Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Because no matter what the result, no matter how well the team plays, no matter the significance of any game, our national team's manager remains resolutely unexcited. Keeping feet on the ground, not getting carried away....that sort of thing. He actually (nearly) jokes about his attitude in some of his interviews.
That was it.....
It would be strange pump indeed where no one knows what the pump actually is....and the mms haven't marked it up more than 45% out the goodness of their heart.
Nope, something is afoot and long may it last.
By the way bbb, are you a distant relative of Steve Clarke? lol
You mean we're in for a tie up with Hartley's Jam AND Baxters of Speyside??
Some lucky (aye, right) punter picked up £10k worth very late on Friday afternoon.
Please Scotgold, can we have some more?
And so it begins? (Volume X111)
"...risks going bust.." in the sub-heading spells it out pretty clearly, no?
https://www.scotsman.com/business/scotgold-resources-warns-of-immediate-threat-to-mining-firm-after-production-blow-emails-hacked-4080227
Looks like if the ore and grades aren't up to scratch the fat lady sings. No more cash needed. Investors out there willing to put more money in - totally irrelevant.
The mystery of the missing millions....hmmm. With the interim CEO having been in charge of the money, surely he has a handle on the company's costs and how to reduce them. Lol. Hopefully he's got his 'Proficient Email User' certificate hanging on his office wall now as well.
Wasn't some of the loot spent on the new rig which from nowhere was described as critical?
Yes, siree. The next RNS had better be good....along with the ore and the grades. Exceedingly good.
At least we know HR Karen got the men doing the actual mining to behave differently. Well done, HR Karen. Money well spent. Yay!
Thinking back to the documentary there was a lady in charge, I think, of HR. Let's call her Karen for now.
Karen was filmed saying that the person filmed was hired because Karen knew that having a female down't mine would change the way the men behaved.
All regular readers of this board will know that out of context what Karen said is true i.e. men behave differently if there are women around.
But how long had Karen spent in underground mines to know how teams operate and what was key to success? I'd hazard a guess about the same amount of time that Joe and Hunter Biden have spent doing good, honest work.
How very dare she take it upon herself to decide the way that miners ought to behave? Absolutely incredible. Experience? Nah. Competence? Nah. I'm choosing this candidate because I think men in an underground mine will now behave differently.
How many folk have been hired to meet Karen's view of an "I'd like to teach the world to sing" fantasy world? The tragic events in the submarine show the stark reality of hiring people for diversity reasons.
I wonder to what extent Karen's kumbaya hiring policies have contributed to our teetering on the verge of collapse. Maybe someone who has visited the mine, lol, has the answer to that one.
Here endeth today's sermon on reality.
Seems like the boss of the submarine company didn't want to hire White men in their 50s. He evidently went for inspirational diversity. End result?
How is Scotgold's bottom line looking as it strives to achieve equity in the workplace?
Still, TB can hoover up even more now. Lol.
Yes, good news might see the the price fly back up as someone suggested the other week.....but to what? 17p?
Where are they advertising for the new CEO? The Beano? The Magic Circle?
Carry on Scotgold!
Would MM stump up a lot of money and join the board just for the Irn Bru and shortbread at the on-site board meetings?
I see three possibilities:
1) He was deceived and conned - apparently like some shareholders, yes indeedy, feel they were - and was unaware of the true state of the company and its finances.
2) He sees a future for the company which he feels he can contribute towards and build.
3) A viable but radically different future is now being pursued and it doesn't involve the shareholders who've been here for years. (Awkward intake of breath.)
"...continuing to drive the ongoing development and production from our Cononish gold mine and the wider area."
and in Notes:
" The mine has anticipated forecast operating costs of c.£610 per ounce Q4 2023, which will place Cononish in the lowest quartile of gold mining operations globally."
...both make it sound like we have a future so the announcement could be construed as positive.
Is the reality of the company's situation, however, something that the chairman isn't "comfortable sharing at the moment"? Isn't experience a wonderful thing?
Anyway, good luck Mr Mason.
Common sense would suggest that the workers themselves would have zero tolerance approach to such a thing: working underground, working with explosives and working with dangerous machinery. Can't see anyone allowing their life to be put in danger by someone under the influence of drugs.
But again, a strange and very specific thing to make up if it is unfounded.
Don't want to jinx anything but if we get to the closing bell unchanged that's us gone a week without further loss. Could the bottom be in and the worm about to turn? lol
It isn't people posting on this board that has brought the company to the precipice.
How many people "working" from home does a goldmine in Scotland need? Elon Musk reduced the headcount at Twitter and productivity didn't suffer - if anything it went up. Are we spending money on making mining more attractive to the trans community so that we reach equity goals? Either we're serious about equity or we're not.
--
First, do no harm - yesterday and today have been raging successes!!
On the upside, Scotgold acted quickly and he should know the business and the people. Err, that's it.
On the downside, he was in charge of finance, no? We nearly ran out of money a few weeks after raising £3,000,000! Now he's in charge of the whole thing. The continuity candidates is often seen as a good thing but who on earth wants continuity at Scotgold? I'm not sure that it is success that has been rewarded here to put it politely.
Where is he based? Nova Scotia? New Caledonia?
Genuinely, I wish him well.
Mr Day - may what has been done to shareholder value under your leadership of the company follow you and remain with you for the rest of your career and beyond.
imo
I don't disagree Ginoir but the problem right now is the sliding share price.
Example: it slips to 7p or 5p and then over the next three months the news is great. Even if it flies up to 35p or 45p that would be a HUGE percentage gain but not an awful lot of use to the majority here, I suspect.
In my opinion we can't wait three months. It could fall to a penny and then rocket to 28 pence.....no use whatsoever.
Everyone's in that boat now.
Sell for a pittance or run the risk of getting nothing.
It's not exactly the picture painted by the company in its presentations.
The sooner the new guy is appointed the better imo. Some sort of realistic roadmap out of here with a drastically reduced headcount. How many people working from home does a goldmine need?? How profitable HR's quest for equity? I can't see I've seen anything to suggest the big backers will give the new person time and working capital, though. But if what we're producing isn't sufficient and that's not offered, presumably it's curtains.
There was a post here - quickly deleted by the moderators - suggesting that TB is up at the mine. Maybe we'll see an update from him. Some new blasting was supposed to be starting around a week after the 1st.
imo
"...a lot less operating costs than that...."
Listen, once again, the the Declaration of Edinburgh from 23:20.
https://www.sharesmagazine.co.uk/video/scotgold-resources-sgz-phil-day-ceo
It's followed by "straight into a drill campaign..." lol. Not much information about that recently, huh?
Were the people paid to keep an eye on costs also working from home??
Buys so far total around £500. Is that you loading up at these bargain prices, TB?
Another 9% down this morning. It's over, isn't it chaps?
There's just the matter, some might feel, of possible criminality to investigate.
imo
Some arithmetic:
24,712,974 shares (the number NLR holds) multiplied by the value of the shares when PD took over ie 75p.
24,712,974 x .75 = £18,534,730
Today
24,712,974 x .13 = £3,212,686
I think a drop in value exceeding £15,000,000 might have something to do with PD’s apparent desire to spend more time with his family / hiding out in the outback.
In case the company is wound up and this board disappears overnight my message to the outgoing CEO would be:
May what you have done to shareholder value stay with you for the rest of your career and beyond.
imo
Good point, yayay. Let’s look at the possibilities.
1. Negligence - they simply didn’t bother to look at what Jim and Bert were up to
2. Incompetence - they were unable to process (dah dah) what Jim and Bert told them
3. They were brazenly and criminally lied to by Jim and Bert and are as dismayed as everyone else at the true position of the company
4. They are sufficiently wealthy to see Scotgold as a convenient, and very hefty, tax loss
5. With a nod to those who post about it on this board, it’s all part of a cunning plan to take the company private
Number 4 in my view is the least likely.
And relating to 3, were the other big hitters aware of what the Chairman was NOT comfortable sharing with us back in January? I know what it suggests to me about his knowing, but the others?
Clutching at straws here but might the many multiples of 10k investments by these guys over the years be our saving grace?
If there really is gold worth a billion dollars (and who’d believe that now? LOL) around Cononish, and factor in the potential of the other areas we have the licence for, are they really going to walk away when success might now be a mere generation away?
“Oh, yes,” as that Churchill nodding dog says.
All imo.
Where can the good news come from that will make any significant difference?
An impressive new CEO with grand plans - hilarious - might give us a minor boost as would another RNS about decent grades and a picture of the new piece of kit in operation (has it been delivered by Drills Home Delivery yet?) but we need a sustained rise of 100% to get us to a position that would still be utterly cr*p.
And there's been nothing from the company about even a potential way out of where they've brought us to.
Well done, Scotgold. Well done.
Still, it gives someone the chance to load up even more at these prices. Lol.
imo
Without a sizeable injection of new cash, and where would that come from after 13 years of catastrophe?, I think going out of business last Friday is pretty close to what the administrators will conclude as well.
Maybe a) should read
If £8,000 is all that is left after a £3,000,000 raise three months ago, how long will it be before a £2,000,000 raise has all been spent? Remember to factor in a reasonable deduction for the money being paid to creditors, as the company explained (finally) that at least some of the loot oops funds would be used for that. Finally, add in a wee bitty for the value of some sacks of rock lying about the place still to be processed, and for a few specks of gold which we're told is of a good grade.