Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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Irwin has commented on the other board…
“Read the IKN report on SolGold that was recently released. Sums up things perfectly in my opinion. Also Scott is speaking at the RedCloud Pre-PDAC conference next Friday in Toronto. Should share some good insights there.”
“ There is a super long report sent out a few days ago”
Here’s a small snippet from the long note on SolGold (SOLG.to) (SOLG.L) in IKN718, out last Sunday evening:
“…as the NR last week from the company showed, there’s still much to be desired about the way the company is being run (5). A slightly bizarre NR that announced a delay to the closure of the CGP deal due to the need to re-file its UK prospectus and include its latest quarterly results (part of its Canadian market obligations). A corporate FUBAR for sure and the NR went on to suggest that heads were rolling Corporate HQ in London (fwiw, there’s reason to believe IR exec Fawzi Hanano is one of the heads to have rolled).
Today we got the NR from SOLG announcing the filing of the tardy prospectus and, for the first time in forever, Mr. Hanano is not listed as one of the contacts.
Rest is behind a paywall..
Well that's pleasing to hear. Fawzi was never worth $450k salary for that role. I guess if he was on a better aligned salary like $100k for that role then he might still be there.
Still cannot believe that $450k. Bonkers. Bon voyage Fawzi.
If true, if nothing else it’s a nice 400k a year saving at head office… but to be fair to Fawzi, bigger heads than his should be on a stick…
Absolutely right there, Fort. I couldn't believe what I was reading when I saw his remuneration. Quite simply astonishing.
There are some CEO's out there across some listed companies (who are actually making money) that are on less than $400k salary.
IR?? Would be nice to know what BHP are paying their IR representative! I bet it's not $400k+ either!
Whose head is next to roll? I'd like to see Twigger booted pronto. Useless! And paid how much!!?
I would have found the impasse of the last few years much more bearable if I was being 100k pa for the privilege.
From memory, we employ(ed) 2 people in London and 11 in Australia. There can't be huge scope for head office cost savings, can there?
Having said that, we were most definitely over-paying senior staff - DC's $1m being the most egregious example. We know Caldwell is doing the job for $200k, so I'm guessing salary cuts are more likely than redundancies.
We have a company looking to pare things to the bone whilst simultaneously still talking about raising $3bn - doesn't seem likely to me. It's time to drop all pretence of production and focus solely on selling the asset.
Addicknt, production isn't a pretence. It's the company's position.
This is what the strategic review is about.
How to advance Cascabel.
I suspect we are further down the line than most on here believe, including myself.
As for raising funds, we do not need all the monies for a full block cave operation.
I suspect that the strategic review will reveal that we start with open cut and become self financing.
That would make sense to me.
Also it's what has been indicated in the past.
Q, I won't deny that one of the publicly stated aims is to"advance Cascabel". But what does that actually mean?
Does it mean advance towards production by completing a BFS and raising funds, or does it mean getting it in good enough shape to make it an attractive proposition? How can we square the production ambition with Sangha's statements? They are directly contradictory.
I've said it on plenty of occasions, but the ambiguity which emerges from the public statements of this company, its shareholders and advisors (Maxit) are thoroughly confusing and need to end now.
Quady, the longer I spend invested here and on this BB, the more it becomes apparent you have absolutely no idea what you're talking about.
Honestly, were you as an investor to sit down with our current BoD and say "well chaps, after reading everything you've published and put out there in the press it looks like we're going to start with an open cut mine to self finance the full block cave operation", they'd **** themselves laughing before having the men in white coats come and take you home.
I do wonder whether you continue to post this nonsense just for the laughs, in which case fair play, because you've got me hook, line and sinker.
Morning addicknt.
It doesn't matter what anyone else says.
People can always find some random statement or quote to suit their position.
Look at all the broker notes on here and the people that believed they were factual. (I know you were not one of those).
You have to remember that we have said which tenements are up for sale or some type of JV.
Cascabel and Porvenir are not in that list.
So to answer your question. What does advancing Cascabel mean?
The one thing it doesn't mean is selling Cascabel.
After all that would not be advancing Cascabel.
SharketMare I can tell from your last post that you are clueless on financing.
Yes we will require money ourselves to part finance.
But remember the size of Cascabel and also what was said about Tandy.
Financing comes in many forms.
Sit back and observe instead of making crass statements.
Because you have no idea how to achieve something, it doesn't mean that Solgold has no idea.
That's arrogance in the extreme.
You are the master of the straw man argument if nothing else Quady.
You also note below that the strategic review is about advancing Cascabel and can't result in a sale. Here is what it actually says:
As previously disclosed, the Strategic Review includes, among other things, evaluating and pursuing value-enhancing opportunities for the Company, such as:
· evaluating financing alternatives for the Company;
· a spin-out of assets, other than the Cascabel project, to all shareholders;
· the direct or indirect sale of an interest in the Cascabel project howsoever effected; or
· any other transaction or series of related transactions.
Q, the thing is they're not 'random statements' - they've come from perhaps the most influential man currently involved in the process. Surely you can see how this leads to confusion?
Correct SharketMare.
Read what you just wrote.
I have never said a sale could not happen, but under the current circumstances that production is the most likely outcome.
You read one part of your statement and twist it into what you want and ignore the rest of it.
You should really filter me as you really don't like facts and only want people to repeat your own worldview.
Addicknt, let's see how this pans out.
I see the strategic review as being near now.
Unlike Redknight and DBW who have said it will never see the light of day.
Like you I hope things will become clearer.
Q, they've given themselves four months to complete the SR...let's hope they manage to get it done before then.
If the strategic review is dragged out towards the end of June, it would mean it will have taken the fat part of a year to complete, given It was announced it was already underway back in October….. Given we are not a large, multinational corporation, with complex operations all around the globe, more a small explorer, with just a single, proven asset… how does our strategic review take this long?
How can it possibly take the best part of a year to discuss and decide what to do next with our only proven asset?… It’s just continued heel dragging in my eyes…
‘Quick and clever’ my ****!!!
Orthern, you are clearly not happy invested here and at times I share you cynicism. But there was no way they were going to announce the outcome of the strategic review before completing the merger. Where have you got end of June from?
SM, the H1 comment appeared in the Prospectus.
That was specifically related to financing though, and "in connection" with the ongoing strategic review. I thought it was a pretty vague statement (vintage SOLG).
"The Board expects to recommend its future funding strategy in H1 2023 in connection with the Company’s ongoing strategic review."
You need to ask why they are dragging their heels.
SM, I took that to mean the whole process. Of course, I could have misunderstood...again!
It seems even a simple statement such as when can we expect the results of the SR, are open to misinterpretation.
Addicknt maybe the strategic review will include financing.
Q, how can it? We won't have a DFS and I struggle to see anyone dipping into their pockets without one.