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Let's see how Blackrock and their instruments wriggle out of that one. They have 25million to get tidied up before the strategic review news.

Can't wait to hear what NCM and BHP have to say. But at least they have a chance to by some of the royalty back if or when the time comes.

Loving this!! Mather back in control and looking out for the little guy.

That's exactly what I wanted. The market speculates that a dilutive fund raise is coming and it gets proven wrong. BHP and NCM bullied SOLG last time around and this time SOLG does what is best for ALL shareholders and stands firm.

Well done SOLG.

Now lets see what this market does now it has it's pants down and has been given a good spanking.

Like I said... on a comparable basis to bulk of sector and market, SOLG should be trading at 25p+ right now.

And all those that said a royalty deal was not coming.... well... you need to suck it up I'm afraid and admit you got it wrong.

Yes agreed, CGP will likely move further up if/when SOLG moves up but the point is the current vast gap between the two. I'm not referring to the merger day Oct 7th as the starter for correlation. Although you could use that if you wanted to but you'd have to use the 21p/22p level.

The point is... CGP were trading at similar level in late July 22 based on tonights sp. On a comparable basis, the last time CGP were there, SOLG were trading at 25p+.

The CGP deal carries some dilution but we gain the 15% ENSA stake as well as the 6.7% SOLG shares that come back into treasury.... or not as the case may well be.

So it's not a dilution story as asset values increase. Hence there's no reason what-so-ever why SOLG should be discounted from the 25p levels seen in late July when CGP are showing zero discount. Yes, there will be some slippage in-between whereby CGP may have been oversold or overbought around that July period but looking at VWAP and trends that's not the case.

So in a nut shell... post merger action is saying one thing and pre merger action is saying another. Certainly points to some heavy handed arbitrage trading imho and that needs to unwind at some point very soon based on my expected calendar of events. Might explain why we have seen Volume and size of block trades pick up significantly this week compared to bulk of October.

CGP trading back at late July levels and breaking out on a TA Chart basis. On a comparable basis, SOLG should be aligned at 25p.

So something has gone amiss as the CGP/SOLG merger appears to have left SOLG depressed and CGP looking positive.

It's a curious one but would not surprise me to see SOLG back above 20p and testing the levels that we saw on Merger RNS day with 22p being printed on heavy volume.

"We were talking about SAVE Colonel, not SOLG..."

Redknight - do SAVE not have their own BB?

More like Blackrock unwinding that 'instrument' of theirs. I think they had sold or moved to a new tool (loaned stock) to the tune of about 25m shares.

Last time they unwound the same tool was at 28p+ levels and it pushed us all the way to 35p.

It's a bit cynical and ugly watching the US markets do 'so well' leading up to the mid terms elections. They must think the US voter is devoid of market knowledge. Still... it doesn't feel like the world is nigh as per last market wobble in late Sept.

So many dollars printed... and yet the FED can't quite substantiate the dilution... furthermore, why on earth anyone trusts the FED's actions after their rather woeful call on 'transitory' inflation. With or without Putin... they would still have high inflation now so no point blaming it on the Ukraine war.

Question is... what happens after mid terms? A few weeks till the bankers get their bonus allocations and then we head into 2023 and as far as I can see, that's when all and sundry are happy to drop the ball... or better still... allow the markets gravity to naturally travel south!

I think also on reflection, both companies had about 2 years grace in terms of delivering more tier 1 discoveries or asset styles. We all expected SOLG to repeat Alpala via Rio or Hueca or Porvenir etc. The reality is after 2 or even 3 years+ nothing sizeable has materialised although I would say Porvenir is a nice economic size for someone like valuestone or lindin. CGP have had some success too with bramados but the rest of their folio has delivered zilch. So after both went about doing exploration for the last 2 years on regionals.... both ended up with producing average results, with SOLG edging it a bit with Porvenir and Tandy I feel.

So perhaps the deal looked more attractive to CGP after they had failed on there exploration and seen SOLG succeed albeit on smaller scale to Alpala.

The question for Citi and the advisors now is ...... will it bring in more cash selling Alpala (ENSA) first and then seeking sale or JV's on the regionals/porvenir etc... or would it be better pay day to sell the lot.

I noted HUR RNS this morning citing that their major shareholder crystal amber wanted to sell out. The company has now launched a formal sale process and will be inviting other companies to pitch offers. In theory, SOLG are in same position. We have CGP and a few others that want OUT and their cash deal and it's now time the company put SOLG up for interested parties to contest. It can't hurt. If the offers are poor, then we simply soldier on through to 2023 and deliver DFS and whilst keeping sale process going.

The environment out there might not look great for buy outs and M&A... but it is absolutely the right time. Big miners are chased up and resources depleted - bargains are out there and it's time for them to deploy cash and sweep up the good deals. That's why you have Wyloo very active. FMG very active. BHP active (Oz minerals), RIO active etc etc. It's far from silent out there... it's an absolute M&A fest! It's perfect time to launch a sale process. Top dollar will come from how much someone wants it more than another. And we all know Alpala/ENSA or SOLG as whole is worth well north of £1 a share and that leaves bumper profits for the next man too.

Tony, what I struggle with on AAZ is the lack of guidance of forecasts. We know they have plenty of resource opportunities but I'd like to see the company specify a target or strategy like say 100koz producer or 150koz producer by end of 2023 or 2024. They make it very hard to understand what exactly is going on. What the Capex spend commitments are? eg... how much cash is required to fund these projects to production. Mine life plans etc. The communication is poor and the blueprint to future profits hard to understand. If they can Dort all that out, then I think the stock would see a rerate. The trouble with AAZ is that they seem to run the business like a private company rather than a listed shareholders business.

So HUM owned 100% Dugbe. Betts and his mates owned a chunk of Pasofina. Betts effectively takes 49% of HUM shareholders Dugbe asset and gives it to himself via Pasofina deal. Now... Betts gives the other 51% of Dugbe to himself and mates so he owns 100% Dugbe. In return, HUM shareholders get 51% of Pasofina. Mmm. Anti dilution rights aside, this is a classic insider deal. I'm surprised the authorities are happy with that anymore over shareholders.

After the woeful management performance by Betts, it's a miracle he's still wielding control. His recent director buy was an embarrassing token gift. He's made far more out of those HUM Betts family gold coins than what he's invested into HUM.

Would not surprise me one bit to see Betts and his buddies make an offer for HUM of 6p a share. He'd ride off with the entire lot then.

Why he hasn't been booted is anyones guess. When's the next AGM?? I suspect he'll be getting prepared ahead of that.

Crystal Amber that are the problem here. Clearly they need the cash (probably made some poor bets recently) and are willing to sell out cheap. Shame as HUR just coming out of the debt cycle and going into the cash return cycle. Which is precisely where some PE firm wants it imho.

The 3p+ return in 2023 is attractive but the sp likely to drop 4p post that event. But that would give CA over half the cash back. Trouble is, markets likely recovering H1 2023 onwards post inflation crisis and many cheap opportunities are disappearing out there right now. I guess CA's mantra is that it might be a low ball sale, but the cash raised can be deployed into a weak market full of greater growth stories than HUR can offer right now.

Certainly underpins the sp at 7.5p levels. But shame for LTH'rs who deserve better payback for loyalty and hardship over last 3 years+. I'm not a holder now but was an investor in early days. Shame to see HUR go out like this.

I think it's more a process of timings and how the votes play out at the AGM. For instance, if they get the 20% voting power added post CGP merger, then I think most expect SOLG to be able to revise/ propose new resolutions that will empower them or allow them to circumnavigate the handcuffs placed upon them at the last AGM. So that's your funding issue resolved straight away via new resolutions at AGM and powers to raise cash while diluting the main large shareholders. However, should timings slip or they struggle to secure votes at AGM for various resolutions, then I suspect they will by default place the 6.7% SOLG shares that CGP previously held or got absorbed into one entity post merger.

It's pretty to me that the new resolutions that will be put to shareholders at the AGM is a clear indication of how SOLG see's the next 6months to 12 months. Once resolutions have been released ahead AGM, BHP and NCM can then commence their smear campaign or toys out of pram antics. But first... we await the AGM resolutions... it's all about gaining back the power they lost via last years AGM.

I think someone posted an update on when the resolutions would be made public and it was 17th November?? And AGM on Dec 22nd.

The silence is there for reason.... the big reveal needs to be coordinated in a smart way so they basically leave BHP and NCM with very little time to react.

It's CGP's and Mather's show post merger and AGM. Darryl was brought in to get the PFS sorted on a credible level with industry experts on his side. PFS2 now looks like an inflation nullifier. It's not going to add $400m+ as planned. More likely to cover off the $400m increases via inflation.

But that's all good as any buyer knows that inflation is a short term issue and will be long gone by the time Alpala enters Development Capex phases circa early 2025.

I think Darryl's expertise has been more than useful and Porvenir PEA could be quite exciting - it might even look like a 25% sized version of Alpala but easier to mine with lower Capex and faster ROI. I fully expect Porvenir to follow in foot steps of Lundin's Mirador and deliver production revenue well before Alpala. But that's a story for another company as SOLG will be sold soon. And once the strategic review results has been revealed, I fully expect Darryl to walk or be pushed as he's no longer needed. It becomes a CGP / Mather show there on. And those boys want nothing less than 80p+ imho. We might see two deals, one for Alpala circa 65p and Porvenir/rest of folio for 20p to 25p to Valuestone/lundin group/coldelco etc (the southern folio).

Yes but the real truth doesn't print with that UT. The auction had over 1m on the book at prices around 16.7p to 17.3p. Not seen that for a while. Yet mysteriously the UT closes at 16p.

The thing with SOLG is that one week is can be 16p and doing nothing and the next week it can be into the 30's.

Like many have highlighted already, it's hard to buy 10m shares+ without pushing the sp past 24p with speed. But it seems easier to nick 1m blocks here and there over the course of 2 weeks and gain the 10m that way.

The book looks like it's beginning to come out of the usual control tactics so could be lift off very soon.

Interesting snippet in the FT regarding Tesla holding talks with Glencore. Car markers are increasingly looking ahead to the vote till mining shortages of key metals (in next 5 to 10 years) and clearly trying to get a step ahead in mission to dominate electric car market. We had the chip shortage fiasco recently and car markers do not want a copper shortage fiasco dent sales.

If Mitsui bagged SOLG then in effect that would scare the Japanese car industry. And that's one very big chunk of the market.

When the copper shortage arrives, car manufactures do not want to be paying 5 times the price levels today.

Agree, can't be this dull for much longer! Even SOLG can't sustain the 'dullness' forever.

BnC... I think the new guys were allowed onto the board early doors (pre merger completion) as it might look odd if after a few days of the Merger deal being done they announce the results of the strategic review lol!

I think we all know the results of that review as it happened months ago. But we'll get to hear when they are ready. In meantime, new directors on board will no doubt ensure that some other directors know their place or worth lol!

Lets get it done boys... bring home the bacon.

Rest of market has bounced significantly over the last couple of weeks. DOW is up over 10%. Stocks like Wood Group and PFC which are more inflation sensitive due to past contract deals, all trading off lows with Wood bouncing 40% on no news. Lots of beaten up stocks recovering back to the late summer levels pre the markets end of Q3 dump.

SOLG firmly pinned by the controlling hand. It's been there since Blackrock dropped their TR1 into the market on Oct 6th. CGP merger news followed on October 7th.

So on basis of market bouncing, if SOLG do a placing for that 6.7% at 17p, that's actually more like 15p. If SOLG SP had moved with market and general sentiment then the stock would be nearer 19p+ now.

The 6.7% needs to be placed with an entity that has credentials imho. Otherwise, if it goes to HNWI's, Maxit or MAC types, then that's going to look very smelly and ugly. I've seen it many times before whereby the 'money men' behind the scenes get greedy and decide to feather the nest one last time before the big payday. That's never a good look and gets many backs up... not wise before an AGM.

We must be down to our last $15m now. About 3 months cash left on a $5m monthly burn basis which would be a big cost efficient delivery by SOLG as in past they've done $7m per month with ease and zero exploration to speak of.

$30m raised from the 6.7% stake would buy around 6 months imho. But lets be clear here, $30m for 6.7% is poor ... very poor. If placed with insiders (of course not official insiders) then it will look like a nice xmas pressie won't it?

I'm not keen on Scott Caldwell being back in the mix after he decided to sell his lot in 2018 to BHP for 26p. That's not exactly a loyal or committed shareholder is it?? And he's back into the fray post that event?? Lets hope he doesn't get given 6.7% back at 17p!

That's the latest possible date they could do in Dec. Last year it was a week earlier.

So resolutions out 4 weeks ahead of that? Nov 22nd?

Blimey... we've got another month to drift by then!

What a squirming shareholder letter that is! They really do come across as a bit jilted. Perhaps they shouldn't have floated Turquoise hill in the first place if they intended to buy it all back once the 'risk' had gone out of it. So shareholders carried all the risk and now risk is over, Rio want it all back on the cheap!! I hope shareholders vote against and stick it up them. They'll come back with a. revised offer at $50 rather than the pony $42. They might get it then.

Twigger also commented on the exec appointments.

So looks like Twigger comments on all appointments but Darryl doesn't bother with bod's appointments...

Probably nothing.

Bozi,

From last exec appointments

"Darryl Cuzzubbo, SolGold Managing Director and Chief Executive Officer said: "On behalf of the Board, I am pleased to welcome Steve, Bernie and Rufus to SolGold. We are very fortunate to have them joining us. They bring the skills, experience and energy that we need to assist SolGold to realise its full potential as an organisation. These appointments demonstrate our commitment to growing and developing our business, building on SolGold's past success as we progress through the next phase. Steve, Bernie and Rufus were attracted to these roles because they want to play a significant role in realising the incredible opportunity that Cascabel and SolGold presents for Ecuador as the next Copper frontier when the world needs it most." END.

This time around.... not a word from Darryl.

My guess is what we might hear next goes like this.... the SOLG BoD's have concluded the strategic review and believe its in best interests to sell the entire business and based on this scenario my services are no longer required so I am resigning blah blah blah yours Darryl. Mr Mather will stand in as CEO until. buyer is found or deal done etc etc.