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It seems pretty obvious that there are now two entrenched opinions about our future; those who want a sale, as represented by the CGP mob and Mather, and those who want us to move towards production with a new Board. This seems to be the view of BHP and perhaps others - the Californian Teachers?
Given the nature of the relative shareholdings, we appear to have an impasse which rears its head at this time of year just like some terrible pantomime staring Christopher Biggins. How do we get away from this farrago? Because on thing's for sure; it's undermining any residual credibility just at the time we need it most i.e in our negotiations with the government. We cannot carry on like this.
The only answer I can think of is to make it crystal clear we are for sale ( I think most people know this already) and to make it equally clear to BHP that if they want to see this go all the way, they should make an offer. In other words, put up or shut up. We must force their hand.
For the past four years we've been in an appalling mess and are riven by division. This no way for a company with assets of of the quality we own, to progress. We must, and inevitably will, push the thing to a showdown and the way to do that is to allow SC to turn the company into an irresistibly attractive proposition.
Brilliant post addickt...
And there seems to be some Christmas spirit on this BB.
Glad tidings to all...
Agreed Add
We’ve had PFS’s before and they’ve never had the desired effect but I think this’ll be different. I honestly believe this will attract a lot of attention as the object of the exercise now is to demonstrate the viability to prospective buyers.
As for BHP, we have no way of knowing for sure whether they even want Cascabel/ Solg for themselves but I’m fairly sure they won’t be giving their shares away.
With the new PFS out and the charade of production finally put to bed I think things could be looking much brighter before too long.
HO HO HO
Christmas is coming late again this year!!!
HO HO HO
As Spike Milligan sang...
"I'm walking backwards to Christmas...."
OH OH OH...,
Or were you suggesting we have found Holmium in one of our projects.lots of it...?.
I've had a quick check and find it a bit strange the article written by Peter Ker wrt the "California State Teachers Retirement "
On their web site they appear to own 1,679,674 Solgold shares, unless they hold others somewhere else
Why were they even mentioned, Red owns more than them :)
https://www.calstrs.com/portfolio-holdings-international-equities
"Tensions between the SolGold register look set to flare again at the December 20 AGM, when American pension fund California State Teachers Retirement System will vote against SolGold’s remuneration report and against the re-election of Mr Mather"
TI, perhaps more appropriately; "They're behind you!"
"Oh no they're not."
etc, etc.
Mog, good point. Of themselves they're no threat, so I wonder who else is aligned to BHP?
If it was only BHP surely the Board wouldn't be concerned?
Ha ha on the red owning more shares. Red. I enjoy reading your chats so not taking urine. Chuckled at the joke.
The teachers fund does hold assets totalling $318 billion so guess it's a credibility message rather than a dominate shareholder message.
Bit like Blackrock hitting the wires with something similar but ony holding 1.6m shares? They can still have a voice but have to say it's a bit embarrassing for them to be quoted based on having just over £100k invested.
Bit said really for a fund running $318 billion to be commenting on £100k investment.
mmm
DBW - re: your comment "We’ve had PFS’s before and they’ve never had the desired effect but I think this’ll be different."
This is the whole puzzle, why only now getting to a 'suitable' PFS?
We've had a revised capex-light PFS, which only targets c30% of resource.
Now we're planning a phased, super-low capex PFS.
I went through some of my notes from the April 2022 PFS update:
- SOLG were targetting an extra +$1bn NPV from the PFS-addendum and DFS
Lots of this work would have been completed during 2022. How much additional value is there, ready to incorporate into next PFS?
One of the statements about the DFS, which was planned for H2 2023:
"...the 'right sizing' of the project, with the objective of reducing the technical and execution risk..."
That sentence reminds me of what Scott has emphasised, over a year later.
I know studies take time, but do SOLG know exactly what an optimum PFS is?
Don’t hold your breath guys but it looks like we’re heading towards the lofty 8p level for Christmas with any luck.
Oops I think I just broke a rib laughing as I typed this lol !
Dont put the mockers on it mate!
When you laugh do you make Richer Sounds...?
Red I’m just trying to add a little levity into what’s been a pretty sh*t time for shareholders here :-/
Let’s sincerely hope that next year is significantly better.
NMM
I seriously think (for the first time I can remember) they are genuinely excited about the PFS and expecting the market to sit up and take notice. Hopefully it’ll be made crystal clear this has been done with the intention of selling the deposit if not the whole shooting match at the right price.
The market won't take much notice imho. Why should they? What's to like about a Tier1 super major suited mine being phased down to suit a small to mid cap miner's smaller pockets? It's a bit like knocking down Park lane hotel and then putting in plans to build a bungalow on the same plot simply because that's all the owner can afford. They could however, sell the plot to someone else who can build another hotel and make the best out of the plot.
There's nothing to get excited about at all.
However, if it means that SOLG can finance it through Franco or number of deals or it means they have 30 interested parties able to develop phase 1 rather than possibly just a handful right now... well... then that serves it's purpose.
Ultimately this is about extracting a bid as at the moment super majors know that SOLG can't finance it. And that's the mexican stand off right now.
So excitement ... no. But useful and potentially a super major aggravating bid inducing plan? Yes.
Fort
“There's nothing to get excited about at all”
How do you know that ?
In fact only a few days ago you said
“There is no chance of a PFS update in q1... that's just a ruse”
On both counts we shall see.
It’s just my opinion but I honestly think this time the market will sit up and take notice…… but I could be wrong of course
DBW - I have similar initial thoughts to Fortissimo...
If the PFS is with the intention to sell, reflect the whole resource and addendum/DFS additional items. Plus Tandayama.
High Capex but MEGA NPV. Then stick a 'for sale' sign out?
The phased approach PFS feels the opposite of a sale. It's saying 'this is small to begin with and we can progress this'.
(Of course, this may increase confidence hence SP, and easier to obtain finance. Hence prod interested parties to act?).
Have you had a chat with Scott recently, or is the 'excitement' perception based on recent RNSs?
We'll have to wait and see what turns up in Q1. As I said... I think there is little point in printing a PFS with inflation and interest rates (as they are) embedded in. Far better to wait until Q2 or Q3 as when these drop (and they will) it should add another 1% to 2% to the IRR.
After yesterday's RNS, i'm now expecting a PFS3 before mid Feb but likely with a caveat that it will be updated and optimised in Q2/Q3 blah blah blah.
That's fair enough as it's only over the last couple of months that the markets in general have decided to swing to earlier rate cuts and lower inflation numbers.
It's a moving ball game...
If Accounts are to be signed off by March 31st, then my guess is that they'll need to raise cash before then as auditors won't sign off based on 3 months of funds left at date of sign off.
So all appears to point to one very large PUMP due in early Q1. I'm surprised more that the market hasn't picked up on that lol! Sp should be 12p+ levels on that realisation but guess the mm's are still filling large orders from impatient and patient sellers/buyers.
NMM …. Haven’t spoken to Scott. There are plenty of others in the industry and they all talk to each other.
Cascabel is a phenomenal asset and despite the last crappy few years value will out in the end .
Yes dbw, you could be wrong.
You actually have never yet been right as I recall.
I can remember someone telling you years ago,
If you keep saying daily good news is around the corner. One day you will be right.
That was about 4 years ago though.
I dont understand why the Colonel has become so negative. He seems to have lost the plot. I have him filtered but he seems to be spouting unsubstantiated wrong opinions.
I'm with you DBW all the way...
PFS3 EARLY in Q1...its there in black and white...
Cheaper Capex; earlier production; (and higher metals prices to boot)
Curtain twitcher!!
Red, if you we here early covid times you would understand the colonel is not all there.
Tbh he is still probably hiding in his bunker
Or hiding behind his sofa with zoros! He was another of the Lily livered brigade terrified of a cold