We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
addicknt, I flagged the incoming standard accounts 'going concern' statement weeks ago for you. It wasn't a surprise to me. It seems like a surprise to you? We're you expecting them to go into admin today??
I suspect Darryl's little snap shot of analysts and investors at the Cascabel outcrop was a softener for the more intelligent out there who would see it as confirmation that funding activity/reccy's etc are going on.
Markets are ugly at the moment and SP would be sub 15p anyway today. Sub 13p was likely culmination of stop losses and or some 'going concern' bedwetters.
AGM in under 9 weeks (poss 10 if they kick it back). If they want to save their jobs, they will need to deliver the following:
1. PFS2 (at least $400m uplift, but will they need to adjust copper pricing/inflation costs too?)
2. Porvenir PEA
3. Funding package / strategic partner deal which sees us through 12 months minimum - 18months more ideal.
4. Exploration plans/ drill dates and so on
If the above is less than convincing (eg they need to blow the doors off) then heads are going to roll. I can't see Norges or Blackrock voting for Darryl and co if it's going to look like another year of blowing $70m on virtually next to nothing.
They've drained almost $178m since last April and whilst I like Tandy and Porvenir... that's pretty expensive just for those two plus some PFS scribbles. Land acquisitions were always going to be tough as many dig their heals in. SOLG better suited to deal with these issues than BHP as the latter just make the locals dig heals in deeper! Hence why BHP are happy to see SOLG do that leg work.
:)
Fort, there's plenty in your posts with which I agree, but then you go and spoil it with daft comments about the Going Concern section of the accounts. It's perfectly clear you simply don't understand the significance of not having a qualification attached to the statement. It effects every aspect of a company's business, from being given credit by suppliers to raising cash in the market.
The board pulled-off a blinder in this respect, but you should never underestimate how critical it was. Had they failed, we'd currently be looking at a share price in the low single figures.
Agreed Addicknt, thank you.
Quady; "Good grief Jezzoo, you win uninformed post of the decade maybe in all history."
Do I get a badge ?
I'll give you it back when the first offer comes in. I'll keep you informed.
Morning Dbw, yup tin hats for sure in a very volatile market.
Reminds me of days gone by with big swings( traders dream?) Where we would sink but recover by the end of the day.
But trying to ignore the daily sp what do we think Nick can do?
Sell his stake to another major
Put himself back up for the top job
Help with arranging funding( stream)
How many of these options are realistic and could he pull something else out the bag?
I think it's safe to say those invested ( not Bhp, Ncm maybe BR?)are more likely than not to back Nick than current setup no matter what is said on this bb.
Look lets get real here.... the market has wanted a sale for a couple of years now. Majority of shareholders have wanted a sale for a few years now if not the last year for sure. Not many believed the we can go it alone story but it supports higher bids if proven possible.
So here we are near multi year lows AFTER the PFS which was supposed to put a line in the sand on valuation. So is the market trying to force the issue?
One thing for sure is that if there was ever a time to strike a bid on SOLG now is it.
It might nit have happened the way we wanted it to but the end price can still be near the target should bid war commence. Noront classic example. Ultimately it's about the asset or assets and how much someone wants them. No one is going to allow BHP and co to walk away with it all on a low ball bid of 25p or 30p. NCM will want at least 45p+ imho. Will it get to £1? Who knows but if you asked me if Noront could be sold for 110 cents when it was just 21 cents, I would have said no way. 70 cents at best. So let it soak in... depressed share price equals increased bid potential.
Now the 'going concern' bedwetters have moved on, the share price should begin to reflect the increased likelihood of a sale.
I do agree with him on one point though.
There was nothing bad in the RNS
Unfortunately there wasn't any news that could drive the SP up
and that's what the PI's were waiting for.
I feel sorry for all those who sold out today.
This will be back up soon, imo
Good grief Jezzoo, you win uninformed post of the decade maybe in all history.
What has the current share price got to do with Solgold taking this to production.
Do you actually believe production costs will be raised through equity.
Woody, had the board be unable to persuade them, a Going Concern qualification would have been absolutely disastrous and would have made the task of raising more funds even more difficult. So, thank heavens they did.
Forget whatever else was in the accounts, this section is far and away the most important.
By the way, I think a few people have said it's all standard stuff - it most certainly is not.
Good grief even Quady is contemplating this going to 5p
How's the forecast for going to production now ?
That really is an insignificant amount.
I think we will have a successful buy out.
Not another failed fund raise
At least I hope so.
Morning Smickster .... just dug out my old tin hat
I agree re BHP but I'm banking on the fact that NM will have something lined up to counter them. It only takes one person to show their hand here and everything changes , this needs to happen quickly , certainly before the AGM
Bozi, I'm guessing people's reputations will be fine if the final outcomes is a positive one.
The fact you are still invested says to me you (as i do)believe this will be the case.
So we wait in pain as we watch our paper gains wiped out.
What would not be good is for a raft of pi to sell out when we may need them going forward to stand against bhp tyranny.
Fundraise at 10p if they are lucky. Who wants to put money in shambles like SOLG in these turbulent times?
That doesn't apply to me bozi, after stating I was selling out at 39p, Thankfully never been apart of the "echo chamber"
Spot on addicknt, in view of the perilous situation the auditors must have concluded that there is a plausible source of funds or a potential sale in the pipeline that will provide sufficient funds to avoid insolvency. Bearing in mind their professional obligation of prudence this is a positive point and a relief.
Smickster - I'm invested.
The two options are:
1) Speak freely and honestly and be up front with the other people on this forum
2) Only speak positively or not at all if you don't feel that way.
For me, it's no 1 every time. RK thinks that's perverse and I get where he's coming from but I'd rather be seen as perverse than just contribute to an echo chamber where we all ramp each other to the moon. Where does that get anyone?
That for me, is much more transparent than the unchecked positivity that you refer to.
There's no doubt about it, we should all have sold 3 months ago at 35p, but I didn't. That hasn't played out very well for anyone still holding.
But, the story isn't over yet. Far from it. Now is the time for management to put the blocks back in place to recover. They're going to be short on time, and that brings it's own problems, but they simply need to do it to rescue their reputations.
DBW, I think that's been there for some time, but the failed fund raise may have turbo-charged the process. If we end up with a placing we're going to be royally screwed, but if that's the only option, I much prefer it to the alternative.
For those of you who've actually been involved in the process of signing-off accounts in difficult circumstances, you'll know full well how difficult it can be to persuade the auditors that you'll be successful in plugging a liquidity problem. The board have managed to do that, and although it doesn't change the situation in which we currently find ourselves, the auditors have obviously accepted the argument. Given the criticism accountants have faced in the past, this is no mean feat - particularly as we are only weeks away from a potential catastrophe. So, if we're looking for crumbs of comfort, this is it.
RK, have you had any further discussions with IH?
Recover by close of business today!! Not a chance of that imo LOL!
My 71422 buy showing as sell
So RNS has not quelled the drop in the share price.
Still one person going on about a failed fund raise, still he is insignificant.
The question now is what stops the fall .
I think we now require the PFS update for Alpala, and the PEA for Porvenir.
Unfortunately that is going to take time.
Undoubtedly fund raise is happening in the background. Guess it's wait and see.
If this gets below 5p then I will be sorely tempted to break my rule and buy another tranche.
However I did not see the RNS as bad and hope we will recover by the close of business.
Like rRk said yesterday, it does t make sense to talk down your investments.
Just some transparency required , that's all.
And for balance I'm pretty unhappy with many things at solg but choose to stay invested.
If I no longer believed in the story I would sell up and move on leaving the good people to it.
This is not to say a rasing issues is a bad thing but some blatantly take the biscuit.
Medi I suspect there are several .... but at what level now ??
"there can not be one person on this BB that thought post PFS, post investment protection agreements etc we would be driven in to the rocks by our board"
I did..