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Good morning Ortherncopper.
I like you invested in an exploration company.
I am sure you remember in 2015 that all changed when we said we where going to bring this to production.
The message hasn't changed since.
I invested in oil and gas for years. It takes time, but at least we are approaching the finance stage.
We still have some time to go.
I am currently concerntrating on other shares in my portfolio at the moment as some real excellent low risk high dividend shares out there in the top UK 350 companies.
Hence posting less on Solgold.
Q, you were always of the opinion that we could raise 2/3bn for the development of a full scale mine. It's now completely obvious we can't (it didn't take a genius to work that out) and that we're struggling to design a mine to fit the level of finance we hope, and I stress the word hope, we can raise. To me, this is utterly absurd.
Seanhunter I am amazed you can attempt to read any post I make and turn it on it's head
Talk of production is what will advance this share in the long run.
It's volume that is the problem.
I believe the reason we have no volume is because we are not progressing fast enough.
So we need to sort the financing and start construction, that will increase volume in this company because we have a good story to tell.
If a bid was on the way then the share price would be a lot higher than it is now and the likes of you, Redknight, DBW and Slug would be happily buying more.
But you're not because none of you have a clue.
Sean, it was all hubris and, as is always the case, it bit him in the ar5e.
Morning Quady..
I invested in a promising exploration company…
My frustration is aimed squarely at the management that have not done any exploration drilling for approaching 2 years, whilst continue to award themselves, waste previous raised funds.. and now are open about having no strategy agreed for progress… and are in no rush to decide one.. we have become a salaries, and payoffs for the boys lifestyle company..
Addicknt what must he have been worth when he decided it was a clever thing to tell the big boys that we can paddle our own canoe. A true Ratner moment, and he has paid the price, but that's all in the past and I'm glad this morning we still have him and Irwin with dogs in this fight.
Adikt why dont you phone or email him, im sure he will be only to happy to tell you what he's wondering.
failing that phone caldwell or bob. there always happy to chat.
Mather sits in his office in Brisbane looking at the screen, I wonder what thoughts are going through his mind?
Is he completely unconcerned as he knows what's coming, or is he pulling out his Brillo Pad hair as he watches a good part of his wealth go up in smoke?
And what's our useless chairman up to? Anything?
You've hit the nail on the head Quady in your own way.
All this talk of a strategic review and going into production are precisely what has destroyed the share price.
At least one person in this board is happy.
People on this forum pretend they are seasoned Investors and then make up stuff to justify their arguments.
The most dishonest argument every week for the past ten years is we have a takeover bid.
Anyone who knows anything about investing and understands anything about Solgold doesn't listen to these people.
But they seem to populate chat rooms like this.
I am also unhappy about the current share price, I am also unhappy about the share prices of my portfolio apart from a couple of holdings.
The share price is what it is.
Remember we are an exploration company moving to become a producer.
We currently generate no revenue and we burn cash.
This is taking longer then we all thought. Myself included.
Take with that the poor volume.
Some on here explain that when we get volume of ten million in a day that something must be happening in the background.
For any experienced investor they know ten million a day for a company with three billion shares in issue at such a low price per share.
That ten million a day should be a daily occurrence, for setting an accurate share price.
What we need now is sorting out the finances, through JV, loans, offtake, royalty and start construction.
Waiting for a mythical bid for the next ten years won't serve anyone.
Luckily I believe this is exactly what the company is doing.
How do I know this?
Because at every opportunity they have communicated this to us.
It is only the inexperienced that are led by some on this forum that don't listen to the company and make out they are lying to us and we have a bid coming.
I have listened to this rubbish for over ten years, with idiots telling me I was wrong and we would have a bid the following week or month.
This is an exploration company at the moment, moving to become a production company.
Treat it as such and you will have a better idea of what is happening here.
This is different game then Cine, this could be taken over, defo looks like bounce will come, we had red days and now let’s have blue days
I hope you are right Donotpanic but I have followed similar comments in the past and I am now sitting on a huge loss. The Strategic review seems to be endless and so it appears to me is the data room. Could this be another Cineworld? -I ask myself
Assuming you had been in the data room and had a genuine interest in the entire portfolio there is no better time than now to slap in a hostile tender offer.
Took a small punt here, I think drop is overdone
DBW, you're right about taking a step back and thinking about matters more carefully. And one of things we should remind ourselves of is the CGP deal.
Not only did we pay a high price, but we also spent $16m on fees (I recall someone on here saying they would only be a couple of million). Why did we do it if the board were pessimistic about the future?
Of course, many management teams get this sort of thing wrong - for example, most of the major miners in the M&A boom years, but did ours? Surely a year ago the fundamentals i.e the assets, were there? Have things really changed so much in the past 12 months to justify the current value or to make the deal look stupid?
One of the arguments about the deal was that we had no choice and it was a defensive move. Really? Every board has the choice and if we knew things were not as they seemed, no one in their right mind would have progressed.
Should add that didn't anyone else notice that the sp moved down on some smaller AT trades yet when a sizable 100k went through clearly on the offer, the sp didn't move. It's like buys were just being dismissed and this was on a mission to test 10p no matter what the book was doing.
'we need to flush out a bidder' indeed DBW and sitting at 10p will certainly have a few licking their lips but doubt they'll chance it until post elections.
Even a cheeky PE firm could lob a low ball in at these levels and see what that brings out of the cupboard.
...I've been in SOLG since the days they were kicking rocks around the Solomon Islands and have always bought on the lows until they are also my largest holding.
However, I was also in IOG in a very big way and it looks like I'm wiped out there, which leads to a loss of faith and a sense of panic, which has to be overcome.
IOG going bump doesn't help me in my buying decision here. On the one hand I see the drop as a buying window, but my experience at IOG makes me worry as I know first hand how quickly things can unravel!
Darren
There are several highly leveraged investors on here who can’t accept they may have got it wrong and will do anything to keep it positive.
If you still believe in the assets then you’ll probably be ok, holding for 10 years your average should not be too bad.
Sounds like you’ve had a tough week but you are investing in high risk high reward jurisdictions so need to take the rough with the smooth.
Take what you read on here with a pinch of salt and do a bit more research on Ecuador.
All the best
Fingers crossed, we should see a bounce when the Ecuadorian election is done and dusted....unless, this news is followed by a bid announcements which is then boom - imo !
Cheers.
Evening all. I dont normally involve in the personal, but in this occasion I will. BBG I have always found you quite offensive to everybody but never personally, but now you say I am a deramper??? Check my history? I am heavily invested in this. Is that a deramper??
If you truelly live or was born in Byron Bay then I understand, cos I know it well and everyone there is high, so I ecuse your rantings
ATB
DK
Ray ….. said the same thing yesterday it wasn’t easy to pick up stock in any quantity.
No idea where the share price is heading in the short term but this is cheap imo and I now hold more stock than at any time in the past…… for better or for worse.
Pretty sure the company is probably in a much healthier state than it was under DC and I will be giving Scott my support at the next AGM….. just think the last thing we need is more upheaval right now.
Also think the tailing site and pipeline are most likely in the bag and the reason he keeps mentioning them. All boxes that need ticking and will eventually add significant value.
We just need to flush out a bidder ( hope there’s more than one) and we’re away …… one could argue that far more likely at these levels.
Was having the inevitable doubts that creep in whilst the sp is in free fall but when I stepped back and thought about it I decided to increase here .
Of course you will Sean, when you’ve seen if it bounces you’ll claim a trade just ,are sure it isn’t someone else’s like last time…..
You really are the epitome of a disgraceful ramper and will use any situation to try and haul yourself out of the the situation you find yourself in.
Everyone who is negative is one person.
Not sure why everyone hates slug, or quady for that matter, but the vitriol towards those 2 posters is a joke and is what makes this board quite toxic at times.
Have you seen the sp do you really think slug is so influential he controls the share price.
There is a huge amount of delusion on here.
Think ill be buying more today given the opportunity - price was @ 14.5p just over 2 weeks ago if I'm not mistaken