Firering Strategic Minerals: From explorer to producer. Watch the video here.
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If I'm reading correctly, Darryl was paid cUS$1m in 2023? Despite being 'fired' in November 2022?
Page 26 of AGM circular:
"Mr. Cuzzubbo was terminated for cause in November 2022."
"On 30 June 2023, the Cuzzubbo Agreement was amended so that the basic wage of AUD1,200,000 would be payable wholly in cash."
Looking at the other salaries and payoffs in 2023 .... it stinks.
Adikt. Nothings changed.
2 rns, unbelievable.
Why would you vote for more.
More of the same incompetent mismanagement
More share options bonuses and salaries for
clearly, the same debacle of a management team
More misinformation
Good spot NMM. This is fast becoming a joke of a business. £4m missing from a while back, huge unannounced payout to DC. Maybe just all the byproduct of a long game of dirty tricks. Or we are just a mess.
Voting for Maria and the new guy, the rest are a nay. Totally incompetent useless clowns, lead by the number 1 clown and corporate gibberer Caldwell!
NMM, you are right about DC's remuneration, both in terms of its quantum and just how outrageous it was. The amendment meant instead of receiving a mix of cash and shares he was to be paid in cash only. I believe the reference to 1.2m in June 2023 is a typo and, given he left the company in Nov '22, should read June 2022. I suppose it could be an out of court settlement, but I'm not sure why we would change his employment contract at that time and I'd have thought it would have been referred to as such. Another question is why was he paid a sign-on bonus in shares a full seven months after he started work?
Twigger and Mather were responsible for this and had Twigger not been resigning I'd have voted against him.
We remain in the dark about his departure and nor have we been told of what's happening with regards to his action against us.
The whole DC era was a debacle and it's clear he didn't get on with Caldwell. He was given the boot accordingly. However, anyone on here who blames Caldwell for DC's appointment and remuneration is mistaken - he had nothing to do with it and got rid of him as soon as he could.
Add, I don't think any poster would blame Scott for the DC fiasco. I am more concerned that solg made a big deal about Scott's low salary, yet his total compensation package is not miniscule. It is undeserved given that after a year we are nowhere nearer to being sold. I am starting to think siding with BHP would get us sold so we can move on rather than this being dragged out forever while they take big salaries and we are left with a terrible SP. I have never been impressed with Scott. Any ceo who ignores the falling SP should fall on his sword.
Eloro, I think you are underestimating the mess he inherited and the complexity of our assets. By the way, I think he underestimated it as well.
He's referred to calendar Q1 '24 and he certainly needs to come up with something by then.
Folks are so worried about BHP stealing the company while failing to notice the solg noses in the trough enriching themselves while PIs are looking at a decimation of their positions with no end in sight. I recall how excited folks were when the SR was announced. Now its like a nightmare on elm Street with no inkling when we will wake up or if we will ever wake.
Quite possibly Add re underestimation. It's been approx a year and what achievements have we got to celebrate? Successful outcomes are reflected in a company's SP. Ours is screaming failure. I fully understand Fort's current disenchantment with the BOD given the SP fall from 40p to 7p with no actions taken by Scott to arrest the decline by actually achieving positive outcomes.
Eloro, we know he's heavily engaged in getting the various governmental agreements across the line as well as talking to the 20 interested parties. Given how slowly these things move, do you think it's his fault that they haven't all been signed-off yet? Or do you accept that governments move very slowly and that Ecuador has been through political turmoil over the post six months?
You seem to be of the opinion that he's sat on ar5e doing nothing, whereas I don't believe that for one moment.
Vote against him at your peril. And as for thinking supporting BHP is a good thing! God help us!
Incidentally, I'm as unhappy about the situation as you are, but I do believe it's our best hope. None of us fully understood just what a mess the company was in - although a few of us suspected as much and voted against Mather in 2020. My support for DC vanished more or less the first time I heard him speak - his appointment was a disaster. In my opinion Caldwell is a huge improvement and he needs our support.
Adikt. It didn't take you long for you to do the inevitable, and jumt to scotty boys defence.
As I recall it, you would never hear a word against mather and the previous gang of incompetents, much like padmaster.
And look where they ended up. Sacked.
Although it didn't take you long after the sackings for you to change your tune about them. You need to stop hunting with the hounds and running with the foxes. Although I suspect it doesn't matter much now. We're looking at my entry level by Xmas. Many, many years wasted on here reading you and others telling us, as padmaster says in his ditty.
Here we go
Here we go
Here we go
How we get there
I don't care
All I know is
HERE WE GO.
Well adikt despite you, padmaster and rk and your 3 wise monkey act.
Pads was right. We've got there, that's for sure.
And low and behold, what are you doing about it.
Yes, voting for more of the same
Adikt. Your latest defence, of the indefensible.
"we know he's heavily engaged in getting the various governmental agreements across the line as well as talking to the 20 interested parties."
How do we know, show me a link, I can show you plenty of evidence of the company misleading us.
You show me a link to back up what you tell us daily.
All you have is a ceo on borrowed time, trying to drum up support to sell a company that appears unsellable.
And you daily parroting scotty doesn't alter a thing
Add, I never doubted that you are also unhappy with our current situation. I also appreciate that you are being pragmatic with the hope that the long term outcome will be rewarding. It would have been more helpful if solg hadn't switched to making the SR unending. Too much about this company is reduced to guessing because we are not properly informed. My fear is that we will still be here in 2025 still waiting.
Eloro, I certainly agree with your point about the SR being open-ended, and said so at the time, but I guess he thought by giving a fixed timeline he was in danger of making a rod for his own back, and by implication, making the company's position more exposed.
Permits to commence construction and an end date to the SR is what we need. Hopefully end of Q1. C
You mean he was indanger of being 'accountable'.
Directors that 'dodge' accountabiity are not to be trusted and need to be voted down.
You are safer in hand sof BHP than these CGP tools. For the last time... BHP cannot steal this from you as they don't have enough ownerships and they would never get away with any underhand tactics. But they might have a plan and stock some bods in there that the market respects and likes and believes. That could see SP double in no time.
You need to have a sumper major visibly seen to be involved and driving things to some extent as the project is Tier1 and the market expects that. Having some clowns tool around who have zero experience of Tier1 mines while they depsrately scratch around trying to line their own pockets is a joke.
The market actually believed under DC as he had a CV to back it up. He didn't mess things up at all. The sp was 40p+ post his PFS. I wonder what the sp will be after Scott's imaginery PFS?? 4p? Scott hasn't even employed n external auditor team to review the PFS yet. Vote the him down and get a proper CEO in. And make sure those CGP boys cannot issue those 157m shares to themselves... pro rata my @rse.
Fort, you seem to have forgotten the comments made by the ex-CEO of Glencore who recently said the modus operandi of the majors was to 'screw the junior explorers'. Do you think he was wrong? The idea that we'd be in 'safer hands', as you describe it, with BHP is laughable.
Fort, I am fairly certain that the SP started to fall after DC's failed raise.
I just want this sold so that I can move on while I am still young enough. If BHP can get that done, so be it. They can be any worse than the current and previous management who got us to where we are today.
People keep mentioning the share price being 40p back then… but it only hit 40p off the back of some very promising first drill results at Porvenir.. when we were an exploration company.. We have become a textbook lifestyle company now.. there is nothing at all to push us back to even 20p. The level of value destruction brought here by the CGP takeover has certainly surprised me… an open ended strategy review has been catastrophic.
Prior to that, it hit circa 45p years back when BHP bought shares…. But there was only 1.7 billion shares back then when they paid that.. we are almost double that now.. so even the possibility of another huge supermajor arriving and paying a huge premium to market to get a foot in, isn’t getting us back even close to 40p now.
We have become a textbook lifestyle company.. many may not like to admit it.
Typo...they can't be any worse...
Orth, the SP hit 40p last year because the Japanese and the Norwegians were buying if I recall correctly.
Eloro
I’m fairly certain BHP would be far worse.
Scott had a lot to put right and it takes time. Voting him out would be utterly stupid IMO Let’s see what fruit his work may bear in the coming few months.
For one thing, instead of ranting here, I have emailed Solgold asking for a clarification about the rationale for resolutions 10,11 ad 12, the intended use of the funds and a good reason for existing shareholders who would be diluted in case of capital raise.
Let's see if they answer.
I seriously think you should all email them asking similar questions, prior to the AGM, which might be the only way to make them aware that there is an unhappy group of shareholders.
DBW, I am struggling to see what Scott will be able to deliver in the next few months when hasn't delivered much in the approx year since he became ceo!!