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Yes Bubble - a takeover is on the cards.
It seems the recent financing which fell through has highlighted the friction between the NM camp and the BHP/Newcrest camp.
Clearly BHP want financing through more shares for them and dilution for us, whereas NM wants the streaming route like the Franco deal.
The gloves are off. Offer fair price for the lot or risk the Franco type deal.
Us PI’s will be looked after as a consequence of NM’s handling from here. It’s got to happen before December AGM. certainly BHP are not going to do us any favours if they can get away with it.
Can’t see BHP wanting to lose this rare, valuable asset. I see a bid within 3 months. Fair value being your original £1.32 Bubble unless they go hostile.
All IMHO GLA
All this speculation is ignoring the official communications from Solgold.
Could anyone tell me why we are expecting a bid.
As far as I can see, we have no bid, not even a rumour of a bid, otherwise the share price wouldn't be what it is.
Going to get interesting again looks like takeover coming gla
I do like a good DF novel Damers, as long as we get a satisfactory ending ;-)
I hope you didn't find my earlier post too 'Dick Francis' davethehorse :-).
Lots to look forward to over the next couple of months - current SP 23p - bonkers.
Lots of positivity all of a sudden, could see a decent rise in SP this week...
thanks DBW
R's
BN.c
A Moran update might help stem the low share price. When will the facts come out?
Following completion of Hole 42 at TAM on 29 April 2022, the drill rig was moved to the Moran target to commence exploration drilling of hole MOD-22-001. This hole is at a current depth of 414.7m and continues to intersect bornite and visible chalcopyrite copper sulphide mineralisation from 19.1m to its current depth.
Thanks BBG ……
“Now that BHP has the chequebook out for a big copper deal, the spotlight has turned on other potential targets in the sector.
Analysts reckon OZ Minerals is just one of about a dozen future-facing commodities plays in the $1 billion to $10 billion range, all of which could hold appeal to BHP and/or a big mining copycats.
The list includes Australia’s IGO Ltd, Nickel Mines and Chalice Mining, Toronto-listed Lundin Mining and Ivanhoe Mines, and a bunch of overlooked African base metals plays trading in South Africa.
But the one in the analysts’ lists that caught Street Talk’s eye was SolGold, which is based in Brisbane, listed in the UK with about a $1 billion market value, and has a following among Australia’s resources fund managers and analysts.
Unlike BHP’s current target OZ Minerals, SolGold is attracting headlines for all the wrong reasons. The company lost its new CFO after only a month or so last week, butted heads with some shareholders over a pulled equity raising in July, and is short on near-term cash.
What SolGold does have is a big and promising copper/gold/silver project in Ecuador, called Cascabel, that it is trying to develop at a $US2.7 billion ($3.8 billion) pre-production cost this decade.
If all goes to plan, SolGold reckons it could mine Cascabel for 26 years at 210,000 tonnes of copper equivalent a year (about the same as BHP’s Olympic Dam mine), and generate $US14.4 billion cash flows after tax, based on copper at $US3.60 a pound. (At recent spot prices, it would be $US16.3 billion in after tax cash flows, according to SolGold’s presentation to fund managers dated last month.)
SolGold owns 85 per cent of the Cascabel project.
While SolGold couldn’t raise equity at the drop of a hat last month, it’s not because it doesn’t have deep-pocketed backers. Quite the contrary.
SolGold’s two biggest shareholders are Australia’s BHP and Newcrest Mining, with toehold stakes worth 13.6 per cent and 13.5 per cent of the company, respectively.
With SolGold reported to have only enough cash to see it through to the end of the year (after scrapping its recent $50 million top-up), there’s bound to be a time in the next few months when its two big Australian shareholders will have to decide how much they want Cascabel.
If it’s a bit, then the two shareholders will have to tip into an equity raising and try to maintain the status quo.
But if it is a lot, like some analysts suspect, then we could see a pair of Australian heavyweights in a ding-dong battle.
The company’s annual general meeting, slated for November, is a key date to watch”
It’s hitting up now …. Someone best get on the blower sharpish to BHP/ NCM and tell them we’re taking this to production …. Surprised they don’t know that already ??
Someone has kindly pointed out that DGR have been selling down their holding in Atlantic LITHIUM...
They must have a very good reason to sell such a good prospect in favour of clinging onto SOLG...
Refrain- the battle for solgold is about to begin
The battle is about to begin for solgold. Hold on ladies and gentlemen
https://www.afr.com/street-talk/fork-in-the-road-looms-for-bhp-newcrest-s-copper-play-solgold-20220814-p5b9oo
“…. some analysts suspect, then we could see a pair of Australian heavyweights in a ding-dong battle.”
Neil Hume on Twitter (he posted the Refinitiv confirmations of the fundraising fail last week...)
"This looks like a company in crisis - SolGold
CFO has resigned, head of exploration is off and its independent non exec has stepped down. What a mess."
And this is what he posted on July 28...
https://twitter.com/humenm/status/1552546766494523392/photo/1
https://www.miningnews.net/leadership/news/1437608/more-signs-of-unrest-at-solgold
I agree SM but NM implied in the past that he wouldn't sell for less than £2...DGR can't pay that...
So here's the thing...
At 31 December 2021 CGP had Net Working Capital of CDN$7 million...
Their annual operations cashflow was negative $6,6m...
They 'kept the lights on with a $5.6m fundraise...
By now they should be down to less than $3 million, and...
They don't want to sell SOLG shares as they have done in the past...
And...their SP just hit a 27 month low...
At AUS$0.50 DGR is at a 29 month low and if you leave out the short blip in March 2020 to 0.40, its at an all time low...
At 31 December 2021 DGR had AUS$2.5 million net working capital and...
Their net cashflow FOR THE HALF YEAR from Operating (-$2m) and investing (-$2.1m) totalled negative $4.1m
And they 'kept the lights on with $4.7m financing. They also don't want to sell SOLG shares...
Their net cash position might now be almost zero...
So it seems to me that neither has the cash to participate in either a cashbox or a rights issue, so NM might be angling for a further streaming deal. That won't happen...
So why is Irwin so quiet and Mather so relaxed?
Simples...their MUST be something going on in the background...
As always I'm happy for someone clever than me to challenge my workings...
A question to those of you more clued up than myself on corporate governance.
If we assume Nick Mather is going to be ousted as a director at the next AGM, is there anything within the rulebook to stop him from either selling ~2% of his personal holding to DGR, or instructing DGR to purchase more stock to move them above the 10% threshold. At which point (I think) DGR would be entitled to a seat on the board, and could put forward Mather to be their representative. Aside from the obvious governance concerns and p*ssing off BHP and NCM, is there anything wrong with this?
DGR has been selling its position down in ALL recently. There was an excellent post on the ALL board summarising their situation by DGRInvestor1 the other day, speculating that they are moving into oil & gas and away from EV metals. But I'm more interested in DGR's intentions here, as if their stated strategy is executed correctly, the payout from SOLG could be enormous (I.e. sale to a major at a significant premium).
Maybe I am reading between lines that don't exist, but I get the impression that Nick puts SOLG on a pedestal above some of his/DGR's other investments. He isn't going to go down without a fight.
Orthern you cannot do that.
Sorry for the duplicate post guys..just checking in since Friday pm...
Meanwhile I'm loving this post by our resident key influencer DBW...
"help the aged with learning difficulties??"
Announce an invite to every global, mining major, of our intentions to enter in to a JV of the whole Cascabel site with the most competitive, attractive offer.. This would clearly have the backing of the Ecuador government to get he process expedited… ensure BHP would have to compete fairly, rocket the share price to somewhere near where it should be.. and get the bloody thing moving… stop all the cloak and dagger crap..
SolGold boss Darryl Cuzzubbo says the in-demand copper hopeful has enough cash to get through at least the end of the year, playing down the impact of a stalled capital raising effort on the company’s future.
Shares in London-listed SolGold dipped sharply last week amid rumours some of the company’s shareholders had baulked at proposed capital raising, aimed at funding the next round of work at SolGold’s copper project in Ecuador.
Speaking on the sidelines of Kalgoorlie’s annual Diggers and Dealers conference on Wednesday, Mr Cuzzubbo confirmed the company had “tested the market” on a raising, but had not gone ahead amid tension between shareholder groups over the structure.
SolGold has had somewhat a fractious relationship with its two biggest shareholders – BHP & Newcrest Mining, who each control about 13.5 per cent of the company – for much of the last two years after a falling out over the debt-focused funding strategy of former boss Nicholas Mather.
Mr Mather also remains a major shareholder, partly through DGR Global, and the company also has a number of activist funds on its register.
“BHP and Newcrest have a view on how we should be raising capital funding. Other shareholders have a different view on that. And we need to work through what’s best for all typical shareholders. But we have time,” Mr Cuzzubbo said.
Mr Cuzzubbo said SolGold had about $26m in the bank, enough to get the company through until the end of the year, but acknowledged the company would prefer to head to the market sooner rather than later.
SolGold is chasing big copper and gold targets in Ecuador and has been the subject of ongoing takeover speculation after both BHP and Newcrest took substantial equity positions in the company a few years ago.
Mr Cuzzubbo said that, despite the ongoing speculation about potential bids, his focus remained on the development of the company’s Cascabel tenement group.
“I’m not worried about getting funding through the definitive feasibility study. I’ve had multiple calls with investors. I’m not worried about it. And DFS, by the way, and the bankable feasibility study, that then opens up offtake options and funding related to that as well. So you get to that point, it opens up other options,” he said.
“When you talk to people they always ask him about the acquisition angle. But our primary focus is to optimise Cascabel and derisk it. That’s how you build value.”
Sorry Damers too many inconsistencies, If a deal was being struck, then Why the announcement on funding, also why the continuous spend and the announcement that we are funded for the rest of the year.
Interesting scenario but a stretch too far.
Think that's fair SharketMare