Member Info for mattlilly

"Mind you, I suppose it's possible we won't need one."

Aye...because of a takeover...why isn't he permanent...?

And like the CEO and previous CFO, he has no experience of London Capital markets, hence the 27th July mess...

You are dead right DBW and, apart from participating in the previous fundraise, NO director has put their hands in their pockets to buy shares for at least 10 years.

Nick HAS and has maintained, significant 'skin in the game' despite personally losing £25m on paper in a matter of months.

I don't like Nick but right now he is our best hope.

Since when does 25% of the shareholders saying no decide Solgold strategy...

Unless its BHP and NCM

And why would they say no to a rights issue whan that was what they wanted when the cashbox was done and the FNV deal...

Would Blackrock, Norges, or even us have said no?

The Board ultimately makes big decisions like this. Something must have happened for Ingo and Ayten to leave...and it coincided with what we know to have been a failed cashbox...assuming a royalty deal was a non starter that leaves only small placings or a rights issue.

So what you're saying Colonel is that a company based in Brisbane (cvonvenient) with a MCap of £112bn (down only 1% today BTW) wouldn't be prepared to accept 2% dilution for a resource that they only have to spend $2.7bn on (if that...) to generate $1.5bn cashflows in year 5...

I'd take that...

As to Turquoise Hill it is completely different...

Its in the Gobi desert, miles from anywhere though conveniently close to the Chinese border.

It was originally the brainchild of Robert Friedland, who created and floated Ivanhoe Mines to develop Oyu Tolgui.

(Someone on here pointed to 'The Big Score' which I have read)

RIO only has a majority stake as Ivanhoe has refused to sell the rest.

It took literally years to negotiate agreements with the Mongolian government ending with them taking a 34% stake to allow it to move forward.

I was originally invested in Kincora Copper that was an early mover in Mongolia but gave up because developing resources there will be astonishingly expensive in a wild, environment and climate.

I personally believe it will be years before the mine is opened, if at all.

For starters, how do you get a team of block cavers to Mongolia...

Anyhow there is no comparison between Oyu Tolgui and Cascabel. For all that this is block caving, SOLG have decided on a rational approach which is not entirely dissimilar to what Fresnillo have done at Juanicipio (you should look at the pictures...)

Meanwhile, Porvenir is a fraction of the size of Cascabel but you know my opinion that the smart move would be to IPO Green Rock Resources and then sail into a sunset that fulfils Quady's dream...

But that is unlikely to happen because it would trigger at least one of the prospective buyers of Solgold who are currently playing a giant game of chicken...

AIMO as usual...

Sorry medi was playing golf.

I agree.

You're much more succinct than me DBW.

Agreed...again...why can't we fall out like the others...say something outrageous...!

Off to play golf...

Sorry medi...don't quite iunderstand...?

Colonel...BHP is spending money on existing and new mines every year.

If Cascabel fits teir portolio, its only $540 million a year to generate cashflows that peak at $1.6 billion from only 21% of the asset...

Thanks FRog.

Can I repeat...there could only be a 'low ball sale' if only one suitor is interested...

SOLG/Cascabel is the best and most buyable mining prospect on the planet...

Hi anon...

I'm on a private feed at Twitter, where someobody posted definitive evidence of what was stated below.

Of course it isn't fact as far as I'm concerned, but the cashbox was as good as confirmed by Darryl; there was the Berry Street letter; the AFR article(s); and I remember a posted picture I saw which was headed 'Refinitive' if I remember correctly.

But in any case, what I posted below makes total sense.

We know Barrenjoey led an ettempted funding and BHP and NCM were upset because after the previous cashbox, SOLG said it was a 'one off'.

So then you say how else could they raise funds. Of course another royalty deal would have been a no brainer, but if the cashbox was unacceptable to BHP/NCM then a royalty deal would certainly have been after BHP's public criticism of the FNV deal and NCM withdrawing Craig Jones as Board Member as a result.

So that leaves only a rights issue, which of course BHP/NCM would have approved, but there was no cash raise and therefore my conclusion is that the Board vetoed it.

Ingo had been actinf CFO but more important was Corporate Funding Director, so would have worked with AS on possible funding.

Supposing they took a rights issue to the Board and it was vetoed, with no other solution.

If I had been CFO that would have gone to the core of my role.

So I accept this is all supposition, but as you know, I spend many hours a week researching and engaging with some well informed people.

Thats how I camt to the conclusion below.

Hope this helps...?

I have no idea...if true, it was catastrophic.

I wonder why the CFO and Corporate Finance Director left?

Just suppose for a moment there is a subterfuge going on...?

I repeat...Nick and DGR have lost £70m and CGP £35 million since April...nobody else is selling either...why are they all so quiet...?

Bozi

Even at current prices, BHP has a MCap of £114 BILLION...

If they paid £2 billion for Solgold it would be less than a 2% dilution...

Since April BHP has fallen 25% and Solgold 60%...

A perfect storm...?

Where do you get this stuff from Colonel:

"So I think what happened was SOLG presented a structure to BHP and NCM among others and that structure likely resembled this.... $100m via Boliden for ENSA works and $75m for exploration/working capital etc. "

Nick would have approved a Boliden at the drop of a hat!

Barrenjoey brought a cashbox deal. BHP and NCM didn't like it.

A rights issue was suggested instead. The Board said no.

And here we are...

BHP made $32bn ASD profit

Had $32bn Operating cash flows

Paid $36bn dividends

Had $16bn debt and $17bn cash

https://www.bhp.com/-/media/Documents/Investors/Annual%20Reports/2022/bhpform20f2022

Its still there...scroll down to 'Corporate Structure'

https://www.solgold.com.au/about-us/

Agreed addickt.

Colonel...

BHP only has 13.5%...

We have the best portfolio in Ecuador...

If they tried a low ball bid they'd be swamped...

Sorry for the late posting...been on the Kwasi

Agreed Bozi but they can only buy if people are selling in sufficient size...

Just look at the volumes for the last 3 weeks or so...

Sold CWR in mid August at 678...bought back 9477 today at c362...can't wait any longer...bonkers...

Berenberg target 22 September 1550 reiteration...328% upside...? Like a prospective multibagger...

Some people think BHP is the only game in town, but...

NCM haven't sold
DGR haven't sold
Tenstar haven't sold
CGP haven't sold
Blackrock have increased
Norges have only arrived recently...they haven't sold...(buying 88 million shares)
Mather hasn't sold

So between that lot there is either continuing strong belief or desperation (hardly likely with Blackrock building back to 5.5% by adding 12 million shares...

Are any of these deluded or do they have continuing deep belief that they will make money and it is only a matter of time.

OK so there is a base for BHP to build a stake, but I can't see CGP, DGR, Tenstar and Mather selling them a bean...

And I'm strongly of the view that NCM would want at least 75p, so...

Anything still goes and as Noront showed...the first bidder isn't necessarily the last bidder, and even for a relative unknown, the SP can go from 23 to 110 (+378%) in a matter of weeks...

If Cascabel is one of the most important copper/gold prospects on the planet then SOLG is one of the most desirable girls on the dance floor...