Firering Strategic Minerals: From explorer to producer. Watch the video here.
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People on here used to sneer at cornerstone, claim they were finished when we get to DFS… like they were just a turd on Solgolds Shoe.. Now they really are the king makers… hats off to them and Irwin…our board, are and have been for a while, absolutely woefull
People still claiming we will be sold for £1-£2 are like brainwashed cult of Solg followers… it’s almost laughable..
Good morning Ortherncopper I have more questions than answers this morning.
The CGP deal. What was talked about and committed to?
If we are going to be sold why the offtake agreement for 0.6%, as we had 30 million from the CGP deal as a loan?
This doesn't add up.
A sale makes no sense.
Could we be talking about financing Alpala before a DFS.
I am not sure how that works.
Anyone got an idea how to join the dots and make sense of all the above.
Please if your answer is we are going to be sold don't respond.
I won't answer you quady
Morning Quady… everyone here has more questions than answers, that’s to be expected given the sh_tshow our board has put on.
None of us know what is going on…
I have never owned shares in a company with such an unstable board.
The people claiming it’s getting sold next week or next month have done so every week for the last 3-4 years.. a broken clock is right twice a day, and everyone of those posters will claim they nailed it right one day.
But we will never see north of 60p
Agreed Ortherncopper.
I think the things we can agree on is he was pushed, as no handover.
Maybe this has something to do with recent events.
The CGP deal or the 0.6% offtake.
I guess we wait and see as Solgold are going to have to clarify the situation sooner rather than later unless we really are going to get the updated PFS for Alpala and the PEA for Porvenir very quickly now.
We have the funding.
What I would like is these updates plus a better defined timeline for the DFS.
All the best.
Quady, why are SOLG going to have to clarify the situation? They didn't provide clarity on why Ingo left, or Ayten left. They didn't provide clarity on whatever happened with funding over the summer. I've been saying all year that communication from this company is diabolical because we are having to constantly second guess what is going on. Perhaps now you are coming around to this way of thinking too?
He was certainly pushed…
Time line to DFS? There is a problem with Our boards timelines, is their credibility is shot to pieces… we have become a company who are seemingly incapable of meeting any of our projected timelines. I have absolutely zero faith we can get the DFS done by end of next year… excuses would be found and 6 months from now, all talk would be of needing more funds and expectations of a DFS in Mid 2024…
We now have ZERO credibility
Good morning SharketMare, those situations I believe are different.
Darryl was in charge of the strategic review, so with his departure they will need to clarify if it's still ongoing.
Also they will need to reaffirm the company direction.
We got this communication when Nick stepped down, we need it now.
However I do accept your premise that they are not the quickest at giving updates.
I just feel they cannot leave the market hanging on what has occurred here.
Seanhunter, it would be nice to filter him but I can't.
He needs to be reigned in now and again otherwise he would get out of control with his condescending opinions of other posters, his mansplaining etc.
I also like beating him into leaving the board with his head hung low, ego deflated, mania turned in self loathing etc.
Last week I got rid of him for 6 days although he will tell you he was out with "friends" having a non alcoholic potato vodka and a pickled manglewurzle.
I have completely lost faith here!
what a shambles this is fast becoming ......
50 million of new funding will last how long until we need another begging bowl ?
Time to concede and hand this over to the big boys and walk away with the shirt on our backs at best.
Josepi...the $50m plus whats in the coffers will take us till at least late 23...
But we won't be around much beyond end 2022...
Bring on the auction...
rednight1,
How will this work in your opinion?
There are so many companies involved in this peice of the pie I have lost count.......
I doubt this will be over by year end .... As it's like a continues bad dream ......
How the f$$k did we get here with such a great asset -assets?
Nick must be in the hurt locker at the moment!
Nick will be rubbing his hands with glee...hes back in the driving seat...
Hi Red …. Not sure he hasn’t always been
Things could move quickly now depending on how many pieces are already in place
Lunch...
For 'strategic review' read 'sale process' which is why Sangha (Maxit) a M&A specialist has got the gig for both comanies (i.e. for Solgold post merger...
And as for 'Solgold are rudderless"...nah...Nick's back at the helm...
RK, it wasn't too long ago (mere months) you were complaining about our shoddy corporate governance. Now you are cheerleading a NED essentially running the show.
I'm with you on Mather being the right man to get the best result for us PIs. But you've got to admit this is proper cowboy stuff at this stage.
Article in AFR today to go with the one posted earlier in the Australian. More of the same. This year has been a joke.
Of course it has...thats why I want it sorted ASAP...
Of course Citi are involved...they were appointed for bid defence...
But why appoint a M&A specialist alongside.
And where does it say that the $50m is ringfenced for Cascabel?
Of course its derived from Cascabel but the corollary has not been stated.
And there is still the 6.7%...because SOLG don't need the money they are in a position to run an auction for it. Mitsui want it. BHP and NCM are being diluted. Surely it can be sold for 25p...but they doin't need to...
Ref RNS - one less mouth to feed ! Couldn't even organise a fund raise and decimated the SP during his tenure.
Was he BHP stooge after all ?!
Merger and Irwin's tweet - are we expecting a another surprise RNS where no one is expecting: Cascabel sold !
ATB
LunchMoney we are not left guessing if the 50 million is for Cascabel.
We got it for a 0.6% offtake for the advancement of Alpala to DFS.
If Alpala is not constructed, then this is money down the drain along with Franco Nevada's offtake agreement.
Does anyone really think if a sale was in the offing, we would have taken the 0.6% offtake agreement.
Of course, we wouldn't.
From the FT April 2020:
"Copper group SolGold has strengthened its defences against a takeover, appointing Citi for advice"
https://www.ft.com/content/86119f6e-2453-44ee-955a-8737be98ffa9
Quady - correction on your post. It is royalty not off take. Offtakes will tend to be settled after dfs.
That's correct LunchMoney they can't, they can only use it to advance Alpala.
That's the nature of an offtake agreement.
They don't have 0.6% for all tenements only for Cascabel, so can only be spent on Cascabel.
But I know you are aware of this.
All the best.