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Eloro,
Where's the grass root deals? Where's the exploration? You've got likes of Barrick and others scrambling around to get a bit land in Ecuador and SOLG have a folio that costs a mint to just hold and yet they can't get a deal away to see some exploration underway which is paid for through JV structure or earn in's?
I expected some kind of grass root deal or regional plans/drills to be lined up now. They have been at it for over 2 years now!
Having 153m shares is one thing. Having the business accumen to get some deals underway is another.
Lasso leaves in 2 weeks and I though SOLG were expecting to get last of the red tap signed before Noboa begins?
The nearer we get to AGM with zero news the more bearish it looks for this current management team.
I hear you Fort,
And I did voice my concerns to Bob regarding the fact that shareholders value has been decimated when Scott had promised to build shareholders value.
He confirmed that with 153m shares he is motivated to get a better outcome for us.
The main reason I decided to stick with Scott is because we don't have a slate of qualified individuals to replace the current BOD if we vote them out.
I think Warren held because he expected a sale and I think that he didn't expect it to take so long given the talk of copper deficit. I know that he is as frustrated as we are. See Add's recent post re his communication with Warren. He remains bullish.
I'm certainly more bearish on Scott, Bob and Maxit et al as they've delivered zero and are offering zero going forwards. I was willing to give them 12months. I expected them to deliver 'something' in that time... they haven't. So yes bearish on those tools but not bearish on SOLG's assets at all.
Irwin said recently that he would be selling up if he heard an 'explorer' was suddenly trying to be a developer. The trouble is, what Irwin also failed to say was what he would do if an 'explorer' suddenly became a moth ball and no longer explored??
Mmm... and that's the issue here. At end of the day... cash burn important yet we still burn through $50m with ease. So isn't it about time Bob Maxit et all got some deals done that don't involve ENSA. If that's Q1 24 etc etc then that's fine. But to suggest nothing happening inbetween for 6months + is diabolical for an explorer! Just get soe regionals deal done, jv or farm out etc and get some reduced interests and some exciting drills underway. Then we all have something to chew on while Bob and Maxit tinker around with ENSA and 20 x interested parties.
I'm not bearish on SOLG at all. The asset are fab. I'm bearish on the failing management and see no reason to vote them in for another 12 months at all.
That's bottom line. They ahve had their chance. Lets gets some fresh faces in and get some exploration underway.
Eloro - sorry wasn't saying Fort had sold. It's his business if he has.
It was just a bit of a running joke as he was on record numerous times accusing me.
I hear that he wants Scott to deliver. We all do. And I belive he should be given one more year from this AGM.
Today's report by Argonaut a nice independent reminder of what we have.
DBW, At these levels, all anyone can do really is try to lower their average... if they choose to... I wont add to my holding here any more... Maybe if it drops to 5-6p levels I will reconsider.... until then, I've already accepted that for me, Its a bottom drawer share, until the day it isnt.
I don't know what point novice made
Orthern …. Plenty of folk were glasses because they can’t see without them. I my be suffering from the same thing Red is as very happy to accumulate whenever possible at these levels.
I think Novice’s point is fair ….. if you don’t believe there’s no point in your being here. But it’s a free country … or at least it used to be
OK orthern, whats your reality here then ? pray please tell
It can take a while, but eventually reality sets in... even for most of the rose tinted glasses brigade... Eventually the glasses get removed and see things as they are..
Except for Redramp.. who continues to write his promotional essays.
Hi Boz,
There definitely has been a more bearish tone from Fort in recent weeks. It would be nice if he would add more colour regarding why he is no longer bullish. I am not sure I agree that its because he sold out and is now looking for a lower entry price. We have already had the 7.82p low.
I have exchanged emails with Bob and he has assured me that he is expending all of his efforts to getting a profitable outcome for shareholders. All we can do now is to wait patiently.
Add - he has basically sat in his highchair for the last 18 months whilst others pointed out some of the issues he raises today.
I'm sure the right half-honourable Fortissimo now recognises that the outlook for the company is based on what lies immediately ahead and that is approvals from the government and a PFS optimisation that puts Cascabel back on the map.
Maybe he "took advantage" let all his shares go at 12p and is now trying to paint a picture of a car crash in the hope he can buy back at 5 or 6.
Good luck to him. Plenty close to the action saying plenty to indicate SOLG has made great strides and the market is yet to recognise it.
Good to see the penny has finally dropped for you Fort.
But 8p is hardly the price to be a permabear.
Time to see the value proposition for what it is, assuming management is getting it right now.
Let BHP push on with Oz. Jiangxi are at the wheel and could be about to seal the great recovery for their nation as far as resources are concerned.
True, but only after 9 months thinking about it and blowing millions. in the process..
It doesn't take 14 months to sort out a stripped down pfs. It takes about 4 months at best.
Twigger is Chair
Scott is CEO
Dan is a mere NED
James Clare will be out on his ear at the AGM...adds nothing and barely scraped home last time...
NAL
Look what novicehunter posted on the gst board this morning before it did 40%
"Yes looks like the conmen have had their profit... when are real investors going to learn, back to normal here nothing to see or hear for a couple of years, welcome aboard the few thousand new investors chained in at a loss 😭"
Now he's hiding like a worm!
Aquinaga, be very careful mate.
Admin are clearly on your case.
Every time I report your abuse, they remove your posts. That's three times now.
Fort, why are you blaming Caldwell for the failings of the previous management? Surely he's now taking us in the right direction?
Last para pretty much sums it up...
Phased Study Revision
In an effort to reduce the upfront capital requirements of the project, SOLG is completing an updated PFS to evaluate a “phased” approach to development. It is anticipated that the updated PFS will include early-stage sub-level caving targeting higher grade ore zones at beginning of mine life. This approach has the potential to reduce time to first production, lower the initial capital expenditure barrier and provide early positive cashflow to fund development of the higher tonnage block cave. This approach is similar to that executed by Oz Minerals for development of the Carapateena IOCG deposit in South Australia." END.
So Bob and Maxit eating humble pie it appears. The phased approach is of course the BHP approach on Oz Minerals.
It's beginning to look more and more like BHP made a decision in Mid 2022 to buy Oz Minerals rather than SOLG imho and when that bombshell landed... SOLG immediately went for the CGP merger. It cost BHP $6.4bln (US) to acquire OM.
I'm sure BHP are still interested in Alpala as it's a rare and great asset but I don't think they are as desperate for it as they were before OM purchase.
So we are after 12months of zilch apparently following BHP's lead and $50m cash burn down to decide that. That's poor management. If they had listened to BHP 2 years ago then maybe... just maybe... all would be doing better than the 8p share price today.
This is an example of SOLG management epic failure as following BHP's guide negates the $100m they spent to produce what will be 2 x useless PFS's. What a waste of $100m!
Carnage at the AGM and rightfully so.
It also has Dan Vujcic listed as a CEO. I just assume it's a mistake.
Liam Twigger - Deputy Chairman & Executive Director
His name is listed under Corporate Finance & Board of Directors
Icwanderer, Cheers. That a really informative read.
A nicely condensed report, where I've learned more there than from the company!
I strongly recommend that anyone who doesn't live on this BB should read it.
Mogg, he's deputy chairman.
Interesting find ICW. Thank you.
Page 2, i see Liam Twigger is a Director/Finance, maybe he put a good word in for us :)
Thank you lcwanderer, interesting find.
Compared to the other project in the list I think we can all see in plain daylight why this is a tricky company to shift: lower IRR, larger Capex, longer time to market, country high risk (although most in the list are actually).
So actually, it validates the idea of creating a smaller PFS and by inference the credibility of the team that is working to deliver it.
SOLG included in Argonaut's top-10 best undeveloped projects book 2023 (see page 62)...
bit.ly/40Ekoea
Shipright, what did your contact say about the upcoming meeting