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OK Bozi, I can see that but history shows us that in a siege situation it nearly always the people inside run out of food and options first. Then the userpers get it for a percentage of it's true worth.
You hit the nail on the head with your last paragraph and all the previous post is nothing without it.
I'm going to try my best to stay quiet and watch this pan out, all this going around in circles is not very productive.
No guarantees though.
SM, the penultimate sentence of the AFR article is the most puzzling, and the most worrying. In its most literal sense it's very worrying indeed, but I rather suspect it doesn't actually mean that. That one sentence encapsulates the entire conundrum and the truth behind it will dictate what happens next.
Bozi,
Good post and yes they want it for a dime
Atb
That's exactly the type of response you get from a fool.
Thank you for highlighting, that fact for all to see ..
Giro,
It’s a bit early to be p:ssed isn’t it?
Atb
It is what I believe obviously.
I haven't sold Mather, I'm stuck here over 40% down mainly because the BOD are a car crash.
Show me where it's tosh ? Get your head out of the sand.
And Bubble how the hell can this tinpot BB affect the SP ?
Jezzoo-can't agree whatsoever.
All this wrangling we're watching before us is for good reason.
An economic base case at a measly $3.60p/lb of copper shows that over a 26 year mine life, Cascabel will, on average, yield $550m of post tax free cash flow.
That's almost half a billion pounds a year.
SOLG could issue another 1.7bn shares for arguments sake to cover ongoing G&A, exploration and Alpala build equity and end up with a 4bn share capital.
Now start looking at your P/E and how that free cash flow explodes at copper prices of $4+.
Even with 4bn shares in issue a share price of 10x higher than where we are now is supported.
The risk, as we know, is getting to the final destination in one piece. That is why BHP and others will go to the effort to wrestle this off SOLG for a relative dime.
Mathers finger
The CFO
Has history of leaving jobs.
And maybe she jumped before being pushed. We don't know the real story behind the scenes.
You seem like a day trader trying desperately to pull price down .
You change views like the weather .
Sharketmare
You go by AFR, I will go by the company RNS’s and what the CEO says.
Like I said, BHP play games and have a lot of clout, so how would you undermine the company you want, my thoughts with head out of the sand.
Anyway, I’m not changing my mind, I will stick with the news from Solgold
Atb
She didn't resign she was fired.agree with the s##tshow opinion though...
Hmmm,Autobots still destroying this share i see
Jezzoo
Is that what you believe? Then you must have sold up but not moved on have you, see what I mean by posters posting this sort of tosh
Atb
Mathersfingers, no, I'm relying on what was written in the AFR. If what was written was incorrect and not verified 1) they wouldn't publish it or 2) SOLG would have been in touch to rectify the mistake.
I'm afraid your head is firmly in the sand if you think all is well. It is not. Why would our CFO resign a mere 6 weeks into her new job if things weren't an absolute sh*tshow? She clearly wants nothing to do with what is about to unfurl here.
Our major shareholders are not aligned on the way forward and that is a serious problem for the company.
It's lost 150 million in Mcap since then.
Or over 25% in other terms.
It doesn't matter what vehicle SOLG use to move forward with this project, it will still dilute the existing shareholders to a smaller or larger extent. There isn't any free money, If this ever gets to production under the SOLG banner your shares will be worth very little in real terms taking dilution and inflation into consideration. And it will be 2029 before you get your pittance.
Sell it and move on.
Sharketmare,
You’re relying on the Berry Street rubbish, who are they? what are they? Investors who wanted a quick turn around and it didn’t happen, bitter little company.
Remember BHP play games and are probably still at it, too big for their boots and it will back fire one day.
Atb
Some people are unwilling to consider and acknowledge that an attempted fundraise failed/was aborted because the company hasn't explicitly confirmed it.
Now, when you take into account the notion that the company would be extremely hard pushed to make such a statement to the public markets, we therefore find ourselves at the impasse we're at, or tit-for-tattle, whatever it may be.
The fact remains. $25m as at 30 June. Presumably less than $20m today.
Tick tock SolGold. Every day you waste is unnecessary dilution for existing shareholders as markets start to slide with more aggression.
I've made my view on the fund raise perfectly clear - and perhaps a little too often, but regardless of our views it's abundantly clear what the market thinks.
I've posted it on here already, but here is the article in the AFR in full.
S'ALL NOT WELL AT SOLGOLG
They say lightning never strikes the same place twice, but the luck of some has us wondering.
Ayten Saridas, the former Oil Search executive suing the company for bullying her out of her job, joined Brisbane-based SolGold as its chief financial officer on June 27.
That’s only 45 days before Thursday’s announcement that Saridas had resigned effective immediately. After joining the ASX-listed Oil Search in August 2020, Ms Saridas’ abrupt resignation was announced “by agreement” after four months on November 27.
Little consolation, but at least Saridas wasn’t out on her own this time. SolGold, an Ecuadorian gold and copper exploration company, which is listed on the London and Toronto stock exchanges and counts BHP and Newcrest among its largest investors, also flagged the departure of independent director Keith Marshall, and head of exploration Jason Ward.
The shake-up came shortly after London activist investor Berry Street Capital complained that its recent withdrawn capital raising (on which Barrenjoey and Barclays were working) had revealed “the management and the board’s lack of understanding of 1) their shareholder base and 2) the basic mechanics of capital markets”.
BHP and Newcrest were apparently unwilling to invest again, and a second raising that would circumvent pre-emption rights was ultimately seen by shareholders as not appropriate. And fair enough, it’s a £600 million company, not a Perth-based penny stock explorer, though it’s only got about $25 million left in the bank.
Sharketmare,
They may have asked two banks to look at a fund raise, but as I said, they withdrew after discussions with major share holders
Atb
Sharketmare,
Where’s your proof, not hearsay
Atb
Correct Mathers, that's exactly how I read it.
Mathersfinger, two banks were actively working on the fundraise before the company canned it. SOLG wanted to raise funds in this way, it's two major shareholders said no.
Sean hunter,
I’m with Quady here, there was no failed fund raise, read the RNS dated 28th July, bottom of news reads, had DISCUSSIONS with MAJOR share holders and other options.
Read what is written not what rubbish gets posted here, so many keep posting their unsubstantiated thoughts without any real news, just typical little tittle tattle.
Darryl has even been quoted in the media indicating that we evaluated a potential raise but did not go ahead with this.
So you believe what you and others want, I will stick with what is written by the company.
In addition to the cash position of approximately US$26m as at 30 June 2022, SolGold continues to consider, and has had discussions with its major shareholders regarding possible financing structures and options to obtain funding to further progress the Cascabel development, including a potential equity raise. SolGold also continues to assess potential alternative funding structures which may involve strategic investors. The funds raised would be allocated to financing the completion of the Cascabel DFS, regional exploration and general corporate purposes through to the second half of 2023 to maintain momentum on development plans.
Atb
Quady oil and gas take a look at my portfolio and see what you think ,rmp ,des,folg among others I've been in ,watch what happens to those in my portfolio ,this will bounce imho undervalued unless rio/bhp come up with an offer at this low price sat 50/60p
SO DFS is 3 years behind so far then.