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Good Morning R M.
Lots of gloom and doom around due to the dreadful coronavirus. When the Cononish mine will be up and running is anyone's guess but at least the extension of the furlough scheme will help Scotgold through these difficult times. Hopefully we might hear of a relaxing of work restrictions in the not too distant future. But I wonder what the definition of " the not too distant future " is in the mind of the Scottish Government?
Even though us private investors are anxious to get the mine working at least there are two positives to take from the current situation. The price of gold is around record highs and the gold that's been in the mine for zillions of years ain't going nowhere until the mine is up and running.
Carliol
Hello Eck71,
I've had the same problem as yourself when buying. The brokers are being greedy when they will only let private investors such as ourselves in buy in small quantities, they clearly only have one motive - to get more transaction fees. It appears they aren't satisfies with the often massive bid / offer spread that's often around 10%!
Trades that don't normally show up on LSE will have gone through on the NEW Exchange which can be accessed on the LSE site which can be logged on by clicking on the NEW Exchange on the top left of this page.
Carliol
Hello All,
I've been out all day and just found the latest RNS.
It's re-assuring to have Nat le Roux who is Chairman of SGZ and is also a major investor in the Cononish project. The facility to fund the mine up to and hopefully past the date when AU & AG are produced. This gives investors added confidence that we will definitely see gold pored and any financial problems that may occur will easily be overcome.
It looks as if the current lockdown restrictions could soon be eased when hopefully SGZ can get back to work to get the mine up and running.
I wonder when this will occur and how long it will take before we see first gold?
Carliol
Hi All,
Disappointing to see the share price drift down recently.Although it is against my normal investment strategy to average up on a rising share price, I couldn't resist the temptation to buy a few more at 47.80 on Fri. The deal didn't show up on the LSE board but went through on the NEX Exchange.
If we see a slackening of the current coronavirus rules regarding companies starting to work again, I wonder how long it will take for work to start again with Scotgold?
Also, I wonder when the mine will be up and running and producing AU & AG?
Although it's disappointing to see the lock down continuing because of the pandemic , the well being of people must be more important than the economic problems that will ensue following the return to normal. ( If normal will ever be what we thought it was.)
The current price of gold is at record levels and should make Scotgold an extremely profitable company once production commences. I wonder how much gold will be produced on the first pore?
Carliol
Hello Risk Manager,
Thanks for those kind words. The current coronavirus pandemic is unprecedented. We are living in a troubled world with lots of problems but few solutions. However, sooner or later it will be over and we'll all look back and remember the lock down and how we coped.
Your comments are interesting on lithium leading the drift away from fossil fuels and renewable energy being the way forward. I've recently invested in Bacanora Lithium ( BCN ) which is my first venture into investing in renewable energy. It's a small company that's listed on AIM. It's a UK company with projects in Germany and Mexico with a Chinese company having a 20% stake . I've also been researching to see if here are any lithium deposits in the UK and can only find a company in Cornwall that's exploring for the valuable mineral.
The following is a link that you might find interesting.
https://www.cornishlithium.com/cornish-mining-boost-as-1m-raised-by-firm-behind-plans-to-tap-lithium-reserves/
Carliol
Hello R M & Bell,
Some of the goings on in the financial services sector simply beggar belief. It's always the individual investor that takes the hammering and the perpetrators normally only lose their reputations and are back in business once the furore dies down.
I've mostly found H L ok to deal with but there are occasions when they can by trying. Sometimes the bid / offer spread is ridiculous, particularly on AIM.
I'm pleased I finally got my top up on SGZ.
Just got back in from the 8.00pm celebrations in support of the wonderful work the NHS people and everyone concerned with keeping us well as they carry out the battle with the truly horrendous coronavirus pandemic.
Carliol
Good Morning R M,
I couldn't get a buy to top up my SGZ shares on H L but could get a dummy sell at 52.25. I put a fill or kill order with H L and it was immediately transacted. The deal didn't show up on LSE but it went through on the NEX Exchange Market at 54p for 1350 shares.
The following link is to the NEX E M and now shows a bid - offer spread of 51p - 56p.
The only conclusion I can come to re the attempted deals on H L is that they don't have any shares to sell but they will buy for obvious reasons. Perhaps I'm wrong but I can't see any other reason for H L unable to let me buy. Perhaps this is the lull before the storm.
When investing I prefer to top up as the share price increases and average up. I always reckon the share must be strong when averaging up. As opposed to averaging down as the share price weakens. Hopefully I'll keep topping up as we get nearer and nearer to first gold. However, " yer pays yer cash and yer makes yer choice". I don't suppose there's any exact and precise formula for successful investing.
https://www.lse.co.uk/SharePrice.asp?shareprice=SGZ.GB.PL&share=Scotgold-Resources-Limited
Regards from a bright and sunny Cumbria
Carliol
Good Evening RH & RM,
I've followed SGZ closely since I exited in 2012 and I've have been impressed by the progress the company has made to bring the project very close to production. We would have been producing gold and silver very soon if the world hadn't been stricken with the dreadful coronavirus. We'll just have to be patient. The gold ain't going anywhere until the mine springs into life later this year.
It's going to be interesting to see what other precious metals, in addition to AU & AG, are produced once the mine is up and running.
Once things return to normal when the virus outbreak is over, if there is the opportunity of a mine visit I would look forward to making a visit.
It looks as if SGZ shares are in short supply. I've tried to top up all this afternoon but without success. I could have sold at 52.10p but it was impossible to buy. I'll try again tomorrow.
Carliol
Hi All,
This is my first post on the Scotgold board on LSE.
I originally bought into SGZ in c2010 and went on a mine visit in Oct 2011. I sold out about a year later but I'm now back investing in SGZ and with renewed optimism. With gold currently trading at $1731.00 an ounce and the mine getting nearer and nearer to production, I couldn't resist buying back in again. I recall having lunch at a pub / restaurant at The Bridge of Orchy. i wonder if any of those present for the meal can remember the occasion.
https://www.kitco.com/charts/livegoldnewyork.html
Carliol
Hi All,
This is my first post on LSE for a long time and my first post on BCN.
I've been following this share for several months and I've made a few purchases in the last two weeks. The catalyst to help me make a positive decision and buy has been what could be described as a knock on from the dreadful coronavirus which is a cleaner planet. Reduced pollution. Less dependency on oil. Electric cars. Etc.
It appears that Bacanora will be well placed to take advantage of the increased momentum towards electric cars in the coming years. The car manufacturers will be finding lithium harder and harder to purchase as demand for electric vehicles grows. The following link goes back to Feb 2020 but shows how essential lithium is as a major component in electric cars.
https://www.autoexpress.co.uk/jaguar/i-pace/109103/battery-shortages-suspend-jaguar-i-pace-production
Carliol
Hello B B, Have another look at what I wrote:- """If the deal goes through at C$1.95 lets hope the value of the C$ slumps against the UK£.""" As you say """At the moment £1 = C$1.6493 so C$1.95 = £1.1823""" Given this scenario 30,000 Ithaca shares is worth, 30,000 x £1.1823 = £35,469. Lets imagine the UK£ v C$ is as follows:- The C$ falls against the UK£. £1.00 = C$1.60. Delek offer price =C$1.95. Therefore C$1.95 at an exchange rate of C$1.60 = £1.21875. Which means that 30,000 Ithaca shares at £1.21875 = £36,562.50. This is an increase of £1093.50 on the value of 30,000 shares. The above is the reason I hope the C$ slumps against the UK£. Carliol
Good Evening Everyone, I rarely post on LSE but thought it worth mentioning that two delayed trades have gone through from last Thursday. The total number of shares bought is 2,798,210 at 116.50p for a consideration of £3.274 million. I wonder who is buying these shares? Delek or another ii hoping for a further bid that will no doubt sent the share price to more realistic levels. I also noticed that last week there were some very substantial delayed trades went through. I've been following the Ithaca share price closely and the fluctuations in the sp appear to be very similar to the ups and downs of the C$. When the C$ falls the Ithaca share price rises. If the deal goes through at C$1.95 lets hope the value of the C$ slumps against the UK£. I wonder what the chances are of a hostile bid coming in? Carliol