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He'll claim he sold them at a small profit. He's never, ever, ever down. Funny that...
Eloro , apparently he's totally peeod off and is selling. Check out Metoooo post around 3.30 4pm. Expecting a TR1 soon enough. Wonder whether his wife is following him out? Could get really messy if she sells too. Fingers crossed they don't , I love reading RK's invaluable insight into the financial world of everything , he seems to be on the cusp of , erm.....
Hopefully he's sold and gone for good.
Correct shippy but it’s all very exciting nonetheless
Ðec 6th Lord Braggart boasted:
"Bought 100k at 8.18 on a T20..."
Today he is MIA from the BB.
Funny how he didn't see the continued fall of the SP coming?!
Not much of an expert then. Too ashamed to show his face today. I thought he'd be here bragging about buying more at these prices.
No one knows anything about what's going on
25p? Too much to ask?
Bozi, we playing a bit with hindsight here so keeping it in context... yes I would have been happy with 100m shares issued to xyz for a return of $20m (16p equity raise) if it meant we have a strong exploration phase during the ENSA sale period. I'm not saying it would have been another Porvenir hole 1 scenario ... I'm just saying that you can't mothball a company like SOLG and expect the sp to remain solid. Not in these markets.
Value vs equity vs dilution etc is all about shareholder return. If 100m shares (3% dilution) delivered an sp of mid 20's off back of positive exploration drilling vs today's 7p... I think that answers your question easily enough.
But we are playing a game of ifs and buts.
The problem is... Scott has telegraphed to the market that we are light years away from anything remotely meaningful (light years being 8 to 9 months off - and that was June 23).
They chose the wrong path and it's hurting now.
Scott said this at the time,
"I am very pleased to have Jiangxi become an investor in SolGold. They are a highly accomplished mining company and more importantly, 100% aligned with SolGold in ensuring all stakeholders are treated respectfully and fairly..."
It stands to reason then that their support may have carried a condition or two.
You also have to consider that when Mather went out and pegged this ground with the help of Ward, Garwin, Wheeler and Co, we'd just discovered a mammoth tier one. Apparently, securing other similarly prospective ground was a questionable strategy, so why was drilling regionals all of a sudden the way forward?
This is devil's advocate on my behalf. I'd like to have seen a regional drilled. I'd probably have favoured Helipuerto given the noise surrounding the adjacent Warintza.
Fort - have you considered that when Osisko gave us $50m and Jiangxi did their subscription at 16p that both parties may have said "concentrate on ENSA - leave the regionals."
If they did, how happy would you have been with an extra 100m shares to give us £5m budget for 3 regional projects?
Genuine question.
I think the bulk of shareholders would like to see ENSA sold off (or entire business) for a fair value price and all move on to pastures news. My gripe isn't with the timelines on selling ENSA... as these things can take a long time especially when market backdrop and politics less than dandy. My gripe is with the miscommunication by Scott and mothballing of exploration drilling. Lets be perfectly honest here, the plan to conserve cash through basically halting everything and sacking staff left right and centre has not worked at all. That's backfired big time. They've spunked close to $70m in a year and despite all these apparent cost cutting exercises, the sp is on the floor, reflecting a business that has nothing to excite the market about. When they decided to kick the can into 2024 on ENSA, they should have kicked off a regional drilling plan and delivered some exploration to shareholders. It would only take one or two holes like Porvenir or Alpala acorss oother blocks to get folk excited and buyers pouring in at these levels. An exploration company needs exploration. That's where growth comes from.
If Bob thinks it's a good idea to just throw the sp to the wolves, then that's up to him but it comes with serious consequences especially with AGM's coming up.
The directors have a duty to PROTECT shareholders interests and deliver VALUE. The current management team have failed miserably.
If we had 2 or 3 regional drills underway (6 months ago) then we could be in the 20's right now and none of us would be bored or overly concerned with the lengthy ENSA sale process. It would be in the background... ticking along. Meanwhile, any buyer with eyes on the full business would have to watch anxiously as SOLG knocks out some new high grade holes thus boosting the company value.
Instead, the CGP noobs have left the market nothing other to focus on apart from complete and utter failure... in that nothing newsworthy looks likely until Q2 at best. That's why the sp is 7p and destined for 6p or 5p or 4p without news catalysts.
There is no excuse what-so-ever for turning SOLG into a 'nothing' company with zero activity. Even a pony $5m to $10m raise would have seen 6 months+ of exploration!!!
Instead, didn't we hand that amount to Maxit in finance fees?? Mmm.
I'm afraid your expectations are unrealistic. Do you expect them to give a specific date? The corporate world doesn't work like that, particularly when dealing with governments.
As for a plan, they have one and are working towards delivering it.
Had either Mather or DC set themselves a similar process we probably wouldn't be having this conversation - it would be done and dusted.
Thank you to redknight and all his psuedo's for talking down the share .... keep it up clown (s)
Hey, they were Nick's fantasies for the first half decade.
Great series that
Fort - we'll give you the keys to a company employing 500+ people and ask you to navigate the year.
You can make 490 redundant on day 1 but it's going to cost you.
Let me guess, you'd just bin them all with no severance like the Roy family on Succession?
Cracking week so far gromit...
Solg wins todays award for the worst performance out of the 27 different company shares I hold (and some of them are flaky juniors!) The only thing I can see that will stop the daily declines is news of a sale or major investment. Nothing else will stimulate buying and stop this death spiral.
BP1 - it absolutely would be this low.
Berry Street aside, the continual drift is likely because of an open ended strategic review with no self-imposed deadlines.
This was completely the right way to go.
Had they said "we're going to do the merger, shrink the company's cost base, get the government approvals, publish a phased development plan and complete the strategic review by 30/06/2024 then PIs would have headed for the exit and returned a week before the deadline. The price would have dropped from the low 20s to 7p over 2-3 days rather than over 12 months.
That's all that's different. People hate having dead money.
About £300k in equity worth traded and that it equates to £12m+ knocked off market cap.
This thin volume with top heavy sellers certainly hvaing a disproportionate effect on sp.
That's the problem when management do absolutely zero to invite buyers in.
We are explorers that are not exploring. We are developers that are not developing. What are we Scott? Because the messages and comms you have sent the market have caused this plummet and no else to blame apart from yourself.
Rock chip samples don't make us an explorer i'm afraid. There are artisinal miners out there have have collected more rock chips than SOLG in the last 12 months and they didn't have $70m to blow either.
Bp1, what is it about the RNS of 25th October you don't understand?
RK selling? I’ll believe that when I see the TR1.
Surely the problem is that the strategy he set out takes time, particularly when you take into consideration the mess he inherited?
He wants to sell the company, but the fact is it was in no state to be sold, specifically the lack of licences/IPA etc. It seems to me he's taking the right approach and we just have to accept dealing with the government and developing Cascabel into a turnkey project is no easy task, and it's a great pity the previous CEOs didn't make more progress in these respects. I shudder to think where we'd be now if DC was still trying to push ahead with his production fantasies.
I promise you, I'm finding this every bit as painful as you, but I see SC as being our best hope.
Uk financial year runs April 1
Canadian runs Jan 1
Maybe some consolidating tax losses to carry forward.
They are not empty words if there is clear evidence of a strategy and of its execution. I don't think this is the case and the market seems to agree. I wish it were different. Still holding but it's painful to see value being destroyed whilst our cash gets spent so merrily
RK unhappy and selling.