Firering Strategic Minerals: From explorer to producer. Watch the video here.
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An ex-ceo and major shareholder says the strategy is to sell to a major.
The current ceo says he's open to conversations regarding a sale.
The current ceo, quite sensibly, says the company must progress "as if it's going to production" - my paraphrasing.
Despite telling us 18 months ago that companies were queuing-up to buy into our regional prospects and reiterating the fact recently, nothing has happened.
We have no money for continued exploration, which has all but stopped. A cash raise for this must be imminent.
More cash will be required to take us to the DFS.
The clock is ticking on Lasso's period in office.
Following the rapprochement with CGP and agreeing to work towards the delivery of shareholder value, they have been completely silent thus leading us to conclude our board is engaged in satisfying this promise.
$4.5m went walkabout and perhaps one of our best directors was ejected from the board.
BHP/NCM have also been silent for quite some time.
We were told over 2 years ago that we had lined-up $1bn of funding without breaking sweat. This was quite clearly a ridiculously premature statement - particularly as we were nowhere near even having a PFS.
Copper will recover once the Chinese stop pretending they can achieve zero covid. The long term prospects are undeniable.
We are hugely undervalued for all of the reasons Mather laid-out this week.
I do not like the fact our ceo has not bought a single share in the open market with his own money.
The agm could be uncomfortable - again - if our board have nothing concrete to say. We can expect to bid farewell to Mather.
As I say, just random thoughts. What are yours?
My thoughts are that we won’t get to the next AGM under our current structure….. after Cascabel has gone I hope we can continue on the exploration front …… it would also be nice to retain a little slice of Cascabel but that may be wishful thinking.
Nick did say that being taken over was indeed the plan for Solgold…… I’d rather he had said ENSA or Cascabel
are we in distress mode?
Addicknt,
The trouble is we don’t know what they are doing, we are not privy to inside information as to who or what they are talking too or about.
You seem to be frustrated with the lack of news, why not just wait for the next RNS, as frustrating as it is, we just have to trust Solgold is doing the right thing which I believe they are, remember the board have a lot to lose if they get it wrong, with the people now involved in Solgold I believe they are working on a good way forward.
Trust and patience is all we can have as we cannot change anything here
Atb
Mathersfinger that's true just sit back and wait was hoping for news this week on some fronts but patience needed and chill blue day today I think
MF, I agree with that and although I admit to being a tad frustrated, I'm not tearing my hair out.
The fact is the company has no option other than to do something reasonably radical. If they wish to avoid further disruption they must deliver on their promise to CGP. As you say, yet more patience is necessary.
People have mentioned a few times that Nick Mather might be in trouble at the next AGM or won't survive the AGM if Solg put the whole board up for re-election as promised. Watching his DGR presentation I am actually wondering if he doesn't care or in fact might stand down anyway from Solg. Seems like he firmly has his DGR hat on now, rather than his Solg hat, hence his shift of attitude from production to corporate action.
In his talking points about ways to unlock value in DGR's portfolio, if he was being consistent with his own former statements, he would have said something like "PFS upgrade soon, DFS next year, first production in 202X"... That's the line Solg is taking. But he didn't say that, said corporate action.
I'm also intrigued by the comment from Fawzi (thanks Orthern) 'exploration drilling at the regional projects was paused in January and has not been restarted as the exploration team are undertaking extensive field programmes'. What does this imply? Have they not been getting the drill results they expected from the targets they did start drilling, and are now having to go back to the drawing board in terms of modelling and deciding where to drill? Or does it mean they have had to focus on bringing some of the other licences in the portfolio further along the curve to get them "drill ready"?
Could this be why they still haven't announced any JVs for the non-priority licences, because interested parties just didn't think they were far enough progressed in terms of early exploration for them to commit to starting to drill them?
Or are these extensive field programmes happening on Cascabel or Porvenir or other priority targets to try to model the entire licences better in advance rather than have the somewhat haphazard situation they have had at Cascabel where they keep finding new areas of mineralisation beyond Alpala?
I wish they could be clearer in their communications. I don't think we have officially been told that exploration drilling has been halted across the entire portfolio. IIRC Darryl mentioned in a presentation that it had been suspended at the start of the year due to covid... There has been no real clarity on what's going on from the company, and then we get the usual vaguely cryptic answer from Fawzi about it being suspended due to field work, with no further colour.
Morning rcgl2, if memory serves me drilling was suspended in January in order to further Alpala to find areas for the construction of plant equipment. ( I forget the term used ).
Also I believe we are still drilling at Tandy. ( I could be wrong ).
This was to concentrate on Alpala and reduce the cash burn.
On the current cash position on Solgold I am guessing this is why we have not had a cash call for the regionals.
Also was the Franco Nevada offtake agreement to get Alpala to PFS or DFS?
I seem to remember it was DFS, but again could be mistaken.
rcgl, I think you make a very good point about Mather. It does appear that he's much more active at DGR, which in some ways isn't surprising as he's never struck me as one of life's natural non-execs.
And I absolutely agree with you about a lack of clarity, which has been a feature of this company for a long time.
Hi Quady. Yes that does seem to be the case. However, the regionals still need to be drilled at some point so halting the drilling to conserve cash is only postponing the need to fund raise rather than avoiding it. Which raises the question, why delay the fund raise? What's the difference between spending your existing 40m now on studies and then raising 40m in a few quarters time to resume drilling, as opposed to raising 40m now and then drilling and progressing studies concurrently?
Given that the SP seems to range up and down between low 20s and high 30s as things stand, does it imply that they are holding off the next raise because they are expecting the SP to be materially higher, well above the top of that range, at some point in the next few quarters?
Or are they expecting the company itself to look different soon, potentially splitting up Cascabel from the rest by one means or another? And in which case are they expecting not to need the raise at all to resume drilling, because they will have the funds as a result of such an event?
We lack in alot of clarity atm never seen it so slow imho
Good afternoon rcgl2, I have had some of your thoughts also.
On the thought that we may look different and a fund raise may not be necessary I offer this scenario.
I doubt anything to do with Cascabel will affect the raising of capital for the regionals. Although I understand that ten of our properties are up for JV in order to speed up, we don't seem to have any uptake. This may change.
I hope that we get some news on funding Alpala and so the share price moves up and makes the next funding cheaper.
Wouldn't want to be out over the weekend imho so much news pending ,my paints dry now so comon NM and co .
A fellow poster tells me Quady is worried about me...
No worries mate...3 holidays...2 golf trips...and took the SOLG needle out of my arm...
Meanwhile, Franco Nevada still hungry for gold streaming deals...
https://www.mining-journal.com/gold-and-silver-news/news/1436097/franco-nevada-provides-ususd353mn-for-brazil-gold-mine
Red hope you well my friend we on the cusp here
Big old cusp mind
Cheers Bubble...hope its not Cuspers last stand...
Still believe in the story but one has to trade on comparative advantage so...
Sold 200k at 26.28 at 13.04 and switched into ATYM at 278.70/75...
SOLG on 21 Feb 26.55...virtually unchanged...
ATYM on 21 Feb 440... now down
If ATYM return to equivalent parity there's a 63% gain on a share notionally yielding 10.6% in a stable economy.
If there's a bid for SOLG then ho hum but we still have a massive chunk but...
Based on past history we'll get back to 440 on ATYM before there's a bid for SOLG...
Anyhow thats the justification...
In an ideal world I'd be selling our entire ATYM holding back into SOLG at 25/26.
Its all about strategy.
But...this does NOT mean I have lost faith in a Bid or even in SOLG in general...just got to keep the portfolio ticking over...
GLA
Red I assume you have sold out at a loss, as in a previous post you purchased at about 29p and the price has continued to fall from your purchase price.
Do you think there will be a further fall eminently?
Sorry Almost...I had already sold those not long after I bought them when I slimmed down our general exposure.
As other longtermers on here know, our SOLG holdings are technically at an average negative cost based on previous profits but...
It wouldn't matter if I had sold at a loss because I'm trading on comparative advantage and, in the absence of a bid I expect to make much more from ATYM than the SOLG I sold as the copper price returns to more normal levels and then in an ideal world I'll be back into SOLG...
Although gold looks increasingly appealing and I could zee a scenario where I sold everything except ATYM, SOLG and GPM and put the rest into Gilts until the next crash bottoms out...
Its all personal opinion but I don't like sitting and staring at a portfolio doing nothing while markets and commodities are so volatile...
You pays your money you takes your choice...
AIMO and hope this helps clarify that my view on SOLG has not changed and indeed the AGM is now only 5 months away...
Oh and sorry...with th copper price recovering I see SOLG remaining solid but not advancing much without game changing news...
And we still need a cash raise at some time...
Red agree needs news but how long are we going to wait ???
Only 5 months. Hmmm
Ship i know !!!:):)
Come on Solgers - where's that Dunkirk spirit?
Bid incoming in a matter of weeks - our new CFO is busy aligning the stars on our behalf.
Damers.