We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Addicknt, surely if they've already been issued, they can't be dilutory?
Anon, they didn't sell them because they're trying to avoid further dilution and are obviously hopeful that a deal will happen before the need to raise cash arises.
Bozi, another year? Fair enough. I'd probably take that if it was promised. Trouble is, it's not.
Placing was probably the wrong word. Agreed, more likely they'd monetise the treasury shares. Looking back, you have to wonder why that wasn't done a good while back? We're always going to need money until it's sold, after all. Nut then it's easy to have 20-20 vision looking back.
Sharketmare, surely we get closer every day? It doesn't make it imminent. Or even remotely close.
Morning thicko, I sold out earlier in the year, when Scott announced the phased approach / revised PFS (without actually calling it that). I bought back in around 14p either late Q3 or early Q4.
Nice try though!
Sharket. Your latest block buster telling us WERE
closer than we've ever been. Who are you referring to when you say We.
Because on the 20th Nov you posted this to adikt. I presume to impress him.
"Add, I think the strategic review was launched prior to PFS3? I sold out when Scott did that interview"
I'm assuming as you sold out on the 20th November, your not now part of the we.
Or can we add your sold out post to the ever growing list of your little white lies
MANIPULATON !
At 9 am a manipulator gets into action today, has been going on for some time ( days ) but today was well observed in the order book all day.
That is the problem with AT stocks on small cap.
Sharket.
Other than what scotty boy, the ceo who is desperately trying to sell an apparently viable company. What evidence have you that were closer than we've ever been.
Please don't tell me about the 20 majors in the data room. That like many other solg myths has become old news.
Do you not think with Solgold’s leaking ship history the sp would of moved if as you so desperately wish weve never been closer.
How many year ago did solg te us about the 12 majors hovering around.
Your desperate wishfull thinking and bozi telling us he has never felt more strongly or vociferous about something.proved nothing.
Also bozki, you telling us about all the good people who have left solg.
2 points
1 where did they get us
2 the common denominator. Mathers still there.
I rest my case
We are as close as we have ever been to achieving a monetisation event, due to what has been going on behind the scenes and the hiring of Maxit. The parties in the data room and visiting the site are there because Sangha and his team have been out there marketing it to all and sundry. For the love of God give them a few more months.
Anon - just on the placing point - do you really think they're going to raise down here?
I can't see it. It will be heavily dilutionary and that's no good for Mather, Sangha, Charmandy, Caldwell, etc.
I think it's more likely they'd do the treasury shares and a small royalty top up, if it came to it.
That's one of the positives about SOLG. Key people with skin in the game. They won't want to give up that skin.
Anon - I think Scott deserves another year.
He's had one year, less if you consider the merger didn't complete until something like February.
If we get to this time next year then we can assume that everyone in the data room has gone rogue on us and we've not managed to demonstrate a better way of financing and mining Cascabel.
If we get to this stage then we'll be in a spot of bother and IMO, I'd rather have someone heavily invested with stock and options steering the ship than getting rid of Scott now and bringing in some new guy who wants to draw a wage.
We're approaching crunch time and I've just had enough of the company being shrouded in controversy. By that I mean sacking Mather, losing $4m in the fraud, sacking Cazzubbo and Ayten, etc etc.
It's been one affair after another. SolGold now needs continuity and not the soap opera of recent years.
Rich3r - I'm sorry but I don't accept the counter-argument. That's why I'm probably being overly vociferous.
Society and advancements in technology these days in general is all about wielding the sword. The normal man in the street can put it up to the big suit (and that itself is fine) but surely as SolGold shareholders we now have to take stock of the last 3 years, all the managerial changes and board changes and we have to ask ourselves :
- is all the hassle we endured with Cornerstone worth sacrificing just to topple Scott and give Maxit a bloody nose?
- are further unknowns at this stage going to yield the answer that many want, and if so, how?
I think it's fair to say that the counter-argument has run it's course. I genuinely think we're down here because we're floating a less exciting investment case during a period of general pressure on miners and juniors. It's not just copper, it's lithium as well. The whole market topped out last year and it's still subdued.
But, instead of folks blaming Scott, let him carry on his work. Let Bob and Dan do theirs. Recognise where we are in the process and if nothing narierialises in 12 months, then folks have a much stronger case when it comes to disposing of them.
Bozi, I've no problem with your stance.
But I have just two questions for you.
How long are you willing to wait for the board to do something really tangible?
One year? Three years? Five years?
And what do you think is going to happen to your investment here if it does drag out?
It's like I intimated. The market has had enough and anything apart from a monetisation event is just fly sh*t, imo.
My prediction? We retain the board, they continue to do nothing of note and they do a placing, where I dread to think how low the price might be.
If I'm right, it certainly won't be at this 8-9p level. Wow, I so hope I'm wrong.
Bozi I take your point of view, but surely you have to accept the counter argument too? Imv this company has for far too long failed to give ‘the market’ what it always craves : news, reassurance, positivity & CERTAINTY. How many years have we honestly been virtually starved of updates and information about what’s happening with OUR investment/money as shareholders? I’m honestly not sure after all of these years as to how things have come to be so poor in this share for shareholders. And to those who seek to polish a xxxx need a dose of reality imho.
But I also hear you about current negativity (probably) being counter productive.
In short, investor fatigue is certainly rife here by many including myself and it appears you too. Who can blame us? But what I feel in my bones, is that shareholders must be treated with more respect moving forward and kept in the loop. Just my ho of course
Thanks for all your answers and opinions to my post on the 25th Nov at approx 22H00.
Some very varied opinions and arguments - and that is possibly one of the functions of a Board Like this!
having considered the options, I think I will vote for SC and avoid minimal but only the necessary changes to the Board Structure. Hopefully get a Bid and a Sale, then! LOL
GLA Eish
You say that Rich3r but to be perfectly honest, it's getting very frustrating now.
We're in a revolving catch 22 where the same band of investors are bemoaning BoD performance, voting against their re-election and then when one (or more) has to be the sacrificial lamb we end up being drastically weakened.
Look at the BoD two years ago and look at it now. Marshall, O'Kane, Twigger, Clare, Moller all gone. CEO (twice) and CFO (twice) turfed in the same timeframe.
How is any company supposed to fight through this? Yet folks are surprised that the SP has slid from 40p to 8p.
These folks are also bemoaning performance and want more flesh this time around. It's ridiculous.
Enough is enough. We've seen numerous respected officers leave their seats and no bid has been presented.
We put our eggs in the Maxit basket but now folks want them gone because they haven't delivered a takeover in the first year.
What we've had to deal with is hideous and now it's time to recognise our roles in it and give this team the best chance to deliver in 2024.
See Red, you're there again aren't you?
Always so over-reactive when someone questions anything.
Let me tell you something. Not everyone has hours to mull over sets of figures to try and make them sink in. Me personally, I work long hours and outside work I don't spend every minute of the day on here or researching like you do. And anyway, I've just been reading an interesting article called "Feasibilty study cheat sheet". No doubt you've already read it a hundred times and memorised it, but even that says that these reports are a great cure for insomnia. It's only obsessives like you who take much note of them.
Anyway I digress. My point is nobody is interested in all that permitting stuff. It's all by the by and has certainly done nothing whatsoever for the share price.
The market and people on here want a monetisation event, just like the likes of you have telling us is about to happen for years. You've been wrong for ages, but no doubt you'll be right one day. I just wonder if we'll still be around when it happens.
And if a DFS is probably still six months away, because we can't get the figures together (from what I see, every other study has been delayed), what are those 20 investors/prospective buyers actually looking at in the data room?
I am honestly concerned that it's taken this long because they can't make it look attractive enough for anyone wanting to buy it. As was said by someone earlier, no news is bad news here.
Solid bids or serious investment. That's the only thing that will make this move, imo.
All that said, I'm quite comfortable with my holding. It's not excessive and it's not leveraged. It'll come good eventually.
I bought some more and voted out these useless bunch. I confirmed only Mather. Zero trust in the other clowns
Any chance that posters can stop getting so personal? Upon the approach to the AGM, feelings understandably heighten about which way to vote, but we are entering the season of goodwill. Please live and let live guys, and accept that each of us can post our thoughts & preferences whilst respecting other posters, and without being personally attacked by other posters.
Chill & enjoy the season guys ;)
All of that is on the first few pages of the November 2023 MD&A
"I have to be honest, I see these reports and usually I can't be bothered to read them and rely mostly on reactions on here to get some sort of view. ..."
So its not surprising that you said
"Why do I get the feeling someone's taking the proverbial here?
So nothing that moves us towards a sale has really happened in the last year has it?
Perhaps I've missed something, but I see nothing to make me think a sale is anywhere near, let alone imminent...."
I wonder how many other people are critical of Scott and will vote against him because they think he is doing nothing.
If posters here can't be bothered to reads the information that is readily available, why the hell are you still invested?
And
TERM RENEWAL
The Company announced on 17 July 2023 the receipt of the Term Renewal from the Ministry of Energy and Mines of the
Government of Ecuador for the Cascabel Project Concession (“Cascabel”).
The Northern Zonal Coordination of the Ministry of Energy and Mines issued Official Letter No. MEM-CZN-2023-0810-OF
containing Resolution No. MEM-CZN -2023-0090-RM (“Resolution”) for the Term Renewal of the Cascabel Mining
Concession (Code 402288) until 2048. The Company may request additional term renewals in the future. The Term Renewal
confirms that Cascabel comprises 4,979 contiguous hectares and is a large-scale mining regime in accordance with Ecuador’s
mining regulations.
The mining concession renewal term is 25 years from the registration date of the Resolution in the Mining Registry under
the Agency for the Regulation and Control of Energy and Non-Renewable Natural Resources and subsequent notification to
the Northern Zonal Coordination of the Ministry of Energy and Mines.
INVESTMENT PROTECTION AGREEMENT
On 19 November 2021, the Company signed a preliminary commitment declaration for an exploration investment
protection agreement (“IPA”) for the Cascabel Project in northern Ecuador. The IPA outlines an intention to invest
approximately US$430 million over 10 years, between 2013 and 2023, in mineral exploration activities in the Cascabel 38
mining concession. The total includes historical investments of approximately $238 million invested through the end of 2021
and planned future investments through the end of 2023, which is when the exploration phase of activities, as defined under
mining law, is expected to finish. As noted below, the Company is in the process of amending the IPA to reflect the changes
in the status of the Cascabel Project.
EXPLORATION PERMIT (“EARLY WORKS”)
The company continues to receive the necessary permits to advance planned activities that are required to complete the exploration phase.
Also
PERMITTING
EXPLOITATION AGREEMENT
On 19 July 2023, the Company completed contractual negotiations with the Government of Ecuador and agreed upon a
term sheet (“Term Sheet”) in preparation for the execution of the Exploitation Agreement for the Cascabel Project. The
Exploitation Agreement, coupled with existing legislations and regulations, establishes the legal and financial terms and
conditions (including taxes, royalties, and advance royalties) required for the Cascabel Project’s development. The Term
Sheet has been approved by the Ecuadorian Government and provides for the production of copper, gold, and silver from
the contract area for a period of 33 years, which may be renewed. The Group and the Government of Ecuador agreed to an
advanced royalty payment totalling $75 million, with $25 million due upon the concentrator construction start date. The
remaining two payments, each of $25 million, will be made on the first and second anniversary, respectively, from the date
of the first payment. The actual royalty on net smelter revenues ranges from 3% to 8%. Revenue from the royalties collected
by the government will be allocated to productive and sustainable projects through the municipal governments and parish
councils of the communities of the Cascabel Project. The Company has applied to change the Cascabel Project’s official
status from exploration phase to exploitation phase (“Phase Change Application”). The Company has up to six months after
the approval of the Phase Change Applications to execute the Exploitation Agreement. Once executed, the Exploitation
Agreement is required to be registered with the Mines Registry. The Exploitation Agreement will govern the legal, economic,
technical, social and environmental commitments by the Company and the Government of Ecuador.
Management expects the Exploitation Contract to be finalized and announced prior to end of the current financial year.
MD&A Nov 2023:
"Advanced work on the revised pre-feasibility study, which envisions a phased development approach of the Cascabel
Project, with the primary objective of the study reducing the initial capital required to commence operations."
"We continued our review of financing opportunities. Options under consideration include but are not limited to, selling a direct or indirect interest in the Cascabel project, divesting other assets, or issuing debt or equity for cash proceeds."
"We continued the implementation of the reorganization plan emplaced in 2023 which is designed to reduce costs, optimize manpower and prioritize capital allocation to position the Company for long-term success. This ongoing process is focused on preserving the Company’s financial resources, de-risking the Cascabel Project, and investing in exploration projects on a rational and prioritized basis."
"During the three months ended 30 September 2023, the Company continued work and vendor engagements to produce a revised pre-feasibility study, which envisions a phased development of the Cascabel Project. The updated pre-feasibility study is expected to be completed by first calendar quarter 2024. Management is currently negotiating access rights and ownership for proposed tailings management area locations. Once accessible, geotechnical work can commence. Access to the proposed locations is expected to be secured in fiscal 2024. Most other project work will be focused on obtaining required permits and agreements to allow for the development of the Cascabel Project (see Permitting section, below).
The Cascabel project will continue to move forward efficiently and cost-effectively. The following activities will advance and de-risk the project.
Securing the property required for essential infrastructure such as the tailings deposition site, the concentrate and
tailings pipeline route, etc.;
• Preparation and issuance of a Revised Prefeasibility Study that will examine a phased development approach for
the Cascabel Project;
• Engineering of the elements required to advance the study will be conducted by SolGold technical personnel; and
• Required third-party engineering will be sourced through a multiple-bid process and awarded to qualified firms
based on quality, cost, and schedule.
Red is a pure fantasist, it’s really sad but BB’s attract people who live out their best lives on them.
Don’t believe a word he says, his holding will be at a much higher average but lower amount holding than he says.
The way he could gain some credibility is by posting a screenshot of his and his wife’s ( 26 year Swedish model, I’m sure) holdings.
He can’t have any objection to this as he talks it up so much, but I absolutely guarantee he won’t. This is one Solgold prediction that won’t be disputed.!
So, people are in a mess with this stock, first thing to do is, don’t keep throwing good money after bad. There are a world of stocks out there, each new dollar invested in a good stock is a chance to make new gains and put this one behind you. Realize that the pink page stocks don’t make you rich, they are for suckers.
And the next time somebody mentions 20 companies in the data room, ask them how many are still actually there? Why didn’t they like what they see, why haven’t they started buying at these prices.
You made a bad call with this one but don’t let it ruin you.
I am not saying sell up, hold and treat this as the outside gamble it has always been, but prepare yourself for more dilution in spring and spread your risk as much as possible in some non get rich quick stocks!
I repeat again, guys who are calm out their investments don’t post on BB’s about them, there is no need to, they are secure in the knowledge it will do what they expect.
People who post a lot are in panic…
Will pop back in if things start to look up and there is something positive to talk about but this could be going quite a bit lower yet.
I have to be honest, I see these reports and usually I can't be bothered to read them and rely mostly on reactions on here to get some sort of view.
I'm off work at the monent, so have had time to have a proper look;
Maiden MRE Dec 2017
"The Preliminary Economic Analysis (PEA) is advancing and Feasibility studies will follow seamlessly. Our aim is to fast track towards development." 20th Nov 2018
Positive PEA results 20th May 2019
PEA filed 28th June 2019
MRE#3 7th April 2020
"SolGold planned a fast delivery of a PFS for completion at the end of Q3 2020." Covid caused delay. 30th Sept 2020
Revised study announced 5th Feb 2021
PFS results announced "Cascabel project Definitive Feasibility Study ("DFS") planned for completion in H2 CY23" 20th April 2022
And as far as I can see, that's it. Have we actually had a DFS and I've missed it? That's what we're still waiting for isn't it?
The reason I'm asking is I wonder if someone can tell me if this sort of timeline is about right?
I'm looking at the Lassonde curve and it's telling me that the feasibility period is 2-3 years.
Now I know we've had Covid and changes in the board etc, but since that maiden MRE, we're almost at 6 years now.
Why do I get the feeling someone's taking the proverbial here?
So nothing that moves us towards a sale has really happened in the last year has it?
Perhaps I've missed something, but I see nothing to make me think a sale is anywhere near, let alone imminent.
"And does your wife know you've lost all this money...?"
Very ironic, redknight!