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Perhaps they should delist from LSE too?

Volume has been poor of late. Or just suspend the stock pending talks on sale. That would reward those that are 'invested' and teach a few on the sidelines that are not invested a lesson or too?

This has been alongtime coming but agree with Eloro, TSX has caused untold problems for miners that have been approached by Chinese. Removing this listing certainly clears the path for a bid or deal. Unfortunately it also removes the requirement for and MD&A. It removes a number of other requirements that come with a stricter index like TSX.

So it's win and lose and a question hangs over there motives. Remember, it was the MD&A that revealed the fact that they had to do a foresale raise due to funds being low.

SEI Investments Management Corp bought 11m SOLG shares last month.

What do they know that the basjers don't?

Lundin Gold is a good example of a 'recovery' stock.

July 2022, the stock was priced at $7. Today or a few days ago is was priced at $67. SOLG moving 7p to 67p seems impossible for some to imagine and at present who can blame the negative posters as SOLG has yet to gain tranche 2. But if a similar recovery were to take place then there would be quite a few red faces here.

It can be done. Lundin Gold is a good example of a 3 year steady path to glory albeit bolstered by PoG. SOLG need to get Tandy going... need to get some funds coming in, need to get exploration going and a 10 bagger is doable.

Lundin ten bagged in just 3 years.

Agree, it's not a negative at all. But there's a method and structure to Franco & Osisko's finance deal for $100m and it's based around teh agreed list of works required to derisk the project ahead of or before decisions can be made on the final investment decision which involved the remaing $650m+ package.

SOLG do not have $25m within that Franco agreed package. So if that is required sooner than originally planned, then it will be a bit chicken before egg stuff and considering they haven't even finished what was required based on tranche 1... it's looking more likely that they'll be short of cash going forwards especially with $10m of the recent $18m raised going direct to regional licence payments and Tandy drilling. That would leave about $10m at best starting from April 1st. They still have 26% of phase 1 works to complete. And with SOLG you can bet they've done some creative accounting to get that March 31st balance looking solvent prior to the $18m raise.

All in all, one thing is advancing and accelerating Cascabel which is good news but another thing is doing it in a way that delivers a poor return for shareholders. Bob's Fast and smart turned out to be slow and stupid. Now they look like going fast and stupid. I don't think they have a clue. I think they are skilled guys at going into countries that no one likes and getting acreage / licence deals done. I think Mather and team were good at getting exploration done. But neither are very good at 'Tier1 operational' or 'Tier1 developement' projects. At least Darryl had a CV that proved to the market that someone knew what they were doing.

On a side note, I see LSE's highly state of the art trading system seems to be struggling with the bank holiday post day trading. Shambles of an index.

Eloro,

Totally agree. New CEO's should have options although the amount could be contested.

What is unacceptable and something you surely agreed with is that the options should have had performance critera attached. Eg... 5m shares granted for doing xy and Z. Another 5m shares for doing abc. and then 5million for delivery xxx. And the important part... all should be based on share price appreciation. Not gifted at 7p. First 5m should have been 14p+. second 5m 21p+ and last 5m 30p+.

You surely understand why some folk are furious?? Options are one thing. But granting them at 7p was nothing short of total arrogance and disrepect for shareholders. Same for not offering an operational update BEFORE you grant those options.

Shocker and I can't see any fundmanager or II investor going anywhere near this slippery management team. They've shown their colours already and confirmed that there really isn't RESET at all. Just the same old same old SOLG.

There's no if's or buts about it. The MD&A showed cash in the bank of around $1m when you strip out the $18m capital raise.

So here are the facts:

1. The company failed to deliver all requirements on Franco tranche 1 within the budgeted time frames. The company has not explained to shareholders why they failed to do this.

2. The new chairman and new CEO were aware of the 'miss' on the first tranche budget and well aware that the $18m raise was significantly below book value and a poor result for shareholders.

3. With the above knowledge, the chairman and SOLG directors decided to reward soem directors with huge options with near all time low strike prices with zero performance criteria built in.

So there is no hiding from this (which is exactly what this weak management team have attempted to do)... the reality is they failed to deliver and it's cost shareholders greatly. And what's really annoying is that they ahven't even bothered to give us an update on the progress of works and instead elected to give a rather poor '74%' complete in the MD&A. Where are the drill results guys? Where are the assays. What's the prefered tailings option. Why haven't we had an operational update? Drilling was supposed to start in MAY on Tandy.

It's shocking watching this management team go about business without updating shareholders and rewarding themselves based on failure.

It's OUT OF ORDER. And the chairman seems entirely happy with this charade. He even thought the below book price fundraise was quite good!

Dan is a buddy of Bob. SOLG is full of CGP guys. And you think Bob, Maxit et al are weaker? All that has happened is that Scotty boy got removed as Bob no longer needed a puppet. Now he needs someone that can do the work he was doing but using a different face. Thus here enters Dan.

It's the same people. Same company. Same bunch of insiders all looking to cash in and get rich in anyway they can. And they don't give a toot about shareholders.

Osisko are also by defacto bob's buddies and part of his network. Past history shows connections to chinese going back years and years.

Newmont - yes, they defo are not interested in Cascabel but they might be interested in the regionals as exploration always attractive to the majors although Newmont not quite a 'major' but a wannabe major.

If Jiangxi manage to persuade NMM to sell them their shares, they won't do it before an offer is made... they'll have it agreed before an offer and execute it as part of the offer deal and if the main deal doesn't go through then I'm sure they'll still agree the NMM deal which will get them to 22%+ and will act as a warning to all who may be thinking of rejecting their first offer etc.

Perhaps that's why the chinese are holding things here at 7p as they are negotiating directly with NMM first?? I guess we'll find out soon but even the chinese appear impatient with SOLG's timelines and who can blame them. Times money as they say espcially when there's a copper boom waiting around the corner.

Pbow, true... but if the regionals are the reason BHP and NMM are still involved with SOLG, then surely they would have struck a deal many moons ago when SOLG were actively promoting them. They had data room open and loads of interested parties. Yet here we are apparently seeking to reboot the regionals as an explco (newco spin off most likely). Going down that route will most likely see all shareholders 'diluted' in terms of regionals.

Bob and his team of cgp related followers are not BHP's mates. They hate each other. Why would Bob give BHP a look in? BHP would know this. So why are BHP still here remains the question. And the answer is... because it suits them. If a cheap offer comes for cascabel, they can countr offer if they choose. Having 10% allows them options. I'm not saying they 'want cascabel' I'm merely saying that the view they 'don't want it' doesn't stack up. The regionals situation is likely to diminsh for them... not improve. NMM on the other hand have new management and I think Bob and SOLG are interested and open to dealing with them. So going to be interesting to see who the new main investors are in the exploco but I have no doubts that Mather and co will have a sizable stake ... just a hunch.... and it won't go down well as it will be another case of the insiders lining their pockets cheapily. But supposition on my behalf so lets see how it unfolds.

If Jiangxi pick up the phone to NMM and BHP and say ... guys... we hear you don't want to touch a block cave mine in Ecuador... so how about you sell your shares to us. BHP and NMM both reply and yes sure... we are not interested in a tier 1 mine and we are kicking ourselves for investing in the first place. Just what were we thinking?? I mean... we know from the early days it would be block cave... yet we took more stock on in placings at 45p.

So 10p ok? Yes thanks that will do. That will be a big loss for us Mr Jiangxi... but not much in scheme of things. But after investing $100m+ I doubt our shareholders will be too impressed if we flog our 10% to do at 80% loss.

So in a scenario where BHP and NMM lose their minds and act like some t00ls on this BB... Jiangi would have 32%+. That would be enough to seriously pull strings and have the rest of the 68% in the bag without a counter bid.

The question some need to answer is this.... if NMM and BHP are no longer interested... then why haven't they sold out to Jiangxi who are clearly very interested??? Maybe it's because they are interested but prefer to wait and see what the chinese bid and then they can indeed counter bid if that's too low. At end of the day, when things are cheap... risk suddenly looks attractive and block cave becomes viable for them.

Neither have enough copper and both will be left behind by the chinese if they don't bag some serious heavy weight copper projects soon.

Some nutters on here for sure.

BHP are interested ... if they were not interested... they would have exited long ago.

Jonny,

The asset is great but carries risk. Dan's options don't carry any risk. In fact, at 7p, he could see this sold at 14p and be minted! It's not a question of Dan's reputation as if bags a few million he'll be well happy. This is the problem that Rodney and others are eluding too.... the insiders can make bucket loads with minimal risk. The rest of the shareholders including the little guys are left with very little. Infact, if it was sold for 14p, most would be under water.

Franco couldn't give a flying fook what price SOLG is sold for. They just want to see the asset developed.

So there are believers and then there are not so believers. If Dan as you say is such a believer... then why didn't agree to options at 18p like his old buddy Scott waste of time caulderwell???

See where you might be going wrong?

Considering Dan the man has been busy marketing the company and doing presentations.... you'd think if he's doing a great job, the volume would be flying and the share price rising. Of course, this may still happen and II's don't tend to rush in the minute they've seen a presentation doc etc but there is a different view... perhaps Dan is mainly going after II's for involvement in the regional Explco?? Hence ... no one can make a move until Dan decides on who's pockets he's lining first apart from his own of course.

Or the other view is that they are all sitting on their hands awaiting Dan's next 'placing'. Why buy in open market when you can get a large wedge cheaper in a placing deal??

They've already ambulance chased a 5% sale of equity for just $18m. Why would any II or fund manager be rushing to buy SOLG stock when management clearly gift shares away on the cheap???

Agree, I'm not sure the markets would be operating functionally if a company was seen or allowed to suppress it's own share price ahead of an offer.

What would be worse is that it's proven to be by the buyer eg chinese. That's manipulation at it's worst!

InvestorPanda, no need to rude.

Why would the sp be held down ahead of a possible major news announcement? What's the advantage of it? And is it good for us? Or would a higher sp be better for us ahead of major news??

See if you answer that without 'playing the man' as that's normally reserved for unintelligent people wouldn't you agree?

What... like ... erm... a huge placing to the chinese at 5p?

There's absolutely nothing good to come out of 'holding a price down' prioer to major news is there?? Unless it's their director option awards and then keeping the price as low as possible makes perfect sense to them.

But that's my point... 'we had no choice' due to management failures. They then sack the CEO but don't say why at the time lol! Then move a director that was involved with the failures to CEO and grant him huge option awards. If they carry on like this, they move everyone around they can and gte them option awards won't they? It's criminal!

So as shareholders suffer, the top management in SOLG are now almost up to 2% or more of the entire share capital through option awards.

That's bonkers. 2%!!! And they've destroyed the shareholder value, reduced ops to a standstill and think by calling it a 'reset' everything is all good.

We haven't had an update on the tailings works for nearly 6 months!!!!!!!

Book value on CGP shares was $25m+. Due to management failures, these shares were issued for $18m. A $7m loss. Management should be taking salary cuts to repay back that fxxcking loss not rewarding themselves.

The chairman has already proven himself to be a flake and like the Thames water chair... looks like he has no problem with rewarding failures. No wonder they appointed him!

I see the chair of Thames water had insisted that the creditors were fine with the top brass getting their bonuses. It seems the UK gov does not agree and has withdrawn the bonuses citing that 'failure should not be rewarded' as important cornerstone of business.

So why did SOLG and our new Chairman agree to awarding huge bonuses and options to CEO and CFO and allow the old CEO to retain bonuses and options despite being sacked??

SOLG would have been fully aware that they were not going to be able to complete phase 1 using within budget. They would have been fully aware that they would have to issue shares owned by shareholders at a reduced book price, thus delivering more shareholder value erosion.

Yet they still awarded bonuses.

Scott 30m options need removing and he needs to be booted from the company pronto.

Any options or bonuses need to be agreed on 'performance' and that does not start from a low sp like 7p. It starts from an sp of 20p+. So nothing should be rewarded at an exec level UNTIL the share price is back to 20p+. Thereafter, performance should be based on progress from 20p+ upwards.

It makes me very angry to see management completely ignoring shareholders and just lining their pockets without any fears of failure. Shocking stuff from SOLG. Not many fund managers or II's are going to come anywhere near us because of these complete and utter tone deaf t00ls.

No problem, Mathersfinger. Gets a bit contested and hot in here on occasions as emotions are emotions... we are human. Important thing is, the serious investors know who the other serious investors are and be assured... we are all looking out for each other and want the best from this investment.

Roll on next week!

RodneyT, spot on.

There is no doubt now that the fundraise was done from a distressed position. Had they not achieved the fund raise with Jiangxi or another party, then the books for March 31st would have shown almost zero.

Question 1. When did they know they would have a shortage of funds?

Question 2. When did the BoD's realise that they were behind schedule?

Question 3. At what point did the CFO (Stackhouse) submit numbers to the Board of directors that showed a likely requirement for an injection of cash??

Based on the above, it's unbelieveable that Stackhouse was given bonus share option awards. It's unbelievable that Dan V was gifted cheap options. And it's absolutely essentional that the BoD's strip all award options from the failed CEO. He hasn't earned them and he's cost shareholders millions. Not saved millions... but cost us millions.

Final questions: Why haven't they achieved all tick boxes for receipt of Tranche 2 within budget. Stackhouse agreed the budget. And it was missed by a subtantial amount. Where is the operational update outlining the 74% progress to date. Last update informed shareholders of 3 holes drilled. I'm guessing that equated to about 5% achieved.

Pretty obvious by now that they have been hiding progress and news due to the above factors. They knew what was going on and decided to keep shareholders in the dark. They would have known of the cash short fall around January. Did they keep the news from the market for fear of crashing the share price?

The list goes on. And yes... they've crashed the share price anyway and then profited handsomely from that demise by snapping up cheap options. Scandalous!!!!

No fund manager out there is going to like to invest in SOLG until they clean uo their ACT. So what are you doing Mr Smith?? Why haven't you got a handle on things already? You've rubber stamped poor performance. So tell shareholders why you won't do that again??