Member Info for Bozi

He did it right Addicknt!

RK1 - that may well be the case but we are keen to maintain that everyone has the right to an opinion providing they are not being abusive or offensive.

I do share some common ground with Quady on certain topics but I do believe here that aligning remuneration with shareholder returns is fair.

Quady - for example, if Lasso woke up one morning and decided that no more shovels were to hit his lands then SOLG would struggle to meet it's operational targets. The share price would drop like a stone and we'd return to being a penny stock, so what you're proposing and what has been proposed does go hand in hand.

I still maintain that it isn't for the management to manage the share price (they should manage the company) but the proposed incentives mean they now have to take an active interest in investors returns if they want to receive top dollar.

Quady, without wanting to sound like certain others, there's a reason they might not want to tie their remuneration to operational milestones...

You would think that share price is linked to progress and metal prices, so there's still some correlation.

I agree with you that not enough is really said about medium term plans. Now the PFS is out it's time to hear about how SOLG plans to develop Tandy and Alpala through to nameplate production, regardless of whether we think its going to happen or not.

Z - can you name me one person who would be happy being prised out of their role (by shareholders no less) as the CEO of one of the most exciting junior mining stories of the last decade?

I don't think you can.

You're entitled to call Mather an egotist if you feel like that. I'm not going to refute that.

There's no emotion here as far as I'm concerned. I'm simply correcting a couple of wrongs. I have no issues with Cazzubbo either and am excited to see what direction the company can go in. I suspect you're right in terms of his broader goals and I can only hope that the outcome will have been worth waiting for (and arguing about ha).

More agenda driven tosh from you Zoros.

1.) SolGold have never "got shot" of Nick Mather. He still sits on the board of directors, as a NED. He sits on various committees within the company.

He was merely shifted from the hotseat so as to show our largest shareholders, the ones who I might suggest voted him out due to their own agendas, that the company had listened to and acted upon their concerns.

2.) I really would love to hear more about this dream scenario of yours where SOLG sits as (presumably a subsidiary) of BHP and everything runs smoothly and the share price is loads higher than here yada yada yada. Complete fantasy.

If Mather had succumbed to the whims of the quick take out merchants then you can be sure that the 45/46p of the first top in 2018 would have been the absolute most BHP would have paid. In reality they would have waited and most likely have made their play in 2019 or even amidst the Covid-19 lows of 2020. The upside that may still be available today certainly wouldn't have been a prospect, of that you can be certain.

But yeah, carry on stickinf the boot in on Mather over $4m of misappropriation. Don't criticise the company accountants who didn't uncover it for 3 years of the regulated auditor all of whom we passed at previous AGMs. Maybe we should be looking at ourselves as well Zoros?

I wouldn't mind. I say all the above in the knowledge that you're entitled to your opinion, and in the knowledge that you're invested in a share where the previous CEO gave himself and his key staff millions upon millions of options at fractions of a penny, likely in the knowledge that there was significant potential for a major gold system, and when such system was uncovered, wasted no time in exercising all of those options at a grotesque discount to the SP, even after leaving the company. How about forgoing some of them to reflect his shortener employment? Nah not a bit of it... and no peep from Zoros either.

So after all the speculation the resolutions are to approve directors remuneration, to approve a new incentive plan, to approve a new bonus scheme and to approve a new articles of association...

Ha.

Porvinereal - there's a reason for that though isn't there? It hasn't always been the case. In fact, it was never the case prior to January 2022.

WensleyMan - that's correct. Maybe they should do it.

If SOLG don't want to pay what they're asking then their first refusal is counted and the whole of market can then approach them with bids.

Unless there's something in the agreement that says that CGP can't stipulate the terms of sale and they won't accept whatever SOLG offers. That can be the only cause of any stalemate.

Addicknt- correct me if I'm wrong but what is stopping CGP exiting from their ENSA stake tomorrow if they wanted to?

There's nothing to my mind. There's a PFS on the table and really there's no reason why they can't turn their 15% over to anyone who makes an acceptable offer?

This whole idea that CGP are reliant on SolGold is a folly in my view. They are their own company and they have to look after their own shareholders, but the reality probably is that CGP want top dollar and maybe they only get that when SOLG relinquishes it's share.

SolGold are within their rights to tell them where to go. They can either raise their portion of the Capex or they can put their share up for sale.

As for other institutional shareholders, I don't think they're so reliant on quick profits. BHP take positions as early investors for example. These positions I suspect can just tick over. The slow game being paid by BHP indicates this too.

You mean the 5 years of drilling that has discovered and defined Porvenir, Porvenireal?

The issue with SM's suggestion that I find is that cash rich companies are often undervalued. Major A buying our 85% in Cascabel for £1bn for example doesn't necessarily mean SOLG goes to a £1bn+ valuation.

For those expecting a dividend you have to account for the company holding back significant funds to continue exploration at the high priority licence areas, of which there's at least a dozen. Many dividend payers will have a policy of between, and say 30-50% of profits. I'd expect SOLG to be right at the lower end of this given the capital intensity required for the rest of the portfolio.

Just things to bear in mind when wishing the company sells it's flagship asset.

Not sure how happy i am about this EGM, probably given the fact that we've seen nothing from the company confirming an agenda nor any requisition notice from a disgruntled shareholder.

It would be remiss to rule anything out but i think it's unlikely to be of a bid nature. I just dont think there's been enough accumulation and i can't see why someone wouldn't want to milk the closing auction for a while longer before offering some sort of premium in a tender offer type arrangement.

What does a spin off of Cascabel achieve given that shareholdings in NewCo would be pro-rata'd? Also, would expect that board composition could be a problem there.

I'm sure more will come to light. Don't delay SOLG we've got a 3 day week upcoming!

DBW - every man should know his limitations but at the same time every man should dream and be supported in pursuing those dreams.

At the end of the day, how are new achievements gained? Someone has to break new ground for the rest to follow...

Some strive to lead and others are happy to be led. Nothing wrong with either approach.

On the money until your last point Damers.

BHP are proudly on record as having returned $17bn to shareholders over the last 12 months and therefore given the strength of their finances would not, in my view at least, need to sell off key regionals.

BHP can add a pillar to their business for the next 100 years with Ecuador. They get a shot at doing everything right for all stakeholders including the indigenous folks, continuing the good work SOLG has done over the last 10-15years.

Agricore - this unfortunately is quite a substantial problem.

Anyone who has read the publication in question can attest that it takes pride in outing what it feels are bad companies being run by 'bad actors'.

Once the journalists in question start their coverage of a business or individuals associated with it they don't let up and it's fair to say that with Mr Turney in position that negative press will continue to impact Kavango.

Some of us were naturally quite concerned about the appointment for this reason. If any spat continues or is reignited then we can expect our investments to feel the detriment.

Legalwolf - I'll be very disappointed if the company goes back to Molopo Farms. I really struggle to see the benefits.

If you want to invest in Molop Farms just go and buy POW shares?

There's zero benefit to Kavango to take on another asset and in essence stretch the team further whilst there's works ongoing at KSZ GRS and Ditau.

I still feel KAV are getting it wrong not prioritising the KCB. Lowest technical risk of the projects we have and could easily create a company of size given the large partners operating and acquiring in the region. Yet seemingly we're waiting for Kanye to line up.

Taking on Molopo, issuing shares as part of the consideration and doing another capital raise down the line with a fresh bank of warrants, bearing in mind that any exploration update Ben issues is shaving 20% off the share price... would be disastrous for this company as an investment proposition.

Yes CD. You were absolutely spot on about Norges-well done for anticipating and spotting their additional stake building. I actually enjoyed your "Norges gorging" commentary and certainly never ticked you off. If anything advocated receiving the facts.

They're now in and you were right.

Now, instead of the old tomato/tomato act you could just admit you overplayed Blackrock's motive. You don't even have to say you were wrong... I'm kind you see...

Correct rcgl2.

The way I look at this is that Blackrock have hundreds of different funds. If, say, 5 of those funds held their SolGold position between them that will be subject to change as each fund is managed independently, often by different fund managers, who will adjust their position based on numerous factors including ongoing analysis of the investment case and redemptions.

Well said LM.

Facts over dreams and agendas at all times.

Correct rcgl2.

Although I must admit I enjoyed the spin/pivot immensely. One or two on here may want to lend their services to the tories.

Monte - 9.25 post is utterly ridiculous. What difference does it make to you how people travel? It's company policy and I suppose it only becomes OK it a bid lands and we all walk off into the sunset pockets filled? Please. By all means talk your book but comments like that are almost libellous.

SR - no you will not be forced to hand in your Ricca shares.

You can continue saving into your LISA after you've bought your property and withdraw the funds tax free when you reach 60.

Your broker is likely to be apprehensive about moving your Ricca shares as they remain unlisted and the company is in it's infancy which raises the possibility that the depositaries are unable or unwilling to move the stock around.