The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
In mitigation.. Scott has also said that at least some of the interested parties are concerned about the political risk in Ecuador. So whilst the two remaining candidates for President are both pro mining, perhaps buyers are want the election done and dusted and SOLG to do as much of the derisking as possible before making a move.
Also worth remember that in early 2025, so approx 12 months after we release PFS #3, Ecuador will be going to the polls again...
Oh, I should probably just say that I do still believe in the company.
It's just that something doesn't smell right to me.
I know that these things don't happen quickly, but how long have we been told there's people in the data room and all that carp?
(and I don't follow the news and comment here everyday) is why has the company never just come out and said it's up for sale and plain and simple, just invite offers?
Is it even remotely possible that nobody has even shown any sign of interest up to now? That doesn't make sense to me, but I keep wondering that if noone has made an offer yet, what needs to change until someone does?
Every man and his dog has been talking about the need for resources, especially copper, for years, after all.
Totally disagree Fort. You're showing scant disregard for the dynamics in play here.
As bad as everything is right now in terms of the markets and the lack of short term catalysts for share price growth and the associated vulnerability this can bring, the one huge plus that SOLG has going for it is the set up and alignment of key individuals.
By that I mean Scott holding his millions of shares, I mean Mather holding his and DGRs, Bob and Irwin holding chunks for themselves and clients.
If this dynamic collapsed then SOLG would be a bargepole stock even with the asset.
The asset only carries you so far. It's not the be all and end all like some suggest. Ecuador government could get cheesed off tomorrow and take the licences back from us. Yes, whilst they'd likely be breaking an agreement or two and would be on shaky ground, SOLG would need considerable resources to get a result in court.
But I digress. The point I'm making is that SOLG are stacked with individuals who stand to lose a lot if they don't get this over the line. Compare that to HZM where the management are nowhere close to being as well invested. Watch what happens there in the coming weeks and ask if an aligned management team let's it happen. Clue, it doesn't.
Sidestepping Maxit now achieves nothing. It's 12 months too late for that. The moment they decided to pull chairs around the table and agreed to coalesce was the time to forget any rebellious turns. The same reasons why you wouldn't pot Scott at the AGM. It's futile.
The horse has been chosen. You either back it or you jump off and sell, but all notions of the company pulling alternative strokes is a hideous take.
The first thing a PR company would do is ask the business to provide a copy of its corporate strategy. It would then build a communications strategy that enables/helps the business to deliver the business strategy. SOLG are currently unable to present a coherent business strategy (it's under review indefinitely) which is in part why our comms is such a sh*tshow.
Totally agree Fort.
Solgold should not have to hire PR and communication agencies… we should just have a CEO who is capable and able to communicate during interviews and presentations, without sounding like a poorly trained used car salesman, fumbling around for generic niceties that don’t answer the questions being asked…
He is being paid 200k a year to just be a caretaker until it’s all over… a well paid useful idiot if you like… the very least I’d expect is an ability to project and promote..
I thought Chris Stackhouse actually came across quite well during the presentation. When asked a question, or to give clarity, he answered in a capable way with actual information that was pertinent to what was asked… a high bar indeed..
It highlighted Scott’s poor level of ability to confidently address issues that were asked… instead we got the kind of fluffed responses I’d expect from a low level junior politician.. just speaking in the most general terms, keep repeating the same anecdotes about being able to walk to the office, or mentioning a new phased approach… even if that is not what was asked… and always coming across as shifty…
The market hears talk of aiming for a release/update around Q1 2024… and due to Solgolds track record, probably automatically assume that means MAYBE Q2…
What can our board point to if asked how they spent the 50 million Osisko money? What a waste…
Even the 16p Jianxi bought in at… at a market discount at the time… seems like a long way back now.. what a waste.
Scrat - I think the easiest way fowards would be to sidetrack the likes of Maxit and their hideous fees. Sack citi. Sack the entire board. Ditch all the useless hang ons like Twigger and co. Then stock ENSA or SOLG as a whole on EBAY... auction it with no reserve and lets see who's playing silly bu99ers then.
Job done!
Sometimes you just have to stop playing games and just get it done.
Get the auction ball rolling SOLG as those 100m CGP SOLG shares are not going to buy you more than 2 or 3 months of additional cash at this rate when you were intimating that you might get at least 7 months worth.
The only one saving grace is that the way the last Ecuador gov red tape deal was signed suggests there's $25m coming from someone else as first down payment to Gov is never going to come out of those 100m shares.
So just tell us who it is Scott? Coz you obviously told the Ecuador gov who it was.
Nick Mather wasn't voted out.
He stepped down.
Whilst not selling the rump of my holding I’m glad now I trimmed my exposure. This is now very annoying. An endless strategic review is ridiculous, the board is there to be strategic as their day job, so not an event. I’d put up with the idea simply because when the brakes come off, some auditable basis for a recommendation to shareholders is needed. But the sp harm is now getting out of hand. Agree with the comments about a PR company although frankly a listing on eBay would do me. Buy it now £2Bn.
Totally agree (for the first time ever) with what you say
I personally voted for him
All those who voted out Nick Mather
Must be regretting it now. Be careful what you wish for.
They need to nip the SP decline in the bud. Suggest they appoint a PR & Comms agency to build a 6 and 12 month strategy. Stop SC speaking aimlessly. Give a definitive end date to the SR. Identify quick wins in other tenements. No news is bad news and watching SC present is like Dads Army on repeat and depletes confidence. Clearly Fawzi was doing something right. The mere use of the word SR is weighing us down and they need to stop using this term asap. Of course carry on as normal and single digits beckon. We need transparency and market needs to see we have a plan.
Well said DM.
*here
There's definitely been a read across here today DM but nobody wants to have the conversation.
It seems if you aren't hear to post positive things then you don't hold. There's an aversion from most to having the conversations that are relevant.
But agree with your thoughts as usual.
Apologies made DinnermMoney - you are correct about share price - down only 30 odd %
China’s demand for oil and copper is ‘booming,’ says Goldman Sachs
Cnbc news on copper and oil.
So we are down 75% since the Cornerstone takeover of Solg - Scott and Sangha have wasted a year on a strategic review that wasn't, no clue as to next steps - Cornerstone played a blunder - maybe sell our chicken farm expertise to KFC
Clearer picture now - under 4 million shares traded (half a million quids worth) but £27million knocked off the MCAP.
We have had industry professionals say its only borderline economically viable... Crux... and we all chose to just hope they were wrong.. That turned out well...
that's on us
But Scotts performance, as someone that is just there to front the company until the really important people behind the scenes try to monetise a way out of the mess, has been nothing short of an abject failure!! Good job Scott!!
Add - a tiny portion of the free float yes but worth considering that today's volume is shaping up to be 2-3x the 20 day average volume.
This isn't me suggesting a grave issue - at nos rage have I done that. It's clear though to me at least that SolGold stands to be a poorer performer in a sector that is generally struggling due to a weak investment case.
Sean, absolutely right. Every time one of our CEOs has banged on about production, we get hammered. You'd have thought the message may have got through by now. Being charitable, I wonder if he says it because he doesn't want to spook the government?
I'm with you there Bozi. I'm 100% for a sale and we cannot afford mistakes or bad management (actually it's inexcusable at this stage). Ridiculous talk about building a mine hasn't helped - it's absolutely toxic to the SP. We can't force a sale but we can stop with all the self-inflicted wounds.
Sean - no it doesn't but when the company pushes the next deliverable to being at least 6 months away, PIs fleeing is the inevitable result.
Scott could have got his foot in the door, went on a PR overdrive, reworked the PFS quite quickly and generally resuscitated the story.
He chose not to do that.