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I suspect the idiots are those buying shares for their wife 3 years ago at 35p and having to tell them they are worth 80% less this morning
That covers BBG, RK1 and DBW.
Harsh to call them idiots though, gullible certainly.
Definitely š¤”š¤”š¤”though
A JV will be great for the sp but personally I would prefer a bid from the likes of BHP and take their shares in lieu of cash.
Maybe the JV first and a bid next year?
Hi Tesla I wouldnāt say rampers Iād say more ābelievers and whatās the issue with waiting another 7 years as I see it the same ānon believers ā have been and will also be here the same time frame! Now go figure who the idiots are š
55p someday soon
Reading between the last two updates, we must be very near to closing a deal, im sure Scott has this covered.
Lol youāve been wrong for 7 years, whatās another couple of years between rampers
š¤”š¤”š¤”
So the Ā£10m is definitely not a facility, it is essential to keep the company operational for about 3 months. I can see why SG refused to tell me the CAB and monthly running costs. Nothing on the strategic review. I hope there is a real plan behind this. Three months.
So essentially... funding package or buyout deal sorted and just dotting the i's and t's.
These negotiations can drag on but like the Franco deal, often they overun by a fw weeks and not much more as all parties would have had a deadline that they agreed to work to.
You might find this more relevant?
āThe Company finalized the process of legalizing and registering such resolution in December 2023. Recently, the MEM confirmed in writting that the six months established in the Mining Law to execute the Exploitation Contract should be counted from the date of registration of the change of phase to exploitation in the Ecuadorian Mining Registry and currently the Government of Ecuador is finalizing the reviews for the signature to take placeā
The SR has been in ongoing for 18 months or so, and it's now all coming down to the next three months.
I think it's safe to safe that Bob had been working on getting a deal based on cash already raised, eg through to around now or end of June at latest. The $10m loan is identical in size to the one Mather did prior to announcing the Franco deal. If you look back, that deal eventually followed just a few weeks after the $10m loan was done. So I think they are very close now and the overrun of $10m is merely an accounts sign off proceedure as it ticks the going concern boxes.
So I think we'll here of Bob's masterplan within the next 6 weeks. Possibly sooner.
Nothing regarding the permits and strategic review process.
Per yesterdays post, my guess is we have the permits, the strategic review process has concluded, and we are waiting for the IPA to be executed before announcing strategic funding. All whilst Copper hits ALT
The Exploitation Agreement is due to be signed before the y/e. No date given for the CIPA (as far as I could see) but there will be two agreements; one for exploration and the other for exploitation, which are designed to reflect the change in status of the project.
Cash - nothing we didn't know already, but, as I said yesterday, absent further funding news before y/e, the accounts will have a qualification and given they are released in September, in order to be able to include a post-balance sheet event, we will have three months to finalize the funding package.
No words regarding the strategic review progress?
So why didn't you just copy and paste the relevant bits?
As DBW says...the rest is just standard...
Nothing new here
$3.4m in bank as of March 31st 2024...not as of now.
They had $12m approx cash in Dec 31st 2023. So burn of around $7.5m ish over 90 days. $2.5m per month.
So $10m loan from mid May to Sept 30th (as they state) would suggest they will be burning around $2.5m per month.
It's clear that they don't expect the $10m to see them through which would suggest they are quite bullish on getting the finance package done.
I did say that cash pile would be sub $5m and market was expecting that. But they are $1.5m below that and Scott's huge cash savings that he claimed were coming are pretty much absent considering they are doing zero works now.
Cash burn predicted to be around $30m plus $6m licence costs per year. So $36m just to keep lights on and do zero exploration and minor activity on ENSA. It's a costly business mothballing a business isn't it Bob?
Time to get this sold or financed/partnered up. You've had over 18months on this already.
I was just trying to point out the cash position,i'm invested and will remain so
The going concern statement is a standard requirementā¦.. read the last one and the one before ā¦ā¦. Either youāre new to this or you already knew that
Going concern
As at 31 March 2024, SolGold Plc (the āCompanyā) and its subsidiaries (the āGroupā) had cash on hand of $3,452,963 and net
current assets of $3,540,879. Following the successful completion of a $10 million financing subsequent to the balance sheet
date, the group has sufficient liquidity for the next few months but less than twelve months to support its operations while
it explores substantial and longer-term funding solutions. On 13 May 2024, the Company agreed to a short-term $10
million loan. The loan may be repaid early and other terms and conditions are customary for the nature of the loan.
The Directors have reviewed the cash position and cash position forecast of the Group and the Company for the period to 30
September 2025 and consider it appropriate that the Group and the Company financial statements are prepared on the going
concern basis. This basis contemplates the continuity of normal business activities and the realisation of assets and discharge
of liabilities in the ordinary course of business, for the reasons set out below.
The Group has not generated revenues from operations in its history. Like many exploration and development companies, the
Group raises finance for its exploration and appraisal activities in discrete tranches. Therefore, the ability of the Group to
continue as a going concern depends on its ability to manage costs and secure additional financing within the next twelve
months. Managementās cash flow forecasts show that the Group and the Company need to secure additional funding to
continue their exploration and development programme and in order to continue to meet their obligations and liabilities as
they fall due.
A going concern assessment conducted by the Group, reviewing its current and projected financial performance and position,
including current assets and liabilities, future commitments, and forecast cash flows, has determined in managementās base
case and downside scenarios, there is not sufficient liquidity for at least the next twelve months from the date of approval of
these financial statements, without the receipt of additional financing.
The Company has a proven ability to execute equity and other financings, most recently demonstrated by the completion of a
$10 million borrowing subsequent to 31 March 2024. The Directors have a reasonable expectation that the Group will be able
to raise further funds when necessary and, as has been the case previously, the Directors expect that future funding will likely
be provided by equity investors, debt, or via other strategic arrangements.
If the Company is unable to secure sufficient funding, it may not be able to fully develop its portfolio of exploration projects,
and this may have a consequential impact on the carrying value of the related exploration assets and the investment of the
parent company in its subsidiaries as well as the going concern status of the Group and the C
They had circa 3 million in bank prior tolast rns
Cknt - go back to bed.....
Posted.
Let's see if anything interesting is included.
I feel left out. Iām not in touch with SOLG management or any other insiders. Not even a coffee plant.
Not Spartacus either. Just putting that out there.
Right, .. back to sleep until something actually happens.
1984, you appear to be fond of calling others a tĀ£Ā£t.
how do you think you appear, now that you've in informed us
your in regular contact with solg.
your now the 178th person on here to have an inside contact in solg.
only the desperate gullible on here would believe you.
think about it logically, if as many on here,from just one forum board have the contacts they claim,
I read other solg boards, who make the same claims, there are not enough employees at solg to keep passing on
this so called information to the likes of you.
then we have mystery bankers, phone calls, coded messages, neighbors and CEO friends, emails, and chippy even claims to be Mathers mate, not to mention the clown who claims to have gone to school with him.
so can you now see why, you have just joined a growing list of why your not in a position to call others tĀ£Ā£Ā£ts
Rk. You deliberately missed this sentence of the bottom of the news release.
"The company adds that there is no guarantee of a finalised financing transactions, despite financing discussions advancing."
Do you think people on here are stupid, we've all read the news issue.
You have once again shown us, your credibility is worthless
David.
Ignore the abuse my friend.
They just try to deflect, and can't bare anything factual that rocks there Ā£1 a share fantasy.
What you say is 100% true.
The likes of fjndy have, I repeat have for the last 8 years spouted a takeover is imminent. And claim to have filtered all who are realist.
He actually doesn't filter anyone, it's all bluster and schoolboy, I'm taking my ball home.
He will still pop up and respond with abuse.
Complete clown