Member Info for mattlilly

You're naive Quady...

addickt is absolutely right...

deposed".."removed from high office or position:"

Supposing it was you and you were 'deposed' from Actuary to statistical analyst...

Nick lost a lot of 'face', hence his grovelling admission in the Oz article in early January...

BHP, NCM and CGP got the Special Resolutions removed and Mather 'deposed'...

I already searched Valuestone on the day the deal was done..it is a $300 million fund, sponsored (but not owned, of course) by the two companies you mentioned...

One is a major metals company and the other an 'investment bank' that does...inter alia...M&A...

So Valuestone wouldn't/couldn't buy us, however...

It was Valuestone Advisors Ltd (sole advisors to Valuestone Global Resources Fund, who arranged the subscription...

Read Dickson Hall's Bio on Linked In...

Between his expereience and connections and the two sponsors of the Valuestone Fund, you have to take the Chinese interest ver seriously...

Especially if they increased their stake by buying in the market and suddenly announced a holding at 3%...or even higher...

Here is an extract from his Bio...

"I previously directed corporate development efforts in Asia for Hunter Dickinson Inc. (“HDI”), a Canadian-based mining group, raising over $150 million in new capital and broadening its Asian shareholder base. I was VP at Continental Minerals Corporation which discovered a large copper-gold deposit in China before being sold to a Chinese SOE for $432 million in 2011."

https://www.linkedin.com/in/dicksonhall/?originalSubdomain=ca

The Chinese are coming...unless BHP or Barrick get there first...

The key thing is if Nick were to decide to sell his/DGR stake...if you look at what happened at Manchester United after McManus and Magnier sold their stake, you get the picture...

Apologies for my misunderstanding...

So do you think Nick should have gone if he lost the vote...?

It occurs to me that...if Nick wanted to take his bat home and retire to DGR Global and sunny Brisbane...he might be biddable by a serious predator...if the price was right of course...

Nick has 210 million shares (10.08%)...if he accepted an offer of say £1 he would bank £210 million., or $376m AUD..surely enough to buy a private island off the West coast of Australia and retire...or even e penthouse in 'The Sail' in Dubai...

DGR Global has 204 million. (9.8%)...$365 million AUD would be transformational for a company with a MCap of $52m AUD...

Nick and Trusts have 22.04% of DGR...so that's another $80m AUD taking his total to $456m AUD or £255 million...

Lets assume its BHP, because it only works with one of BHP for NCM, otherwise the price would have to be higher still for BHP to sell to an outsider...

So...BHP 13.57 + NCM 13.49 + CGP 7.54 + Blackrock 5.52 + NM 10.08 = 50.20%, so without buying any in the market, you've got yourself a deal that would be very hard for the Board to turn down...

So while Nick mulls my proposal, including how to spend £255 million and how DGR Global would invest their pile...

Imagine what you could treat yourselves to at £1 each for your shares...and why aren't you buying more at 22.4p...?

No harm in dreaming....you can even get a 2019 McLaren 720S with only 2,600 on the clock for £165,000....

msitermeister had a telecon with Eliza...

"I don't believe Solgold would say anything like if NM had lost the vote, he would have to go immediately."

Are you saying that they wouldn't say that...or they wouldn't do it...or both...?

Copper hits another 10 year high of $3.9840...

That makes the Board look pretty smart...how can a PFS still use a copper price of $3.30...?

Or even a gold price of $1300...

A price of $3.70 for copper would add $8.8 BILLION to both Gross Revenues AND profits as itv would all go to the bottom line...

And thats without any contribution from gold, which if it was included at say $1500 would add $4.4 Billion and there silver is not included so far so that would add $2.3 Billion...ALL to the bottom line over 50 years, totalling $15.5 Billion EXTRA profit...

And welcome back yourself King Kev...S****horpe, Liverpool, Newcastle or England...or all of them...?

Quady did you realise how ridiculous you can be...

If Nick had lost the vote he would no longer be a Director...how on earth could he stay on...as Company Secretary...tea boy?

I don't think Jason or Ingo would be vulnerable, but SOLG needs a proper CFO...oresumably they'll be appointed after the CEO arrives...

I am quite clear in my mind and have been since the shocking AGM result, as you can check from my posts around that time.

Its instructive to look at the timings...

In May there was the FNV deal which out the major shareholders noses out of joint

30 June Mather launches a bid for Cornerstone

In July, CGP said they would requisition an AGM. During the PR process they publicly attacked Solgold's Governance...

IN august major Governance changes began, including Moller stepping down as Chair

On 4 September we had this: "the Company intends to move towards full compliance with the provisions of the UK Corporate Governance Code."...only 15 years late...

In October, O' Kane, Alban and Marshall were appointed and...

The original Alpala Project Committee was constituted on 10 November with 8 Members, including at least three Board ;members;

This also coincided with the departure of the CFO...

On 30 September it had been reported that the PFS would be delayed by 3 weeks, but after the Alpala Committee met for the first time, it was put back and on December 1 Keith Marshall was asked to look at it in detail:

"The Apala Project Committee review is expected to be completed by the end of January 2021, followed by a recommendation to the Board. The Company plans to update the market on the PFS shortly thereafter."

By 26 November, somebody had decided that the special resolutions needed explaining...they would almost certainly have 'disenfranchised' BHP and NCM form future equity issues...

And as we know, by early December somebody was panicking about the outcome of the AGM...

Given that the Resolutions were set in stone, the only way the major shareholders could express their discontent was deemed to be to vote against Mather.

By now, Marshall and Twigger wouMMve taken soundings and despite the massive PR blast to private investors, he only got 55% of the vote.

As MM confirmed, if he had lost he would have been out...

Instead he gets the consolation prize of a poison chalice...minding the shop until 31 March to give the impression of some semblance of continuity and then handing over either to his successor or to Marshall as Interim.

It looks to me as if SOLG has gradually whittled away the Oz mafia, in favour of a Company based in Ecuador and London, with much more South American experience.

We may all be disappointed by the PFS delay, but all that I have seen is a sensible move away from a 'dictatorship' to a modern mining company...with all the shot 'kitchen sinked', underpromising and overdelivering without showering us with a confetti of RNSs and all of the forthcoming ones positive...no more delays and disappointments...

AIMO as usual...

Not necessarily woody...if they do a very thorough PFS, as they have made clear, there may not be a need for a DFS...

And the Financing has been seriously underway since before April 2020...here is an extract from the May 2020 MD&A

"During the period (and announced on 16 April), SolGold conducted a process with established international commodity traders for the submission of terms for the offtake of Alpala concentrate. The Company received 10 qualifying bids with more expected once worldwide travel restrictions due to COVID-19 are lifted. The offtake terms, though non-binding, are sufficiently detailed to give SolGold confidence that binding agreements can be reached during forthcoming negotiations. The demand from traders for the Alpala concentrate was significantly in excess of planned production volumes and all received submissions were an improvement on the commercial assumptions relating to off-take made in the PEA...Discussions with traders and smelters will continue, as a complementary, integral process of SolGold’s overall project finance strategy."

Furthermore, debt funding has never been more propitious or low cost and is very likely to come out of North America.

The two key questions, therefore are:

Will the company explore a JV with BHP or NCM, which would make the funding a walk in the park, or...otherwise...

What are the views of BHP and NCM on the structure of the financing (CGP will simply row in), especially in light of their publicly expressed regret at the FNV royalty agreement...

So in conclusion, we may still be on track for construction to begin in Q1 2022...

No woody...sorry...I don't see how he could repair relations with BHP, NCM and CGP...he started, with the 'apology' in the Oz mining journal in early January...but I believe the Alpala Committee and the Board are calling the shots now, with Ingo's input...NM's view will always be taken and respected, of course, but thankfully we've moved away from the 'shock and awe' style of management and will do more so with a new CEO...

Just joshing Fastjet...

Luckily we now have a proper BoD in place...with proper Governance...and an optimistic outlook...

Now lets have an informal poll on here...

Who wants to wait for Alpala to go to production with no idea what the share price will be in six years time...

And who wants to make loads of money in 2021...?

It may have been Mather's but he never stated it in a regulated report until early 2020...

Furthermore, read the Official Corporate Strategy as late as November 2019...no mention of production and no mention of 'to become a major mining company'...STILL E&D...

Frankly I don't care...I bought SOLG shares initially to make money...I've made a lot of money twice...and now I'm back in to make more money...and as soon as possible...like the clever people who made loads out of GGP while Mather stumbled along...

Thanks Qalibashi...that enabled me to buy another 97,657 at 22.6

I would have had to pay about the same price for GGP...

I'll lay a bet that SOLG will outperform GGP...

Good luck!

Wrong again Quady!

On 14 September 2017 The Company's corporate strategy was to:

"· Create substantial wealth for its shareholders by exploring, discovering and defining large inventories of, but not limited to, copper and gold metal."

NO mention of production anywhere in the 2017 Annual Report published in November 2017, although there is the first passing reference to a preliminary economic assessment to be completed by end 2018......

The Q1 MD&A gives us the first vague hints...

"Ecuador is undergoing a transformation with significant improvements to infrastructure, including five key sea ports, over 10,000km of new highways, and 10 new hydroelectric projects. These infrastructure improvements are sure to afford the project enormous capital advantages as it moves toward feasibility over the coming years. ...SolGold has appointed a PEA (Preliminary Economic Evaluation) Study Manager and commenced Preliminary Economic Evaluation of the project. Final evaluation reporting is targeted for completion by end 2018."

On 11 May 2018 the MD&A states:

"The next phase of development of the Cascabel project will shift the focus from Exploration to Feasibility activities i.e. readying the project for feasibility (e.g. Preliminary Economic Assessment, Prefeasibility study, and Feasibility study) phase requirements."

As late as November 2019 the MD&A stated up front:

"SolGold is a leading exploration company focussed on the discovery and definition of world-class copper and gold deposits."

Finally in the February 2020 MD&A we get the detailed outline plans for a PFS, including this...the first mention of production...

"Process flowsheet, process plant design, equipment requirements and cost estimating will be prepared and signed- off by Wood."

And of course no decision is made to move towards production until the completion of the Definitive Feasibility Study...which is now scheduled for Q1 2022...

So the certainty that Alpala will be taken to production exists only in your mind Quady...

Hope this helps...

Have a heart zoros...

We may be his only friends...

Hes been a Member on here since 23 June 2011, when the SP was 15p...he must have been elated when it spiked to 18p a week later and only three months later it hit....

22.6p...YES!

Its then ridden the rollercoaster all the way down to 1.32p in April 2013, then up to 46p only four years later...

since then its been a rocky ride...Quady had 1.8 million shares at one time and now has 1.2 million...

I wonder how many times he has had 'buyer's remorse' and wished he'd sold and bought back...

But you have to admire his sheer stubborn determination to hang on until 2027 or beyond for 'the BIG ONE...'

Question is...does he sell when a bid comes in...or even if the SP spikes on a JV announcement iff there is one...

Will the last one out please switch the lights off...

Wrong again Quady...everything was sourced from documents on the SOLG website and the share price chart of SOLG since 2006...of course its not precisely accurate...