Member Info for mattlilly

Directors have bought 162,790 shares in the Placing which was fully subscribed...

Meanwhile, I've bought 22.5k shares under the issue price...

Will buy more if they fall...

Still p****d off at Mather though...

HOW CAN YOU EVER TRUST THIS GUY AGAIN!!!???

From the Franco Nevada RNS:

"Proceeds of the NSR Financing will be used by SolGold to fund the costs to complete the Feasibility Study and any surplus will be used for SolGold's share of the development of Alpala pursuant to agreements with the minority shareholder of ENSA, Cornerstone Capital Resources Inc. ("Cornerstone")."

From today's RNS:

"The proposed US$20 million capital raising will see, with completion of the FNV royalty, SolGold fully funded through its PFS and to the delivery of a definitive feasibility study and all related permits."

Too much b****y hot air Nick...

Get a grip and some serious credibility or sell to the highest bidder...

Am I angry...?

You bet!

Sorry Iceberg...it was a typo...

Further significant points from CGP presentation:

"Cornerstone will fund its 15% after Bankable Feasibility Study (BFS) - If the BFS is positive, we will raise our share of $150 million for every $1 billion in capex

No one has a right of first refusal or other pre-emptive right on Cornerstone the listed company - Any buyer of Cornerstone would simply step into our shoes with the carried interest

Cascabel is the type of asset that will end up under the control of a major mining company

Strategic positioning of Cornerstone's direct and indirect stake of 22% is extremely valuable and larger than both BHP’s 12.5% (14.7% of SOLG) and Newcrest’s 12.4% (14.6% of SOLG) stakes in Cascabel"

I suspect it gets worse...just checked the CGP 7 May presentation...$3.2m in cash, suggests to me they have sold a further 6/7 million shares...that would leave them with c158m shares or 8.2%....

Surely Nick has their nuts in a vice...?

Colonel, I suspect that the CGP sales are because they are desperately short of cash...can they hang on...

http://www.cornerstoneresources.com/i/pdf/Financials_1Q20.pdf

They had only $933k cash at 31 March and during the 1st quarter sold almost $5m of SOLG shares at a loss...which suggests desperation to me...they had net Operational cash outflows in the quarter of $1.78m...

"During the three months ended March 31, 2020 the Company sold 4,985,838 (December 31, 2019 – 829,576) shares of SolGold Plc for total proceeds of $1,713,531 (December 31, 2019 - $279,013) and recorded a loss on the sale of long-term marketable securities of $1,394,448 (December 31, 2019 - $238,112) in comprehensive (loss) income. ..."

AIMHO as usual....

My investment in MAG has done far better than FRES....up 71% so far...and yet both have their hopes pinned on Juanicipio...

Wow! The ADVFN Board is half dead, so I popped in here for a look...its like a post nuclear desert...

No wonder this outstanding share just drifts at an average volume of 35,000 a day...

In the previous webinar NM said they weren't allowed to drill them yet...

Very tight dreamboat...24.96 Bid...25.2 offered in at least 50,000...just did dummy trades...

Cheers

JPM 170p 30 April; RBC 200p; Berenberg revised target from 170 to 190 in just 11 days...

Way undervalued IMHO...

There is absolutely NO CHANCE of no agreement on funding...just listen to the webinar or read my transcript...smelters, traders, off takers, corporates, loads of funding interest...and NM would prefer not to issue equity before the major funding, if then...

The Role of Mining in Ecuador's Economic Reactivation

https://events.thebusinessyear.com/detail/the-role-of-mining-in-ecuadors-economic-reactivation#schedule

NM "We can't of course always defend ourselves against aggressive takeover bids but we've appointed Citi...recently to assist with takeover strategies...the best defence strategy is to have the share price higher; the best way to get the share price higher is to push rapidly towards a feasible and financed development and that's what we're doing...we're lucky...to have a project that is well endowed with gold...the variety of financing strategies being thrown at us particularly from the gold financiers

"We have geologically similar prospects littered through the country...Ingo is finding that the financing discussions removing ahead at a faster rate than originally envisaged...

It is still currently the intention to make the offer (for Cornerstone), but (the documentation of the offer document) keeps changing...we're being trapped by more that we know about that isn't yet ready to announce to the market...

There are bonanza grades there (at Blanca) but...we've simply been focused on Alpala...

We weren't able to buy shares...I wish we had been able to...we haven't been able to get Board permission because there was too much financially sensitive information out there...I wish I'd been hoovering them at 11.1/2 or 13 or whatever they got down to...

The current schedule on PFS is end of Q3 this year...

From a structural and a tax perspective, selling (Alpala) is a disaster...it would be heavily taxed and which would need an outrageous price...

There's going to be a number of things that are going to drive Solgold's future...the copper market is undoubtedly going to return after the end of COVID...there's a lot of mines in Chile that are suffering declining grades (and several other problems) the list goes on and on...its highly likely that Alpala and the other projects will become jealously regarded by financiers, shareholders and acquisitive majors...who all have publicly stated that they need copper...

As to the specific value...the PEA talked about a range as low as $2.6 billion to $7 billion, with a mean of 4.3 billion...when we get to PFS we'll be using a lower discount rate, a higher gold price and higher gold recoveries, so I think the NPV will increase as we get to Full feasibility and also the proportion of NPV that will be ascribed to Net Asset Value, so..around full feasibility the it'ill be around 30/40%...the fair value will go up and the confidence levels that can be applied to it will also increase..."

INGO "there's plenty of demand for the product and so there's plenty of demand for the financing..."

NM "pretty much no interest in divesting (the Australian and Solomon Islands investments)...we could farm out the Australian ones but we have way too much interest in the Solomon Islands because of the high values...

" our list of prospects is like a chicken soup with exciting bits constantly bubbling to the top...

For those who haven't managed to listen to the webinar, here are the key points (verbatim)...

As you clearly still haven't listened to the webinar and prefer to lob out random opinions, Nasdaq, here are the highlights (verbatim)...

Enjoy!

"There's a number of ways of funding the Feasibility Study and the ongoing exploration work and the most expensive would be straightforward equity...

There's obviously going to be some equity finance in the future...we would prefer to minimise that while the market price is low in relation to the value of the project...

We are receiving a lot of interest from corporates that are prepared to put up funding not only for construction but also the Feasibility phase of the project...

We are getting a lot of interest, including equity, convertible notes, straight debt all the way out to future streams..."

INGO says "As regards to the short term there's a broad base of different financial instruments we can utilise. Some are pretty advanced as we outlined at the beginning of March. We want to close in the next couple of weeks (webinar was 23 April) and we are on track to do so..."

NM "A deal with one of them (concentrate and off take smelters) is possible in the near future on a conditional basis...we wouldn't have announced it if there wasn't a good chance we could nail a deal like that..."

INGO "These discussions (with smelters, etc.) started in the second half of last year...we got ten qualifying bids (from traders)...we have lots more demand for our product than we have supply, at any point in time (of the project) and thats only from traders, (because of) very favourable logistics but most importantly because of the metallurgical qualities of the concentrate in the first ten years...30% copper; 30/40 grams of gold; silver; and very low proportion of deleterious materials, well below penalty levels...multiple smelters in China, Japan and Korea can use this product, Indian smelters because of the high gold content...at least a handful in Europe...this is why traders are so interested in commercial terms and these are in all aspects better than the assumptions under the PEA..."

NM "We've completed the majority of the drilling for the project...we don't need to do any more to determine 'Life of Mine'...the confidence we have in the figures is very very high and that's going to show through in the financing deals...and the discount rate that's applied to the economic analysis...the PEA was done at a discount rate of 8% and we'll probably see that drop when we do the (PFS) and final feasibility financial assessment...its already looking like a 4 year payback vs a 55 year mine life...which is a financier's dream...enquiries that we're getting from financiers certainly endorse that view..."

(End of part one)

An 'agreed deal' doesn't preclude a hostile counterbid...

Phattrader published a list on ADVFN of all major holdings over 5% and it added up to 97% including Bell Potter. It has since been established that Bell Potter is substantially a duplication of NM's other holdings...

Nevertheless, the good news is that there is a list of seriously credible shareholders; the bad news is that there is relatively little liquidity, which means that when there's no news, stale PIs and MMs dominate the price movement, but it also means that when there is significant news the share price will move higher quicker than otherwise...

I'm still holding both DGR (breaking even and planning to take up the rights) and CGP (at an average $1.95), so playing all the angles...

GLA

Thats what Simon Fox said on 27 Feb...a bit premature and "Falling Knife's" handle was apt...

However...major shareholders in the Prunier, HSBC, Sand Grove and M&G, but more important...

Greenland and Danish Government investment funds...

There are now NO active coronavirus cases at all in Greenland...

Co. raised £11.5 million only last November...the stuff's still in the ground (or even on the beach!)

The share price has been beaten down irrationally...just look what happened to SOLG...I bought my last tranche at 10.7p and they're now 28p because eventually value will out...

I was a holder much higher but got bored. They've fallen 85% since August 2018 and 56% since mid February, so I've filled my boots at under 4p...crazy cheap for a long term hold...

AIMHO as usual and GLA

Last five trades are buys...

CGP up from $1.70 to $2.60 (after $2.65 earlier) in 9 trading days...thats virtually 56% up...flying today and actively traded...

Right now I'm very happy to be in at an average of $1.96...

Meanwhile still holding huge, long and strong in SOLG...