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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DBW I sincerely hope you’re right mate.
I don’t know about toast, but this share is doing my fruit in lol ;)
Us shareholders need some serious respite from this depressing downtrend.
Fort ….. I think over the next few months it will be proven what a great job Scott has been doing behind the scenes. Up until March the leadership of the company has been woeful and these things take time to correct.
As for the AGM I don’t have a crystal ball but I doubt anyone will be “toast”. Pre merger BHP/ NCM held roughly 27% now nearer 20%. We also don’t know how Newmont will vote , let’s hope they can see the bigger picture.
A fair point about the buy-back Fortissimo. But the 'super major comes along and takes on ENSA' has been suggested for years, and look where we are.
By the way, I think Scott and Co have done a terrible job. In terms of strategy, activity and comms. A mess.
However, I consider the risks of voting against the Board this year to outweigh the benefits. They need some more time - for macro picture to improve, Ecuador Govt agreements/licenes and to land a Cascabel study the market believes SOLG can support. Only then will the potential buyers be concerned enough to act.
Yes, but reality is if a super major takes on ENSA then they will simply buy back 50% of the NSR, rip up the reduced mine plan and do something that fits with their purse and intended IRR.
So not really worth discussing royalty vs equity raise in terms of value to shareholders as the latter wins hands down and more so now with so sub 8p.
What frustrates me most is that Bob, Scott and maxit et all have been around the block. They know how markets work. So to effectively head into Q3, Q4 and probably Q1 24 with zero news or stimulus for the share price.... they must have known we'd be sub 10p by now?
They have done zero to protect the share price and damaged the entire business through trying to reduce capex and admin costs.
Ironically, they may as well have done a $30m raise early in year and cracked on with exploration.
This is why they need booting out as they seem asleep at the wheel. What the xxck have they been doing to spunk $70m in a year and return share price to multi year lows???
Un -- be--- lievable. And some think it a smart idea to vote them in again!
Just a few thoughts on NSRs as these have been mentioned again:
- these funds are usually ring-fenced so can't be used for general exploration/drilling. Of course there are the ex-CGP shares to sell, which could be used for regional drilling, but not at c8p
- the 'true' cost of the Franco and Osisko deals is greater than the headline 1%/0.6%. Because SOLG continue to reduce the mine design/capacity (low capex) there are lower volumes and hence lower royalties; the contracts protect FNV/Osisko from this by increasing the royalty rates. I believe this has already been highlighted - Franco would be up to 1.5%/2% by now?
An eye watering 0.05% of the companies shares traded today
Dipstick
Return to modest volume...not many PIs getting involved, but full marks to the buyer of 176,149 at 7.884!
Oh and for a sale of that size, Berry Street should have approached the Nomad in the interests of an orderly market....
Instead it looks like they sold the shares piecemeal into the market as a Principal.
In the context of returning as much money to their fundholders as possible, that looks crass or inept and that doesn't sit well for me with a LLP that signed up to the Stewardship Code, including:
"The UK Stewardship Code 2020 sets high stewardship standards for those investing money on behalf of UK savers and pensioners, and those that support them...."
However, the funds were almost certainly managed through Berry Street Capital Management Ltd (registered in Grand Cayman) subsidiary Berry Street Master Fund Limited, also registred in Grand Cayman, which had over $200 million AUM when it closed.
This was announced on October 23, by which time SOLG had been liquidated...
https://www.bnnbloomberg.ca/ex-paulson-partner-shuts-hedge-fund-berry-street-on-rising-rates-1.1988207
And heres an interesting extract:
"Event-driven fund strategies — which bet on corporate or news events like mergers and acquisitions, bankruptcies or hostile takeovers — have had a rough year as regulators step up antitrust efforts. Higher borrowing costs and economic uncertainty have also slowed dealmaking. "
Getalife, you display your lack of education when you write 'your' when you meant to say you're.
I suggest that stop posting on this board until you have anything relating to the company that would be of interest to shareholders.
I won't waste any more of my time here as the majority of the contributors (like you) have nothing of interest to say - you clearly have time to waste!
History goes back to 2014 numbnuts
So now our most unintelligent poster is lying about lying about lying.
He has never posted anything I can be picked up on about him .
His script was shown not to work as he couldn't list all my buys on Solgold in 2013.
And he continues to post rubbish about most people on here.
Some nice merc AMGs going cheap (for those of us who can afford one)
Hallelujah for an intelligent and reasoned response Italian...
I would have thought the bid would have had to be much higher for Berry Street's 40 millionplus shares...especially as we know there is at least one keenly interested party in Jiangxi...
After all, not long after the Berry Street firesale...
Scott drove tghe price from 10.4 to 12.2 in acquiring his 790,000 shares at 11.5p average...
Your 10p is a retrograde proposal based on what happened as aresult of Berry Street's dump, but I suggest they could have achieved between 12 and 13p based on where the market had been for the previous 2 months, especially if the alternative was for an 'acquisitive' buyer to see the share sale drive the price down to 10p, thereby trashing the value of such buyer's existing holding.
The alternative, of a buyer paying say 13p and an ensuing RNS showing an increased stake would surely have seen the share price return to 14p and beyond, with consequent gain for their holding. and a bigger strategic foothold...?
Needashyte, I have a handy python script for collating users posts to check history. Comes in handy when liars like Quady try it on
https://filebin.net/ktife1kh6wi0zkp2
1984
We have a couple of very angry rampers today.
One suspects they are very over leveraged….we all know red is…………
RED, you started with a plausible point about BSC but IMHO you then drew a rather speculative conclusion about liquidity.
BSC may have or may have not looked for a buyer to trade its shares quietly at the highest price, however any buyer would would care to buy would have not bought at 14p or 12p, but rather would have put a bid at 10p or lower for the lot (reasoning below), so for one thing in absence of the strategic buyer we are all hoping to see one day BSC had no alternative than start selling in the open with the effect of moving the market down.
Now, since we are in a buyer market and sellers are weak as it has been discussed a few times already, and liquidity begets liquidity, if you as a buyer in a weak market decide to buy 13mln shares and give the instruction at a low price that is somewhat achievable, you can expect with good probability that the brokers and the market makers will do their best to move the market in your direction, because they will make money only if they trade.
So in other words there is no symmetry between a buyer and a seller in a share like SOLG at this time.
Peabrain, not sure where you've turned up from.
I can only assume your an offspring of dbw.
He clearly meant 8p was the lowest the sp will go.
Dbw has never posted one post that isn't sh,, te.
I invite you to look back over his daily jam tomorrow tripe
You’re filtered but I’m reading your posts anyway. Classic red
Proper old curtain twitcher
Colonel...you are filtered, but it is clear that you are continuing your campaign to ruin your previous sound reputation...
Either you're stupid or you should know that every year ausitors make a statement similar to the following in their accounts. Its the 'material uncertainty' statement:
"In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of
the disclosure made in note 1 to the financial statements concerning the Group’s and the Company’s ability to
continue as a going concern. The Group has not generated revenues from operations and management’s
cashflow 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. Management is currently exploring options for obtaining this additional funding, as outlined in note
1, but no firm commitments have been received at the date of approval of these financial statements. These
conditions, along with the other matters explained in note 1 to the financial statements, indicate the existence of
a material uncertainty which may cast significant doubt about the Group’s and the Company's ability to continue
as a going concern. The financial statements do not include the adjustments that would result if the Group and
the Company were unable to continue as a going concern."
And every time they folllow it with:
"In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of
accounting in the preparation of the financial statements is appropriate."
In other words..."Nil problemo'
And let me repeat:
Scott has slashed IOperational Cashflow to $1 million a month and the balance at the end of September was $22.9 million.
You do the maths.
And also to repeat...I for one would be very happy with another 1/2% streaming deal to raise a quick $50 million if the plan was to significantly uplift the drilling programme...
But not yet...because it is demonstrably not needed...
But you can't or won't see that...
"
Want me to trash the threads with Irwin on Twitter? You’re going the right way about it
Many of you will remember the scathing letter that Berry Street published before, I think the 2021 AGM. They were right to castigate the Board on corporate governance.
As I said at the time, the CG of SOLG was appallingly outdated and I drew Twigger's attention to that in my previous one to one, but he seemed agnostic on the point...I have never been a fan since and have voted against him at AGMs....
However, something has been troubling me since it became known that they dumped their shares in the market, due to a forced liquidation of their funds...
When I was a Stock Market GFD, I would have expected any major seller to approach our Nomad first, so that the whole block of shares could be quietly placed with interested parties. And I am in no doubt that institutions and/or 'friendly faces' around the company would have been interested because, as I keep saying, the biggest problem day to day here is liquidity. And institutions couldn't easily buy or build a significant slug without moving the market against them.
Indeed I would expect them to indicate/have indicated their buying interest to the Nomad in the context of an 'orderly market'.
And as we saw yesterday, someone has quietly moved on 13.39 million shares...
So I am forced to one of two possible conclusions as to why, as seasoned fund managers who very clearly would understand what I have laid out above, Berry Street sold their shares in a stream over several days:
1 Sheer spite. They would know that strategy would wreck the share price. I am clear in my mind that the SP fall from c14p to c10p in less than a fortnight was down to their ineptitude/deliberate sabotage of the price
2 There may be a story on the other side...
Knowing full well the consequences and maybe thinking of their next career moves, just suppose that there was either a willing buyer that they knew about or shorts had been opened on the other side...
During the following three to four weeks, volume rocketed from a daily average of less than 2 million over the previous four months to over 9 million a day.
Which also illustrates the point that because Berry Street injected volume into the market, daily volumes were able to soar.
But now they've settled back again...
And that also leads me to the firm conclusion that either or both significant news and/or a concerted buyer, would light a fire under this share price.
Think about it...none of the institutions or major holders/insiders are selling and ask yourself why?
But you or I can do something they can't do...buy the shares we want at or around 8p without moving the price..
Unless you buy 829,000 in one lump as a PI on here did in the last fortnight...and what happened to the SP?
Up 10% in a couple of hours...
QED
Quite right, Add.
No Fort. Evaluate all options and press forward with the best solution towards the end of Q1.
The company doesn't need to raise the funds for thr accounts to be signed off. It just has to show it can.
First we have the Caldwell irrational hate campaign and now you're urging the company to carry out an immediate financing. Folks could be forgiven for thinking you want some more share price weakness...why would that be Director of Dreamy Ramps?
A big shout out goes to NAL, tesla, dikhead1984 and redknight for all your negative posts.
This remains the biggest buying opportunity of a lifetime and I am in full support of the Board and our strategy.
To all negative posters, please continue spreading your fear because I have another £35k to deploy into Solgold over the next 14 days.
RK, 'it would zero effect on the final bid price'. Are you sure about that? On an EV basis the buyer would reduce the price by the amount of debt/royalty deals outstanding.