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We can put together $1,3B in our sleep....
The equity component would come from a mixture of regional asset sales and a big royalty / stream deal, plus some cheap debt from a sovereign critical metals fund...
The good thing is, BHP, Newmont and Jiangxi are not talking publicly about solgold so it wouldn't be hard to guess whats going on in the background...
Scott has stalked his prey, and now needs to deliver the following within three months:
1. confirm conclusion date regarding strategic review process for end of Q1 '24.
2. release updated pfs with low capex component.
Happy new year SharketMare.
We await the strategic review.
It's not a rant, Quady, it's a submission to the Federal Court in Australia.
Will leave it there and wish you a prosperous 2024.
SharketMare don't try second guessing everything to suit your world view.
Listen to what the company say's through it's official channels.
SharketMare that is a rant not an official address by Solgold.
I am aware of the ranting by DC.
If that forms part of his case, he will need to provide evidence.
I have seen none.
Remember the useful idiots on here said the strategic review is a smokescreen.
It's not, it's the next most important step we take.
I had hoped it will incorporate the funding agreement as well, but guess that's asking a bit much in the next three months.
I would add that "reducing investment in the project and maximising the prospect of selling Cascabel" is exactly what the company has been doing since Caldwell took over.
Sorry Quady, but that's just plain wrong. As per the AFR article published last year on the DC court case:
"Documents filed to the Federal Court by Mr Cuzzubbo claim he was terminated amid a factional struggle within the SolGold boardroom over whether to swiftly sell or develop the company’s flagship asset: Ecuador’s Cascabel copper and gold project.
The court documents say Mr Cuzzubbo had approval from the SolGold board to pursue a strategy to build, fund and own a mine at Cascabel that would produce about as much copper as Olympic Dam at a cost of about $US2.7 billion.
Mr Cuzzubbo’s strategy was to “remain open” to a compelling offer, but not pursue a sale at all costs.
His claim suggests there was a “competing strategy” pushed by some, including SolGold director and substantial shareholder Nick Mather, to reduce investment in the project and maximise the prospect of selling Cascabel."
Unless you think Daryl is making things up (and committing a crime), this to date is the clearest evidence we have that shows Mather & co want this sold.
SharketMare the company has said no such thing.
The company has repeated many times we await the strategic review.
The most talked about option is how to continue with the development of Cascabel.
No one has mentioned selling it.
As for Sean Tuffords point of view.
I suggest you ask him.
He is one of the people keen to talk to investors with large personal holdings.
Any monetisation event, JV or otherwise will be a positive, forward development, compared to the last 12 months.. anything that creates an opportunity to exit this share, this year, at a just reasonable profit, will get my vote.
Quady, I'm not suggesting we can't do it. I just think that given management and major shareholders want to exit their positions, a sale of either the asset (Cascabel) or the whole company is the outcome they are pushing for. The company has been winding down its workforce, discontinuing positions (e.g. our Chief People Officer / HR lead), and is employing contractors (e.g. Sean Tufford) to fill important roles (you generally don't bring someone in on a temp basis to manage relations one of your most important stakeholders, i.e. investors). This is not how a company that is gearing up for several years of mine development and ultimately production behaves.
Really SharketMare.
If we can do it with such a low cost base to revenue basis, then why should anyone else do it.
A JV brings more than capital.
Expect a royalty deal and our JV partner who will have the contacts for the civil engineering side and project management.
Others think this too and I am not on about people on this bulletin board.
Let's hope he's cheaper than Fawzi!
It's not a preferable outcome for shareholders wanting an exit and NOT wanting to be diluted, take on development risks etc.*
Quady, I don't think anyone believes we can't enter into a JV at Cascabel, more that it's not a preferable outcome for shareholders wanting an exit (including SOLG's management and its advisors), wanting to see their holdings diluted, or wanting to take on the risks associated with developing a mine in Ecuador.
“New direction” I’d say that sounds exactly like a company moving away from the fantasy of developing the mine .
With new management, new direction, and a renewed energy and optimism about our future in Ecuador
This doesn’t sound like a company in the process of selling its assets
Read my email 13th December 2023. At 21.16
Sean Tufford contacted me and asked for a telephone call
No one will believe this apart from one poster on here who was curious enough to ask about it.
I supplied the email.
No I am not putting it up or supplying it to anyone else.
As since then I have seen how I believe this is developing.
One interesting point.
Sean Tufford contacted me using a Solgold email address.
Also as I said we would get an open cut for under 2 billion dollars.
1.3 dollars is way under that.
The people on here who don't believe we can JV this are shown up as complete imbeciles.
Top of the list is our most unintelligent poster Slug, closely followed by DBW and Redknight.
The poster on here I shared the information with is respected and doesn't post much.
If he wants to share it he can.
But don't see why he would bother with the idiots on here.
Ah, my bad. Thanks guys.
He isnt M&A. He is IR.
No worries chaps hope you are both doing well. Pretty wet and grey start to the NY in North London.
highflyingman - I think he is likely to be more of an IR guy than a dealmaker for SOLG.
Only had a brief look at his profile but surely its similar to that of Dan or Bob. Why need another M&A guy? ....do BHP just want nothing to do with Maxit?
Thanks for the responses, out of the blue after all these years I was a bit suspicious. His e-mail basically says that he is reaching out to touch base and to update their contact list. Says "With new management, new direction, and a renewed energy and optimism about our future in Ecuador, we genuinely want to hear from you." The e-mail is signed off in his name at Solgold PLC in the London office and provides his e-mail address at Solgold.
Yep cheers SM
Thanks Goner ….. what was the gist of the email ?
That's an interesting development and thanks for the background info, SM.
Morning Goner, happy new year to you. This is an interesting development. Sean Tufford runs his own shop which specialises in Client Relations. He describes the business amongst other things on his LinkedIn as having "strong, proven experience with multiple M&A transactions, public company shareholder lists, subscriber lists, donor lists, membership lists, customer lists, supplier lists, and patient lists."
He describes himself using the following: "With over 15 years of senior leadership experience in the mining industry, I have a proven track record of getting stuff done when times are tough. I have successfully assisted multiple public companies in equity capital raising, corporate development, investor relations, and marketing, as well as navigating complex M&A transactions in challenging markets."
He also, a month ago, posted a link to the Kitco interview that Scott did a few months ago: https://www.linkedin.com/posts/sean-tufford-2a91028_getting-cascabel-over-the-finish-line-solgold-activity-7135675568326377472-geQR?utm_source=share&utm_medium=member_desktop
In his own words: "PUT THIS ON YOUR WATCHLIST. Every person, every institution, every analyst, every writer says, Cascabel IS GOING TO BE HUGE."
And at the bottom of the post he leaves the investor email for SOLG. So in short, I think the email is legit and we've hired Sean to get this over the line.