Member Info for BlakeneyP

Even in a company as badly run as Scotgold seems to be surely new hires are approved by management who know the state of the company and what plans they're working on to reach full production (lol). Or maybe not. Who knows?

Another bad sign is the lack of director buys. The last one "in open play" was in January 2022 and the one before that was in December 2020.

You'd have thought that they'd be hoovering them up if they thought today's price reflected a bargain. (Like TB. LOL)

Yet there were definitely some positives and forward looking sentiments expressed in the most recent RNS.

It's all so........... discombobulating.

I can't see us continuing as we are given the astonishing rate at which we go through cash and how little of it always seems to be left.

All the recent announcements have been grim: nothing about a route forward, realistic restructuring options, securing funding - enough this time - to provide a future, cutting costs. Nope, nothing positive at all.

On the other hand would they waste time, effort and money on recruiting new staff and promoting others if the jannie is about to come round and padlock the gates?

And what happened to this from 27th March? The Directors of the Company have also discussed, if the need arises, providing a short-term convertible loan as a measure to ensure the Company continues with the long hole stoping deliverables as updated in this release."

Have we still got that card up our sleeve to play?

Maybe all is not lost.

Yet.

Congratulations to the gentleman promoted to the position of Mining Engineer.

A sign that the company can secure a viable future for itself or is it someone being promoted to Senior Deckchair Attendant on RMS Titanic?

With the company having warned of material uncertainty, and with the price having already collapsed around 98%, the idea that any negativity from the regular posters is so that they can buy in at a cheaper price is plain daft.

That's self evident Andrew1987.

The uncomfortable possibility remains that all the specialist advice of which there has been much was total bo****ks.

That would at least partly explain why management's plans never seem to work out. Rubbish in rubbish out.

Wtf what where they paying geologists for with neatly presented rock samples ,proper bull****!!! are they having a laugh!!@???

Maybe the geologists were equity hires. That's what tends to happen when competence is replaced as the overriding criterion.

Faith was mentioned in the posts a few times yesterday - who can have any faith in any of the figures anyone has produced for the company? Who can have faith in any of the content of the RNSs?

Not me anymore, that's for sure.

Looks like someone baled out yesterday morning selling 671,168 shares at 12p.

That's a massive hit someone took but it explains the severity of yesterday's drop.

Might it even have been TB giving up the ghost and his vacuum cleaner regurgitating?

8 months, Duncandisorderly? This has been on a continuous losing streak for well over 8 years.

For sure Slacker246 - people have got into an awful lot of trouble for a lot less than what Scotgold, allegedly, has done to the finances of its longterm shareholders.

Scotgold is advertising for a new Diesel Plant Fitter / Heavy Duty Equipment Mechanic.

The role is described as, "a great opportunity" but one wonders how long the job is realistically expected to last. Or does it mean there's still hope? LOL

If the people hoodwinked into buying a fortnight ago are raging how do those who bought at 40p and way above feel?

TB's hoover will be working overtime at these prices.

It does look the death spiral now.

One massive cluster**** - is one view - since the day it was listed at the equivalent of £7.00.

This from the RNS on 15th May:

Further Scottish gold doré sales were made to Scottish jewellery companies, totalling £183,478, from 1 January 2023 to 4 May 2023.

This from the RNS on 10th July:

Scottish gold doré sales made to Scottish jewellery companies during H1 2023 totalled £183,478.

Therefore it looks like a gold mining company based in Scotland sold precisely no Scottish gold between 4th May and 30th June.

None! Was that in line with projections? LOL.

Regarding this from the RNS on 21st April:

The Company has entered into a subscription agreement with Maurice and Nicole Mason, existing shareholders, pursuant to which they have subscribed directly with the Company for an aggregate of 3,333,333 Ordinary Shares in the Company (the "Subscription Shares") at the Issue Price (the "Subscription") to raise gross proceeds of £0.5 million. The Subscription is conditional upon Admission of the Subscription Shares.

Maurice and Nicole Mason have also undertaken to the Company to subscribe for an aggregate of 3,333,333 Open Offer Shares, equivalent to c. £0.5 million, in the Open Offer under the Basic and the Excess Application Facility.

- I can only see three possibilities:

1. They are dismayed as everyone else and were given incorrect information. Was the information on which they based their decision to invest given to them by people who knew the data to be incorrect and therefore was criminality involved? Will that one day be for a jury to decide??

2. There is a Plan B that the big boys are working on but it doesn't involve us.

3. It will eventually come good. LOL. Given the tone of all recent announcements I can't see this being likely. But I'm not entirely convinced by 1 or 2 either.

Thoughts gentlemen? Evidence?

It seems that someone or LSE didn't appreciate my suggestion that those who involved in bringing Scotgold to where it sits today have their actions here follow them for the rest of their would-be careers. Lol.

But what data would those with a lot of skin in the game be basing their decisions on?

Apart from apart from our costs and our constantly abysmal cash position who can trust any of the figures Scotgold announces?

£200 million. £300 million $1 billion. LOL! And "obscene" grades. Phase 2. Exploration work. France and Spain. (Remember them?) Plus what they were not comfortable sharing at the AGM. Plus all the other nonsense data presented in Edinburgh and elsewhere.

Thus far we've got a minuscule uptick for the last three months. Whoopee.

Or at least: we're TOLD there's been an uptick.....

*But

Disturbingly, that might be the most likely scenario bbb.

On the other hand are the directors the type of guys who will just shrug their shoulders and let it happen after what they themselves have invested?

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

I can imagine they are calling for the heads, quite rightly, of the people who came up with and signed off on ridiculous projections.

Only they will know whether they are game for any more.

"They should just make better decisions and long term plans with effective management and accounting..." That's what we were led to believe we were getting when PD took over. LOL. Presumably even NLR trusted that's what we'd be getting when he handed over the chairmanship to "releasing what we're comfortable sharing at this moment" Hetherington. What a fine job the latter has done with his guiding hand on the tiller. (Bug again, who was giving him nonsensical data?)

If only we had an inside line to the goings on in the mine. lol

So some of y'all think the company might be around long enough and have the effrontery to have yet another cash raise via a placing? If it's at 7p then that's a 99% loss the company will have overseen. Way to go, guys. Way to go!

The company should be tapping the Scottish government for help and using any contacts with proper gold mining companies to try to secure some funding while the price is so low. Mind you, who would believe anything Scotgold told them? Wasn't the drill rig critical? How often were we promised Phase 2 would get going? How often were we told that serious exploration work would get under way?

As well as the name of the third party company the other omission is by when their work is expected to be complete.

Maybe tb is camping out like a boy scout counting lorries as they exit the mine. Still, as long as he's sleeping well on his investment.

Whoever came up with the nonsense figures presented in Edinburgh - the geologists and/or PD - it wasn't TB. Nor any of the other figures presented to us that were seemingly concocted on Fantasy Island. An unpleasant fellow, and significantly poorer, but he's free to post what he likes within the law.

What does the reiteration from the brokers that's just appeared mean? Does anyone know what they value the stock at?

A groat? £10?

Maybe the problem is that our geologists came up with figures which in reality turned out to be as believable as a Harry Potter magic spell. But yes, as I also wrote earlier it seems crazy to get new people at consultancy rates to provide a realistic route forward. Are they, in fact, administrators?

Any future would-be employer of anyone involved in, what some might term, the management disaster (and blatant lying too, perhaps?) that is Scotgold Resources must be made aware of that person's role here. Social media is good for that kind of thing.

"A parcel of rogues" might be a fitting description for those who over the years have brought the company to where it sits today.

--

Donating the gold medal to the winner of Musk v Zuckerberg would likely attract massive interest in the company and some apparently much-needed investment.

Is the third party actually a company specialising in putting companies into administration?

Is it normal not to name the company?

tb and his wife used to own 3% of the company between them. I'm sure he worked diligently to get his percentage back up to that level to be one of the big boys. For 12 years the company has relentlessly destroyed shareholder value - allegedly. His paper losses will be catastrophic and may very soon be realised losses. Still, until then he can keep hoovering them up at these bargain basement prices. lol

Nicely played, Scotgold. Before £7.00. After 14p to sell. All while sitting on an actual goldmine.

That's something I suppose but still - a team of consultants turns up and announce what realistic targets are for the next 12 months.

Any information to base their conclusions on can only come from the people who have worked the mine. Borrowing Scotgold's watch to tell them the time. Or are they, after a quick mine tour (organised by? lol) going be able to identify significant things that others have missed?

Nice work if you can get it.

Nothing about the new CEO.

".... as we continue to develop the mine with a view to achieving full production in the long-term."

The hope everlasting of jam tomorrow.

".....the Company is undertaking a third-party review of the Cononish mine plan for the next twelve months."

WHAT?? The review will take twelve months to complete and at consultant rates?

Is that a misprint or am I missing something?

He did it with a certain 'style' but everyone should remember that what tb told us accompanied the drop over the years from £7.00 (taking consolidation into account) to Friday's 17p to sell .

Plus the massive dilution.