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If we are going to around being still for sale in 2025, then I would prefer another leader. Scott isn't impressing me. Just imagine how excited we would all be if he had said that he is having meetings with various interested parties in different countries. Instead, all we got was lots of tyre kicking, but no bid. What exactly is he doing to earn his salary?
Add, maybe we do…. But Scott is no saviour… he is just the sap that has to front out any PR while the people behind the scenes try to flog it… he has to say whatever he thinks will sound good and point to minor things as big accomplishments until it comes to a close… he is just a caretaker until the Solg story splutters to an end
We hit 40p off an exploration hit at Porvenir… we have no such catalyst anymore as we are mothballed with no exploration, in the hope of a firesale.. so without a very successful sale, we will not see 40p again
He has obviously been chosen because he's fairly hard-nosed and is capable of getting things done.
But other than that he's just a proxy for Mather, Sangha and Irwin.
Kicking Scott out solves nothing. It just makes people feel better. It's not the time to think about what we may want as individuals. It's time to vote tactically to benefit the collective.
I wish people in the UK had seen this before the 2019 tory leadership vote because had they we may have avoided the delight that is Boris Johnson.
Covgaz, in 2020 we hit the very low 10s looked like going single digits and it went on to nearly 40p last year with a crap PFS
There is little logic with this stock, more than any other I can ever remember its share price is massively disconnected with its true value.
So at 12.5 why would we not see 40 again or even higher. The mercurial BHP who Tesla claims aren’t here to subsidise those in at high averages themselves spaffed £45m acquiring shares at 45p each
They’ve not sold
Orthern, we have more in common than you think.
I too am fed up with the slow progress and current sp. I do not pretend this is without risk and have said so many, many times in the past.
The difference between us is that I think SC can deliver something and, as Bozi has just said, he represents our best chance.
It makes no sense to get rid of Scott.
If you so desperately want a deal in early 2024 then you need Scott. Vote against Scott now and you're kicking off another 12 month recruitment process, except this time there's no Keith Marshall around to hold the reins.
We shouldn't underestimate how those guys came and went in recent years either by the way, if we're looking for reasons for being 12p and weak. The executives with backgrounds in mining walked away. That is an indication of much bigger issues at hand than we've given credit for.
As I said earlier in the week, it's all on Bob.
All the more reason for Scott to get up off his duff and go and talk to the Saudis instead of waiting for them to approach him. I guess he isn't hungry enough.
If solgold are still around in 2025 and focused on Cascabel, the share price will be single digits….
We will have had to print hundreds of millions of more shares simply to stay mothballed.. we would still have spending commitments of over 400 million dollars across the portfolio.. and even if we hand a chunk back, as we are incapable of JV ing them, there are financial penalty clauses to relinquish, that we can’t afford.
And at a single digit share price, our market capital would not be capable of getting the credit lines needed to develop…. Or paddle our own canoe…
It’s firesale or bust now…. Scott knows it, Sangha knows it, Irwin knows it… the best we can hope for is competing bids whenever it happens…
I think they call it sh*t or bust .....hey ho ...11"s next Friday?
I'll try to explain my thinking. I'm in here for 32k @ 27p. My investment in now worth around 14.5k , I don't look , it would be like looking the devil in the eyes.
So add , I have decided to let it ride. As Orthern said , we expect a sale of some sort , so I will see what return I get back.
If I were to sell tomorrow and realise my 18k loss , and the day after the offer came in at 18p I wouldn't be too happy. Hence the wait.
I cannot fathom how even the most ardent supporters like CD and yourself can just sit behind those keys with the sp at 12.5p and expect a good outcome.
I also didn't say the sale price would be below todays price , did I? No.
Have a good weekend .
I'm not giving you advice covgaz, I simply fail to understand your thinking. It makes zero sense.
You believe a sale will be at a lower price than today's and yet you continue to hold. Utter madness.
Anyway, I don't give a toss about your decisions, but I get every bit as bored by your negativity as you do by my views. Let's leave it at that.
Add, I have to agree with Ortherncopper's sentiments. You cannot imagine just how annoyed I was when I heard Scott mentioned the word 2025. None of us are expecting to be still up for sale with an open ended SR until 2025. What about the Ecuadorians who are expecting building/production starting in 2025? If he has his mind set on 2025 I can see why he isn't in a hurry to sell the company. Plus, if he hopes to build bridges with BHP & Newcrest, why does he keep banging on about them voting against him? That's not the language of reconciliation.
Spot on Orthern , I feel the same. I expect a sale of some sorts , that's why I'll just need to wait it out and see what I get back. It certainly won't be what I invested.
Why do people think they have the right to advise folk to sell up?
Don't they think people know they have that choice?
You are a ..., check the sp first. Then check the recent rns's. Then check the company activity. Then check the sp again , and again, and again.
Covgaz, I think I could say the exact same thing to - stop the same old drum. If you're so convinced this is heading to zero, sell up.
Simply because a sale of some sort will have to happen at some point… Solgold simply can’t continue.. and it will probably be above 12p…
But it will be vastly below what we all expected circa 12-18 months ago… certainly nowhere near Redramps long touted £1-£2
I’m not selling out at this price… it is what it is now..
but I do blame only myself for not selling up long ago… the lost opportunity cost of holding here over the years is a painful lesson
Add stop the same old drum , some of us are balls deep. I'm over 16k here now , in at nearly 27p. You told me before it is any investors prerogative to preserve funds , I told you then I'd lose the lot , I still will. Northern is spot on with his assessment and I think you know it.
It doesn't matter what any directors says , we are over a barrel , without a sale Orthen is correct in every sentence.
You see any differently?
Or is the same old you have all been spouting for the past 12 months?
Orthern, why on earth are you still holding? If an investor feels as you do, they'd have to be insane to continue owning the shares. There is no logic in your position.
Bozi, I sold circa 20% of my holding on the day of the PFS, as it came with no supporting plan or strategy of how it would be funded/progressed….
How I dearly wish I’d sold the lot and walked away from Solg..
I don’t know who said it, but the quote of investing in good management not the asset, has never been so apt here…
Sharket… that is also how I see it.. we are in a desperate state now..
We have had the for sale sign out for so long.. and our management seemingly can’t close any deals… despite claiming to have the best tier 1 discovery.. despite the supposed oncoming copper crunch, they can’t close a deal, they can’t sell it..
We have been attempting to do a JV for the regionals for even longer… and our management can’t close any deal… I still remember Twigger many, many moons ago, at a presentation/Q and A, almost pleading with any interested parties to come forward… and that was over 6 months after Solgold had claimed to have several parties conducting due diligence for potential JVs…. Now it’s Scott hoping someone may step forward..
It’s time our management we’re held to account and made to explain why they have failed to monetise anything for the last 3 years.. Scott’s vague fob offs and talks of open ended Strategic reviews are now unacceptable..
With regard to the monetisation or sale of any asset at this stage.. you have to ask, why would any major move now?? Why should they?
Every man and his dog knows that even in a mothballed state, we run out of cash in 6 months… know that all we have as back up are the cornerstone shares.. which are devaluing with every passing month, and will continue to devalue as we run further out of funds… we become more desperate… we have no option but to hope someone will buy at some point.. or we will have to print hundreds of millions of more shares.. at a discount to the then market price… and every major knows that..
We have telegraphed to everyone that we are no longer exploring anything, anywhere, or have any plans to do so… in order to save cash while we try to sell up.. we are now over a barrel, we are not in any position of strength.. it will be a fire sale..
If anyone can point me to a successful business, just a single one, that shut all operations down, in favour of just hoping someone would buy them out… and it was successful strategy, I’d love to hear it..
Now Solgold are talking about Q1 for a new PFS… we know how Solgolds timelines work out..
What is it about the asset or the management that has led to consistent failure to progress or monetise?…
I’m opening a big bottle of a stiff drink…. What a mess
You can still trade Eloro.
SOLG would have been a cracking short the day the PFS come out. Almost sweat free 18 months apart from that little bounce to 22p.
Because it at least present shareholders the opportunity to trade. If he cared about the share price that was an opportunity for him to demonstrate his concern. I would take Mather over this joker any day. Mather's greed is understandable.
16th October 2018
RNS 1229E
Solgold raises £45m at 45p per share from BHP
Eloro
What would be the point of Scott doing that. Shareholders would feel better for a few weeks until it was obvious it wasn’t true, some would get sucked in to the false hope, but the majority on here aren’t looking for 18-19p, some are looking for 60-70p which just isn’t realistic.
Mather made the same mistakes telling everyone that they had money being thrown at them, left, right and centre then they sell future profits by taking a streaming deal.
Scott is damned if he does and damned if he doesn’t, he can’t win.
This share has been ramped to death for many years, posters didn’t sell because they believed the hype posted by the forts and DBW’s on here. Even they believed their own hype and didn’t bail when they were making good profits several years ago. Most are in at much higher averages now as they thought this was a done deal.
I don’t think BHP got to be one of the biggest miners in the world by paying over the odds to help out investors who overpaid for shares.
Just my opinion on the situation.