Member Info for Bozi

KapilD - have you seen how many IPOs are making it to the market at the moment?

Barely any is the answer. Numbers are well well down as the hamster wheel that is the primary market has stopped turning.

Yet here you are calling for SolGold to IPO a spin off in the near future?

One certifiable way to destruct value in the short term and one possible reason why the SR has continued for longer than many expected.

It's fine that you don't rate certain SOLG CEOs past and present but trying to IPO a spin-off in the near future will not create value in the short to medium term.

The time has come for patience.

Don't disagree Add. I was just starting from what their position was known to be last year but as you say the situation may have improved.

I suppose I'm working on a worst case scenario basis.

Eloro - someone can only be good at PR when they have lots thst is positive to say. This just happens to have been a year where SOLG hasn't had much in the way of positive news to report. The political situation in Ecuador has hovered over us like a dark cloud and interested parties have held off completing their due diligence.

You're e guilty of falling into this trap because you want/need a change of control now. The decision you're making isn't who you think has most chance of delivering that because you have no way of influencing the decision on who would replace Scott. By voting against him you're just wielding a rebellious vote and giving the company a problem.

This is really something that all investors who aren't happy with Scott should look to Bob and Warren for a guide on. These fellas want the same as you and if they believe Scott can deliver that, then frankly so should you.

SM - I think he'll be OK but dissenting PIs will make it closer than it ought to be.

I don't have the major shareholders to hand but let's assume that Mather and his interests, Sangha, Irwin and many of the Cornerstone investors vote for him. That could secure him 25-30%. He'll then need some of the chunky institutions to join his cause and plenty of PIs.

That's on the basis that BHP and Newmont vote against, which the latter may not do.

I get people want their takeover and like I say this has consumed many for a while now, but a year that has been needed to reset the business and complete much of the thankless work doesn't appear to be the one to remove him. Ecuador again has political certainty and for me he has a clear run now until the AGM in Dec 2024.

Fort - so you're giving Scott a month or 6 weeks from the election to close out any deals and get them publicised?

Bit unrealistic that I feel.

If elections were a stopper for certain partners then discussions could be just resuming now. They could take place all the way up to EoY.

Q1 2024 could conceivably be the golden news period for the company. Booting Scott now would be a major misjudgement.

If he doesn't deliver the grandstand finish that many are baying for by next December then do what you must but to say he has already had enough time isn't quite true IMO.

In terms of his options, I'm not sure why he'd lose them, particularly those granted based on conditions being met in previous company years. They should be locked in. Any that are contingent on employment however, may be cut and awarded to a replacement.

Fort, erm... The price.

Sorry ignore duplicate.

If he doesn't get 50% of the votes cast without counting his own shareholding then I'm confident he'll walk. He'll be asked to by the chairman.

Another proxy holder will be found by CGP and SOLG directors. Might take 3 or 6 months and no doubt that time will be full of more emptyness where nothing happens.

If he doesn't get 50% of the votes cast without counting his own shareholding then I'm confident he'll walk. He'll be asked to by the chairman.

Another proxy holder will be found by CGP and SOLG directors. Might take 3 or 6 months and no doubt that time will be full of more emptyness where nothing happens.

I've got to agree with Eloro.

From reading The Italian's summary, I'm not too sure what this "finish line" is that is being spoken of.

Corporate action has long been something that SOLG shareholders have let consume them and the longer that goes on the worse it gets as focus is shifted away from what the company should be doing.

Scott speaks of putting the SR to bed in one sense but then talks of looking for a price reflecting Alpala's previously published NAV. No interested party is going to stump up anything like that figure. We're simply miles too far away in development terms.

There's an unevenness about the comments to me. We're talking about a finite agreement based upon figures that are well out of date even now let alone in 6-12 months.

Pretty muddling all said and done.

To be honest Add I hadn't considered the corruption angle. I was merely coming at it from the point of view that Correa should know Cascabel very well and have an interest in progressive mining policy.

DK - not disappointed in the slightest. Was simply passing comment on how I saw it. Happy to defer to your in-country knowledge and pleased for you personally that your preferred candidate won.

Just sharing an honest opinion Add.

Hopefully he won't prove a hindrance.

I suspect Gonzalez may have been a better result as far as mining and Cascabel is concerned.

Noboa seems to flit around on various issues but it's clear that he'll need to get to grips with the crime in coastal areas. Part of me wonders if this will impact where Cascabel and mining sits in his priorities whereas Gonzalez would have been in no doubt as to it's importance under the guidance of Correa.

TI - when you say that "NM could have sold in 2017 but got greedy", to which offer are you referring?

The BHP proposal was a poor one for anyone who was happy to roll the dice which is something you simply have to do with assets of the scale of Cascabel.

NM was completely correct to rebuff that and go with the Newcrest money. The SP highs after the offer and the size (and quality) of the asset are two pointers to this.

It's all too easy to blame NM. We as investors have the benefit of being able to move freely in the market whenever we want. He doesn't.

It's undoubtedly been a tough year for many as rising costs have eaten away at profits, leaving investors sitting on the sidelines waiting for basket prices to find some strength.

SolGold in comparison should be building from here. It won't be long before it's AGM season and providing Scott and Co edge through then it's on to the revised mine plan which ought to breathe fresh life into the story. If the company can demonstrate an ability to push on (even if this means some faux willingness comes with it) then I suspect someone will take the bait.

Eloro - he told the market about the EA termsheet and Cascabel renewal when the price was 40-50% higher and that news did nothing for the SP.

We all want punch regular updates showing material progress on all fronts but there's an element to this where a weak market just swallow up all good news anyway.

For me it's a case of get the run offs out of the way and get round a table with the new government before year end. Tell the market all is good politically and the phased construction plan emerges in the new year.

It's not as simple as wanting the shares up because he owns them. As long as he doesn't pull a heavily dilutive financing on crap terms, he'll have my support. If any nest feathering starts in earnest then I'll tell him how I feel.

I don't think we can be fairer than that really.

Eloro - the SP decimation is borne out of sector weakness and a weaker investment case for SOLG at this moment in time (unless punting a takeover).

The key thing for yourself though is that Warren supports Scott. He's been quite open about this on X. Yes the share price can be painful to look at but the general feeling is that a lot of good work has been done in the background.

I think that if we all want this to come good then there's a need now to rally behind the cause and support Scott and Maxit to get the job done. Our significant investors are happy with the direction of travel and therefore railing against this is just counter-productive, IMO.

Whatever makes you happy Eloro. All power to you.

To be fair to Warren, he carries a reputation of being a straight up and likeable guy, despite the business he's in and the personal characteristics many in his position have.

I suppose that has to go in his corner.

It's completely obvious Eloro and rather amusing.

Good job you don't know what toast looks like, being a horse and all that...