Member Info for Bozi

Madpunter - I don't know if you've noticed but the share price is 7.3p and weak.

We've had yet another change to the CEO - someone said the 5th in as many years and we've been informed about "an escalation plan and ExploreCo" to come.

If you think a lowball takeover is proposterous then get ready to be shocked. It is by no means out of the question. Jiangxi have been helped in doubling their shareholding below 10p and it's very evident from the last few releases that SolGold's eggs are in their basket.

Just look at what has happened since the merger. The IR guy was fired and a guy who maintains databases (as polite as I can put it) was subcontracted in his place. We've been thrown bones in news releases and there's no evidence of workstreams being completed.

Now a moneyman as taken the hotseat, a moneyman who has no affinity with the SOLG retail shareholder base that has suffered nothing but pain for years.

You can talk of 1-5% of in ground value until the cows come home. It is by no means guaranteed. It's a crude valuation methodology used by retail to try and get a handle on the scale of a project. There's a number of things that need to happen before that becomes a possibility.

Do we even know where the tailings are going? We've been at that since July 24.

Granted PBow, but it still needs contextualising.

20% of something is better than 40% of not very much at all, IMO.

Not so sure AS.

It's the price that he/she puts it in the portfolio that is key. Sub 20p was attractive and sub 50p will be too if/when the finance for Longonjo gets closed.

It's not bad if you compare it strictly against the previous premiums.

But those were all at much higher share prices.

I'd also like to think the lack of a premium on the initial Jiangxi stake was maybe a concession offered to them to get them into the game.

Add - please don't confuse this with a standsrd fundraise with numerous investors /bookbuild etc.

They are not the same.

Are they PBow?

I think a premium should have been expected in an event for placing such a large block with a single investor. We are saving them the time and expense of picking up shares in the market in dribs or drabs. Someone doing it properly might take 2-3 months to get it done.

Don't forget Jiangxi showed they were capable of this with their market purchases.

Let me put it one final way.

Jiangxi have just bought 5% for a shade under 9p. Prices trades at a discount of 15%.

Why aren't we all loading the cannons? That's how it works isn't it - we comfort ourselves on the positions of the big money.

We don't have to agree to disagree at all, Add.

What is your rationale for it being a coup?

If funding at an implied value of £360m represents good value for SolGold shareholders, what does that say about the job Scott did?

Are you taking the view that the prevailing conditions are what they are and shareholders just need to lump it? Does it not pose the question as to why SolGold didn't sell the CGP shares in the aftermath of the syndicate financing?

Can you see any strategic thinking from them? I can't. The fact they let themselves "get backs to the wall" with a prospective $650m funding agreement signed tells a story doesn't it?

I feel there's a lot you probably want to say Add but you're refraining. I don't quite understand why. We're here because we've been battered by shambolic management and the coffin lid only requires a couple more nails.

Disagree Add.

If you engage on a path to derisk for a couple of years and then either fail to materially achieve it or fail to communicate achievements effectively, you can't very well expect folks to be happy when an asset is then sold at a distressed price. 8.9p is a distressed price virtually whichever way you look at it.

I don't accept that point in your 8:08 post. Jiangxi know that SolGold have a good record obtaining finance. They know they are one of a number of stakeholders. That's the power of the "diverse book."

Compare that with Noront funnily enough... I'm sure that was precisely Wyloo's strategy and they were on the road to success until BHP rained on their parade.

When you think that Jiangxi paid half price vs the price they paid shortly after the merger, it becomes even more difficult to see it as a coup, especially given gold prices are up c.50% in that time and copper also going well.

I expect an update next week and it had better be good.

Please can you elaborate on why it was quite a coup?

IMO, it isn't a case that 9 looks good when the market is paying 6 because we all knew 6 was a BS price, just like 7, 8 etc is.

The sale values the company at £360m today. I struggle to see that as anything to get excited about on any metric (value in the ground, NPV, undeveloped ounces, etc). Don't forget I had Redknight patronise me that if Jiangxi or another wanted to buy those shares on the open market they'd be paying multiples.

I note he has gone rather quiet.

Add - does Dan strike you as a guy who is going to push this up the value chain?

Where do you see him succeeding where Scott couldn't?

Appreciate we need the Q2 update to answer those questions, but even to announce a fundamental change, accompany it with management word salad and kick the flesh down the road a number of weeks is a huge concern for me.

100% PBow.

Got a turkey manically gobbling for christmas over there.

The problem for me is we now have management geared towards that outcome. It's difficult to have confidence they are going to resolve the share price issue in advance of a proposal.

In fact, it's hardly in Dan's interest.

20p a share ought to do it. Might even get squeezed for 15 at this rate.

Hogsnipe - convenient but untrue.

The top 20 as it is today consists of thousands of retail investors holding stock with one of the main nominees.

There may have been a little consolidation but nothing to write home about given FSDEA and others have not been actively buying on market (at least not enough to cross through a threshold).

It's pretty much as you were, helped in the main by Pensana not having to go to market cap in hand.

So why is the company crowing about it like it's significant?

In reality it sounds no different than other arrangements they've had with main stakeholders.

We're entering a period where technical work on the proposed mine will probably peak.

Have they made it clear that Jiangxi hold the key because the company has moved away from Scott's agreement with Franco/Osisko and GMIN?

It's a mess.

No PBow, that will fall to us when Jiangxi are given clear sailing.

Shareholders will pay for the technical assistance via a lower return.

I wouldn't either Metoooo.

It's just a shame that comparing a mine in western Australia to a deposit with only basic infrastructure in Ecuador is like comparing apples with bananas.

Blah blah blah Dan we've heard it all before.

Lipstick and a pig springs to mind.

You the man Pete.

Laws of the land.

Just wait for someone to tell you you're wrong now.