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Whilst I hate the price I didn’t see any negatives in there moving forward…..
Following yesterday's RNS, do you feel more, or less confident?
Tsx up those Canucks know a bargain when they see one imho
Pinot,if only they could sort themselves out
Thanks Mr Caldwell - finally the truth has been spoken. SOLG mgt are rubbish and have been rubbish for yrs at least Caldwell has told it how it is.
I’m not quite so sure he would have been so straight talking if the delays hadn’t been so bad or indeed if the SP hadn’t dropped over 40% since the merger was announced !!! But hey at least he said it.
Mr Mather, Mr Twigger and anyone else who is left at SOLG after Mr Caldwell has swung his axe , please take note ……don’t tell lies, don’t extend truths, don’t make sht up, don’t twist things, don’t sit on your **** doing nothing, don’t think you are untouchable, don’t think you are above the investors you represent, don’t hide behind bland uninformative IR templated responses, don’t twist words, don’t make investors guess, be clear, be open, be honest …..
You know what you will gain respect, you will attract investors and you will be admired for being upstanding
I do hope that Caldwell and his team can bring this whole sorry mess to a conclusion soon.
Looks like it’s sell Cascabel after a spin out of everything else to me now
Get it done
Btw, I don't regard the chairman's position to be ancient history. He's in the cross-hairs and needs to start doing his job properly.
DBW, agreed, which explains my optimism. However, we must always learn from history and the same mistakes should never be made again. I would like to think we've entered a period of openness and honesty and we are not left constantly second-guessing (the "adequately studied" comment made me concerned we may still be stuck in that era). Just tell it like it is - no bells, no whistles, no ambiguity. Just plain straightforward communication and stop trying to spin everything.
Add …. I agree with plenty of that but there’s no point in looking back now, what’s done is done.
If you can see past all the crap Maxit and co have only been on board for a few months and in that time we’ve cleared the funding overhang, massively reduced the threat posed by certain overbearing institutional investors & brought major new investors into the fold. Compared to anything that’s gone before that’s fast and smart in my book.
I haven’t posted so much couple of weeks as I’ve been adding to my position and feel it’s divisive to do so (cue the halo) but I have no doubts in my mind these guys no what they’re doing and it makes total sense to clear the decks so we can rebuild from a much stronger foundation….. even if the share price suffers in the short term.
Best wishes DBW
Many new CEOs like to take the opportunity to blame a company's woes on previous management and Caldwell is no exception - although he's done it in a way and with such vehemence as I've rarely ever seen. So who is to blame and is Caldwell justified?
As to justification, I would say yes. The lack of a strategy which the market believed and a never ending catalogue of missed deadlines, combined with an unjustifiable degree of hubris, appears to support the argument.
So, who is to blame? NM was obviously in charge for a long time and it became apparent the company had moved into a phase that was beyond his competency. Simultaneously, his seeming arrogance clearly alienated many people and I can't recall a single occasion when he apologised for missed deadlines. He appeared to have no interest whatsoever in appeasing shareholders and he ultimately paid the price.
DC was simply useless and in retrospect it seems his appointment was probably borne out of desperation to fill a vacant post with someone who may have been able to mend fences with BHP. He failed.
But, in my book, it's the chairman who bears overall responsibility. He has overseen a company which was clearly dysfunctional on many levels (the $4m fraud was surely an indicator of a lack of control). His task is to have an effective board which delivers targets on time and to have a strategy which is realistic and enhances shareholder value. He failed on numerous levels and his only solution was to keep on appointing wholly unnecessary non-execs to the extent that our board had more members than many FTSE 100 companies - most of whom have now gone.
At the time of his appointment I raised questions about his experience and his first public outing as chairman - the 2019 AGM, was a total disaster and confirmed my concern.
All I can say he's lucky he's not facing an imminent AGM, because I don't think he'd survive and perhaps he should be considering his position.
I think the only reasons for keeping him are the need to stability and the fact that he's been sufficiently chastened by events that he's now nothing more than a figurehead who will do whatever Caldwell tells him.
Yesterday's announcement was a watershed moment and I suspect the organization rationalization will be significant and profound. It was an uncomfortable day for us all, but it was long overdue and now Caldwell is firmly in the spotlight and has nailed his colours to the mast as well as trashing two of his colleagues, he damn well better deliver...and soon.
ToS, why have you just started worrying about this issue? It's not as if it's suddenly appeared. We have known about it forever and as Fort has pointed out, discussions with the government are ongoing.
Recently NM visited Uganda for a DGR/Armour ceremony. Maybe he extended his stay for the purpose of getting advice from the mountain gorrilas. There are some wise guys up there. They don't have their heads in the mist, like the rest of us.
Recently NM visited Uganda for a DGR/Armour ceremony. Maybe he extended his stay for the purpose of getting advice from the mounrain gorrilas. There are some wise guys up there. They don't have their heads in the mist, like the rest of us.
I’ve read that RNS and here is my takeaway of SOLGOLD:
An overly complicated and long-drawn-out way to communicate that, ahem, “Cheers everybody for your investment here and SOLGOLD makes zero profits. Bazinga!”
Oops sorry Fortissimo
https://www.mining.com/web/ecuador-mining-export-revenues-jump-nearly-33-in-2022/
Pinot
:0)
Quady, all licenses like this have criteria which have to be met, and clauses which exclude the concessionaire from proceeding. Rarely used, because big oil and major minersknow how to deal with this stuff. But this is Solgold.
Fort... you use the phrase standard stuff a couple of times.... it’s only standard when you’re dealing with long in the tooth miners or oilers. This is Solgold, perpetually late with everything, and they’ve left this to the last minute, and obfuscated by not producing a DFS. You seem to know what you’re talking about, so surely you understand my concerns here? I hate to admit it, but if I’m advising the Ecuador government..... am I on Solgolds side?
ToS1963 in the oil and gas industry an exploitation license is only granted to the person developing it.
Because many criteria have to be met.
Tos,
From the MD&A... it's standard stuff. You need to calm down fella.
"GOVERNMENT RELATIONS
An application to begin negotiations on the exploitation agreement for the Cascabel project was submitted to the Ministry of Energy and Mines (“MINEM”) on 31 August 2022 and was deemed admissible on 14 October 2022. Initial discussions regarding the Exploitation Agreement began in December 2022, and that the formal negotiation process began in January 2023. The Company has until December 2023 to complete the negotiation process with the establishment of a non-binding term sheet, and the submittal of a request to move into the exploitation phase.
In December 2022, the Company submitted an application to amend the previously subscribed Investment Protection Agreement in order to align it with the exploitation agreement under negotiation and to obtain additional benefits provided by the government which were not available when the agreement was signed in 2021.
The MINEM has established bi-monthly meetings with the Company to review the critical approvals required for the development of the Cascabel project, and to address other actions required by the Government for the success of the project." END
Extract from Ecuador mining law.
If the programmes and investments are accomplished, the holder of the mining title has the exclusive right to pass to the next mining phase. For exploitation activities, an exploitation contract must be entered into by the state and the concessionaire.
We are very close to a breach of the feasibility phase, but are in the process of entering into a contract with the state for exploitation.
Fort.... just reread your post. In terms of clock ticking.... you might want to google and investigate the terms of the licenses. The clock was ticking as soon as we moved from exploration to feasibility. It was a two year clock, expendable by a further two years upon request. I personally asked Solgold about a year ago where they were with this. Our feasibility phase has lasted well in excess of the initial two years, and it is my understanding we have until Q3 this year until the extension runs out. So unless the exploitation license is signed before then, we are toast. Sorry, but those are the facts. And I’m holding a lot of equity here, not scaremongering. We need that license signed, and pronto.
Quady, I have to admire your indefatigibility, but no, if we hold the exploitation license, it’s a saleable asset, not a guarantee we ourselves will use it.
Sorry auto correct changed exploitation to exploration
So ToS1963 if the exploration license has been applied for. Then the license is only granted if we are going to exploit this discovery.
This is the strongest statement that we are going forward to develop Cascabel.
Lindy. An extraction licence is for 25 years, and is extendable. We are negotiating one, but don’t have anything signed yet.
Thanks Fort didn’t see your message ??as usual very informative message