Firering Strategic Minerals: From explorer to producer. Watch the video here.
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This announcement a few weeks ago was really embarrassing...Newcrest withdrawing after CGP had spent more than required...$2.6m sunk cost...added to NCM's declining to increase their involvement in Havieron, does this imply they are cutting back because of their recent disappointing results, or in preparation for doing something at Cascabel or simply rationalising their portfolio and would they bite BHP's hand off at 75p as a precursor to a bid...?
https://www.marketscreener.com/quote/stock/CORNERSTONE-CAPITAL-RESOU-61956577/news/Cornerstone-Capital-Resources-22-19-Newcrest-withdraws-from-Option-and-Farm-in-Agreement-for-the-41341480/
If NCM had signed the agreement they would have potentially been committed to investing at least $110m CDN. That now won't happen...
Meanwhile the CGP SP is languishing at a 27 month low of $3.05...and they had net current assets of $3.3m at June 30...this is despite Brooke Macdonald saying in a recent AFR article that he expects them to be taken over by the end of 2022...
Their stake in ENSA is valued at $156.9m CDN which would out the value of the whole of ENSA at c$1 billion (£650 million) compared to SOLGs current MCap of £508 million...the ENSA valuation carries an inferred deferred tax liability of $43.9m CDN...
And to remind you, "Cornerstones' intention is to monetise its interest in Cascabel" (BEFORE the completion of the 'Feasibility Study'....
That fits in with the suggestion that CGP will be sold and also the suggestion in the media that NCM/BHP were working on a proposal to buy Cascabel...
Finally they have decided NOT to recognise any carrying contingency for their spending on the construction of Cascabel until the DFS is complete...I find it hard to understand how they've got away with that, because at 31 December it was over $40 million and as well as not recognising this significant contingency they have also failed to value the prospective loss if they have to cede their 15% interest in Cascabel for $3.5m (current value $156 million...)
So all in all the only possible conclusion is that CGP expect EITHER that there will be a takeover of SOLG or that ENSA will be sold (i.e. it is their INTENTION to monetise Cascabel BEFORE the DFS is completed)...
Interesting...all comments welcome as usual...
We know from past discussions that CGP are looking for a pay day and been doing so for the last 3 or 4 years. We don't know what the terms of the 'cooperation agreement' are with SOLG/CGP but I'll take a run and jump at it and say they have committed their ENSA stake to SOLG (in votes) on the basis that SOLG do not apply that $3.5m clause. By doing that, both parties share common interest and it prevents a predator from buying one (eg SOLG) and leaving the other on the shelf (CGP) ready to wilt and cede to the $3.5m deal as the ENSA terms will transfer from SOLG to any new buyer. In exchange for this cosy relationship, Irwin and co have got to sit on their hands and keep their front door shut. No one was ever going to buy CGP knowing that that $3.5m clause existed. That said, they could always stump up the required costs but if you bought SOLG and CGP together (or ENSA on 100% basis) then there is no back costs to be paid. All costs just carry forward and should be used for tax offsets.
I just can't see NCM getting overly involved with SOLG. I think they like the Gold and Silver ratio's and perhaps the regional folio but I don't think they are that keen on the copper mix. I don't see NCM as being a copper player. I might be wrong of course but I think that's more Rio, Barrick, Anglo and of course now BHP's game.
I think NCM are ready to cash out on any SOLG bid deal but know they have an important stake - a swing stake. So they'll be holding tight until the starter gun goes. I think they'll want at least north of 50p based on the averages and time invested in SOLG (many years).
I think a bid will come in the next 12 weeks. Possibly as early as next month. But do get a feeling that BHP and Oz Minerals action has some implications but just not sure what they are right now. But BHP might be hedging their bets. Gain one but lose the other perhaps?
"I don't see NCM as being a copper player...."
So why do you think NCM got involved in the first place...?
Red , NCM know pretty much what's there probably via NM aus contacts lol!!:(:), BHP here to spoil the party but not for long imho somebody is going to take cascabel on to mine imho
Bubble … CGP and NM very confident right now, please take my word for it …. Solgold towers very quiet but it’s coming my friend
DBW indeed it is !!!
DBW, sounds as if you've got a company source...is that the case?
Add … I of course try and keep the channels open, which is why we both know the raise was a fail.
A couple of people on here know who I talk to and it’s simply a question of who you believe. Nick and a couple of others “face the chop” shortly and they know it. … there is a plan and they cannot leave it much longer.
As for Quady… don’t bother it’s probably something he can’t help
Dbw, do you think Solg will manage to raise funds before Mather makes a move?
I must admit despite all the doom and gloom (both for Solg and the world) I'm really looking forward to watching this play out. It's been one hell of a ride, all sorts of corporate shenanigans have been pulled, and I have a feeling Mather is saving the best until last.
If against all odds he pulls off a £1+ takeover here, it will be a piece of history, a real David vs Goliath story.
Careful DBW... don't give those on the sidelines a hint of what's going on. Let them scramble on board after the news lands.
FOMO is SOLG's number one weapon. Although as we know, Bozi and a few others can't think of any reason why someone would want to buy SOLG shares right now! Really, there's no reason at all and we're all doomed and 9p is on the horizon.
Fort - looks like you're still flustered after the other day...
I really wish you'd stop being so disingenuous all the time. I'm not saying there's no good reasons to buy SolGold at all. After all, I hold shares and I discuss the company.
My viewpoint, which I don't want to labour much more on, is that I have concerns about the company right here right now and would have reservations about buying stock right now.
That doesn't mean that it can't change in a week or a fortnight or a day even. I'm reacting after all to what I see, read and hear.
And a few off the record comments by Mather doesn't change anything. Someone like DBW will know exactly why that is...
DBW, that's very interesting. So, according to your sources Mather is going to set the short term agenda and not BHP, who will be forced to react? That'll set the cat amongst the pigeons.
I wonder what the dynamic around the boardroom table is like at the moment? Right from the moment NM was given the boot and it was announced that he'd become an NED, I was of the view he'd find it very difficult to work effectively with a new CEO. SOLG was Mather's baby and his personality doesn't appear to be that of a man who's prepared to follow someone else. DC hasn't covered himself with glory and I imagine NM is hugely frustrated by the performance. Hopefully, this will provide the catalyst for some action.
There was a report in the media a while back (or it may have been a broker note) that they expected a 'CONSORTIUM' to make a move on SOLG. Whether that group ends up winning is anyones bet but if Mather has been able to rustle up a group like Twiggy, Gina, Valuestone, Lundin, Solaris and a few others (Franco/Boliden) then you just never know. If they pitch a deal in the 50p+ levels, then it sets the ball rolling and suddenly the BHP bullies are forced into action or they can walk away. About time someone tested the likes of BHPrather than running scared of them. Time to see if they want to 'put up, or shut up'. In OZ land, Mather has a lot of mates in the mining industry and many of them have a dislike for the way that BHP throw their weight around. Twiggy sent them packing. I suspect Oz Minerals will send them packing too. Soon their own shareholders might send Henry packing.
Add …. What I believe is Nm can muster the support of 20% and then some if required and that is more than either BHP or NCM . I think the problem is that many here see BHP & NCM as working as one. I don’t believe they are …. BHP want it all and NCM ( with other commitments ) want a good return on their investment. We are far from cornered here and the failed cash raise may in fact have accelerated the end game here. What the AGM gives us is a line in the sand and (if we even get there) they’ll have to achieve something pretty spectacular to have any hope of surviving. BHP will not get this all their own way because they have not been allowed to. It’s painfully slow at times but we have avoided a ggp scenario and are free to look for funding or interested parties wherever we please …… what I find more interesting is figuring out the nature of what’s coming …. CGP and DGR need funds but are not selling Solgold stock ….. hmmm
Personally I don’t think we’ll even get to the AGM but if we do it’ll be with a sweet deal in the bag
Exactly Fort
A bid in the 50’s would clearly fail which is probably why BHP won’t make one . Does anyone think NCM would sell their stake for that ?
We are not distressed or cornered and we hold the biggest cards of all …. **** loads of gold and copper
Great posts over the last 24 hours, guys! Thanks for lifting the mood and sincerely hope this positive speculation comes to fruition. Looking at the evidence, it does look like something is on the boil in the background! GLA
What a load of b ollox Eish. "Great posts over the last 24hrs", yeah, right. Same people chewing the same cud, over and over and over again, day in day out, year after year.
Get used to Solgolds motto:
"Nihil subito happenedy"
[Suddenly.................................nothing happened].
On the one hand peeps are moaning that solg towers is keeping schtum and then on the other hand they are hearing rumours there is something happening??
You couldn't make it up.
This will go on for months and peeps will then disect why nothing happened for ages. Yawn.
On the other hand, maybe this post will tempt fate?
Z
Zoros bet your one of those people who join a meeting and suck all the positivity out the room as soon as you arrive with your doom and gloom attitude. I’m sure you could get a job as the big bad Wolf popping balloons at kiddies birthday parties cackling when you upset them!
I wholeheartedly agree with some of the sentiments expressed by Fort recently around the negativity expressed by certain posters and the harm it can have. It brings to mind the adage “Would you pi@s on your own doorstep?” Of course you wouldn’t! So why if you’re invested in Solg (note the key word IF!) would you be so vociferous in expressing such negative views? To my mind it beggars belief and the cumulative effect of such posting is to surpress positive sentiment which as a shareholder is a bit like shooting oneself in the foot! But it’s a free world and people can express their views as they see fit. I just wish people would engage brain before putting pen to paper!
Hi Zoro, enjoy the lovely BH with friends and family, Que sera sera here as we all know. lots of uninformed unbacked theories posted here but ultimately ...
I bet if we all met up in a room together we would all be mildly surprised at how nice and respectful we would all be to each other. We are all falling into the trap of anonymous BB posting :))
ONWARDS & UPWARDS
See you next Tuesday !!!
FTJNY
Whilst i echo the sentiments of your first paragraph, I'm sorry, but the second is a naive viewpoint, to put it mildly. The notion that you can only be positive about a company because you're invested in it is the skewed thinking of an ultimately unsuccessful investor. Why? Because it breeds a desire for continuous positive re-enforcement and thst will ultimately take your eye off the ball as far as the risks are concerned.
Why should i and others worry about saying what we feel? Are you worried it will stop people buying the stock and therefore giving a greater chance of improving the value of your investment? If so that's quite an insular and deceitful way of thinking.
Nobody should fear about having to toe the party line, particularly not to please others and preserve sentiment on an internet bulletin board. Moreso, fancy contributing here without being able to say what you really think...nah.
You should probably engage your brain on how daft your opinion is FTJNY.
Bozi …. There is no “party line” to tow its just differences of opinion…. I’m not happy with the way things have been handled recently, nor is the market…. Hence the share price. I do however foresee a fairly rapid conclusion to this saga and I’d be amazed if it goes beyond the AGM
I’m confident at this stage Mather 4%, DGR (Mather) 8.9%, cornerstone 6.9% & Tenstar 4.7% all want the same outcome and with 25% of the company between them they hold serious sway and a way in for any 3rd party waiting in the wings
We know that DBW, but there does seem those amongst us that think we mustn't stray from saying good, positive things at all times because otherwise we're '****ing on our own doorstep' or harming our investments.
You either get accused of being a moaner or a whinger like Addicknt was the other week or you get accused of not being a shareholder.
Your view of where this goes next may well be right. The AGM is certainly set to be transformational for SolGold at a corporate level.
I don't think I'd be quite as surprised as you if we're still here in January. I believe BHP will want to put on a show at the AGM rather than 'agree out of court' beforehand. But, I say that without knowing if anyone else is involved or waiting on the sidelines.
We've got some interesting weeks upcoming that's for sure.
Bozi, It’s not daft at all. IMO it’s simple common sense “not to air your dirty linen in public” It might make you personally feel better but it’s negativity is destructive and value destroying! Positivity breeds positivity as we have seen many times over many years as investors have piled into Solg not just based on maybe a good drill result or a fund raise but also collective positive sentiment towards the stock a bit like herd mentality. But flip it the other way and with posts like you have made recently along with others it’s unfortunately all to easy to instil doubt and fear among fellow investors and with so little volume exchanging hands on a daily basis it doesn’t take many sells to push down the SP. So maybe next time you are inclined to vent your spleen and get something off your chest just ponder for a minute whether you are helping matters or are part of the problem perpetuating a feeling of negativity towards the very stock you are holding. If it’s the latter then you might as well get a gun and shoot your big toe off!