Member Info for mattlilly

This is...as always...a personal opinion, but I was trying to puzzle out why there is no volume today...426k shares traded...

Apart from the fact that we're all waiting...

I believe that a fundamental problem for some time has been lack of liquidity because from my own experience as GFD, shares drift when there's no liquidity.

So why is there none?

To start with, as the Solgold website says "57.43% of the shares are not in public hands"

That, to me is an oversimplification because, for example, 'major shareholders' don't include holdings below 3%.

So no Valuestone, no Berry Street, etc.

So for starters, the 67.43% have no intention or inclination to sell.

We are led to believe that the April placing was three times oversubscribed...whether that is true or not, the share capital was increased by 10%. It is fair to say that all of the existing major shareholders would have taken up their entitlement, so that means more than 90 million new shares (c4%) went into institutional hands.

This was a smart marketing move, because it created a substantial unsatisfied demand which Ingo followed up with an institutional roadshow, as a result of which who knows 5% or moreof the share capital might have been bought up.

This would fit with the c150 million shares traded in the following month or so and the steady rise to 36p by May 31st...

It could also account for the steady decline to 24/5 by August 19, during which period only during which only 126m were traded in 2.1/2 months...

Indeed only just over 185 million were traded in the 5 months between late Jun and late November...

So what am I saying...think about yourselves...

How many people on here are selling?

How many have topped up in the last few weeks?

The Tandy MRE and the Chairman's BHP letter have briefly stimulated volume, together with tiny spurts on RNSs, but otherwise the MMs have stimulated volume by marking prices down...

So in conclusion...nobody wants to sell, because they believe the shares should be very much higher, however that happens..

Not much buying is going on because we/they are pretty much invested, maybe even over invested, waiting for something to happen...

Just try dummy trades...there is no real liquidity because of the above, so...

When something happens to trigger traders and investors to want to pile into the shares, whether its a string bid rumour, the Porvenir MRE, big news from Rio or finally a credible PFS...the shares could spike quickly...

And even on the bid rumour alone I think they could quickly go to 50/60p...or more...

So lets see...amd hope we have a happy Christmas and a majorly prosperous New Year...one way or another...

Can't disagree Bob actually...I have 100,000 DGR options that stand me at zero cost...

Cheers

So only yesterday we had excellent news on Porvenir, but...

Today's trading is headed for the lowest volume for over 5 years...

So far, just over 1/4 of the equivalent of the total shares we hold have been traded today...

Clearly market participants are building to a crescendo towards the AGM which is now only SIX trading days away...

I'm wetting myself... zzzzzz

Oyu Tolgoi is nothing like Alpala...

Its in te Gobi Desert...remote and with potentially the world's largest block cave mine...

It was originally owned by Ivanhoe Mines (Robert Friedland of Voisey's Bay/Diamond Fields cf 'The Big Score'

Keith Marshall was President and CEO of Oyu Tolgoi before Ivanhoe sold a majority stake to Rio Tinto (BHP were in the frame...)

You can see Keith in the attached picture...

https://www.northernminer.com/news/mongolia-gets-serious-about-mining/1000345435/

I confidently predict Alpala will be in commercial production before Oyu Tolgoi...

https://www.news.com.au/travel/travel-updates/the-towns-that-made-the-cut-in-the-sht-towns-of-australia-book/news-story/c0b17de6e8af52a330351f6230cc6bfd

"Renowned as Australia’s easternmost point, Byron Bay is also the country’s biggest d*ckhead magnet. Every type of f*ckwit under the sun gravitates to Byron: smelly hippies spilling out of their housevans, tattooed surfers fighting each other for territory, barefoot bogans fighting each other for fun, cashed-up Boomers flittering between overpriced organic cafes and bullsh*t galleries, and overseas millionaires buying up the entire town for holiday homes.

It’s the sort of place that corporate shills on their second divorce fantasise about moving to so they can open a yoga retreat and root a dreadlocked barista on the beach. Byron Bay is Disneyland for dropouts, or the Gold Coast for people who prefer their Meter Maids to have hairy pits.

Byron Bay is known for its night-life, which consists of drunken drongos and Schoolies smashing each other’s teeth out and projectile vomiting at passers-by. It’s also a prime spot for spotting whales, which is why Byronites were still slaughtering humpbacks as recently as the 1960s. A popular feature is the Cape Byron Lighthouse, which serves the vital purpose of warning passing seafarers away from the complete ******opolis of Byron Bay. We suggest you heed its warning."

Let me spell it out for him happy...

I am ONLY voting against Moller and Twigger. 1.5 million shares.

Alan Martin was CEO and MD of Solgold from May 2013 to May 2015...

On his LinkedIn profile Nick lists himself as follows:

"Chief Executive Officer (Cascabel Project)
Dates EmployedMar 2014 – Mar 2021
Employment Duration7 yrs 1 mo

Chief Executive Officer Solgold
Dates EmployedMar 2001 – Mar 2021
Employment Duration20 yrs 1 mo

He wasn't CEO while Alan Martin was CEO, but in actual fact for much of the time until 2015 he signed himself as Executive Director.

The original LOI was signed in April 2012

"Solomon Gold Plc (AIM code: SOLG) and Cornerstone Capital Resources Inc. ("Cornerstone") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) are pleased to announce that they have signed a binding Letter of Intent ("LOI") whereby Solomon Gold may acquire up to 85% of Cornerstone's 100% owned 5,000 hectare Cascabel gold-copper-silver property in northern Ecuador."

At the time Malcolm Norris was CEO and Managing Director as this extract from the 2013 Annual Report shows:

"Malcolm Norris (CEO and Managing Director) – resigned 22 February 2013
Alan Martin (CEO and Managing Director) – appointed CEO 10 May 2013 and appointed Managing Director 8 October 2013 Nicholas Mather (Executive Director)"

So Mr Mather has been rather exaggerative in his responsibilities and achievements...

Indeed the first 11 holes of Alpala had been drilled and assayed before he took over as CEO in 2015...

Are you sure pactrol...?

From RNS 25 February 2014

"SolGold Managing Director Alan Martin and Cornerstone Capital Resources President and CEO Brooke Macdonald met overnight in Quito, Ecuador to agree, execute and exchange the formal documentation associated with SolGold's election to move to an 85% ownership position of ENSA, an Ecuadorean registered company, which holds 100% of the Cascabel copper-gold porphyry project."

So now we're bouncing off the new First Resistance at 24.417

2nd is 24.933

3rd is 25.467

1st support is at 23.367...

More important the 20 day MA is at 24.40...

Wouldn't it be nice if we bust all the way through the 50 day MA at c26p and the 200 day MA at c27p...

Then surely we'd be off to the races...?

Meanwhile we have another quiet day and Liberum has today reiterated 44p DESPITE Porvenir and Tandy updates...

Nick isn't up for re-election cadell...but his sidekick Moller is...

Hi rcgl....

Its the EXECUTIVE team that needs the mining/block caving/project experience.

Apart from the Executive Directors (i.e. Jason, Darryl and a CFO when appointed), the rest of the NEDs must be 'Independent' (UK Corporate Governance; and Solgold's own CG decisions in August 2020).

We have made excellent appointments in Elodie and Maria. If BM and LT were voted off, another one or two truly Independent Directors wouldn't go amiss...

Liam is an ex Swindon Town footballer who, to my mind has too many commitments outside Solgold, which is one reason why I think Elodie would make a better Chair.

He is CURRENTLY listed on Linked in as:

NED Perth Mint
Managing Director - Minesonline.com
MD - PCF Capital Group
Chair - Lennon Metals Group and....
'Full Time" Deputy Chair at Argonaut

There is no harm in some of them having relevant experience; and having worked for other miner(s) is very useful, hence Keith's appointment to both the Alpala Committee and as acting CEO.

Keith Marshall - Palabora Mining, Oyu Tolgoi, Rio Tinto, Marshall Mining Associates
Kevin O'Kane - Escondida, BHP, SSR Mining, Northisle Copper & Gold

So together with Darryl, Jason and Executive Peter Holmes, we've got Barrick, BHP, Escondida, Oyu Tolgoi, etc covered off

And if Liam is really concerned about BHP, why has he appointed a CEO who's spent 24.1/2 years or half his life working for them...?

Sorry I missed that Lunch...I don't read posts after 17.00 normally having put the UT to bed.

Thanks anyway.

Sorry for being so late following this up Bozi...must have missed your question...

"Redknight - please can you provide a source for Mather promising a PFS in 2019?"

3 January 2018

"We plan to immediately follow this maiden MRE up with initiation of a PEA (Preliminary Economic Assessment) of the deposit at Alpala, towards commencement of the PFS (pre-Feasibility Study) later in 2018."

From the 2018 Annual Report published September 2018:

"Q: What is the roadmap for Cascabel? A: MRE December 2018, PEA 2019,
Pre-Feasibility December 2019, permitting, fiscal framework and financing and final feasibility 2020."

But on St Valentine's Day 2019 a revised promise...

"SolGold now looks forward to the completion of the Pre-Feasibility Study (“PFS”) which is targeted to be completed by end Q1 2020."

And on 16 August 2019

"SolGold now looks forward to the completion of the Pre-Feasibility Study (“PFS”) which is targeted to be completed by end Q1 2020. The Pre-Feasibility Study will focus on the new Alpala resource statement (MRE#3), improved metallurgy to maximise copper and gold recoveries, definition around geotechnical and hydrology studies, more detailed mine plans, further definition around the materials handling of water, concentrate, tailings and waste, as well as transport and infrastructure requirements. A Definitive Feasibility Study is then expected to be scheduled for completion at the end of 2020."

As Ingo was appointed in July 2019 I suspect the 7 million options are his.

I haven't yet tracked down who got the other 1.5 million

Nadine Dennison was appointed in January 2020, so I suspect it was her....formerly with BHP for 7 years, she left Solgold in April 2021...I wonder why...?

"During the year ended 30 June 2020 the Group employed the following:
• Ingo Hofmaier into the position of Executive General Manager – Project and Corporate Finance
• Nadine Dennison into the position of Chief of Human Resources
• Peter Holmes into the position of Director of Studies

Peter Holmes wasn't appointed until March 2020...he worked for Barrick for almost 9 years in roles directly relevant to the delivery of the Alpala project:

"n 2013 – Mar 2015
Employment Duration2 yrs 3 mos
? Ensure the highest standards of safety are incorporated in all activities.
? Provide leadership for the development and maintenance of a high performance Capital Projects project support team including day-to-day management.
? Develop, maintain and report on annual budgets and schedules for Capital Projects group including managing CAPEX and OPEX for the projects ($9 billion portfolio)
? Functional Manager for project execution including Safety, construction, project controls, risk, and security including development and maintaining processes and procedures.
? Manage, coordinate, and administer all the engineering, procurement, construction management (EPCM) alliance activities, working with the EPCM contractors to establish work processes, resource plans and schedules to align with Barrick’s project pipeline.

Because I believe in facts on here, I have done further digging back into the 2020 Annual Report, as a result of which I am happy too admit that I was wrong about the issue of options at 25p.

Thanks for pointing this out Bozi...it was indeed too much of a coincidence.

I apologise.

"On 27 April 2020, the Company issued 7,000,000 unlisted share options over ordinary shares of the Company to an employee in line with an Executive Service Agreement executed in July 2019. The options are exercisable at £0.25 and expire on 26 April 2023.

On 27 April 2020, the Company issued 1,500,000 unlisted share options over ordinary shares of the Company to an employee in line with an Executive Service Agreement executed in January 2020. The options vest over four months, are exercisable at £0.25, and expire on 26 April 2023."

I've just been studying the SOLG chart and I'm hopeful that a huge Pennant has been forming over the last 5 years or so and a strong breakout to 30p and beyond could see a sharp move higher, but....

On 24 May, the excellent Cascabel/Tandy news was issued and the SP rose from 28 to over 36 over the next 4 dealing days...

But....on June 10 1,500,000 'employee' share options were exercised, presumably by Nick Mather...

Over the next 6/7 days he sold 300,000 at an average of 30.71p...

Over the next month the shares continued to fall steadily to bottom out at 24.65p....

They have since only briefly recovered to 30p and later to 32.7 on the Rio news, but in general the trend has been downwards since Mather's sale...

So when I dug back I found that the 1,500,000 options were issued on 27 April 2020, as part of a total of 8,500,000 exercisable at 25p when the SP was only 26p, just two days before a positive Alpala metallurgical report but, more importantly only 2 weeks before the Franco Nevada deal was announced...

In my experience, 'incentive' options are normally issued with an exercise price significantly above SP at the time of issue, viz the raft of options issued at 60p since then...

I'll leave you to draw your own conclusions...

Just finished 'The Big Score'...enthralling book...very well written and reads like a thriller....

Some parallels between Friedland and NM...?

The Big Score is a tale of greed, ambition and, ultimately frustration...the sequel saw the two main protagonists, Inco and Falconbridge both taken down....

https://www.theglobeandmail.com/report-on-business/small-business/the-great-canadian-mining-disaster/article4301299/?page=all

(Written by the same author...)

Whither Solgold....?

189,935 at 23.90...closed up 2.36%, bang on the first resistance point....

We really need to push through 25 soon...

So...we gapped up again today...another white candle....lets see what after-hours brings...

And lets see if we can hold it or improve tomorrow...

Like watching paint dry....

Can anybody explain what is the point of these Autobot trades...

Almost always below 1,000 shares...in and out...you can't make any money doing that...

And I've just looked at BHP and all bout one of the last 60 trades are auto trades...

All helpful explanations welcome, because they just screw up the daily trades...