The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Welcome Bubblé ;o]
Certainly dont sound as much of a "crisis" as we've been lead to believe does it?!?
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https://www.theaustralian.com.au/business/mining-energy/solgold-expansion-plans-wont-cop-capital-issues-says-darrly-cuzzubbo/news-story/ebec28b759b6d97a2bd31e41cc067326
its a subs deal..........
but here's some interesting info I feel............
SLOG expansion plans won’t cop capital issues, says DC
SolGold boss Darryl Cuzzubbo says the in-demand copper hopeful has enough cash to get through at least the end of the year, playing down the impact of a stalled capital raising effort on the company’s future.
Shares in London-listed SolGold dipped sharply last week amid rumours some of the company’s shareholders had baulked at proposed capital raising, aimed at funding the next round of work at SolGold’s copper project in Ecuador.
Speaking on the sidelines of Kalgoorlie’s annual Diggers and Dealers conference on Wednesday, Mr Cuzzubbo confirmed the company had “tested the market” on a raising, but had not gone ahead amid tension between shareholder groups over the structure.
SolGold has had somewhat a fractious relationship with its two biggest shareholders – BHP & Newcrest Mining, who each control about 13.5 per cent of the company – for much of the last two years after a falling out over the debt-focused funding strategy of former boss Nicholas Mather.
Mr Mather also remains a major shareholder, partly through DGR Global, and the company also has a number of activist funds on its register.
“BHP and Newcrest have a view on how we should be raising capital funding. Other shareholders have a different view on that. And we need to work through what’s best for all typical shareholders. But we have time,” Mr Cuzzubbo said.
Mr Cuzzubbo said SolGold had about $26m in the bank, enough to get the company through until the end of the year, but acknowledged the company would prefer to head to the market sooner rather than later.
SolGold is chasing big copper and gold targets in Ecuador and has been the subject of ongoing takeover speculation after both BHP and Newcrest took substantial equity positions in the company a few years ago.
Mr Cuzzubbo said that, despite the ongoing speculation about potential bids, his focus remained on the development of the company’s Cascabel tenement group.
“I’m not worried about getting funding through the definitive feasibility study. I’ve had multiple calls with investors. I’m not worried about it. And DFS, by the way, and the bankable feasibility study, that then opens up offtake options and funding related to that as well. So you get to that point, it opens up other options,” he said.
“When you talk to people they always ask him about the acquisition angle. But our primary focus is to optimise Cascabel and derisk it. That’s how you build value.”
Last couple of paragraphs are interesting I beleive ;o]
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Quady
I dont believe WI is in the slightest bit "happy" just think he's busy with ousting Trudeau as seems to have more beef with him these days........lols
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( )( ) + ( )( )
Is this what ur referring to ;o]]]
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Slug Champers
Please dont -
When you're on ur best behaviour you have some interesting / valuable insights / contributions.........
When ur being an "ar-se" it's a crying shame as detracts from the valuable stuff you can/do share..........
[however I think my pleas will be in vane - but nevertheless would delighted if you'd be a pleasant slug]
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ray
i know you have beef with some here............but how long do we have to put up with this nonsense from you goading others on here and picking fights ad nauseum..........could you please have ur arguments elsewhere as I for one am fed up of having to read this cr-ap from you on the SOLG discussion bb constantly............
I wish you no malice - just bored of the infighting on here which detracts from the decent informative info..........
Respectfully,
BN.c
Hi all,
It would be nice to read this board with decent content and contributions by all without the fighting all the time......
Yes I'm not daft enuf to think everyone will be up for a love in, but is there any chance we can all wind our necks in a bit......
do some research - post that info and have a respectful discussion re the info found without having to tear strips off of one another all the time......
We're all supposed to be here with a vested interest to see our investments / trades come to fruition...........but it feels like most just wanna be right re their point of views..........
So any chance we can stop having a go at each other and just have respectful debate?
I bit the bullet to pay a very small fee and find out what this article said & glad I did as there was much more in the article than the snippets other had posted...........didnt take long & didnt cost a lot especially considering the amount of money we have invested here!
all the best
respectfully
bn.c
here's also some more from said article.......re tensions between major shareholders.......
article points at tensions between BHP & NCM also - so seems like every fkr is fighting.............
"The ongoing turmoil at SolGold threatens to overshadow the company’s work developing Cascabel, regarded as one of the hottest emerging properties in the copper space.
Interest in SolGold has been generated not just by the size and grade of Cascabel, which is tipped to produce up to 210,000 tonnes of copper a year at peak output in the mid-2030s, but also by the competitive tension on its register between BHP and Newcrest.
Both own about 13.5 per cent of the emerging miner, and one or the other is heavily tipped to make a play for SolGold, or play a major role in funding the copper project in exchange for a share of the copper mine, which is likely to cost about $US2.7bn to develop.
But SolGold has also been plagued with tensions between the two mining majors at its other shareholders, particularly those associated with former boss SolGold boss Nicholas Mather and DGR Global.
BHP and Newcrest are believed to have played a major role in forcing Mr Mather to step down from an executive role at SolGold after a falling out over the debt-focused funding structure he had adopted."
Need a v strong leader to sort this lot and bring things to a reasonable outcome for all!!!
Can Gazebo pull it off? Remains to be seen.........
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I see some have taken snippets from the article........
here's some more on Ayten..........
The loss of Ms Saridas is a more significant blow to the company, given the fanfare around the appointment of the experienced finance executive on her recruitment in May.
Her departure comes only weeks after SolGold shares tumbled in the wake of a failed capital raising. SolGold has about $25m in the bank, Mr Cuzzubbo said last week, enough to fund its operations until the end of the year.
Ms Saridas will be replaced on an interim basis by former Newcastle Coal Infrastructure Group chief financial officer Keith Pollocks, who is believed to be one of the unsuccessful candidates during the company’s previous search for a finance boss.
It is the second time in two years that Ms Saridas has left a senior executive role within months of starting her new job.
She quit as the Oil Search chief executive in late 2020 after only three months at the oil and gas major, and last year launched legal action against the company amid claims of bullying by former chief executive Kieran Wulff.
Cheers sean
Might even stump up the $2 subs what the heck as i think there a gazebo (DC) or as some call him Timmy Mallet....interview on there also......
ta
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ur not the only one Pinot- trust me!
Yep pinot
In fact, NM never failed to get a fund raise away even in the bleakest times of the commods bear market - SLOG still got fund raising sorted for Alpala / Cascabel...............go figure!!!
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Mornin pingu
Thanks for the link
& nice to see you....................
psssst - can I get an eye roll for old times sakes lols ;o[
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Can't open that link Sean........
Any chance u could repost?
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Morning BBG,
That's a very pertinent quote and prob even more in play now than a year ago........
One does have to ask the question exactly who is actually running this company - cuz it certainly doesnt feel like SOLG are!
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Hope SOLG dont get backlash from this, as Ayten took one of her receent employers to court
https://whistleblowing.com.au/news-oilsearch-whistleblower-test-case/
Maggie,
Yup bn.c does know...........& not just bout the candlesticks n crayons etc..........;o]
Just tired of reading ****** most of the time.........as I'm sure are many.........so typically dont tend to comment much even tho I'm now out of contract & have some more "free" time...........
Just catching up on things............
Hope you're not gonna be picking on the miners Maggie - it's not the 80's u know [chortle chortle]
Toodles,
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Sharky
You'll prob get 1 or two lines off him at best - but at least its a response ;o]
Cheers
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Sharketmare
Nick is still contactable @ NMather@dgrglobal.com.au
He at least does reply whereas nobody at SLOG seems to anymore!
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