Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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Well, I won the cash balance prediction then although must say Scott exceeded my expectations by burning through an extra $900k.
So $12.8m cash left. All I can say is that THEY must be confident in getting cash from some sale or some royalty deal as I do not believe they have enough to see them through to June 30th. The cost of the 60 odd licence blocks is $6m per year. When do these costs fall due and are they in the Accounts defined as licence costs? Cash will be sub $10m right now as we are 6 weeks in.
Scott has until later today to meet his pre AGM guidance to the market of 'early Q1'.
Monochrome, the money I have invested here now I'm fine with losing. It wouldn't be ideal but I'm not going to lose any sleep over it. It's a punt, not an investment for me.
The company has been discreetly signposting the fact that the outstanding exploration spend at Cascabel is what is holding the new IPA up. If BHP want this asset, they will be using the fact that we owe the Ecuadorian government c.$170m (with less than 10% of that in the bank) to convince Nabao we are not the team he wants building a flagship mine.
We are in a serious pickle IMO.
So still spaffing over 3m per month on only a PFS
Will be out of cash completely by end of April and can’t raise at 7p
Surely the penny must have dropped by now.
The rubbish spouted by Redknight and DBW is exactly that just rubbish.
I don't even have to mention slug is wrong again, this maintaining his 100% record for being wrong on all things
The lesson is simple.
Listen to what the company says, not the people on this forum pretending they know different.
SOLG with $12,835,344 cash were slightly higher than my estimate last night.
Incidentally, the reduction in admin expenses by 67% in the quarter demonstrates that at last someone has a firm grip on the company. Obviously, it would be better if the company was more active in terms of exploration, but we are where we are and needs must. SC has done exactly what he said he was going to do.
The June '23 year end report stated that the company had sufficient cash to take us through to y/e '24. This has been reiterated by the company on several occasions. The company has also previously said it would need to raise more cash. Can anyone explain why this report says anything different about the cash position?
However, it is disappointing not to have any clearer news of progress on the IPA or the SR.
FACTS
1. The updated pre-feasibility study is expected to be completed in the first calendar quarter 2024.
2. Management is currently negotiating access rights and ownership for one of various envisioned tailings management area locations. Access to the proposed locations is expected to be secured in fiscal 2024.
3. Management expects the Exploitation Contract to be finalized and announced prior to end of the current financial year
4. The company continues to receive the necessary permits to advance planned activities that are required to complete the exploration phase.
5. In December 2022, the Company applied to amend the current Investment Protection Agreement (“IPA”) in order to align it with legal reforms passed after the agreement was executed in 2021, among others.
6. The Minister for Production has requested the Company apply for a new IPA to coincide with the change in mining status to exploitation in addition to amending the existing IPA to cover exploration investments. The Company is currently undertaking this process with the Minister for Production. The Company meets on a regular basis with MEM to review the critical approvals required for the development of the Cascabel project and address other actions required by the Government of Ecuador for the success of the project.
7. On 30 October 2023, MEM notified the Company of the resolution declaring the beginning of the exploitation stage of the Cascabel concession. The Company finalized the process of legalizing and registering this request on 6 December 2023, and the Mining Exploitation Contract with the Government of Ecuador must be signed within six months of the date of registration in the Ecuadorian Mining Registry although this deadline can be extended by the Government of Ecuador.
This is exactly what we were told, Solgold are only restating their position.
No one should be surprised by this.
We await PFS 3 and the strategic review.
The only surprise here is that their is no surprise for those that have listened to the company.
So, we can expect the SP to plunge further when the raise is announced at a discount! We can discount any bidding, and if for some reason we cannot secure funding, then the proverbial will hit the fan. What a thoroughly useless ceo we have elected and given a mandate to. I have to accept that my investment in solg may never be recouped.
With the ongoing restructuring efforts described below, management expects current cash balances to last through June 2024. Management intends to raise financing prior to June 2024 in order to continue to advance its strategic objectives.
As at 31 December 2023, SolGold Plc (the “Company”) and its subsidiaries (the “Group”) had cash on hand of $12,835,344 and net current assets of $13,148,070. The Directors have reviewed the cash position and cash position forecast of the Group and the Company for the period to 31 March 2025 and consider it appropriate that the Group and the Company financial statements are prepared on the going concern basis. This basis contemplates the continuity of normal business activities and the realisation of assets and discharge of liabilities in the ordinary course of business, for the reasons set out below.
The Group has not generated revenues from operations in its history. Like many exploration and development companies, the Group raises finance for its exploration and appraisal activities in discrete tranches. Therefore, the ability of the Group to continue as a going concern depends on its ability to manage costs and secure additional financing within the next six months. Management’s cash flow forecasts show that the Group and the Company need to secure additional funding to continue their exploration and development programme and in order to continue to meet their obligations and liabilities as they fall due.
Hereforhemo.
Why do we have to wait for a morning rns.????
MD&A as sad reading as expected:
Cash balance c$13m
Management expect to raise finance before end-June
New IPA requested by Govt (some +ve and -ve to this, including reflecting additional allowances now available, can include exploration spend towards target, align with new exploitation agreement/timings). So I'd hope by end-June given 6 months to activate Exploitation licence from December.
PFS date only mentioned as Q1. (No reference to 'early' etc).
Sharket, best you sell up then if you are that worried , see ya.
More facts for the masses to digest, and ignore, Well done eloro.
Be interesting to see how adikt turns this fact into his own version.
Wow. Have just waded through the first few pages of the MD&A. We are now having to apply for a new IPA and "amend the investment schedule" for Cascabel exploration. No timeframe given for completion. Reading through the lines here, I am increasingly worried we have a huge debt without means to pay it.
Folks, all of the documents are on SEDAR.CA
Anyone can access them.
December 31st, 2023, the company has cash on hand of $12,835,344.....
If burn is $2m per month, then at end of this month they are down to $8m. Still reading, but not seeing anything yet regarding where funding will come from. The company believes it can raise funding.
So much for the company being in the best shape ever!!!
They should get someone to redo the website. Again.
Looks like we'll have to wait for a morning RNS as the website only allows you to search for news until the end of January.
https://solgold.com.au/solgold-plc-announces-half-year-report/
1984 - I've been around for yonks longer than most here and I hadn't heard of 'chebs' until a very well endowed lady from Washington (I'm from mid Durham - I'm sure you understand the difference) mentioned the word some ten or so years ago. I haven't heard it since until your post today. Reckon it'll be some time before AI understand the word and delete it. Now if only certain people would change their name to - Chebs!
Tits out for the lads!
Morningstar says that the half year report and MD&A are published, but I cannot find them yet.
If they’re above that I’ll be impressed
Looks like this has bottomed though
I've just woken to the sp rising to over 7p
I was expecting the board to be full of excited chatter, telling me, hang on, the trains leaving, or bbg was right,
Or
"Here we go
Here we go"
Or my source was right. Or I expect the imposters who never held shares will disappear now.
I'm wondering if reality is setting in.
Dbw.
You get the award for the biggest understatement
In history.
"I guess people have had to lower expectations a little".
A little, hahaha.
Do you not remember the game we played years ago.
Guess the sp by Xmas.
The range guessed was anything between £2.46 and £12.
I realise for you to admit things are not as rosey as you have pleaded daily for years.
But lower expectations a little. Hahaha