Firering Strategic Minerals: From explorer to producer. Watch the video here.
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The update on Moran was very exciting albeit early days. The fact we haven't heard anything since could be a sign that it turned out to be a promising hole but not quite the fantastic hole they were expecting. Eitherway, the company really ought to update shareholders on Moran's progress. What's the point in telling us about the drill's early signs only then to go quiet as a mouse.
Darryl must get be getting the hairdryer treatment from some of the mid to larger fund managers and investment firms. Back at 20p levels and well below previous placing levels means many are underwater which all goes to help BHP should they make a low ball bid. They'll likely position it in the same way as they did to OZ Mineral Shareholders citing the imminent danger of cash calls and equity raises etc and that they are the shining knight rising in to help Ecuador move forward with more speed than what the mis managed likes of SOLG can deliver. I just a feeling that NCM and BHP allowed SOLG to take the funding structure (inc royalty deal) to the point of almost pushing the button only then to pull the rug. They knew the effects and poor media following that would dent sentiment and help them with potentially a low ball offer. Come on Mather... lets see if you have the same mettle as Twiggy and show BHP the door. What a victory that will be should he pull it off. Darryl is just a puppet master in this game, he's not much skin involved and thus doesn't care about the pi's like Mather does. Mather and Pi's are aligned. That's why BHP and NCM are desperate to get rig of him. He's a thorn in their side.
Fort, you make a good point about DC's lack of investment here.
Personally, I find it unacceptable that he hasn't spent a penny of his own cash buying shares in the market and it offers me no comfort whatsoever. The fact he's been awarded a shed load of options is equally unpalatable, particularly bearing in mind he's produced no enhanced shareholder value. He needs to lead by example and demonstrate some faith and optimism by putting his hand in his pocket.
Agree Addicknt, and no time like the present.
Bozi, I wonder if he's waiting for for a discounted placing? It wouldn't surprise me.
From what I have seen and heard of DC I'm not at all impressed, does not strike me as the right guy but assume the recruitment process was thorough? He does not exude confidence, quite the opposite in fact...
Suspect that's very likely Addicknt but didn't want to say it for fear of voicing too much more displeasure!
Dave - exuding confidence wouldn't be that high on my list of requisite skills.
Actions speak louder than words for me and many more in these markets. As long as he can lead, garner the respect and motivate his workforce, and most importantly deliver on our targets, whatever they may be, then he's a worthy candidate for me.
When DC's appointment was announced, my take was that him being an operations guy, the company was ready to line up the ducks for production and funding was given as at least pre-arranged. The SOLG story seems to have taken a different direction now and he may or may not be the strategic thinker who will resolve SOLG as an investment case where NM has not succeeded. Not too happy at the moment...
We've had a decade of lining up our ducks in a row. It's time to sell the pond.
LunchMoney - I hear you.
I wouldn't quite agree with some shareholders or the company that we're an explorer. We're a developer-explorer right now and that's why those studies have to play a big part in what we do.
I do agree with you though that we need to see the regionals playing a part. They simply have to be part of our defence against an opportunistic approach.
Cash is obviously the big issue right now. Something will have to give somewhere. I don't know what and I don't envy Darryl having to solve that problem. Ayten clearly wanted no part of it either.
Lets see. Fingers crossed. SP starting to mirror the situation. Starting to.
BHP and NCM or one of them has a once in lifetime opportunity to pick up the phone and find some kind of deal that makes the most of the toe in the door that they have spent so long maintaining. If they simply play hard ball and cold shoulder SOLG, then they run the risk of pushing SOLG into a deal that might not involved any of them and loses the asset and their grip entirely. This is just as 'tight' now for them as it is for SOLG. An open auction or bid war would see them likely beaten out of it if going by recent M&A action. SOLG might well be pushed toward signing up with Barrick or Lundin and BHO and NCM can't do squat about it.
Talking could achieve a lot. At the moment the share price is weak and sentiment poor. But that can change in a flash. This stock could open at 40p tomorrow if a Reuters bid rumour drops into the market. That's how it's poised right now imho.
I think NCM could be bought out before we are.
Their share price is at a 5 year low, their shareholders are frustrated at the lack of returns, and their finances seem to be committed to their current developments.
I simply can’t see them buying Solg
Orthern,
Yep they look like they are going to stay close to home and Indonesia area’s
Ha ha egg on face, forgot the two in Canada, little bit away from home base.
Certainly an interesting trio in NCM, BHP and Mather. Between them they could pretty much prevent any predator (outside this group) from bidding. Collectively they would control over 50% if you chuck in CGP. But these major shareholders are not aligned. All want different things, different outcomes. One has the wallet to take the lot and it looks like NCM don't have much fire power left and certainly not enough to go toe to toe with BHP.
BHP are the one on a mission to move to copper/gold after exiting coal businesses. They are the ones that need to get the 'future facing' folio replenished. Perhaps if they fail on Oz Minerals, they'll turn to making a dart for NCM? Now that would seriously change the dynamic involved with SOLG and sort a lot of BHP's desire for gold reserves. SOLG is their answer to copper and Gold but will take almost a decade to show profits.
Lots of scenarios but that's M&A for you. Like dominos... one falls and then suddenly loads tumble and consolidation phase commences with the big boys getting bigger and the little guys getting taken on the cheap.