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It takes just one bid to start the process
schlem, that is the very real danger.
Our board has over-played its hand and has placed itself in a precarious situation, which could easily be exploited. The saving grace is that we have Norges and BR on the register, and I don't see Norges in particular, walking away from this.
The Berry Street letter was spot-on and if the board fail to take note we should join them in agitating for a sale.
RK, did your information source have any idea why the fund raise failed?
Someone's gonna nick SOLG for less than its true worth. Games afoot and it feels political
'Rumour in the market is that todays statement from SolGold was triggered by a failed capital raise. Where this leaves the company now I’ve no idea and one also wonders who is pulling the strings here.'
Natural Resources Editor, Financial Times
https://twitter.com/humenm
At one stage, a couple of years ago, SOLG alluded to it having up to a dozen or so drilling rigs available and to be employed drilling throughout their highly prospective permit areas. Now we are have no drilling occurring in outer areas, as we are conserving/running out of money. Tens of extra millions spent on preparing another PFS which didn't change all that much from the original known resources and of course didn't include newly confirmed prospective gold and copper resources from nearby areas. How much has been spent preparing that (x2)report...something like 70 million or so. Mather now declares that company or cascabel is now up for sale......what a f........g incompetent liar he is! Have a look at DGR and it's daughter companies that he, Moller and the rest of his cohorts, are senior directors of .....most have lost investors 90+ percent. So with no drilling for last year (to preserve money) how many drilling rigs does SOLG currently have left to use should they sell more shares etc to raise more money to drill holes?
BBG - It pains me to say - I agree with you on this one.
For gawd knows how long has RK been feeding us snippets garnered from his contact(s) within Solg, or that's what he's been telling us?
He persists that the info is kosher. I think it started with the best drill hole in the universe or other such b ollox a long while ago. He passes us tid bits and snippets from "schhhh, you know who" in the knowledge it can never be confirmed nor denied. Probably made up - yes?
Let's (for one minute) believe it. Let us also believe that over this same time frame, when RK posted that he was increasing his stake @ Solg - he actually did.
After all, he believes in Solg and the direction they are travelling in, like so many others here. He's done his research and has faith in its future. Why shouldn't he?
Very recently, some people have left Solg. The concensus amongst several on here is that they might have left because Solg have lost their way regarding their financial strategy and are struggling to find a financial partner from without. Some are even insinuating there may be an equity raise because all else has failed. All heresay of course?
And we all know what happens when the stock is diluted don't we?
If only we knew dilution was on the cards, we would probably liquidate our holding, wouldn't we?
On the other hand maybe RK really is Walter Mitty..............................
Z
After a mental day at work, didn't expect this to be down after a decent bounce yesterday. Still, the assets are amazing, the demand for what we have isn't going away and the cash is running out, so someone has to show their hand sooner or later. #eyeroll... just another day as a solg shareholder, just an expensive one... on paper. Sit tight all. ATB, C
Argh I see no worries time to watch my portfolio now gl with yours my friend
Monte argh I see no worries my friend same here got a decent portfolio so time to see how they get on this year gl with your investments
I was suggesting that if SOLG go the royalty route again, then they will force BHP into making a bid and the chances are it would be low ball and not reflect the broader folio. Hence SOLG want to explore more, they want to prove that the folio is worth a lot more than the market is giving us right now. So do you kick the hornets nest (do a Franco deal) and that's end of you or do you try and stroke the snakes back a bit and see if you can gain another 12 months to max the asset values as best you can aka porvenir and so on. We all understand the forward story (well most of us) but the problem is, there comes a point where it is no longer sensible for BHP and NCM to support SOLG IF they are planning a bid etc. The PFS SOLG have arrived at will be ripped up by BHP and NCM if they take on Alpala. They will create a PFS that delivers on scale as they can throw more Capex at it. So what's the point in SOLG boosting the PFS at end of this year?? The answer is a simple one... it gives SOLG more options to do finance deals and a better asset sale price. Prior to PFS BHP and NCM were happy with SOLG derisking the asset and doing the workhorse ESG stuff. I think a bid is coming and NM's DGA presentation basically told you that directly. It might say corporate action.... but it means 'transaction' of some sort that's for sure.
Meanwhile on another planet... TSX ends evens at 27P+ eqiv. Clearly no one fussed over there. Irwin quiet. Something cooking for sure.
.
I won't RK
Just did not apreciate your FFS post for my simple mistake. Unlike some I have about 27 stocks in my portfolio and solg is just a small part of that so I don't tend to spend every second of the day researching it.
It was from May Bubble. I had forgotten about it it just poped up again today as I was going trough the news. It on the solg news section on this site. The second story.
Because it's all bolliiix Bubbles.
Can't find anything about ward ,Monte post link please
I haven't confirmed that at all.
So none of the above.
Please don't join the unpleasant people who use accusatory language. Some of us are doing our best here.
I have it on good authority from my contact the best hole ever drilled in South America belonged to Mariana… she works in our bakery.
He didn’t make it up
Redknight
Just one piece of the jigsaw does not make sense to me.
About the best hole ever drilled in south America.
Now that you have confirmed ingo was your source and now that he is no longer with the company, can you confirm :
A .he lied to you
B. He did not know what he was talking about
C. You made the whole thing up.
Berry Street,
So they posted this RNS, having a moan but not sold their shares, actually been adding to their holding since 2022
I wonder if they are getting paid to ruffle feathers as I cannot see what they have to gain going public, why not just email Solgold with their concerns
Who knows
Statement re SolGold Plc
Berry Street Capital Management LLP has been an investor in SolGold Plc (“the Company”) since late 2020. We have subsequently added to our exposure through public market share purchases as well as through the Company’s 2021 share offering.
As an investor in the Company, it has been very difficult to follow a great project being managed so poorly at the corporate level both before, and after, the publication of the Pre-Feasibility Study. In our view, the Company’s latest attempt to fund raise unfortunately only demonstrates the Management and the Board’s lack of understanding of 1) their shareholder base and 2) the basic mechanics of capital markets.
We believe the Board should represent the entire shareholder base and not only a select group who might be exercising control. Hence, we urge the Board to act fully independently and begin a strategic review imminently to initiate a sale process of the Company.
I agree with every word of the Public savaging berry street capital have released today.. the asset is great, world class…. the continued performance of our board is not.
Continuing to pretend they can carry on as they have for he last 4 or 5 years is just woefull… Let’s just do another 21.5p raise, kick the can down the road, make noises about first mover advantages, talk about exit points and cabs off the rank… keep the plebs paying our salaries.. let’s just talk about jam tomorrow..
Why do they seem unable to accept realities? They are out of their depth and have been for years…
Grow a brain… Just announce it’s up for Public auction to the highest bidder Either as a JV or full Cascabel sale..
The frustration is real
Fortissimo - the voice of reason.
Look guys, if the next RNS that reads like this.... "SOLG launches strategic review after funding options unfavourable and will seek sale of the business" as in best interests of all shareholders etc etc, then you can see how the scene has been set. But if you think the sp is going to fall on that kind of headline then you're wrong. It's likely to explode higher.
In a nut shell, SOLG are trying to get to the point whereby they can deliver an extra $1.5bln ish to the upside on the PFS. That will help with bigger funding talks and any sale of the asset. So is it any surprise that NCM and BHP have likely turned their backs on helping out lol! They hardly want to invest in boosting the SOLG share price or asset price do they!!?
Look at these scenarios...
1. SOLG does $100m equity raise (Just a guess on the $100m) and BHP and NCM then get virtually a controlling stake as they will be over 50% with their buddies like Blackrock et al. So that's suicidal. But would allow SOLG to boost PFS.
2. SOLG don't want NCM and BHP to get near 50% (combined and blackrock etc al) so they seek Franco style royalty funding. So that's suicidal too as BHP will just counter and say not having that, we will make an offer and it will be a low ball.
3. SOLG do JV deals with Solaris/Lundin on Assets in south and then discuss sale of Alpala to NCM and BHP. Now that suits quite a few out there and might not bring home the full bacon and eggs but might see SOLG deliver another Tier1 assets in the south and expand on other folio ops.
In short... BHP and NCM (IMHO) no longer need to fund or help to fund SOLG. And they kn ow if SOLG seek alternatives then they just strike like a snake anyway.
BHP made a dart for Noront on July 27th last year. What is it with causing disruption around the summer holidays? A BHP tactic? While many are on sunbeds the BHP crew are wearing coats and scarves in Southern Hemisphere. Mmm.
It's going to kick off and I think it's heading where we all thought it would... with a sale or bid approach. SOLG towers just setting it up nicely with todays RNS.
FFS...
Medar
Nor do I