review could arrive soon and will hardly come as a surprise of they say they are seeking a sale of ENSA. But the market might like the fact that SOLG have at long last admitted it.
Noront Resources was rock bottom and going no where for months at 20cents a share. Then came BHP and FMG group to the rescue offering to put shareholders out of the misery for 55 cents a share. Whoop whoop...and then another offer at 77 cents came in. And then the final knock out winning bid arrived at 110 cents.
So don't worry about the share price. It will realign to the value of the asset or the first bid when that arrives. Never before has the mining industry left a Tier1 asset on the shelf... they always get mined because the profits are very appealing.
Copper boon around the corner and there's no chance ENSA will be left to gather dust. Tier1 discoveries are very rare. But yes .. they can cost billions to mine... so they don't suit everyone and ony a select few with deep pockets can make them work. Luckily, we have 3 of those players as major shareholders... I wonder why that is?
And last of all... if you are in any doubt over the assets, ask Franco Nevada (industry experts) or Osisko... as between them they happily chucked $150m into SOLG and they'll lose that cash if ENSA is not developed. It will happen.
Sangha is probably sizing up his new bat as we speak. Cost? All the shares in treasury at about 5p each
Call me cynical but looks deliberate to me
Over the last 22months I significantly sold out most of my SOLG (at a loss) @ 29p/27p/8p (4months ago).....so I'm glad to an extent...kept a small certificate from many moons ago! (probably bought circa 7p? from memory)
When I look at the risks of other shares and their market caps....and what we have in our portfolio here.......I am seriously considering a top up.....of course it's a gamble but so are most of the others....think I'm about 60% down over the last 3 years.......so maybe a top up here!
GLA
Not sure we've seen properly distressed yet.
You're not alone Newbie , I'm in for 32k @ 27p. Ride it out , it's all I can see to do.
Thank you 1984Investor - so best thing to do is hold tight and hope for the best!! Honestly I’d be happy to just get my money back now! But I’ll keep hopeful it will come! Thanks again for your response.
There’s over $100bn worth of metal in the ground at todays prices, even if only 10% of that was profit it’s got to be worth something to someone
At distressed levels we may finally see the first move, and if more than one suitor wants this then it still won’t go for peanuts
Best thing then can do now is mothball and invite bids