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Did I see somewhere yesterday that Peter Holmes and Benn Whistler had also resigned? Is that old news or new news?
So basically Solg have lost virtually all of their former management including the key execs on exploration (their strong suit) as well as finance?
Is that Darryl just forcing everyone out so he can bring in his team? Is he a harsher taskmaster and people don't like him? Or something else causing everyone to leave in droves?
"Or something else causing everyone to leave in droves?"
How long have you got ?
I posted a whole list of resignations from the MD&A at 14.37 yesterday...
Morning all, morning rcg12 yes you did i read it as well.
Pinot
:0)
And cost cutting in favour of two (possibly three) cabs, to preserve cash...?
Morning Pinot hope your well looking like a bounce on possible takeover after clearout here now bhp front runner maybe
If I were part of the exploration team and was twiddling my thumbs through majority of 2022 and then told likely to be doing the same until Q1 2023, then I too might think about moving on. What you don't want to do is wait around while everyone else leaves and takes the new jobs.
Darryl might want to bring in his guys and most cel's do like their teams around them. And not being too harsh on the old guys, but it's been very much hit and miss on the exploration with more misses than hits. Poor decisions taken on RIO. Some poor decisions on Porvenir satellite areas (nothing to report there) and plenty of poor holes drilled. Yes Tandy was good. Some of Porvenir good or great. But that's it. The rest poor. So why not bring in a new and better exploration team??
Just a reminder ... Norges were buying at 33p+ range. Double today's price. Can anyone point me to what's changed asset wise for the share price to be sliced in half?? The previous share price of 33p was supposed to be a valuation of the assets and potential assets. What's 15p represent?
Wouldn't want to be out over weekend put it that way that's three in a week it's primed now
Represents a strong buy imho
Perhaps there is an outcome on the horizon whereby SOLG sells off / gives back the majority of its regional exploration portfolio and agrees a JV with BHP and/or NCM for Cascabel, with exits provided to Mather and Cornerstone through acquisition of their respective stakes in ENSA.
This would allow the company to focus on bringing Cascabel online, with Mather and CGP out of the way, and the show being run by BHP and/or NCM, and SOLG retaining a minority stake.
It doesn't seem feasible for Cascabel and the rest to be managed by one company, particularly a company of SOLG's size. The former is arguably too much for SOLG to handle on its own as it is.
Given the history, it seems hard to believe that in 7 years time, BHP, NCM and Nick Mather are all going to be raising a glass to first pour at Cascabel, don't you think? It seems like a mutually beneficial outcome for all for the majors to build Cascabel and for Nick to either retire or do what he does best - exploration.
Pure speculation, but it is Friday.
What does 15p represent ? Not long until the money runs out lol ! Until that is sorted the markets will cobtinue to work in their Predictable way !
SM, I think recent events have proved beyond doubt that production is way beyond our capabilities. But we've always known that.
Fort,
The only thing that has changed is that Dc has been brought in to make solg as cheap as possible to draw out a bid.
The way I read it is cgp got there way( hence being so quiet) and they will support Nick on a price they both believe achievable/acceptable.
Yes, that 8mplies that BHP finallybpaysba price that Nick is happy to accept, which could have happened already if BHP were so inclined
Sorry for the typos
pigeon English?
Only kidding!
Lunchmoney,
Know what you are saying but looking at recent news updates, permits are hard to come by and grass root rock samples just about acceptable before more red tape to get all the environmental approvals pre drilling etc. It takes time and money.
Would you not agree that recent exploration drilling (over the last 2 years) has been hit and miss or more miss than hit!
Time for some fresh exploration faces perhaps? Hit some big holes again?? Get some excitement going?
Another thing that has been playing on my mind the last few weeks are the new execs we've brought on.
Steven Botts has already clocked up 40 years in mining. Bernie Loyer 35 (and hasn't even bothered to update his LinkedIn to show he's working at SOLG). Keith Pollocks is relative spring chicken, but even he has a good 20+ years as an accomplished money man under his belt.
Does this group - particularly Botts and Loyer - really have it in them to bring a new Tier 1 online over the next 7 years?
Loyer did 15 years at BHP and overlapped with Darryl. Pollocks worked for a coal mining company around the time Darryl C was promoted from Head of Coal to Group Exec of APAC at Orica. I'd say there's a fair chance their paths crossed at some point, especially as they then both spent the next 4 years based out of Melbourne.
It does feel a bit 'jobs for the boys' to me, particularly when you consider we've turfed out all of the old finance and exploration guys, one of whom mentioned a 'change in strategy' when he left.
Sharket,
I think the 'experienced' recruits are there to add credibility to the PLAN A strategy of taking Alpala forwards on a development basis. You know... gives it some authenticity compared to having some guys on there that are well... less than experienced to such a task?
Of course, Plan A might be a hopeless one but if you want top dollar for your assets in a sale you need to make the prospective buyers think you have 'options'.
Bit like Darryl telling the market that they have plenty of finance options and yet majority of pi's on here (you included) seem to think there is only one option and it's an equity raise and a poor one at that. And remember, what was said about a month or two ago might not be said now. Things change fast especially when the market tanks.
Fort, what I'm getting at is that he might have stuck a couple of old boys in place who won't be overly fussed if they're out of a job in the next month or two. Unlike employees like Holmes and Whistler who I imagine will be working for a few years yet!
Will be interesting to see if and when they are replaced. I will have a look now and see if SOLG are hiring.
If I'm really filtered novice you wouldn't be so bothered about my buys under 14p yesterday, i get it I get under your skin...
I'm beginning to get more hopeful again of a incoming bid - though I promise not to beat the drum every day for it. Just got the feeling something is beginning to stir in the background... if not a bid, something. We could do with a rabbit out of the hat right now.
Sean I think it’s nailed on
To repeat...neither Pollocks nor DC for that matter have any experience of London Capital Markets...nor Canadian for that matter...otherwise DC wouldn't have got the cashbox so badly wrong.
Novice...what happend to your Friday forecast...?
Or was yesterday's 5.5p it?