Member Info for Bozi

Absolutely Monte. I'm glad you picked up on that.

Anyone would have thought that current shareholders (of Oz Minerals) won't have a say...

Typical BHP arrogance.

LunchMoney

No - Quady isn't incorrect. The 20% limit is a general blanket limit, but it's possible for companies to have a tighter limit than that if it's in it's s constitution or agreed by shareholders.

SOLG does have that tighter limit.

It is 5 (+5 contingent on some form of capital allocation). It's probably one of those where the company would seek to justify the 10% and everyone else up in arms.

LunchMoney - re 12.24 post - both restrictions apply.

So any unrestricted company can issue up to 20% of it's issued share capital but SOLG can only issue 5% due to prior agreements or articles.

Fortissimo

Maybe the pertinent question is why haven't they announced that?

Course they are Schlem.

The only difference is that they've done the vast majority of the graft at Havieron over the last 2 or 3 years so it's as unsatisfactory as it is it is tk be expected.

They've done bugger all here though since they pulled Craig Jones from the board, apart from buy a few new shares here and there.

They've muscled in on their tier 1 asset. They should support the other fairly.

Thanks Quady. That page was a bit more thorough than the other legal summary I'd looked at.

Got a source for that Quady?

Any shares issued still need to fall under allotments already authorised, or else a vote is exactly what needs to happen...

Spot on Addicknt.

There's nothing co-incidental about this either. All part of the plan to strangle by our esteemed major shareholders, who know full well that SOLG can only raise 5% of it's share capital without disapplying those pre-emption rights.

So the next play for SOLG has to be a £20m raise for about 100-110m shares to keep us liquid into 2023.

It's not a case of trusting DC. If he'd said anything else to the market he'd have crushed all of our investments there and then, so we have to be thankful he took the line we'd expect.

In terms of another royalty, this is going to be a dire struggle this side of an amended PFS. It might be slightly easier post, provided the figures improve as the company is forecasting. Another reason why BHP/NCM aren't reaching into their pockets.

The time is soon to be upon us. Do you believe SolGold can pivot and emerge stronger, and therefore hold and potentially buy more? Or, do you fancy us to be squashed further into the dirt yet?

It's your move Darryl. You simply have to get the funds in now. Show us this competitive tension or hand us over on a plate to BHP for 30-35p.

Bubble - did you not SharketMare's post before? There are options available to Mather and his goose, whilst cooked in a personal capacity, might be saved from the pot as far as his position with DGR goes.

I think one thing is for certain and that is we won't see a proposal just yet. It would make sense for any suitor to buy their time until SOLG has less than $10m in treasury. If Darryl and Co have no avenues to turn to then, and only then, might we see the white flag from our management.

Many twists and turns to come and likely share price volatility with it.

Think that's fair SharketMare

Quite a reach there Damers.

Not impossible by any stretch but also not the way you'd treat a CFO with a track record for litigation.

How does this story pivot if we get to the first market day of 2023 without a proposal?

Fortissimo

I have been a continuous shareholder in SolGold since 2013.

So your "it's easy to see who is in and who is out" is nothing but pathetic paranoia.

The reality of the situation here is that some shareholders appreciate the brevity of the current situation and out of honesty and integrity with share those views with other forum members. It's not about trying to influence. I couldn't care if people bought or sold shares. I'm not here to knowingly engineer a herd in order to boost the share price and the value of my investment. I'll say what I feel needs to be said and unfortunately, at times like the now, this isn't met well by those who think the coin only has one side.

Fortissimo

I couldn't really care less where the stock is right now. I'm more concerned about where it might be in the next month, 3 months and possibly 6 months.

Norges and Blackrock increased weeks ago. Now underwater. Let's see if they carry on buying shall we. See how much longer they're willing to support this company.

Any comment for Berry Street? Thought not.

You carry on with your glass overflowing. You're conning the gullible and that isn't really on.

Has anyone got Warren on record lately? Do we know he's happy?

It's just everyone seems to be saying it.

The media seems to be taking a very strange view about these management changes.

Changing a CFO after 6 weeks will not restore investor confidence in any way, shape or form.

So, if you're a details man Quady, let's discuss it.

You can't very well pass today's news off as "it being probable that we're continuing at Cascabel". That is simply a mammoth misread.

Look at the comments. They're an indictment of what's happening inside the walls. Keith refers to it being "fascinating but challenging", language that tells a very vivid story that all is not well.

The good buying opportunity will be in October when the recession slides into view and we slip into single digits, I'm afraid to say.

Today's RNS a shocker. Let's be honest, there was a slight suspicion that Keith's work had been done so his exit not a huge surprise. However, to see Jason Ward, a man who has spent much of the last decade step down simply because he's moved back to Aus... well that suggests his career has fallen in his priority list for whatever reason.

But finally, and this is the biggest indictment of this mess, our CFO lasts all of 6 weeks. 6 weeks.

SolGold. Sort this shambles out. ASAP.

Administration would be a stretch IMO but I could certainly see the share price being further suppressed if the management is continually thwarted in it's attempts to secure new capital.

It goes back to the options we discussed last week whereby we'd possibly see a poor deal executed out of panic and necessity to keep the show on the road.

There's another London listed story that could be worth drawing a parallel too (PUR). They're in production and struggling to get to cash flow positive status for a myriad of reasons. Look at how their major holders Anglo Ashanti have reacted.

It's nice to think we have shareholder base to rely on but whether it happens is another matter entirely.

Addicknt - your comment at 11.25 is probably fair but what do you suppose a Blackrock, Norges or Valuestone would do?

At the end of the day they're all financial institutions or functions of some sort or other.

BHP knows it can call on NCM and CGP to help vote down any resolutions to disapply pre-emption rights which blocks SolGold from issuing equity.

Would it create a ridiculous demand for stock on the open market? Possibly, but they'd all be bidding each other up plus all the little PIs too.

Maybe one of them should just test the waters and buy another 2 or 3%...

Come on Red, it's easy for you to say this now but I'm quite sure you didn't regard it as a dog when you made 400% on it.

It wasn't one that I had any interest in but I followed the story from the sidelines. Different commodity and different market circumstances yes but my earlier point stands. When you have an asset like SOLG do and major shareholders who you'd assume would be happy to pick it up at the drop of a hat in the right circumstances then management have to be as sharp as a tack at all times and across all facets of the business. Otherwise, what happens... well you end up in Sirius' position. You struggle to put a financing package together and your asset ends up in limbo and hey presto, you're distressed.

So yes, I'm aware of the story and unfortunately the outcomes for many investors.

I really think we all have to be honest with each other as long term investors, hybrid investor traders or whatever each individual regards themself as. Forgot those that are here to disrupt and be full and frank with the facts and possibilities. It isn't about only sharing the positives or not saying something that might alarm someone else.

The fact of the matter is that we're creeping towards the AGM with a dwindling cash pile, we've struggled for whatever reason to top up the coffers and we could again see more boardroom wrangling in the next quarter.

If we're going to talk about writing on the wall (not probables) then we have one tier one asset, and a fantastic one at that. We have some prospective land packages but early drilling on a few of them has proved underwhelming ( Blanca, Sharug, Rio Amarillo and La Hueca). We have a promising resource in Porvenir but it probably needs to double in size to increase in priority as far as standalone development is required. The copper backdrop medium to long term is promising but we need to demonstrate we're capable of being ready to exploit it, and not miss out. We need to demonstrate we're capable of doing a fair deal should the opportunity arise, whether it be for Cascabel or the company whole.

If Solgold puts together a reasonable funding package to develop Alpala then I'll happily compare us to Antalya. Until we do, we're more akin to a Sirius I'm afraid.

Who is your quote from, by the way?