Member Info for Eck71

Becalmed in the mid 90s is fine by me for the moment. CP52 thanks for posting the broker note. Despite being the in-house cheerleaders SPAngel's target prices over the last 12 months have been pretty sensible I think. I haven't gone back and reconciled them with the chart, but my impression is the market has consistently outpaced their near term targets. The latest note uses a gold price assumption of under £1,400 so is already out of date.

I'm pleased that SEPA are looking at a mining and quarrying strategy. It's what you would expect from a government agency anticipating, for example, a Scottish gold mining industry, not just one mine. As someone who loves and until a month ago lived in the Highlands, the last thing I'd want to see would be an unregulated free-for-all. And as a SGZ shareholder, Scotgold have built up huge trust and expertise in managing a mining project in a sensitive site that will stand them in good stead for a regulated future - whether for their own projects or monetising that expertise elsewhere.

Short/medium term Covid-related risk remains with respect to the development schedule, but you would hope that Highland Stirlingshire would be unlikely to feature in anyone's list of most likely future hotspots. You never know though.

If someone had told me a year or so ago we would be at 95p with a few months to production and gold testing $2,000 I would have been very happy thank you very much.

Have a good weekend all, let's see what next week brings.

I don’t think there are too many Grauniad readers on this board, so you may not have seen this. Mainly concerned with the Dalradian public enquiry, but Scotgold gets a mention.

https://www.theguardian.com/business/2020/jul/28/how-much-is-a-life-worth-northern-irish-community-split-over-gold-mining-plans

Long may it continue.

Another very positive day, despite the broken abacus again. There have now been four opportunities since October last year for sellers to cash in in the high 70s/80s. Barring nasty surprises it looks very much like the 80s is the new base. A solid foundation for the SP to build on as we close in on production.

CP52, RM, I'm going with late November as I think PPE/distancing may slow things a bit. Hope you're right with October though, and what's a few weeks anyway after all these years...

And gold back over £1,400. Enjoy your weekends!

The chat on this board, like the SP, is going ballistic.

Here all week.

For two months gold has seen big support around £1,680 and big resistance around £1,740. At some point it's going to move out of that range, but in which direction? Who knows, but I don't think we've scratched the surface yet of the next round of money-printing and currency debasement.

On the flip side, if stock markets continue to respond favourably to the prospect of limitless liquidity, risk assets will remain attractive and that might put a drag on gold.

We shall see. For now, the abacus is fixed, SGZ is blue and in all likelihood we will hear tomorrow that we're moving to Phase 2 in Scotland.

GLA

Mon the buyers!

CP52: exactly my point. There’s a lot to be worked out and it’s going to take some time. Meanwhile the wider situation with the virus is dynamic and unpredictable. Very difficult and more patience will be required. Fortunately most SGZ shareholders have huge reserves of the stuff...

Carliol, IMO we will need some more specifics on production schedule, financial status and how the Covid situation has affected both, before we see significant SP movement again.

I’m not troubled by the thought that the project might need a funding topup (it might not). If so we have directors with deep pockets and a little more lending/another placement, if it happens, will be modest. Not a major dilution issue.

PPE/distancing could raise complex issues. Once the market has some answers on the detail of that we should be off and running again.

Well, it was a wild ride in the SGZ market today. Who would have thought the 100 share tranche seller would have reduced their sells from three to two today?! Crayzeeeeeeee!!!! What will tomorrow bring? Better get the beta blockers in, I don't think I can take it...

Good news. Glen, ask and you shall receive!

I think we can forgive the lack of a new production ETA at this point - too many unknowns re Covid phasing, impact of PPE/distancing etc. Just good to know work is back under way.

Have a good weekend all.

I hope whoever is selling in tranches of 100 shares is getting a good deal on their transaction fees!

BP, yes, sounds like it. Guidance here:

https://www.gov.scot/publications/coronavirus-covid-19-construction-sector-guidance/

Mining not mentioned specifically (unsurprisingly) but presume we are in the non essential construction bracket. A communication from the company to the market soon would be helpful, to set out how Scotgold is interpreting, consulting on and implementing this plan.

That peat should have dried out nicely in May though. Probably too dry now...

Decided to answer my own question. This note by Brodies gives some fairly clear pointers, and suggests a 'soft start' on sites (only where physical distancing can be maintained) should be possible from around mid-June. Exact date dependent on publication date of Scottish Govt advice to the sector, which is imminent but not yet available:

https://brodies.com/blog/dispute-resolution/covid-19-and-construction-restarting-works-in-scotland/

Another very modest top up this morning, showing on the NEX.

Presumably confirmation coming later from the First Minister/Wee Nippy (delete according to taste) that we are into Phase 1 of post-lockdown from tomorrow. Currently slightly preoccupied with how all this is affecting a house sale/purchase/move so I must admit I've not dug into the construction industry's own phasing proposals and how these map onto the national Phase 1 and Phase 2 frameworks. Anyone less lazy than me care to provide a concise explainer?

Have a good and sunny one.

12.30 statement so we’ll know soon. I’ve read ‘resumption of some outdoor work’ expected. Does below ground count as outdoor? Probably not, but plenty to get on with above ground at Cononish by the sound of it.

That’s all.

Looks like the bulls *might* be winning the ‘which side of $1,700 will gold settle’ debate. Maybe. More incisive data-driven market commentary from me soon...