Member Info for mattlilly

BNC you go to the top of the class for your honesty...

Now please please devote the rest of our SOLG existence to converting Quady...?

Never wrong...never apologises...

And before your calloused thumb hits the keyboard Quady, remember you're filtered...

DGR = NM...simples...

If I'm right, a cash box bypasses the pre-emption rights inherent in a 'plain vanilla' placing?

Thereby allowing the exclusion of, e.g. BHP and Newcrest...

Please correct me if I'm wrong...?

To my mind there's a very good reason why Alpala will never get to production and that is...

They have to raise a couple of billion dollars; some of that has to be debt/convertibles. Banks always want their pound of flesh in such financing...they demand shareholders have 'skin in the game'

So who will put up the equity element...?

If another major player is hungry enough we have a battle

If BHP/NCM pit up the lot or a large part of it its game over, so...

Why would any of the would be buyers let it get that far...I still say SOLG will get at least one bid by Christmas...

Why do you always have to stir it up Colonel...?

You often post some good stuff but then you let yourself down by laying into well meaning posters who just happen across something you don't agree with...

Here's the quote again...

"BHP and Newcrest were apparently unwilling to invest again"

And here's the article it came from

https://www.afr.com/rear-window/s-all-not-well-at-solgold-20220814-p5b9p0

BNC what's the point of saying that...its a special kind of placing...even SOLG called it a cash box last time...

https://www.dacbeachcroft.com/en/gb/articles/2020/may/what-is-a-cash-box-placing/

In case you missed it...

https://www.afr.com/street-talk/fork-in-the-road-looms-for-bhp-newcrest-s-copper-play-solgold-20220814-p5b9oo

"While SolGold couldn’t raise equity at the drop of a hat last month, it’s not because it doesn’t have deep-pocketed backers. Quite the contrary.
SolGold’s two biggest shareholders are Australia’s BHP and Newcrest Mining, with toehold stakes worth 13.6 per cent and 13.5 per cent of the company, respectively.
With SolGold reported to have only enough cash to see it through to the end of the year (after scrapping its recent $50 million top-up), there’s bound to be a time in the next few months when its two big Australian shareholders will have to decide how much they want Cascabel.
If it’s a bit, then the two shareholders will have to tip into an equity raising and try to maintain the status quo.
But if it is a lot, like some analysts suspect, then we could see a pair of Australian heavyweights in a ding-dong battle.
The company’s annual general meeting, slated for November, is a key date to watch."

Doesn't he actually say he's not worried about funding the DFS...?

Companies with a footprint in Ecuador...batting list...?

BHP Group
• Anglo American
• Codelco
• First Quantum Minerals
• Newcrest Mining
• Southern Copper Corporation • Fortescue Metals Group
• Equinox Gold
• Lundin Gold
• Lumina Gold
• Dundee Precious Metals
• Aurania Resources
Luminex Resources
• Cornerstone Capital Resources • Lucky Minerals
• Solaris Resources
• Titan Minerals
• Salazar Resources
• Adventus Mining

PLus Jinxiang copper and Barrick Gold of course as potentially interested parties...maybe even Gina Rinehart/Han****...she failed with SXX...

Just to remind you...

DGR DIDN'T participate in the April 2021 placing at 25.5p...

Blackrock DIDN'T...

Mather DID

We presume BHP and NCM did as there was no dilution RNS

Meanwhile, in my trawl I came across this which I had previously overlooked...

"On April 30, 2021 SolGold exercised its 500,000 warrants held in Cornerstone Capital Resources Inc for 500,000 ordinary shares at a cost of CAD$1,000,000."

So it looks like this...

Barclays wants Barrenjoey to make a statement in the OZ capital markets...

Everyone knows that SOLG need funds...

Barrenjoey brings a cashbox deal to SOLG, but BHP and NCM don't like it (as before...)

SOLG proposes a rights issue instead but BHP and NCM don't want to throw more money down the toilet while they are working on a joint bid...

By the same token, a streaming deal won't work because BHP and NCM went ballistic last time, so...

BHP/NCM seem to have SOLG by the short and curlies and I wonder if the bulk if not all of the cashbox was coming from Barrick...still my favourite to prevail because after Twigger's outburst in 2020 and no love lost between SOLG and the two behemoths, surely the Board would not recommend any deal with BHP/NCM if proposed, so...

If it comes, who comes in with a counter, like happened with Noront...the Chinese...Barrick...Rio have just had a massive setback in Mongolia...?

Looks like they've got us by the short and curlies.....

"BHP and Newcrest were apparently unwilling to invest again..."

So...no cashbox...

No rights issue...

No royalty deal...

Anyone found $20 million down the back of the sofa...?

More information has finally emerged from OZ about the failed fundraising...

https://www.afr.com/rear-window/s-all-not-well-at-solgold-20220814-p5b9p0

"The shake-up came shortly after London activist investor Berry Street Capital complained that its recent withdrawn capital raising (on which Barrenjoey and Barclays were working) had revealed “the management and the board’s lack of understanding of 1) their shareholder base and 2) the basic mechanics of capital markets”.
BHP and Newcrest were apparently unwilling to invest again, and a second raising that would circumvent pre-emption rights was ultimately seen by shareholders as not appropriate. And fair enough, it’s a £600 million company, not a Perth-based penny stock explorer, though it’s only got about $25 million left in the bank."

https://home.barclays/news/press-releases/2022/05/barclays-strengthens-strategic-partnership-with-barrenjoey-capit/

"Australia is an important part of Barclays’ strategic growth plans in Asia Pacific. Today’s announcement further strengthens its strategic partnership, by providing additional regulatory capital to support the growth in Barrenjoey’s Markets business, including the establishment of its Fixed Income Derivatives and Equity Financing platforms."

It's like watching the Magic Roundabout....waiting for the BOINGGGG!

Someone has kindly pointed out that DGR have been selling down their holding in Atlantic LITHIUM...

They must have a very good reason to sell such a good prospect in favour of clinging onto SOLG...

Neil Hume on Twitter (he posted the Refinitiv confirmations of the fundraising fail last week...)

"This looks like a company in crisis - SolGold
CFO has resigned, head of exploration is off and its independent non exec has stepped down. What a mess."

And this is what he posted on July 28...

https://twitter.com/humenm/status/1552546766494523392/photo/1

https://www.miningnews.net/leadership/news/1437608/more-signs-of-unrest-at-solgold

https://www.afr.com/street-talk/fork-in-the-road-looms-for-bhp-newcrest-s-copper-play-solgold-20220814-p5b9oo

I agree SM but NM implied in the past that he wouldn't sell for less than £2...DGR can't pay that...

So here's the thing...

At 31 December 2021 CGP had Net Working Capital of CDN$7 million...

Their annual operations cashflow was negative $6,6m...

They 'kept the lights on with a $5.6m fundraise...

By now they should be down to less than $3 million, and...

They don't want to sell SOLG shares as they have done in the past...

And...their SP just hit a 27 month low...

At AUS$0.50 DGR is at a 29 month low and if you leave out the short blip in March 2020 to 0.40, its at an all time low...

At 31 December 2021 DGR had AUS$2.5 million net working capital and...

Their net cashflow FOR THE HALF YEAR from Operating (-$2m) and investing (-$2.1m) totalled negative $4.1m

And they 'kept the lights on with $4.7m financing. They also don't want to sell SOLG shares...

Their net cash position might now be almost zero...

So it seems to me that neither has the cash to participate in either a cashbox or a rights issue, so NM might be angling for a further streaming deal. That won't happen...

So why is Irwin so quiet and Mather so relaxed?

Simples...their MUST be something going on in the background...

As always I'm happy for someone clever than me to challenge my workings...