Member Info for Bozi

Addicknt

1. The way Scott Caldwell has lambasted previous management, whilst many view has a specific purpose, leaves me uncomfortable. For example, did it really have to be done via RNS?

I mean surely the irony of criticising poor management whilst announcing a delay of his own wasn't lost on you?

2. The continued selling of the stock worries me. Plenty keen enough to take a bath even down here at 12p, confirming how far we've fallen whilst suggesting there might be further to go. At an advanced stage of a SR where are the speculators?

3. The potential impacts of severe workforce rationalisation. I'm not saying it doesn't need to happen but cutting a lot of positions together can cause us a problem in terms of knocking local sentiment. A dent to our social capital.

4. The fact Vujcic believes we are adequately studied at Cascabel. He's an investment banker, not a mining specialist.

Less.

Not the news we wanted but a useful update nonetheless.

Onwards and hopefully upwards for KAV from here.

Market disagrees Addicknt.

There seems to be an air around us that we've done our dough. I really really hope this does not turn out to be the case.

Fort - from the fella who assumes more than any other, I'll take that as a compliment.

I don't think there would be a counter offer to a partial ENSA sale. It's something management would likely agree with an interested party and it would become binding pretty quickly. Always a chance a superior proposal might be received but I think it's unlikely. Why would you buy half of ENSA but not SOLG if you were BHP?

Of course it's not what I think, but do you really read tha tupdate Fort and get the impression that a takeover is the leading strategy? I'm not sure it is.

I suppose in one sense I'm happier they are at least taking some action to be able to continue on an even footing should the optimal outcome not arise.

Not contradictory in the slightest Addicknt.

You know that a partial sale of Cascabel doesn't give the Exiteers their exit. It gives them a small special dividend at best.

The only true exit here is a sale lock stock and barrel for somewhere between 40-60p. Reading that update, I don't believe that to be happening, right now at least. If it is, we're being sneakily put away.

Monte - Scott is entitled to his opinion, as are you and I.

I showed you how investors could have secured a better return from the decisions the board took rather than a strategic review 5 years ago and you offered no suitable counter-point.

Scott knows he can't mince his words at this stage. Investors want heads on spikes and he knows he has to row with them, or a tleast chuck them a bone.

I've got to say, if I was pro a takeover I wouldn't be enthralled reading that update.

The company's workforce is being streamlined but a full time CFO is being sought. That suggests longer term planning than just the next 6-12 months.

If I had to nail Mt colours to the mast I think they're going to spin out the regionals and try and find a buyer for Cascabel. Failing that it will be the dreaded JV and on SolGold goes as a joint or minority partner.

I know it doesn't fit with the MO of the Cornerstone leadership but I'm sensing a change of direction fr them now. Interesting.

Now that's how you ramp.

Agggggg arrrrrrr dooooo doooo doooo
He's got plenty of Cu
Agggg arrrr doooo dooo doooooo
Hopefully the SOLG takeover goes through

It was slightly smaller Mumbo_Jumbo and importantly less resource had been included in the measured and indicated totals.

But as you'll know, directors can only make recommendations. Their own influence in terms of direct and indirect holdings in the company's shares is weakening by the share issue and we're reaching the stage where they can't use their votes to decide the direction of travel.

OK Monte. Say 40p. How many shares were there in issue 5 years ago? 1.6bn (ish)?

So that's £640m. Still lower than the valuation at times in the last couple of years.

But it's all moot anyway.

You never answered my point about SolGold's peers by the way. None of them have announced strategic reviews. Are they all suffering management destruction as well?

Look at Solaris in particular. They spun out Warintza in the hope they'd make it cleaner for a sale. No bids as of yet.

You also aren't taking account of M&A cycles. Companies buying each other in this sector is very cyclical and driven by a number of factors including metals prices. 2017-2020 wasn't exactly rich in transactions.

I get you're cheesed off. We all are. I just don't think it's as straightforward to say "could have sold this for a mint 5yrs ago...".

Ship - IMO

No
No
Yes
No
Depends which side of the fence you sit on.
No
Yes and no
Yes yes a million yeses

The lassonde curve won't have any relevance for us I suspect. We're stalled at the bottom and we don't have the means to travel to where the curve starts to pick up. For Franco and Osisko though, absolutely yes.

MJ - 10 October 2016.

https://www.lse.co.uk/rns/SOLG/investment-proposal-from-bhp-billiton-7trthnkb0t8qfl9.html

Valued SOLG at a measley $300m

SolGold's valuation on the market at it's peak was 4x that valuation, yet we're meant to accept Monte's claim that SolGold directors have sold us down the river by developing the asset into a $5.2bn NPV beast.

Come on Fort. They could easily work 500k per day into the market and at around current prices over a month and pick up 10m.

Yes the SP would be supported initially and then rise but I'd be happy to say 20p would only be seen after 4 weeks of discrete buying.

The last time they were quite chompy and aggressive with large after hours in the millions. They can box a bit smarter than that,or their broker can.

Monte - why would the company do a strategic review within a year or two of making a discovery.

Can you name any other companies that have done that?

Just look at the other companies developing projects... Filo, Solaris, etc etc. None of them are doing a strategic review.

Lets be honest and put our investments to the side. SOLG are only doing a strategic review because they've been backed into a corner by their partner and pockets of their own investors who aren't interested in the risk that comes with construction and production.

How much do you think a major would have been willing to pay after the initial MRE?

That's why I mentioned BHPs proposal. It's the only offer we're aware of that put a value on the company at that time.

Fort - not sure a 30% gain (assuming 30p cost) will represent a fantastic return.

50 and 60p slightly better. They've still had a mare. They could have filled their boots and some sub 20p.

Just goes to show for investors... don't get too excited when a Norges type buys the stock.

They can and do make a horlicks of it. They have done so again here.

What makes you think that flogging the company in 2017/2018 was right, Monte?

Work out the implied valuation based on BHPs proposal and you'll see that the market cap beat it on multiple occasions, which very much disproves your point.

Anyone can take a snapshot at any point in time and create a narrative.

SolGold are due to speak at the RedCloud event in Toronto on 2/3 March.

Two short weeks away.

Yes SM I do but I'll keep the names to myself at the moment.

I've no desire to start a witch hunt but when you read the last few days comments and then read them again, my senses are tingling.