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Reds ridicule is brought on by himself... I see him as an Alan Partridge type figure.. wrapped up in a Walter Mitty mindset.
Anyone who has been on this board for a few years will have become used to his many ludicrous posts...
My personal favourite, was his claim that his 'inside contact' told him personally that Solgold had just drilled the greatest drill hole in South American mining history.... and it was going to blow everyone away... then he surmised they deliberately had not released the drill results for it, as Solgold were probably holding it back as clever form of 'bid defence' for when BHP announce their buyout intentions.... at £1.50 -£2 obviously...
That for me was his piest de resistance!! brilliant stuff!!
'Back of the net'
All good thanks DBW
Hi Pad …. Precisely
Hope all good
Redknight seems to be the target of sustained abuse - rather unfair IMHO.
I can think of several, snivelling infestors who are more befitting of being challenged for their constant sniping and wilful disruption. Ban the lot of them I say.
More garbage...
"The SP had lost only £45 million under Scott's leadership until Berry Street dumped"
Erm, Mr GFD, 16.5p > c10p is c£200m.
If these are your "credible", "authoritative" posts, I wouldn't want to see your thick ones.
We all are running low on patience as we seem to be in a form of limbo.
No one doubts the asset but the share price leaves me down 6 figures and no doubt others more.
I don't see the SP recovering until we have a viable PFS and even then with no drilling we will still be a shell.
It is hard to hold faith when so much value destruction has taken place. If we had a clear plan that was communicated in a way that restored faith I could vote for SC. What I struggle with is all the bravado a year ago and the spend and we seem no further forward.
A change in management comes with significant risk but no change and we could be still no further forward in Dec '24.
As both SC and BS are balls deep they are aligned but there is a complete lack of execution here, at least in terms of expectations that were set and visible progress.
Clarity was needed long ago. SC/BS need to throw us a lifeline or I struggle to see how I can vote for them. It's a bit of a catch 22 but no one rewards failure.
Also the 20 ppl in the data room, I assume that is verified by Nomad? That's the only thing keeping me sane.
"I think the market can see how desperate we are...."
Wheres the evidence?
SP trading between 8p and 10p in the 37 days since Berry Street completed their share dump...
Being jogged up and down daily by Autobots between 8.4 and 9.2 on daily volume of c2.8 million (i.e. c£250k) for the last 14 trading days...
The market either hasn't noticed us or has bought all it wants or sold all it wants and is waiting...just waiting...
We are ripe for a spike if something good breaks,,,or a slump if the Board is voted out...
More garbage from Mr redknight...
"Darryl was here for exactly a year and between April 2022 and his departure he presided over £700 million destruction of shareholder value, £600 million of which can be directly attributed to the catastrophic attempted cash raise and its aftermath with two highly competent Directors as collateral damage... "
During Darryl's tenure (Nov'21 - Nov'22), SP fell c37%, c£250m of shareholder value.
For comparison, under Scott (Nov'22-now) SP has fallen c50%, c£250m of shareholder value*
(* due to 3bn rather than 2.3bn shares)
Even if we cherry pick dates, as redknight has, from a 40p high in Apr'22 to Darryl's departure in Nov'22, it is max £500m.
I expect more from a GFD and CEO etc.....
At least you haven't lost your sense of humour Eloro...I really hope this comes good if only fdor you...
And KapilD please stop repeating the trope that we will need cash "in a few months"
Its November
Cash burn is $1m a month
We had $22.9 million at the end of September...you can do the maths...
And we could do a streaming deal, say 0.5% for $50 million if we wanted...
How long before the prospective bidders realise we can tough this out until their nerve breaks or do a streaming deal that will poss them off the way it did BHP and NCM with the FNV deal...
Unless of course everybody on here combines to help unseat the Board...thenwatch the SP fall as we become cannon fodder...
I bet red would take 15p, he’d be able to afford a decent merc again
Red,
I am saying that I haven't got a lot left to lose should the SP falls to 0p. I have pretty much been put on life support when the SP fell from 40p to 7p. 8p to 0p would be a mercy. Turning off life support so that I can pass gently into that long good night:)
I think the market can see how desperate we are. They will see it even clearer in a few months when we need more cash.
KapilD it may well be that is already part of the Strategic Review. After all the company is already structured to do that.
But we still need someobody to bid an acceptable price, unless you are one of those who would gladly take 15/20p a share....?
Or even 0p in Eloro's case...
No doubt your epistle is aimed at me TI?
Tell me, why would I bother to keep sending emails to Scott after I have lost confidence in him?
Surely my stating that I have lost confidence in him should tell you that I no longer take seriously anything he has to say. I will perhaps change my mind if something positive happens leading up to the agm
Sound post Italian and you're also right addickt...
So what you are saying is that you won't mind if you lose all your money?
What has he not done taht he said he would do. Please insert quotes.
You can't sell the cdompany unless somebody bids.
You can't JV a regional unless somebody proposes a JV.
I repeat...there are 20 companies in the data room.
It may well be that there have been informal bid approaches and/or JV proposals that the Board has turned down. If so, they are confident of getting a better deal.
And Scott specifically stated that he has met BHP to improve relations and by now will have met Newmont because he said he would do that at a recent conference.
If you get rid of Scott, who comes in to replace him? How much does it cost in severance? What happens to the SDP when he sells his 17 million shares? What direcrtly relevant experience will the incomer have of running an explorer like Solgold and more specifically preparing it for a sale? How long is the learning curve for the new person?
Darryl was here for exactly a year and between April 2022 and his departure he presided over £700 million destruction of shareholder value, £600 million of which can be directly attributed to the catastrophic attempted cash raise and its aftermath with two highly competent Directors as collateral damage...
The SP had lost only £45 million under Scott's leadership until Berry Street dumped...and I mean dumped their shares into an illiquid market...otherwise it is reasonable to expect that the SP would still be around 14p...or even higher with gold and copper prices doing better...
Apologies but I haven't had time to put together a fully costed proposal that will meet your approval, but I hope you can find it in your heart to allow me to respond on this public forum anyway.
How about we split this thing up, or as i said at least threaten to. Leave ENSA in Solgold and spin out the exploration assets. It may well just force the hand of an interested party, and if no one bids well they probably weren't going to anyway. At least get a faster answer to that question, continue on with some exploration and how much worse off could we really be.
Btw the way before you say that will take a long time to do, this should have been the plan 6 to 9 months ago before we got to this point!
If you had bothered to engage the company instead of people you don't know in an anonymous BB, Scott would have told you that the feedback from the data room is that we need to advance the project in order to make Cascabel palatable to investors (what he called the "turnkey" project), as in getting the permits (not made faster by the change of government) and repackaging the project at the right size in order to make it easier to swallow for investors (hence the new phased approach that is in progress).
Of course the repackaging can be read, or not, as an attempt to lure tier 2 investors or negotiate other streaming-type deals, as opposed to selling to tier 1 miners (like BHP) who would only pay at heavy discount to NAV to take on board such a huge project.
The thing about voting current board out means it brings in new naturally, then they will want a lucrative share deal not just a wage, are you starting to get the picture, we are caught in the crosshairs, just hold and hope
Atb
Kapil, I suppose it's possible you don't understand the meaning of the word desperation - perhaps you meant 'urgency'? In any event, if we give the impression to buyers/interested parties that we are 'desperate', how do you think they'll react? Will they say, ' oh dear, Solgold have got themselves in a real mess, we must help them out with an offer at £1.50 per share'. Or do you think they'll say, 'excellent! Solgold are desperate, we can now nail them to the ground'?
Giving buyers any sense of desperation is a guarantee that we'll get completely screwed and your suggestion that we should is just plain daft.
40p to 8p, I would say that the SP has already been hammered Red. 8p to 0p won't be as bad as watching that massive plunging in shareholders value which Scott had promised to create.
True enough Red re cost cutting. Unfortunately the market hasn't applauded him for that.
I read the rns regarding the discussions with a number of highly credible groups.
20 active CAs.
And 5 groups having completed site visits with a number of follow-up visits being scheduled.
It would have been nice to have an update before the agm.
"End the strategic review and start some corporate action in play..."
What specific action do you propose...more drilling? Faster cash rundown...may add to thje asset but iof the market values a company with $155 BILLION in the glorund at £250m, what difference would that make.
So many putative CEOs on here who know exactly what to do, but have never been a CEO, have never worked in a mining company, that know nothing about Corporate Finance, have never even been a GFD or CFO...
Don't even think of answering this unless you have credible, believable, costed proposals to push the SP higher.
Darryl was a disaster.
Scott is has grasped the nettle and is finalising a much better PFS3.
And please...the 'Strategic Review" is just a plan to sell SOLG, Cascabel and/or the regional projects.
There is no mention of drilling and "we are not mine builders"
I repeat. Only respond to this post with credible authoritative answers.
We may all be frustrated...me no less than you...but if the Board is voted out, it will be for the shareholders to find and appoint a replacement Board and you cannot begin to imangine the turmoil and the hammering of the share price that will ensue.
MARKETS HATE UNCERTAINTY.
I most certainly do. At this point we need a CEO who will move things along like his life depends on it. We are adrift in the doldrums with Scott's hand on the tiller, dying a slow painful death.
Eloro...he's massively slashed operational costs:
6 months to December 2022 $14.14 million...$2.357 million a month
3 months to September 2023 $3.336...$1.112m a month...a cut of 53%.