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Evening all. I am somewhat confused/frustrated by the strategy or lack of strategy/financing/direction of solg this year. Reduced exploration in the regionals, with 60+ available?? How many other potential tier 1s could there be! we wont know till we explore! Virgin territory in Andean vein. Now there are not that many virgins in Ecuador believe me, so take advantage!! Explore, discover and sell/jv!!! ffs thats why I invested in this company!! ok GLA rant over
All the best
DK
Agree with you 100% and probably the vast majority of small investors.
Cannot understand that this exploration company, CANNOT explore in parallel to the Alpala business!
That's were our future lies, discovering!
Eish, I understand why we embarked on the land grab, but it was not a particularly sensible strategy. As a small explorer, we were never likely to be able to finance the exploration of all the concessions. We bit off more than we could chew and it's my belief this has held us back, in as much as it has made us look a bit unfocussed. The fact we've not be able to convert any of the supposed interest in jvs has added to this lurking suspicion.
As someone pointed out the other day, we need $450m to meet our exploration commitments, and that simply ain't gonna happen.
Add agreed .... we need to either sell Cascabel (or the lot) or get into bed with a wealthy partner.
Personally I think the Chinese could still have a part to play here. BHP still favorites to get this (assuming they want it) but it'll probably take a 3rd party to sting them into action.
These things often (nearly always) come out of the blue and you have to think the board must have a plan ..... if they don't they might as well walk away now
Eish in 2015 we announced that we were switching from an exploration company to becoming a producer.
Yes we still explore. But the focus is on bringing Alpala to production.
So much so that we have practically stopped all drilling to advance Alpala.
This is the news we await. As we head towards the revised PFS and DFS middle of next year.
For once we seem to be on schedule.
Exactly Eish
The main header on the website begins
“Solgold is a leading exploration company “
So first and foremost that’s what we’re supposed to do …. Leave the development to those who know their apples
Then please DBW explain to people on here why we suspended our drilling program to bring Alpala to production.
Or are you denying that is what we are doing.
“Solgold is a leading exploration company “
Someone once told me we should believe what the company tells us ….. so maybe you should tell us why we have suspended “most” drilling ?
Is it
Could they have stopped drilling because they are running out of money and the wages still need paying.
Eaking out what they have left until somebody makes a bid.
That's the point DBW the company has explained why we have drastically cut back on our drilling program. It's so we can bring Alpala to production.
Really how many times does Solgold have to make this announcement before it sinks in.
Ahhhh that clears that up ….. there’s me thinking it’s because we’ve got no money ( yet) to progress our drilling programme.
We are funded to the end of the year. We will successfully fund raise before that. So it's not we got no money.
Think back to what Darryl said recently. We bring Alpala to DFS and funding options open up for us. This to my mind means loans, offtake and minimal dilution.
He couldn't be any clearer. We are concentrating on bringing Alpala to production.
Yes of course once we have obtained the funding, we will then fully restart our exploration program.
But that will be funded differently.
DBW, we did have a period a while ago (18months) whereby we had numerous exploration drills underway. With each hole result, the market just shrugged it off as if it was irrelevant. Porvenir Hole 1 was the only time I think I've seen the SP leap into life. The share price rose from 28p to test 43p+ on that Porvenir discovery. Yes wouldn't we all like events like that one again?? But the truth is, even after the event, the market just deflates interest. It's like Porvenir never happened. It's like valuestone didn't invest $5m+ at 32p in Porvenir alone. FWIIW... it's highly likely that Porvenir will be SOLG's (or some partners) first producing asset. It's perfect for a solaris/lundin partner deal as all the infrastructure is there. Personally, I'd see NCM more interested in buying into or the full 100% of Porvenir than getting involved in full on Alpala.
I think it's fairly obvious now why SOLG haven't done any partner deals or farm outs on grass roots. The conclusion is that BHP want it all and SOLG know that. So are literally baby sitting these blocks until BHP makes their move. Why they would do this is anyones guess... but perhaps any monetisation of the assets or relinquishment of ownership etc is a condition of BHP standing aside and letting SOLG soldier on and prove up Porvenir and Alpala to full potential. Sometimes you have to scratch the devils back if you want to live a bit longer?
I think I agree with pretty much all of that . Having said that we’d probably be in a stronger bargaining position had our last attempt to raise funds not failed :)
Once again...2.1/2 hours in and even worse volume than yesterday...35 trades...£56k...
Is everybody simply just waiting for what they regard as the inevitable...?
So many twists and turns it's hard to know what's good or bad. For instance... if we struck big on RIO's first hole, would that have triggered BHP into action? Would that have seen us taken out without PFS and Porvenir PEA? I was always invested in SOLG based on two key catalysts... 1. ENSA/Alpala sale or entire SOLG sale and 2. Exploration with RIO being my main interest.
So like many on here, I'm pretty miffed to see that last $78m funding round deliver almost next to zero exploration. That's the sore point for me. A company can't go to market saying they need funds to explore and they have 6 tier 1 style targets and then 12 months later do zero yet burn through all the cash on salaries and jetting around the world doing presentations that are like something from Jackanory. Devoid of reality and full of dreams! Where's the $78m gone Darryl??
RK1 - if you're referring to the financing, then yes.
There's a name we haven't seen for a while - KRSS.
It's a shame you're hear to cross ramp HZM. A stock with decent prospects but nickel is certainly not the new gold. Nickel will be infinitely more useful than gold.
We know what the capex is for the phase 1 PFS and we'll see how the updated study impacts this. The deposit is well within the boundaries of a block cave operation and this is certainly what the party that constructs the mine will do.