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They call me the wonderer
Yeah the wonderer
I drone around around around
(and on and on and on)
I wondered if we’d see another 3m chunk and we have. Each chunk is 0.1%
I wonder if of the main investors is trying to get another percent in the bag before they need to declare?
Someone doing well, lets hope we all can bag a few more before some positive news, lol
News, there’s a funny thing to say here
Atb
Cheers Add. Blimey, the site seems to be having a lot of issues lately.
Anon, I seem to recall that was early doors after his appointment (after the last AGM?) and he said he intended to work on repairing the various relationships. Obviously, he'll be starting from scratch with Newmont.
That Scott has said that a couple of the big boys don't like him?
If that is the case, surely they wouldn't want to deal with him? Or would they? Iknow business is business, but...
I think a JV or farm out on some licence blocks possible but spinning out or IPO's are not likely to help at all as they take months to resolve. By March 2024, I suspect the auditors will be asking Scott for that $26m he spouted about in past presentations. He'll need sp back to 18p levels to achieve that with the 100m CGP shares.
I understand the benefits in getting a revised PFS with lower capex as means more interested parties can get involved. That might be the likes of Endeavour Mining... or Wyloo or Lundin etc. But the irony is ... how long is it going to take thereafter for these new parties to do their due diligence and make an offer or do a JV?
I think what Maxit are trying to do is to extract a bid from BHP or another (could be chinese etc) and have realised that all they need to do is get someone involved that is credible and willing to finance a phase 1 development which based on $1bln capex. When that party signs up... that's the trigger for the bigger fish to act or else... lose the asset opportunity.
A while back, earlier this year I think a Broker cited that the most likely partnership for ENSA would be a consortium. Eg a mix of names like Mirador has with Newcrest, Lundin, Codelco and the Chinese.
Like I said a while ago... if Scott ot Maxit deliver a JV on some of the high priority regionals with someone like BHP or Rio or Lundin etc... then that might be worthy of voting positively at the AGM.
The market would nuts (positively) if SOLG announced a JV with a super major on 3 or 4 licence blocks all fully funded by super major and drilling to start immediately. But lets get real here... why would a major want to do that? Why boost SOLG's share price when they may as well buy the lot on the cheap (if they can) and then have 60 licence blocks and a tier 1 mine.
Tricky tricky.
Lol Eloro you may be right
I see it differently that’s all
Peas indeed DBW! That will be all we will be able to buy given the tanking SP!
Peas = was ….. pub typing sorry
AD …. Re DG’s post and Scott saying he felt the share peas at the bottom now ….. how could he possibly know that?
KapilD - have you seen how many IPOs are making it to the market at the moment?
Barely any is the answer. Numbers are well well down as the hamster wheel that is the primary market has stopped turning.
Yet here you are calling for SolGold to IPO a spin off in the near future?
One certifiable way to destruct value in the short term and one possible reason why the SR has continued for longer than many expected.
It's fine that you don't rate certain SOLG CEOs past and present but trying to IPO a spin-off in the near future will not create value in the short to medium term.
The time has come for patience.
They should absolutely be doing a spin out and IPO. What have they got to lose? We will find out if anyone is truly interested. I don't buy this BS that it takes ages to get through all the dd data, that's just a delaying tactic. Interested parties would know within a couple of months if they wanted it, if not weeks. If someone wants this they will bid, lets find out! If no one bids, what have we lost? At least we save time by not having to wait forever for someone to make their mind up.
Forte, for one thing, neither Scott or SOLG have actually failed, you are over-dramatizing there. It's no doubt that with the benefit of hindsight SOLG's management, past and present, could have taken some decisions in a different way, including possibly selling at a lower price (still higher than today's) than the NAV or the multiples of current price that Nick loved to talk about.
But the company is running, priorities have been set to not waste money and delay the need to further funding, refocus and progress the project from a technical point of view, and re-engage the parties that are likely to be the good candidates for takeovers or JVs.
While I hate this myself, one has to understand that the time that matters is the one that companies need to fulfill their tasks, not the one that investors would like.
Fort, fair enough. We'll agree to disagree.
The penny has dropped
Fair enough Fort ….. it’s a democracy after all and we should all vote as we see fit
Sangha and Maxit get deals done fact
Sangha and Maxit have plenty of skin in the game
Sangha and Maxit see Scott as the man to front this thing
But hey what do they know
Likely outcome is pi’s vote will probably cancel itself out
But that's the point of my post addicknt... you've been rogered already. Look at the share price.
BHP might roger you in the backstage door... but you'll still be better off than with Scott&Co.... simply because the maket would believe that BHP will get Alpala to production. At the moment... the market thinks Scott and co are a bunch of old CGP shareholders who sat on their hands for last 5 years waiting for a pay day on 15% ENSA only then to sit on their hands owning 100% ENSA and still waiting for a pay day.
At the moment, there is absolutely no pressure on Scott or Maxit to deliver anything. Why not? Whio's going to apply that pressure? Yep... you guessed it... it down to you and me and rest of shareholders.
If you want to give Bob and Maxit a kick up the backdoor... then vote Scott out. They'll just stick Stackhouse or Botts in charge so market won't give a toot as the market knows the end game but thinks Maxit can't deliver on it.
Someone needs to send Bob and Maxit a firm message and whilst I think Scott is just doing his job... unfortunately for him.. he's the CEO and like all CEO's they have to take the fall for failure.
It's time to make a stand. Time to let Bob & Maxit know that we shareholders also have a bat. They can of course... save Scott's bacon by allowing him to announce a JV or a monetisation event BEFORE the AGM. Shouldn't be too hard for someone as great as Bob and Maxit?
No news or no deals announced before AGM and I'm voting them all down. Simple as that. And I won't be the only one.
The one route which is in our control and not dependent upon outside influences, is the stated option of spinning-off certain other assets into a publicly quoted newco. I wonder if we're heading in that direction with our approval being sought at the AGM?
'let BHP have a go'! They'd roger us backwards.
You must be getting desperate if you think BHP would be a better bet than Scott &Co.
Fort ….. indeed Bob & Maxit are there to get a deal done, it’s what they do. They clearly consider Scott the guy they want in country to put all the pieces together regarding sign offs etc.
It’s be crazy to rock the boat now imo
Addicknt, I disagree. Scott is there merely because Bob and Maxit need someone to front it and someone willing to live in Ecuador which I understand is a condition set by Lasso and co and fair play to them.
The asset is the asset. Scott is not going to deliver you a sale. Maxit are the ones that will do that. And thus far... they've delivered nothing apart from a royalty that was more expensive than Franco's and ironically awarded to themselves as Osisko is a related party from what I can see. They did the lowest equity placing for years at 16p. The list goes on.
Scott told everyone that he would deliver the Strategic Review and his updated plans in Q3 2023 or possibly Q4. Now it's apparently Q1 24? And wait for it... it will be delivered in Q1 but then they'll have some tweaks or optimisation to do (lol!) which will be completed in Q3... and then same goes on and on and on.
At the end of the day, you have to say enough is enough. It's time to stick the for sale sign up and that's that.
At 10p, we may as well have given in to BHP 4 or 5 years ago.
In summary, yes I want this asset sold but I am also at the point whereby I'd rather see it done without Scott or Maxit involved. They have brought zero value to the table thus far and just lined their own pockets. Which in turn means they can take a lower price and still be quids in while others are left to fend for themselves.
Vote them out and let BHP have a go and we can see what they can offer up. And remember, there are market laws that prevent them from doing a takeover through means that are deemed unfair eg diluting shareholders and gaining company that way.
Https://www.reuters.com/markets/hedge-funds-see-mexico-ecuador-china-alternatives-2023-10-03/
Gee guys i'd hate to think where the share price would be if you thought Scott was doing a bad job.
One further point: the transaction was not an XLON trade, it was XOFF. To me it looks more like a transfer between two entities controlled by the same party, particularly as it had no effect on the market price.