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Rockhead, if you’re more reliably informed please elaborate. Or is your forte picking holes in others assertions.
BP, “if” there is a phase 2.
It could be phase “administration” if the review reports things that can’t be overcome in a cost efficient timely manner
Also wonder how the cash position is doing. Reviews can't be cheap. Especially if they have few indemnities attached.
Will the review reveal fundamental flaws? Ahem.
Meant to add.. Has tb sold out to invest in the "newco". Is that why he's quiet? Maybe hoovers broke, maybe barlinnie doesn't allow the internet. Maybe TB is now TG and identifies as a girl to get the equality count up on the board. Could be any variant in-between.
Rockhead,
If it is indeed a form of due diligence, it has to be reported to shareholders I believe. Which it hasn't. Perhaps why it's dressed as something else? Who knows. With the lack of communication from the company, we are left to only speculate.
If it was due diligence in advance of a "takeover", I see it more likely that it would enter administration to hive off the bad debts and take the assets. Is that why we've been spending money on machinery we don't have the money or need for? Anyones guess
Getting it in now. 100 shares for 1 coming soon to get the price off the bottom. New mining plan. Reduced team size. Executive changes if anyone is daft enough to get on board perhaps. New funding required for this new start?
Maybe legal issues have caught up with him. Who knows.
It seems like a sinking ship at the moment. Will a mining review be sufficient to save it? Or is a wholesale business review required?
I don’t think the silence from tb, the lack of clarity over who is conducting the review and what the potential outcomes are, is leading to a lot of uncertainty when it was already cloudy times beforehand
Had tb sold out as he knows what’s coming?
**awkward silence **
Baz, that’s true and I hope he’s in good health, but we’ve also never been at 12p before either. Also not had the authorities all over it either. Could be one of many things but I find it very coincidental the absence is at the time things are as bad as they are
Also, in tyndrum today, no sign of TB. Either busy hoovering or mining.
Rockhead, amazing facts there. Still waiting on why we’re so wrong.
Shychap, very curious indeed. Worthy of exploration some might say.
Rockhead you remind me of a certain tb. But at least he had the guts to throw a proper insult instead of disguise it as a thinly veiled joke.
Let’s hear you’re amazing “facts” as to why we’re struggling around the 13p mark since were so wildly wrong. I would love to hear it.
We've reached the point, gold is not gold now, it's silver. What's that old glasgow story... if your granny had b**ls she would be your grampa? I swear, I never expected this to reach the point where we actually have been mining less "gold" than we thought. It's now actually silver just being called gold. Tomorrows news... it's not a mining company... we just test dynamite. What next for SGZ. Worse than a soap opera.
To top it off, a premium product being sold at spot. You couldn't write it. Close it now and put us out the misery.
Steelwatch, that's simply an explanation of how it's accounted for. Not what actually happens to the silver percentage. I think george is quite right to ask what happens to the silver as we never seem to hear of it. The interesting part of your quotation on accounting policies is this...
" as well as the terms of the off-take agreement."
Would you know the terms of the off-take agreement that would stipulate what happens to the silver, rather than how it's accounted for on a balance sheet?
George from memory, don’t quote me on this, the silver is kept my the refiner as a way of payment. Which, if that is the case, and I could be wrong, then it’s a disgrace as our ore body is primarily silver based metals I believe. I’m ok shakey ground with my accuracy over this but worth exploring further and perhaps someone will either confirm or know more?
George, I don't think its a maths question as such. I think it's a descriptive error instead. In the same RNS it says:
"With the commencement of LHS on 5 April 2023, gold concentrate production steadily increased in Q2 2023, with a total of 1,556 ounces of gold being produced, of which 818 ounces was attributed to June 2023"
Based on current POG, £1526 x 1556 oz = £2,376,000.
Reported income from gold sales in q2 was 2 Million to the nearest million. So, £376,000 for processing, shipment etc perhaps. A percent lost to refining ect.
When they've said "gold concentrate shipments totalled 269 tonnes" I think, it possibly means, 269 tonnes of ore. If it was dore even at 10 percent purity, it would be worth in excess of a billion pounds which not only doesn't tally with the produced figures, but would be highly unlikely (impossible).
Lastly, I think most of the RNS are inaccurate, so i'm not surprised by another one being poorly worded.
Hope that helps.
"As previously announced the tailings thickener, designed to increase throughput of ore, is ready to be commissioned. The Company will commission the tailings thickener when sufficient ore is being delivered from the mine for it to be effective"
"The Company has identified a definition drill rig whilst alternative drill rigs are being considered due to the definition drilling program being on hold until the completion of the 3rd party mine plan review."
Or another way of putting it... we don't have a clue what we're doing. Have wasted money on equipment that is of no use. Oh and by the way, we will probably have to change the entire design of the mine again, incorporating a new raft of costs associated with a new mine plan and ventilation/power requirements of this.
Don't look at this drill rig we said would save us... look at the new drill rig that will save us.
Unbelievable.
With TB in hiding, the share price struggling to stay past 13p, a mine review underway, lhs hasn’t saved us, the ceo has left and many other stories… who would of thought it, a few short months ago.
So what does the future hold. Anyone care to contribute an informed unbiased answer
Personally, I see a restructuring via administration. With the tale being told that it will “save the business”
He’s made a beeline to the mine to whip them into shape.
I'm discombobulated that tb seemed to disappear just as regulators were getting their teeth in. Or just after a certain twitter aficionado made claims that he was up to no good and had a hand in mine building works. Who knows. Odd. The mystery continues. Is the review, a criminal one or a civil one? Theres a question...