Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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The strategy is clear as day. Turn Cascabel into a turnkey project which is both fundable and saleable.
“The Blanca-Nieves Project is strategically positioned approximately 8 km north of the company’s Cascabel Project in northern Ecuador, which features the large Alpala and the Tandayama-America porphyry copper-gold deposits. These Projects are situated on the Northern Andean Copper-Gold Belt.”
Cascabel started with a few rock samples
DBW, agreed... got to start somewhere. If this was an RNS from an AIM minnow like EEE or others, it would put on £50m+. Instead, SP is struggling to notch up £10m advance on cap. But lets not worry too much as the sp would be moving faster north if we had 4 or 5 1000m high grade drill cores to report. Wonder whether Scott and co are suddenly waking up to the Mather strategy? Had they adopted that earlier, we might be 40p+ right now and ENSA could tick along for as long as it takes... who cares etc etc. Instead, the CGP boys put all their eggs in one basket and then dropped the basket by looks of things.
Anyways... enough of those guys... soon be some fresh blood and impetus back driving this business forwards.
What is very exciting about today's news is that the smaples are circa 10km's from Alpala. And what's even better... is they have nothing to do with ENSA. It's under the Ecuadorian subsidiary, Carnegie Ridge Resources S.A.
Just imagine... if the are joined? Literally one large spine/belt running all the way down. Yum yum!
Bianca might turn out to be the real 'core'. The real 'low hanging fruit' core that NCM thought was out there and wanted SOLG to continue searching for it.
With Bianca (it's early days but lets get excited).. Tandy (open pit shallow and cheap to mine) and then Porvenir... these are all potentially solid mines which are much easier to finance or partner up on as lower capex and lower risk.
The time to fully test these was 'the last 12 months' as they would have offered support to the SP. And lets face it, it would have cost less than $20m to knock out 5 to 6 holes across all of them.
Missed opportunities.... and now with an SP of 8p... we are hugely handicapped, cash pile dwindling and looking like we won't be raising very much cash from those 157m shares.
Bianca looks great... unfortunately due to Scott and Bob et al... they've left us with Ricky.
Very misleading colonel.
It doesn't matter who was steering the solg ship over the last 12 months we would of been down anyway.
Stop the witch hunt and get back in your bunker
Voting in favour of the board and backing them all the way.
Fort showing his true colours today.
Blanca is an epithermal target and it's good to see some very promising grades in the rock samples. This is maybe the breakthrough SOLG we're looking for when doing the last exploration campaign.
But this will only ever be an appetiser for Cascabel. The chances of 1000m high grade cores is remote at best anyway.
The comparison with other companies is amusing too. I can see why the GGP investors were frustrated. Clueless to put it politely.
If there is one thing any undecided investor should do it is not listen to the noddies on this board. Fort leads the group.
Private individuals can rant as much as they want on a bulleting board, however I suspect the votes of PIs will make little difference to the overall outcomes at the AGM.
FWIW and IMHO, I also believe the Strategic Review / JV / Sale Process has been impacted by geo-politics. On the one-hand Western governments do not want the Chinese to get their hands on such a valuable asset, while on the other hand the Ecuadorians appear to prefer the Chinese being involved. Add to this the 'diverse book' (dare I say), and we've ended up in stalemate with the share price suffering as a result. The million dollar question is, how do we get out of this royal mess?
Bulletin
Indi, I'd disagree about PI influence here.
I base this is on previous agm and management asking for our votes.
5,10 or 20% COULD make a big difference here.
Heres a scenario indi...
First of all we're in this royal mess because
1 Darryl's disastrous attempted cash raise and the aftermath
2 The appalling incompetence of the team dealing with the nmerger documents that led to having to produce a Prospectus, thereby delaying the conclusion till March
3 Berry Street dumping shares in an illiquid market
So heres a scenario...
There is at least one prospective bidder
They are using Autobots to keep the SP down until they are ready to bid. The higher the SP the higher the starting price. There is no other sensible explanation for so many Autotrades for such small denominations that are clearly neither to build or sell a position, nor especially making any money.
In an illiquid market it seems very easy for these spoilers to operate.
However I refer back to the 829k buy that led to a 10 % rise in the SP last week
So what do you do if you're Scott and you know there is interest which is not concrete yet and you know there is a story to tell especially when PFS3 is issued in an environmemnt of significantly higher metals prices than PFS2?
1 Buy shares to put a floor under the market... that worked until copper fell to a 12 month low
2 Remind people that the story is not just about Cascabel and not just about copper. Porvenir is probably a Tier 1 in the making on its own
3 Release exciting updates on other projects
4 With the overall purpose of keeping prospective bidders and investors on their toes and keeping the floor at 8p
Given the Autotrades and the lack of buying (probably because people are fully invested and in the main not selling), I don't know what else he could do...
gordon bennet!! give a rest you boring old ****
Smickster - fair point. It'll be interesting to see if the company ask PIs for votes this time around. This would indicate the larger shareholders are not happy with the current board. For now, there's been no hints from the larger shareholders as to which way they'll vote.
RK - I believe one prospective bidder to be Chinese and also think they would readily deploy 'bots' to keep the price at a level. However, based on a couple of Warren Irwin's statements in the past, Western politicians are hindering this being sold to the Chinese. So where does that leave us? BHP don't appear to be interested, otherwise I think we would have seen some action from them by now. So no outright sale of the company, a JV with the Chinese with a free carry for SOLG? Hope not, because I don't think it'll bring lth's a fair recompense.
Isn't SOLG listed in the UK and Canada?
Jesus the amount of conspiracy theories coming out from the red ramper would put some well known authors to shame.
Red is certainly giving Quady a run for his money in the most hated poster stakes
“all bets off the table how low this could sink”
Same could be said for you
*******
This isn't a penny stock.
It is now!
OH NO ITS NOT!!!!
Thought I’d get into the holiday spirit 😉
BTW “55p” by end of Friday folks 😉
Penny stock? Penny stock referred to in a Reuters article 4 months ago with BHP and Newmont as major shareholders? Whatever you say buddy.
Bandit comes up with a reasonable statement.
Saying people shouldn't put all of there savings in a penny stock,
Immediately dbw jumps in with indignation, that anyone would have the nerve to state the obvious.
Even more incredulous 9 other offended morons jump in to reccomend his post.
The uncomfortable truth is that bandit is clearly correct.
And no amount of abuse and back scratching from a bunch of in up to there necks novices,, who shouldn't of listened to the clowns on this board or nm will alter it.
Need a shyte…just why is it that you can’t understand the difference between a contraction and a possessive adjective?
You do it every time. You must be incredibly stupid to make the same mistake over and over and over again
1984.
Gone right over my head.
But the amusement I get from the likes of your reaction, makes me happy.
And anyway, my contradiction and constipation has what to do with my post.
Tell me some more about heat pumps, or climate change, or electric vehicles