Member Info for mattlilly

Just to let you know I've sold all 600k that I bought in the last few days.

After yesterday I was glad to get out at just under breakeven.

Why have I sold?

The SP tanked yesterday on no news beyond people's angst about the going concern statement. That alone wasn't enough to account for 12m share volume.

In addition I've been watching Bloomberg and done some in depth research.

Right now I cannot see any way SOLG can fund beyond a very cheap equity issue. Even then on Bloomberg there was a report that A mining capex has collapsed and B miners are struggling to raise any finance at all.

This is part of a general market malaise where it is being openly discussed that there is a liquidity shortyage across all markets. The last time I became spooked by this was 2007/8 when the Bloomberg 6pm news announced that 'liquidity has evaporated in the markets' which lit the blue touch paper for the 2008 collapse followed by SocGen having to close three funds because they could not liquidate the assets as investors started a run...

And earlier this week we almost had a similar liquidity evaporation. At least the central banks will have learned from 2008, but the massive distortions and volatility especially in the UK were heavily fuelled by derivative action...once again the hedge funds are running the economy and markets and governments seem reluctant to stamp on it. Remember when shorters deliberately attempted to destroy Halifax Bank in a naked greedy attempt to make money.

I've also looked into streaming deals and there are virtually none in recent months and one has to accept that basically these are advances of cash, in other words a subset of financing the miners.

So I cannot see currently how SOLG can raise any cash except at a penal cost at the moment. This may change by the year end, but by then we will have had the AGM.

So why haven't I sold the other 1.1 million?

1 Because that would involve taking losses
2 Because I think the likelihood of at least one takeover bid has increased massively and i would not want to miss out after all these years.
3 Because some experts are calling a reversal in markets with a stellar buying opportunity, they';re not sure just when and as I've said, all boats rise and fall with the tide. Thats also why I am keeping cash on the sidelines in case.

So in conclusion, I still hope to bank big SOLG gains by the year end; I may buy back stock if the price tanks again; but for now I am almost back to the neutral position I have held for the last few weeks, having cut our holdings right down earlier in the year.

happy to respond to any constructive comments but for now I am seeking as always to be transparent in my dealings.

Hi TIL
I have never accepted a bid, because it can take months to finalise and process it.

When a bid is made the SP will rise to at least that price, or more, depending on whether the market speculates there will be a higher bid.

Once a bid looks final, you do not have to accept it until the bidder owns 90% of the stock and then it is compulsory, so...

If I want maximum bucks I wait until there are 50% or more acceptances and then sell in the market. I may lose a copper or two but it saves the hassle and releases the funds to reinvest.

Picked this up from elsewhere...

Cazzubbo - 24 years
O'Kane - 35 years
Loyer - 10 years
Cashman (HR) - 11 years

Thats 80 years BHP service

How did we miss this...we've been set up!

If theres a bid approach the best time to announce it is over the weekend...then people will be all obver each other to pile in on Monday...

Ray...Im told you are dissing my purchases...how come you're the only clever git in here...?

Still filtered...

Agreed...already bought up to 16.68...21% above last nights close...

Novice...what happend to your Friday forecast...?

Or was yesterday's 5.5p it?

Capitulation Colonel...you always need one last big push down to take out stop losses, shake out the weak holders and kickstart the upward move...

Whoever is bidding better get going soon...

Love that hypothesis DBW...would love it to be true...

To repeat...neither Pollocks nor DC for that matter have any experience of London Capital Markets...nor Canadian for that matter...otherwise DC wouldn't have got the cashbox so badly wrong.

And cost cutting in favour of two (possibly three) cabs, to preserve cash...?

No. Apparently they have to do this on a regular basis...

Meanwhile we've got a 'Brylcreem Bounce' going on...ironically probably because of the rise in the (sol)GOLD price...

Ouch!

Meanwhile, final volume yesterday was almost 12.9 million including a bargain of
1,567,773 at 13.90 last night.

Hope that turns up in a major holding some time soon...

I posted a whole list of resignations from the MD&A at 14.37 yesterday...

C'mon guys...turn on my tablet...11 green stripes in 13 posts!!!

However...maybe the Ecuador government will lend us the money to save 800 jobs...

Meanwhile there seems to be a growing number of people on here who are hinting at some sort of masterplan going on behind the scenes...

Just one "the Board has received an approach that may lead to a bid..." and these will rocket..

Its disgraceful that the company hasn't updated the major shareholdings. The webiste says "at 13 July 2022" the sharehokldings were....

So ok they may not have changed, but say so...

And BTW correct me if I'm wrong.

Somebody suggested BHP might let SOLG go bust and pick up Cascabel for peanuts.

Unless I'm wrong surely if SOLG ceases to exist as a legal entity the licences revert to the Ecuador Government...and then see what you have to pay...and all the hassle...

Nick, DGR, CGP and Tenstar...

Remember this from only six weeks ago...

"H. Brooke Macdonald, Cornerstone’s CEO: “There are simply not enough copper projects in the development pipelines of major mining companies to meet the anticipated demand for electric vehicles and low-carbon electrical infrastructure by 2030-2050, and underinvestment by the majors in early-stage copper exploration means to maintain their production profiles and market valuations they will need to buy reserves – by acquiring juniors like Cornerstone and SolGold – to replace reserve depletion, so we anticipate a frenzy of M&A activity for existing copper projects like Cascabel as well as companies willing to fund drilling in potentially large porphyry system environments in good jurisdictions like Ecuador.”

Macdonald expects Cornerstone Capital Resources to be bought out within the next 12 months. At present the company’s market cap stands at around $119million with a share price hovering around CAD$3.19. Yet analysts believe the recent pre-feasibility study for Cascabel means Cornerstone is worth much more. A conservative estimate from David Davidson, the Senior Analyst, at Paradigm Capital, has a $6.50 target on the stock, which he rates as a speculative buy"

So if the valuation of Cascabel adds $4 to the CGP price, that values Cascabel at £631m as it is at present, which is worth 28p to SOLG even before the mine is developed and the NPV is used...

I'm guessing that, apart from the misplaced panic about 'going concern', most people were expecting some news, especially about drilling or whatever...

853,457 at 13.99p takes us to the second highest volume since April 2021

Bigger than the total volume for the previous six trading days put together...