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I’ve been buying for the first time since I sold when nick was booted out. I’ve been watching the sheer idiocy of the various ceos and board members and the hypocrisy of the cgp lot (ie The warrens of this world).
I have no faith in the bod except for their greed which at this price seems like a pretty good bet - although I don’t think it will go back to the level it was when nick went.
Not much good to say but 10p is too low even accounting for the market cap and extra shares.
Blimey, now there's an (ice)blast from the past. One of the handful of posters on here who was able to properly analyse what are had in the ground. From memory you left to stake a chunk over at XTR (I hope you sold the spikes!).
Nice to see you back here.
@theiceberg.
Quality.
Thank you.
Welcome back theIceberg. You did well exiting in the mid 30's I think you said. I think most of us would have liked to have exited there and bought back at 10p so lucky you. That said, I can see you didn't do too well on XTR and PANR so hope you didn't go from the frying pan into the fire. Once of the toughest things to do in the markets or investng is selling up, banking the cash and then ignoring the lure and opportunities of other stocks. The market has a way of 'getting' you back when you've made a quid or two out of it.
Good to see you back. I think you'll make a few bob from a 10p entry level. Reward for your patience.
Hi Fort, most of us didn't exit at 40p, which I strongly considered at the time, because we had no idea how solg management would mismanaged the company. Although the missing 4M should have been a warning sign perhaps. I held because of the belief that the asset exist, unlike arcm, and that it will be sold unless nationalised.
Eloro, I think theiceberg sold mid 30's and he did so because he didn't like the way it was going and expected a sale earlier. Hinsight is a wonderful thing and looking back now of course many of us wish we had done the same. Problem is... turn back the clock and sell in the mid 30's and you know what happens... bid war follows and you're left on the sidelines watching the sp go past 80p+. That was the heightened sentiment at the time. Regardless of the share price right now, I'd say we are closer to a monetisation event than ever before. It simply has to happen over the next 6 months otherwise SOLG are staring at a serious cash issue and I'm not sure a royalty option will be achieveable again. I think that's why CGP boys stopped all exploration and cash burn on this year. They wanted enough cash to last through to June 2024. So imho they know or knew the date that they wanted to get this done and dusted by and that's the date they are working to. Whether that comes earlier or bang on the cusp... eg nice excuse to place those 100m shares with maxit or mates for some -tie-me-over- funds while deal completes cough cough.
I think they'll need to announce something before the AGM... just a hunch but based on DEC 22nd AGM date (not confirmed yet) then it's only 13 weeks there on till Q2. And that leaves just 11 weeks or so cash left. Any deal will take at least 6 months to fully complete before shareholders get payout although shareprice should align to offer price at some point give or take 5%.
Totally agree with you Fort. Fear of missing out kept me holding, and not selling even when my loss threshold was crossed.
I don't remember Iceberg. He is not off to a good start with me, sl-agging off my hero, and fellow Canadian, Mr Warren Irwin. A winner from the Bre-X saga:)
Eloro too many people on here listening to Warren Irwin and not listening to the company.
Listening to Warren Irwin leaves you frustrated.
Listening to the company keeps you informed.
FOMO rules...
The ultimate driver of US Markets...e.g. FAANG and Nvidia...
Good points Quady.
However, I can assure you that Warren is just as frustrated with the lack of progress as we are. Perhaps even more so given that his reputation is on the line if doesn't deliver for his clients. He recently stated that he wished that he sold all in 2017. That is Warren at his most frustrated!
Listening to the company keeps you informed per Quady
$4mn disappeared and we've been informed what on the disappearance
A strategic review with no end date - what does that tell us ?
Companies in the data room - hopefully this will be repeated in the accounts and therefore audited so we can see if this statement is true
previous CEO about more tenements off the taxi rank - only to be found he became an Uber driver
Will this be the Warren who, the last time I had a conversation with him, was adamant that all SOLG needed to do was get rid of Nick. He was the problem as he didn’t treat Newcrest and BHP with respect. If we got rid of Nick a deal could be done in 12 months.
How did that go?
The problem with Warren is his ego.
The problem with SOLG is that they have no real strategy.
They have the best exploration licenses on the planet imo but are doing nothing with them. Barmy.
Anyway I don’t really want to spend much time on here as it can quickly become a bit toxic.
Iceberg, I recall at the time a lot of people wanted Nick gone. Now we have lived long enough to see folks asking for him to come back because he is aligned with us. I actually voted for Nick based on the fact that he found alpala. Warren is only human like the rest of us. I don't see him as an egotist. He is rightly proud of his achievements which he has a right to be. Anyway, nothing anyone post here will diminish or tarnish my admiration for Warren. So, we will agree to disagree where Warren is concerned.
Regarding this BB being toxic, totally agree with you. Imagine someone paying NAL to be disruptive here. Not to mention folks who claim they are not invested, that we are all fools, yet solg is the only share they post on!
JG. If you read my summary of Scott's Kitco interview, he was very clear that the Strategic Review will be completed in Q1
Yes... pretty much everything has to be concluded by Q1 and dare I say it... early to mid Q1. I think some expect March 31st as likely being at very end of Q1. But half yearly report usually posted mid February is a key date as they'll likely need to prove they have 12months finance in place to get that signed off on a forward looking basis. And even SOLG can't kick that RNS down the road. Cash balance likely to be $15m level (half what it is now). $3m to $4m burn per month looks likely.
Chinese new year start Feb 9th and lasts 7 days although sometimes longer. So Mid Feb onwards... chinese back at desks, half yearly report due... SR likely and probably 100m CGP shares placed back into old CGP hands lol! At today's prices, that buys a couple of months and that's not going please auditors.
So once elections out of the way this weekend... Scott and Co have AGM coming up on them in just over 9 weeks. HY results loom 6 to 7 weeks after that and 1 to 2 weeks of that is seasonal/festive holidays.
Tick tock Scott. You had bags of time.... now you have very little time.
This SR thing is interesting, mainly because it doesn't appear to conform to the usual definition and purpose. It's as if they don't understand the meaning of the word strategic.
You're right DM...its the revised PFS in Q! + a Technical Report.
Relevant bits of the interview reproduced below:
https://www.youtube.com/watch?v=prjh454RtxE
"We call it (a joint venture or the sale process) the Strategic Review Process and we are looking at all sorts of options from joint venture or earn in on our outside exploration tenements or a concentrate takeoff of Cascabel or anything thereof and yeah it is one of our key mandates to continue to advance the Strategic Review Process.
It started in earnest right after the close of the Cornerstone transaction so that would be March...thats when we got the Data Room active and open and started to sign NDAs with various parties.
Theres a number of parties interested in the projects whether it be outside projects or Cascabel. We have signed CAs, we've had site visits, you know it continues to advance with no set timeline and a lot of interested parties have taken a look.
Revised PFS completed in Q1....("And we'll release the Technical Report at the same time, not wait the 40 days.")
"Much lower initial Capex...$1.2/1.3bn..."we'll truck the initial production rather than use the pipeline because the concentrate will be lower. it reduces the development schedule...We think that will be well received..."
The key catalysts over the next few months?
"Number 1 would be the Strategic Review...thats out of our control but like I said we're looking at all aspects of the (SR) but thats out of our control and we'll see where we go with that.... I think a key catalyst will be this phased approach
"(The Exploitation Agreement will be) signed by the Lasso Government..."
So that must be imminent.
Hope this helps...
His observation about the SR "being out of our control" supports my previous comment. Setting a strategy should be something a company determines and then puts in place the tactics to deliver it. It isn't about looking at the assets and praying someone steps in to resolve the issue. To me, this is the impression he's giving.
Addickt...you and I and one or two others here are very experienced in these matters and I thonk we may have misconstrued the 'Strategic Review'.
In our world it when the Board, assited as appropriste by outside advisors, sits down to determine the way forward.
What Caldwell means is the whole process which results in a sale or development of parts or the whole of Solgold, including especially Cascabel. So that includes sale or JV of any or all of the outside projects; the sale of Cascabel or indeed Solgold, etc.
It does not include the 'revised PFS' which WILL be published in Q1 and which he expects to inform the 'Strategic Review" which is in the hands of any or all of the parties in the data room.
Once any or all of the above outcomes have occurred and/or nobody buys or takes any interest in any of them, SOLG will be in a position to determine whether they will have to take Cascabel forward.
Hope this helps...
Red, if no one wants to help take this forward, we're Donald ducked
RK, you may well be right, but as I've mentioned before, if this is indeed the case I'm really not sure why they announced it and described it thus.
DM, why not listen to the whole interview as i have done twice now.
Then you will be in no doubt what Scott means, no matter who is chairing the Committee...
Bob Sangha is running it, not Dan Vujic...
For perspective...todays Bought Volume is c250k less than the Directors' total purchases last week...so far...
Strategic Review Process outcome. Put the for sale sign up on Cascabel and advertise it at offers over $750M. Thats 20p or so. See what happens. Avoid this bleeding to death. Jobs for the boys. Rinse and repeat.
A cashed up explorer with good projects to explore could be worth more than Solg is now with this albatross around its neck.
They could find and build another mine by the time this is sorted out, and I bet its eventually sold at around that price too!
Ben, what if no one bids though? The share price tanks and the Ecuadorians, keen to see this developed by all accounts, ask Solgold what it plans to do next?