Member Info for BlakeneyP

If it was a scam all along it was very elaborate.

https://www.bbc.com/news/uk-scotland-scotland-business-54886709

I think the evidence is more likely to point to the alleged criminal scam kicking in January this year. Remember the AGM and all the absolute bo**ocks issued since then.

Wouldn't those responsible feel like marked men with a price on their head - like the old cowboy films - for the rest of their days if they shaft shareholders?

What do the shareholding directors listed here end up with if the company folds? That might affect how earnestly they're trying to secure new finance.

https://www.scotgoldresources.com/investors/capital-structure/

It's looking like that for everyone's sake they'd better succeed in securing that new finance.

"The mine's chief executive, Phil Day, told me that gold extraction would increase. By the year end, the company aimed to be bringing out millions of pounds worth of gold each month.

And in future? New gold mines in the Highlands, perhaps. "The name of the game is to grow, grow, grow," he said.

That was the plan, the goal, the dream.

But in June, Mr Day resigned abruptly."

It's almost looking (allegedly) like he should have written, "The mine's chief executive, Phil Day, lied to me and said that gold extraction would increase........."

Are the authorities investigating? Should they be? Who else was complicit?

https://www.bbc.com/news/uk-scotland-tayside-central-66751000

Who knows? Past rescues are no guarantee of avoiding catastrophe this time, I guess.

But another disconcerting thing that was noticeable was the word "shareholders" not being used. Who'd look out for their best interests? lol

Wasn't it the serpentine Blair who first used "stakeholders" at every available opportunity.

Is it only the fact that the shares are suspended that's preventing you hoovering up even more, tb? Hugs and kisses.

You doubting Thomases!!

It's as if you don't believe this: The Company is actively seeking additional financing and discussions are in an advanced stage and, should they materialise, are expected to provide sufficient funding for the Company to continue as a going concern.

The smell of the jam that will be delivered tomorrow wafts o'er the Trossachs, so it does.

Here's one for Mr Spock as I can't follow the logic:

We could pay the creditor but that's deemed not to be in the best interest of all stakeholders.

But if a payment plan is not worked out then there's a material risk of administration.

How can administration possibly be a better option for stakeholders?

---

It's all academic and speculation now anyway - either the company secures new finance or it doesn't. What might potential investors look at?

1. What the last CEO told the world.

2. Where the new CEO is. lol

3. The drill rig that from nowhere became critical.

4. The cash position of the company. ooerrr

5. How the other mines have progressed over the last 12/13 years LOL

6. The management's overall competence. Mr Grimsdale! MR GRIMSDALE.!!

There are more miserable failures of course but I can't be bothered.

On the upside, investors now know that men down't mine behave differently if ladies are present and our PowerPoint slides about ESG are bang up to date with buzzwords and claptrap.

Decisions, decisions.....

"As for TB, NLR etc. This will haunt them in every future business. I wonder if TB will be propping up the bar in the tyndrum inn this weekend? Or hiding in his attic in dorset. "

Too early to say. NLR has consistently coughed up and hasn't shafted Scotgold shareholders thus far. Quite the opposite - we might well have folded long before now if it hadn't been for him. What will he do this time though?

As for tb though, yes, guilty as sin and lots of people will recognise him after his various media appearances. Awkward.

Previous rumours of Scotgold's death were greatly exaggerated although this time they might very shortly come true.

There is never a shortage of people looking to make money and every other time the company has managed to tap into some more money to keep going from the likes of NLR, the American 'Gunslinger', the foundation that something to do with Ian Fleming, Fern Wealth in Switzerland and so on. But this time will the people with money find the company and its management worth investing in given its performance since 2011?

With the price languishing where it is, will the company be able to secure one last round of funding that will finally secure a viable future for the company?

(tb has been contacting people telling them that Warren Buffet flew into Crianlarich International Airport very recently and has been seen at the mine literally with chequebook in hand desperate to be part of the Scotgold success story.)

I will lose big if it goes under but have no interest in maintaining any kind of respect.

It looks to me as if we were lied to and to the extent it was possibly criminal.

Let's not pretend we should be playing nice.

This might be a small point in the catastrophe that is Scotgold but if discussions are in an advanced stage, how can the outcome be highly uncertain?

If discussions were at a preliminary stage, sure. But at an advanced stage? Sounds strange or really, really bad.

"The Company is actively seeking additional financing and discussions are in an advanced stage and, should they materialise, are expected to provide sufficient funding for the Company to continue as a going concern. The outcome of the funding discussions is highly uncertain "

The BBC and newspapers got the information about the Klondike from the company and specifically the then CEO, no?

tb finally looks to have called one right: and so it begins.

My point isn't odd at all.

What is odd is that we weren't told when the report would begin, when it was targeted to finish and the name of the company doing it.

Will they ever dare to hold another meeting to which shareholders are invited?

"Sorry guys but we're stony. We've spaffed away all your millions; Cononish is an ex mine, and the other phenomenal assets in our licence area, well, we didn't quite get started on any of them as you know. But our ESG score is pretty good and we should all be proud of that. Any questions?"

"Guards! Guards!!"

How can it be the longest review if you don't know when it started? The announcement on 10th July didn't tell us.

If it wasn't for the constantly dire cash position and the warnings about material uncertainty about the business continuing or whatever the wording was, then this paragraph, in isolation, could be construed as almost positive. LOL. By itself, it doesn't sound like the end is nigh.

"The review will initially encompass an assessment of the mine design, schedule and production forecasts. This review will inform 2023 production forecasts and will also incorporate a second stage of power and ventilation upgrades to improve mine accessibility and enable the mine to operate all development and production equipment simultaneously to improve mine development rates. This second stage of power and ventilation upgrade allows a step change in development rates and opens up more mining fronts by enabling equipment to operate in parallel. This is necessary to complete the capital development required for ventilation, resource definition drilling and continuation of the incline to open up more mining fronts."

However, the fact that the company has lost more than 98% of its value remains the uncomfortable reality.

Why don't you provide the balance Troajan?

I'll start you off:

1. Some funding was announced over the summer

2. They were recruiting two underground engineers recently and promoted someone else

That's it as far as I can see but please, enlighten us.

Are you getting Nat and Danny mixed up?

No outcomes from the ongoing review before the third quarter update?

Surely that can't be right.

Are there no bona fide locals who lurk here and fancy providing a heads up?

With the sizeable investment announced in earlier in the summer are there not only three possibilities?

1. That money was a futile attempt to rescue the company. It was throwing good money after bad and the backers chose unwisely.

2. There is a future mapped out for the directors and the big boys but it will royally shaft ordinary shareholders.

3. It's fine! Relax! That investment and the anticipated report will ensure pots and pots of jam tomorrow.

I'm not sure which of the above is most likely but are there any other possibilities?

Nice that tb still gets a mention in p*ssing now and again. Remember his tales of the mine being approached by interested buyers....."they wouldn't be the first" and that kind of tripe.

Was that someone taking a punt this afternoon?

Or did someone get a wee sniff of something?