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BBG, certainly agree on BHP in terms of creating an apparent impasse and even a hint of disninterest fuelled also by the Oz minerals acquisition.

It could work for them. Imagine they pitched an offer for SOLG at say 40p a share and management than batted it back and said not good enough... no counter bids follow and BHP simply say 40p is it and final offer.

There's a few out there that might think... hey hang on a moment... BHP want it but equally no other bids have come forward so we run risk of turning down only offer we can get.

Mmm... puts the cats amongst the pigeons doesn't it.

BHP's apparent back set and disinterest could well lead a few larger shareholders to capitulate. Plenty around these days that would take less than 30p a share after recent 7p tops ups.

Only way to see if BHP are interested and not playing games is to get an offer tabled by someone that would not normally buddy up with BHP further down the line. It can only be the chinese imho.

So based on the below info, Newmont should be sitting on fence or abstaining as they won't have formed a judgement just yet so voting against would be odd. On that basis Scott and co are safe as houses.

From the article....

Newmont CEO Tom Palmer said he had not yet decided whether his company would retain the 10.31 per cent stake in SolGold inherited through Newcrest, nor how Newmont would cast its votes.

“In terms of the listed Newcrest things on the plate, SolGold is down, down the list quite a bit in terms of where we are focusing our energy,” he said. “It is too early for us to be forming a judgment just yet.”

Aquinaga, I think I had a screen of about 7 greenlines on the trot yesterday so looks like they have been reduced to talking with their own multi aliases... poor old LSE... their advertising rev muct be dropping these days.

If newmont do abstain, then Scott should fly through as CGP and Mather et al have plenty of votes to see him clear against BHP and a few others.

I'd like to know if the 5%+ SOLG/CGP shares carry votes and if they do who's responsible for casting those and on who's authority??

I would expect most resolutions to make it through as well ... but remuneration might be a close one.

The CGP boys simply have too much ownership overall now compared to last year. Which probably explains why the arrogantly strolled into this AGM delivering zero and expecting to breeze through.

I expect the share price to be back into the teens in January is the recent suppression is down to tax selling and sellers dry up.

But I think the last few months has been a wake up call for Scott and Bob. I think they've heard the voice of shareholders now and know that a loss of confidence vote can be raised on them at anytime shareholders choose via special meeting. So they need to deliver and deliver fast as thus far it's been woeful and they know it.

Addicknt,

I think the default for players like Newcrest/Newmont is to vote against the minnows. We know that's BHP's stance. Some big ego's in the aussie and canadian mining patch so bit of that involved too.

Newmont have said that SOLG are way down their list of priorities which in mining language could mean we are the most important thing to them right now lol! So for them to vote against SOLG would imho show their hand a bit. It would suggest that they are in the game and running and send a signal to BHP. So you'd hope they play it cool and do the honourable thing and just abstain.

Precisely anon, Jerry's post did make me laugh. He's covered off Scott's achievements this year very well. I think he's got himself confused lol!

I do agree with you, but to be honest am growing a bit tired of what Scott says or does as it's usually contradictory or confusing in some way.

What are we? We are an explorer that doesn't explore. What are we? We are a developer that doesn't develop. What are we? We are a business that is conserving cash but still burns $70m in a year.

What are we under Scott?? We are a complete and utter mess. He picked up a business that was in fine shape. And turned it into a zombie mess. End of. He needs to go. He's not CEO material... he's just Bob's puppet.

What could possibly be of 'good news' that would come from allowing the Board to issue as many shares as they like and to anyone they like? Seriously... it's dilution and it's never very good. The irony is... Scott and co have been saying that they want to avoid 'dilution'. Hence the royalty deal or deals to come.

It's not really an important week or meeting at all when a special meeting can be called by management or shareholders anytime they like.

If BHP got hold of Newmonts stock, they could call a special meeting and table motions to remove the BoD's or so on. If SOLG had anything important to convey to shareholders, then they just need to spell it out and organise a special meeting. The annual one is the obvious one... but it's not the only opportunity.

So nothing has been denied to shareholders... that's nonsense. If they wanted to present it, they could at anytime.

Smickster, good job that SOLG have great metals mix/basket to offer as a pure copper play carries more risk for obvious reasons. Alpala's mix of PM's is a smelters dream. SOLG is not a pure copper play at all.

That's what makes it very very attractive. Never any doubts about the asset... which begs the question over the tools trying to sell it. Like I said... in simple terms... just stick it on ebay and watch them scrample to buy it. For some reason out BoD's seem reluctant to roll the dice but bet ya that when 157m shares find a new home, they'll move like Jagger.

No, read points 1 to 10. I left off Scott's woeful website update as didn't want to be accused of being too hard on him.

Smickster,

Take note?? Of what?? That the trashed price of 7p presents a huge opportunity? For whom? Most investors are 'invested'. They are already fully loaded up, so there is no opportunity at all unless you have funds or the risk profile to continue adding to your stock.

I think you've my point over the last few weeks... it's not about patience... it's about catalysts. My bug bear is with zero exploration. I want to see exploration kicked off again. Like yesterday! Then you offer shareholders potential transformational growth through the drill bit while you 'patiently' wait on ENSA discussions.

Not much to ask is it?

If you asked Willem... would he like some nice exploration holes drilled while we wait on ENSA talks... his answer would be yes. If you asked him whether he was happy with zero exploration and still hefty cash burn of $70m he'd say .. NO.

The price is at near 7 to 8 lows for a reason and it's due to management's poor strategy and poor comms.

1. They've told the market they are doing an SR.

2. They've now told the market that the SR is bascially... erm.. forever

3. They told the market we are an explorer not a developer

4. They then tell the market we are not exploring, but looking at development plans on Alpala

5. They've told the market they are going to conserve cash

6. They last cash update showed they had blown almost $70m! They haven't conserved cash at all.

7. They've recently updated the market on rock chip/assays that were done 2 years ago!

8. They've recently thrown a well respected industry 'chairman' under the bus

9. They've been seeking to patch up relations with BHP... and failed.

10. They've organised an AGM whereby UK shareholders can't even dial in

smickster... take note of the above... unless you think it all perfectly fine?

Interesting point on Newmont... I guess we'll see soon whether they have been bluffing with their apparent priotises and nonchalance re SOLG. If they vote against the SOLG BoD's then I'd find that an encourageing sign as at least they are showing the same frustrated issues as BHP...

If they abstain... Scott and co should be fine.

Well, don't get excited Bozi, as Maxit clearly don't have the moves like Jagger otherwise they would have delivered something ahead of the AGM for shareholders to vote on. Instead they seem to have brazenly wandered into the AGM after spending $70m and delivering zero combioned with a share price that represents roughly $500m down the tube since they announced the merger. Combine that with the $70m burned and you have a whopping $570m equity erosion due to Scott and Maxit's inability to give shareholders anything whatsoever to get excited about.

$570m wiped under these tools. That's like 10 Osisko's or 10 Franco's.

And you think these guys moves and counter moves??

They look like they are running around ina 3 legged sack race.

We'll have to wait and see what turns up in Q1. As I said... I think there is little point in printing a PFS with inflation and interest rates (as they are) embedded in. Far better to wait until Q2 or Q3 as when these drop (and they will) it should add another 1% to 2% to the IRR.

After yesterday's RNS, i'm now expecting a PFS3 before mid Feb but likely with a caveat that it will be updated and optimised in Q2/Q3 blah blah blah.

That's fair enough as it's only over the last couple of months that the markets in general have decided to swing to earlier rate cuts and lower inflation numbers.

It's a moving ball game...

If Accounts are to be signed off by March 31st, then my guess is that they'll need to raise cash before then as auditors won't sign off based on 3 months of funds left at date of sign off.

So all appears to point to one very large PUMP due in early Q1. I'm surprised more that the market hasn't picked up on that lol! Sp should be 12p+ levels on that realisation but guess the mm's are still filling large orders from impatient and patient sellers/buyers.

The market won't take much notice imho. Why should they? What's to like about a Tier1 super major suited mine being phased down to suit a small to mid cap miner's smaller pockets? It's a bit like knocking down Park lane hotel and then putting in plans to build a bungalow on the same plot simply because that's all the owner can afford. They could however, sell the plot to someone else who can build another hotel and make the best out of the plot.

There's nothing to get excited about at all.

However, if it means that SOLG can finance it through Franco or number of deals or it means they have 30 interested parties able to develop phase 1 rather than possibly just a handful right now... well... then that serves it's purpose.

Ultimately this is about extracting a bid as at the moment super majors know that SOLG can't finance it. And that's the mexican stand off right now.

So excitement ... no. But useful and potentially a super major aggravating bid inducing plan? Yes.

The teachers fund does hold assets totalling $318 billion so guess it's a credibility message rather than a dominate shareholder message.

Bit like Blackrock hitting the wires with something similar but ony holding 1.6m shares? They can still have a voice but have to say it's a bit embarrassing for them to be quoted based on having just over £100k invested.

Bit said really for a fund running $318 billion to be commenting on £100k investment.

mmm

Rcgl2,

Share price will reflect the asset value on any offer. It's not about multiples of where we are today or tomorrow... it's simpy about what someone pays for ENSA or entire business. Tier1 assets do not go for under market value.

So if the market value is $2bln based on xy and z risk, then sobeit... $2bln it is.

Doesn't matter whether the so is 7p today or 20p tomorrow... the end price is based on the asset not on an illiquid market place.

Also, the TA followers out there will not have missed that purposeful 'gap fill' today after the opening.

I'm beginning to think that one of Maxit's buddies is coming to the rescue to steady the ship. Kind of them to wait until 7p lol! Can't blame though..

All assumptions as is life on SOLG these days.

Seller cleared??

What I find more interesting is that whenever there is clearly some fund or II action going on (larger block trades) the same seems to happen over on TSX.

It's like the same party involved... on LSE and TSX.

In fairness to NM... covid and the woes that followed the mining sector came at the wrong time for SOLG. The fallout from that has made life more difficult for Maxit and co. But as seen by NCM, OZ minerals and a few others... deal are being done and at fair market prices.

I think Mather's biggest issue is that he genuinely (and still does) believe that there are at least 5 to 6 if not more Alpala style resources sitting in our folio waiting to be drilled. He didn't want to see that potential go for 'free' as it would had SOLG been sold in entirety.

Scott and co took opposite approach, moth balled exploration in favour of conserving cash and reduced the company to zombie status as well as burning through $70m in process. A huge failure to understand the value of growth and shareholder accretive strategies. The cost savings are pointless if you next fund raise is done at 7p. Huge mis calculation his part or Bob's and heads need to and have rolled.