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For the first time in a long time Bozi I agree with you 100%. Excellent post!
Fort, we are in agreement. The previous management wasted time. Scott has been critical of them. Hence, better is expected from him after his statement. Deliver an outcome, or get booted.
Bozi, I understand what are saying about Scott needing to remain to increase our chances of a sale. What is bothering me about that is given his lack lustre performance so far, I fear that we could make it to 2025 and still haven't had a bid. By then it will be too late to say we should have acted sooner. On ceo.ca someone posted that a class action was brought against him at one of his previous job. That implies that he has form for underachieving. I am willing to wait and see what he delivers by the AGM. I agree with Fort, get a jv on one or more of the other concessions, then he would have redeemed himself. I did not hold back in my emails.
Fort, just on a personal note, do you now accept the AGM will happen this year? And that you were wrong to criticize my understanding of the timeline? It's just you got a bit heated on the matter and tried to assert you intellectual dominance, but now it seems you're saying I was right and you were wrong. Can you confirm this? No need to apologize.
As far as SOLG management are concerned, appearances haven't correlated with the share price and that can distort things for us.
Looking at the replies Scott and Bob have shared with members of this board and reading between the lines of them, it's clear that they considered. SOLG pre-merger to be a collosal cluster**** with a good share price. Not surprising when you consider the relationship back then.
They are now saying, or appear to be, that the SP has weakened but the company has transformed for the better behind the scenes.
How do we test that theory? It's difficult for sure but I think it boils down to whether you think Scott has sat in his office for 12 months or actually achieved things. The EA was undoubtedly a step forward and ideally we want to see further discussions with the new government tied up post run-off. It also sounds like progress is being made with the tailings plan and port arrangements.
Anyone holding stock at the upcoming AGM has two simple thought trains to focus on. One being the amended mine plan and operational plan scheduled in Q1 and the other being the ability of Bob and Dan to bring something home in the year.
For me, I'm backing them on the basis that they are now in pole position to deliver for all SOLG shareholders and when I pull everything together, I think this team is the one to get it done.
Careful..... your starting to sound like me Fort... the rose tinted glasses have gone..
Eloro, it's not just Scott and co. Mather's team before and Darryl were all taking about looking at deals on the regionals. It's been going on now for 2 years and they've drilled closed to zero, farmed out zero and by looks of things it's cost $10m just to hold the licences. At a time when licence blocks in Ecuador are rare as hen-teeth... our current SOLG BoD's seem to struggle to get even the simpliest or most junior of deals done. The market would go bonkers if we signed an earn-in agreement with Barrick or Rio to drill some of our high value concessions. Ecuador gov would be chuffed too.
Perhaps that's all lined up for when the new President gets his feet or her feet under the table in 11 days time?
Scott can have my vote at the AGM but ONLY once he's given me a very clear idea of what I am voting him in for another 12months for? They need to deliver the outcome of the Strategic review before the AGM. If they don't... then I'm not voting for them. I want that outcome. I want to see them deliver what they promised. Is that too much to ask?
Would Chinese increase their investment and Ecuador gov sign those permits if they had no confidence in his work? Redesigning such a complicated mine plan takes time and it has to be 100% valid as any interested party will scrutinize it to look for any holes. This is solgold's / Scott's last chance to find someone interested. Let's give him time to complete his work.
Allied Nevada Gold Corp filed for bankruptcy after Scott left. Not sure that's a great example. I think all his CV shows is that he's been good buddies with Bob and Maxit et al.
And thus no surprise to see them stick him into the CEO role. But sorry... I haven't seen anything from Scott that makes me think he knows what he is doing at all. If he did know what he was doing, the PFS update would be out this quarter and not planned for a quarter after the AGM and even that is unlikely to happen IMHO.
Fort, I can only assume from your 12:13 post that you've sold out and no longer hold...
I'm only joking of course. That would be ridiculous.
As you can see, it's quite easy to hold and be realistic. Next time, don't bash others for doing similar.
In terms of your point, I think you missed TheItalian's. TI is referring to those people like Eloro who want rid of Scott and also expect a sale in Q1 2024. If you do the former you can kiss the latter goodbye as it will take SOLG 3-6 months to recruit this proven CEO you speak of.
If people want our pronto, it HAS to be Scott. If people are happy to wait until 2025 or even later, then vote against Scott. That's the dynamic.
Fort: "Lets face it... Scott is not proven CEO material is he? He's done what exactly?"
"Mr. Caldwell is a mining engineer with over 30 years experience building and operating gold and base metal mines worldwide. He is the current President, Chief Executive Officer and Director of Allied Nevada Gold Corp. since September 2006 and also served as the Chief Financial Officer and Principal Accounting Officer for the company from September 2006 to April 2007. While under Mr. Caldwell’s tenure, Allied Nevada’s Hycroft gold mine was built and achieved commercial production in 2009.
From March 2003 to August 2006, Mr. Caldwell was the Executive Vice President and Chief Operating Officer and Director of Kinross Gold Corp. and oversaw the La Coipa and Maricunga gold mine operations. He also served as the Senior Vice President of Surface Operations from June 1998 to March 2002."
I'm not some Caldwell fan-boy, I would also appreciate a lot more clarity and enhanced communications, and I'm equally displeased with the SP as everyone else, given I'm about 50% down on my investment now. But come on, to dismiss Caldwell's experience with a stroke of your keyboard seems rather short sighted to me. Out of Mather, Darryl and him, he's clearly got the most relevant experience. He's also the only one who has stated in no uncertain terms on several occasions that Solgold are mine finders not mine builders.
I agree with the Italian, the stuff he's doing right now (and on the ground, in Ecuador, unlike his predecessors) is not glamourous or sexy or exciting but it's obviously the necessary work that needs to be ground out in order to sell Cascabel.
My experience of dealing with regulators and govt bodies in frontier markets is that it is a slow, inefficient and frustrating process. Often even the simplest of requests for approval take months or years, needing to be constantly re-submitted and pushed along with multiple face to face meetings to go over the same materials, with no officials willing to make a decision. I don't think we should underestimate what a big achievement agreeing the heads of terms of the exploitation agreement is, especially in the current politically unstable environment in Ecuador.
I don't buy the argument that SC is doing nothing. If we didn't understand it already, this article points out just how much work is required to get the permits etc. Simultaneously, he's running a strategic review which, although we haven't seen any evidence of progress just yet, is looking at many different options and involves numerous interested parties. And bear in mind, he doesn't have huge numbers of support staff around him.
SC is not sitting on his hands, he's busy trying to achieve what virtually all of us on here want.
Totally agree with you Fort.
Cascabel could have been separated out, and the other concessions farmed out. 1 reason that hasn't been done is because either no one wanted to take on the concessions if they can't get permits, or solg want to sell the entire company. Scott has to earn his crust and not retain his job becaue we are scared of what might happen if he isnt there. No guarantees. We could wait another year and he still hasn't sold the company.
Who is going to deliver that if SC is voted out, just asking the impatient ones?
Same question could be posed when Mather got the boot. Same question could be posed when Darryl got the boot.
CEO's come and go, they try their best and some deliver and some fail. The important thing is not to hold onto failing management. Always best to boot them and get new proven CV led management. Lets face it... Scott is not proven CEO material is he? He's done what exactly? Darryl was more experienced. But only reason he got the boot was because the CGP boys wanted free reign. That's crux of it.
Scott's not delivered a coherent plan and it's severly hammered the share price. Shareholders have been treated like mushrooms. The new website is terrible. Strewn with errors and weak.
Scott is the type of person that should be running a £10m small cap miner. Not a £600m miner with a tier1 asset. And that's not a dig directly at Scott as plenty of sharp CEO's running smaller caps. But he's a mine finder type of bloke. Not a Tier1 mining planner. That was Darryl.
But lets get real here... it's ultimately about Bob, Mather, Maxit running the show. There's not much room for an outsider with great ideas to turn this company around.
And to be honest... is the opportunity even there if the game plan is to sell out.
It's a shame that they did not spin out the exploration business as I reckon we'd have exploration underway now, fully funded and some exciting drills coming in. Meanwhile the remaining ENSA asset would be progressing but likely worth more than our current market cap and the exploration spin off probably worth $150m or more assuming some decent drill results. The irony is, the spun out exploration company could or might even be worth more than ENSA if successful with the dill bit as the market likes to mark up the froth on excitement rather than banked resources... well it did a while ago!
Thanks,TI. I suspect this explains why we haven't been able to do anything with any of our other concessions. Do you know how the land lies with regard to Porv?
Personally, I've never had any expectations for anything other than Cascabel, although I'd be delighted if they pulled something off.
Https://www.mining.com/adventus-salazar-delay-construction-of-ecuador-project/
This article gives you a practical idea of the groundwork required from mining companies to advance their projects, the bureaucracy and the variety of parties to negotiate with at each step of the way.
Even if (thankfully) SOLG was granted the 25 year renewal, unlike other companies that got blocked by the referendum, you can still see that SC's seemingly invisible daily grind is actually what is required to make Cascabel a digestible investment proposition. Who is going to deliver that if SC is voted out, just asking the impatient ones?
Ha! You wouldn't recognise a fact if it smacked you in the face. 1,075 posts containing nothing other than constant lies and deliberate misinterpretations. Totally worthless.
Adikt get a grip mate. youve been caught out again, being distant from the facts.
nobody cares. move on.
we have a saying here,
if your caught on a hook dont wriggle.
any way, Qantas awaits,
I will bring back a gift for you. a pair of goggles, so as to stop sand getting in your eyes when you bury your head.
funnily enough ive seen ostriches roaming wild where im going.
At 8am it may have been. Your post was at 11:52 when it wasn't. It was 10.60. Oh well, never mind. We all know you don't actually own any shares, so your imaginary returns are simply fantasy - just like everything else you post.
Anyway, off you trot and mind the sharks.
"Bad people can ruin a good asset"......rings a bell......
Sean hunter. Funniest thing I've ever read mate. How did you know about that. Your not bbg in disguise are you.
Not to sure anybody is to bothered with my genes mate.
But made ma smile on a long journey.
Adikt still a stranger to facts mate. Sp at o8oo on the 3rd 11.55 not 10.
But don't let facts stop you trying to be smart. My mistake 4x bagger not 5. Maths worse than my English.
Honest mistake.
While I'm away look up honest
Thanks. I'm tech illiterate.
Https://youtu.be/CtIPsJ86i-M?si=xsRRejxVdcpy3DTZ Add Here is the link.
A fellow shareholder sent me an interesting link to an interview given by an ex Glencore CEO in which he gives his view about how majors treat juniors.
It's on Youtube under the heading Jervois Mining (JRV) and listen from about minute 12. It was sent via Whatsapp and I have no idea how to post a link. I think it was an interview with Crux.
If anyone harbours any sympathy for the idea of a jv, this may open your eyes.
BNc I it seems to me that 10p was the price quoted by derampers for months - now that we finally reached it they seem to have run out of steam. It turned out to be quite achievable on low volumes with no institutions buying or selling. The larger question for the larger picture is - is Solg really only worth £300,000,000? Massive dilution has distorted the share price but the MCAP looks ridiculously low right now.
Have a nice holiday iDarwin mate.
Hope you win the Darwin Award 2023 whilst there, fingers crossed for you 🤞🤣