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Hope SOLG dont get backlash from this, as Ayten took one of her receent employers to court
https://whistleblowing.com.au/news-oilsearch-whistleblower-test-case/
The Chairman simply needs to release this statement (first released 3 Nov 21)
“However, it has come to my attention in recent weeks that one of SolGold's significant shareholders, BHP Group Ltd., has been actively canvassing certain shareholders and members of the Board seeking to persuade the Board that each Director should stand for re-election at the upcoming AGM.
Ultimately, if a party wants control or to significantly influence the development of your Company, the party should put forward an offer that results in all Shareholders benefitting from a premium that reflects the value of achieving control or heightened influence.“
Something has to give BBG - all this malarkey just highlights what a sought after asset we have.
Put up or shut up
“was forced to pull its attempts to raise fresh cash…”
“ amid renewed tensions between the company’s fractious shareholders groups…”
If you’re a little bit wet between the ears this clearly illustrates that another streaming/royalty deal was sought (probably from Boliden) however the major shareholders rebuffed the approach. The article finishes as..
“Interest in SolGold has been generated not just by the size and grade of Cascabel, which is tipped to produce up to 210,000 tonnes of copper a year at peak output in the mid-2030s, but also by the competitive tension on its register between BHP and Newcrest.
Both own about 13.5 per cent of the emerging miner, and one or the other is heavily tipped to make a play for SolGold, or play a major role in funding the copper project in exchange for a share of the copper mine, which is likely to cost about $US2.7bn to develop.
But SolGold has also been plagued with tensions between the two mining majors at its other shareholders, particularly those associated with former boss SolGold boss Nicholas Mather and DGR Global.
BHP and Newcrest are believed to have played a major role in forcing Mr Mather to step down from an executive role at SolGold after a falling out over the debt-focused funding structure he had adopted.
I feel bad for the lady too, Solg was clearly a bad career move and I don't think any of this was her fault,probably in an impossible position due to the whole current direction. I wish her every success in the future and godspeed for her next role.
I'm not surprised. But does it matter? The world needs copper, there is a looming supply crunch and Ecuador (and by implication Solgold) is sat on the world's largest untapped supply. Cascabel is a huge complex mining project that requires deep pockets and technical know how. The majors need big projects and the sudden move on OZ minerals by BHP is a sign of where things are headed. My preference has always been for a takeover because it derisks Solgold. If you want to benefit from the Ecuador assets long term just opt for shares rather than cash. I never did want a Sirius Minerals scenario with Solgold trying to fund mine development themselves, it is too risky.
"SolGold has struck fresh troubles, losing newly appointed chief financial officer Ayten Saridas only weeks after the would-be copper producer was forced to withdraw plans to raise cash in London.
SolGold “tested the market” for a significant raising in July but was forced to pull its attempts to raise fresh cash on the London market amid renewed tensions between the company’s fractious shareholders groups, according to comments made by chief executive Darryl Cuzzubbo on the sidelines of the Diggers and Dealers conference last week.
The company has now lost the services of Ms Saridas, who only started her role as the company’s chief financial officer at the end of June. SolGold non-executive director Keith Marshall stepped down from the company’s board on Thursday, with former exploration boss Jason Ward also leaving the company.
Mr Marshall was one of a suite of SolGold directors that saw a substantial shareholder backlash against his re-election at the company’s annual shareholder meeting in December, amid a backlash at delays to the delivery of the pre-feasibility study for its Cascabel copper-gold project in Ecuador."
"You're guessing again Fort and way off the mark..."
I think you forgot to add... "in your opinion."
You really do need to stop this apparent inside knowledge stuff redknight. One mans guess is another mans guess. That's all we can do as no one knows what went on with the 'testing the market' situation.
Good night...
You're guessing again Fort and way off the mark...
"The exclusion from the top tier?"
Doesn't make sense. She made that choice when she took the job
If you go back to the last AGM where BHP and NCM were known to try and influence the BoD's and were actively seeking many to be removed, the likes of Mather, Jason and others survived by a minor amount of votes.
Here we are today and all those that were close to being voted off the board have indeed resigned or walked away or been booted. One remains.... Nick Mather.
Liam survived but was also under fire.
I wonder whether the funding deal planned or that tested the market met with some requirements like ... Ward has to go... Marshal has to go... eg we need to see the board refreshed (as per the BHP and NCM age attempt).
Now that's done, are we about to see the same 'test the market' approach but with certain requirements ticked off?
But that wasn't exactly a shock was it? Pretty sure a seasoned CFO knows what they're getting in for when they sign an employment contract, and didn't simply turn up to work this week and go "oh wait, I'm not getting a board seat...?"
I must admit I had assumed Ayten was a board director as CFO's normally are (but not always).
Just for clarification, Ayten was part of the management team along with the likes of Botts, Taunton and Fawzi.
Therefore, there was clearly no major 'director' awards to come Ayten's way. Furthermore, Jason Ward resigned as a 'director' on 13th May so was already moving away from SOLG.
On 14th July, Botts, loyer and Ghandi were appointed to the management team.
7 directors remain and the swing voter or 7th person is Liam Twigger the chairman.
So in summary, there have been some significant moves across the BoD's and management and technical teams over last 4 months.
So hopefully that answers some posters concerns on why Ayten might walk away. She was never inline for any major rewards. She was not a director. She was not on the board. Perhaps that annoyed her? The exclusion from the top tier?
Quady?
It's a narcissist.
https://latam-investor.com/2022/08/cornerstone-capital-resources/
“There are simply not enough copper projects in the development pipelines of major mining companies to meet the anticipated demand for electric vehicles and low-carbon electrical infrastructure by 2030-2050, and underinvestment by the majors in early-stage copper exploration means to maintain their production profiles and market valuations they will need to buy reserves – by acquiring juniors like Cornerstone and SolGold – to replace reserve depletion, so we anticipate a frenzy of M&A activity for existing copper projects like Cascabel as well as companies willing to fund drilling in potentially large porphyry system environments in good jurisdictions like Ecuador.”
Try standing on your own 2 feet without needing this board to hold your little hand slug.
You're acting like an unwanted squatter slug, admin don't want you on their site. If you're so confident why the desperate need for approval? If this is your idea of acting like a man you've lost the plot you gutless wonder.
Filtered...didn't even bother to read it...you're far too clever for me...
You know what...this is my day job...this is where I apply my accumulated experience to try and make money for myself and my wife.
I come on here because there are always people wiser than me, but also who share facts and/or opinions that help me to make my own decisions.
I've been fortunate that since my retirement my wife and I have made enough money out of SOLG and ATYM to never worry again and drive a nice car. I don't live in a mansion, just a terraced house...we have sufficient to be happy and, apart from my prostate problem we are both very healthy.
There are seriously good people on therefrom whom I draw and learn and there are many others who are genuinely grateful for any help and guidance they derive from sensible posters.
I share what I share not to brag but because I want others to be as successful and happy as we are. I was devastated that people I knew lost money they couldn't afford to, including pensions and marriages on Sirius...
Of course I have always know that keyboard warriors would, for whatever reason, trash what I post and in general defame, undermine or belittle what I post. I don't lose sleep over them. I have at least 30 filtered.
I only post on a couple of there Boards here...ATYM and JAY occasionally. I openly share my investment decisions not to brag but so that those who are interested can get an insight. I don't expect them to slavishly follow.
I have a few close local friends who I also keep in the picture. They bought SOLG after I told them the story. I would never advise anyone on investments. I was paid to do that as a professional, but I strongly believe people should make their own minds up and that is the main reason why I post research and information that I come across.
Thank you to the good guys. You know who you are.
Thank you also to those who read and observe and occasionally post their thanks.
For those who routinely trash, insult, defame, etc. all I can say is I truly feel sorry for your family and friends...
Hiding behind a keyboard to anonymously bully people who are doing their best ranks as the lowest form of cowardice.
BTW I'm not angry. If I don't filter I often laugh out loud or simply find people's behaviour pathetic.
Thanks for reading. Lets hope we can soon make our fortune here and get the hell out of here...
Cheers
"Noront Resources Ltd. is a mineral exploration and development company."
Just like Solgold...
https://www.afr.com/street-talk/bhp-puts-large-scale-mining-m-and-a-back-on-the-map-20220808-p5b86e
"It’s game on in big mining M&A.
History says when one of the big miners starts opening the purse strings, the others cannot resist the temptation.
While BHP has work to do to acquire the OZ Minerals (which, to its credit, is playing hard to get), the talking point on trading desks on Monday was who would go next.
Consensus was that the big miners are arguably in their strongest financial position in nearly two decades, and would have investor permission not to waste it.
Activity, as BHP showed, is expected to centre on anything that can help future-proof of miners’ portfolio and fuel their longer-term shift into green metals required for EV batteries and electrification more generally. BHP obviously likes copper and nickel.....And the shopping list’s likely to be tier one assets in well-known mining jurisdictions."