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Bozi, there's an interesting paradox about the agm and the sp: The people who are most interested in keeping the price low are also those who have a significant say in the votes at an agm. However, I agree with your sentiment concerning the reaction of the retail investor base.
If the board believe that people will be content with them if all they have to offer over the balance of this year is more clap-trap about production in 2530, they are deluding themselves. They have seven months to deliver some genuine value-enhancing progress. DC needs to get proactive and to put some flesh on his "we're open to offers" comments.
"Australia’s SolGold plans to start in the fourth quarter of 2024 construction at the Cascabel copper-gold project in northern Ecuador."
May it never come to pass. If we don't get a bid this year, and we start heading into this money pit in 2023/24, our current shares will be diluted to almost worthlessness. Time to halt this pantomime before it grows arms and legs and starts costing real money. We've got a window of a few months - get rescued by a bid or get dragged slowly into the quagmire.
Quite right SM.
Your post highlights quite well the reality of why every day is unfortunately not a bid day.
I found Pad's article more encouraging in terms of the Taunton interview but aside from that, this BoD hopefully understands that it's toast unless it raises the SP organically quite substantially in H2.
That is the only thing that I think could sway the PI vote at the next AGM. Even then they are skating on thin ice.
medar, if that is the case then you can expect retail investors to be well and truly shafted in 2023. I said in December last year if SOLG still exists this time next year we're all in trouble. Given the market reaction to the PFS, which I imagine the BoD would have hoped would've meant raising funds at a half decent price, I don't see BHP/NCM bothering to make a bid prior to the next AGM unfolding. Why would they need to? They will be able to maintain their share in the company with any new fundraise, and have a few months to prepare another crack at undermining market confidence in the 'old guard' still sitting as directors BoD.
As a retail investor looking for an exit in the next 6 months I'm now pinning my hopes on 1) a 'white knight' type situation whereby a third party comes in and bids for SOLG, thus forcing BHP/NCM's hands 2) a discovery at one of our tenements that the market simply cannot ignore. If we find 'Alpala 2' then we surely have to re-rate substantially. In all honesty, I wish I'd sold up and taken my 70% profit a few weeks back at 40p (good old hindsight).
Many of us - myself included - claimed that 'this time felt different' as we started to re-rate in the first quarter of this year. Then the PFS was delivered and the market shrugged its shoulders (admittedly not helped by the broader macro picture that is hurting most equities). Ultimately, if you have the time this share will come good by virtue of the sheer quantity of metal we own, for those of us looking for a swifter exit, who knows.
Whichever way you look at it and...accepting that Darryl is on roadshows and Ingo is working g on the MD&A, its uncannily quiet at SOLG towers...
That post sums it up eloquently rcgl...I've forwarded it to Fawzi...the Director of non Communications...
What if Darryl is there to take things to the next AGM and have indeed those new pro BHP faces on the board? just a question not an accusation.
A fantastic find - many thanks.
This interview has shed more light on what’s going on than nearly all previous newscasts on solg.
ESSENTIAL reading necessary by all solgolders.
Z
RCGL…. They read the board too
Thanks Shippy. I'm not in direct contact with the company but was going to say anyway feel free to cut and paste that if you are.
Ditto
For ducks lake?
I have forwarded rcgl's post to the company with some words of my own.
I suggest you follow suit. This is getting ridiculous!
Thanks RCGL
Can’t really argue with any of that and it’s costing them dearly with regards to the share price.
Hopefully this week’s MD&A will provide a few answers and with 6 upcoming events in the near term id assume they’ll have something new to talk about ….. in the meantime I guess it’s a question of sitting back and making the most of the summer until news lands ….. and it will
All the best DBW
rcgl2, echoing the sentiment below - your post is spot on. I had foolishly thought we were in for step change in corporate comms when Daryl came on board and we (after a short while, admittedly) were treated to an in-depth piece in Mining Journal outlining the priorities for the next few months. It was honest, refreshing, transparent and basically said - listen, we're going to focus on nailing the PFS before we begin to discuss anything else.
With the PFS now delivered, I'd like to see something similar from the company outlining what we can expect from the remaining ~6 months of this year.
Nm
Exactly and spot on, rcgl2! Blinking frustrated to be classed as the bottom feeders!
rcgl, couldn't agree more.
Spot on rcgl.
Have you emailed this to the BOD? If not, you should.
Thanks Pad. One thing that I do find frustrating with Solg is that we are never really sure exactly what is going on. We always seem to have to piece together what's happening on different parts of the company from random articles, interviews, answers to questions at conferences, notes in the MD&A and reading between the lines of drilling results which may or may not come in a rather stop/start fashion.
One minute drilling is on hold, the next we get half a set of results but then never get the second half. A presentation lists six priority targets one month, then it's 2 and then a year later is 5 different ones.
Third party companies have been and seem always will be "interested" in various licences, but we are still largely in the dark on that.
And Ingo forever seems to be "working on the financing and will update the market shortly", which never happens and we still really have zero idea what the financing will actually look like.
And saying they have updated investors but really just updating the big institutional investors one on one but not telling the wider market anything is frustrating.
I know they have to be careful and are probably playing cards close to their chest in order to achieve the best final outcome... But some regular official updates or clearly settings out strategy in the monthly presentation rather than in random interview snippets would be good.
The subject headings in the upcoming event encapsulates a strong For Sale sign - very encouraging indeed - tick tock!
GLA
They are certainly going for the big charm offensive here, My only ray of sunshine here today amidst a sea of red ONWARDS & UPWARDS
Agreed buddy, he never owns up to calling it wrong..
Warintza is a near surface surface deposit and is therefore suitable for open pit which makes it very cheap and easy to mine. It is also a very large high grade deposit and still growing. Aside from Solgold, if you want exposure to copper, Solaris is a good buy and it seems Ecuador is the place to be.
Starting in Palm Desert May 15-17
Looks like the PR finally about to pick up
https://www.solgold.com.au/investors-center/
Also interesting
“BNamericas: What happened to La Hueca and Blanca, where you started drilling?
Taunton: La Hueca is part of the third-party interest group. We have also offered Blanca to the same group.
According to the law, we have to carry out activities for four years, but there are elements beyond our control, such as COVID, with which we lost several months”