Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
This is worth a read on how things can go wrong, so it will not be plane sailing for Cascabel, who ever mines it
https://tinyurl.com/y5u7rrzb
This is on page 235 of the technical report.................
SolGold has to date received ten qualifying Expressions of Interest (EOI). Demand for the Cascabel
project concentrate from traders was significantly in excess of planned production volumes; as such,
SRK remarks that it is possible that metal payabilities, precious metal refining charges and payment
terms could be finalised on better terms than previous conceptual assumptions.
SolGold has also received material offers of funding in exchange for offtake from a number of traders.
These include the provision of both short-term and longer-term capital with proceeds available for
studies, mine construction and cost overruns as well as working capital during ramp-up.
No offtake agreements have been entered into at the time of this report and the QP has not reviewed
any of the Expressions of Interest received by SolGold.
Sorry addicknt, this is the quote of the day
"This is not an investment where you run a slide rule over the figures and decide what is feasible and what isn't."
I'm sure that is what all the large companies do, and also PI calculate value based on resource in the ground etc etc
Https://ceo.ca/content/sedar/SOLG-2024-03-11-technical-report-ni-43-101-english-a58f.pdf
Anyone access the full article ?
https://www.mining-journal.com/miners/news/4181175/naboa-sends-strong-investment-message-pdac?utm_source=sendinblue&utm_campaign=MJ_Americas_Edition_%20MAR%2004%202024%20-%2016:55:49%20UTC&utm_medium=email
Some of you might find these ramblings from HH interesting
https://twitter.com/hubrishunter/with_replies
I wonder what our "......as we pursue our objectives" ? does that mean the SR is done and dusted, so can we have this list of objectives?, and no, just hiding behind advancing Cascabel is just pony
Just tell the market in black and white what the hell is going on
Haven't watched it, not sure if solgold has any properties close by ?
https://www.youtube.com/watch?v=RVOlnRSgPvY&ab_channel=MiningNetwork
Here are the two screen grabs from Willem Middelkoop X account, if you want to read the Hannam note
https://twitter.com/wmiddelkoop/status/1760029587646390620/photo/1
https://twitter.com/wmiddelkoop/status/1760029587646390620/photo/2
this is the link for the loan agreement if you want to read it
https://wcsecure.weblink.com.au/pdf/dgr/02763329.pdf
i picked up on this post on hottcopper and thought it was worth posting here, this is from ****nic on hotcopper
"i think there is an alignment of nm's interests and those of sh at least myself. i perceive the solgold asset a jewel and to be saved at all costs.
the fact that bhp and others want it is enough for me. i've just had bhp knock back a $400m option to develop kalkaroo from havilah resources. i'm sure others will develop it. when i discussed it over christmas in depth, with my brother-in-law, who was an executive with bhp. he said bhp want quality expandable assets of material size. that's what cascable and its leases are. people can say whatever they like to me it's a tier-one asset and will be worth plenty from a 2025 cu price jump likely starting second half 2024."
Sorry one mistake i can see, the Solgold calculation is for Alpala only and NOT cascabel, so you can add Tandy onto it and if you want to add Porvenir to it, we come to a total of 17.6 MT CU eq @ between $0.03 to $0.06 in the ground value we get to arrange between 39p to 60p per share
I'll try, a quick look at the figures for Warintza
Indicated = 3.45 CuEq
Inferred = 4.17 CuEq
for a 15% stake in this for $130M Canadian Dollors
which equates to approx $866M for 100%
Or $113M (cad) per 1MT CuEq
Cascabel (only)
Measured + Indicated 14MT CuEq
Inferred = 1.7MT CuEq
based on $113 M per 1MT cuEq
$1.7B Cad = £1.047B
3B shares approx 33p
This excludes all other resources
I've had a quick check and find it a bit strange the article written by Peter Ker wrt the "California State Teachers Retirement "
On their web site they appear to own 1,679,674 Solgold shares, unless they hold others somewhere else
Why were they even mentioned, Red owns more than them :)
https://www.calstrs.com/portfolio-holdings-international-equities
"Tensions between the SolGold register look set to flare again at the December 20 AGM, when American pension fund California State Teachers Retirement System will vote against SolGold’s remuneration report and against the re-election of Mr Mather"
You'll need to read th bits in posting order of
3.4,1,2
This is 4
Mr Cuzzubbo denied he had been “shopping around” Osisko’s financing. It was ultimately selected as the preferred funder, and Mr Cuzzubbo told the court that Mr Twigger had given his blessing to tell Franco-Nevada it missed out.
Mr Cuzzubbo claims Mr Twigger also advised him to warn SolGold’s two biggest shareholders at the time – BHP and Newcrest – ahead of the market being told. Newcrest was acquired by Newmont this year.
Several members of the SolGold board – including Mr Sangha – were allegedly disappointed with how Mr Cuzzubbo broke the news to Franco-Nevada. Court documents claim this led Mr Sangha to call Mr Cuzzubbo a “f---ing moron” for delivering the message sooner than Mr Sangha wanted.
Mr Sangha is a colourful mergers and acquisitions adviser in the Canadian resources sector and keeps a baseball bat in his Toronto office to symbolise his affection for outmanoeuvring bigger miners in takeover battles.
sorry my copying and pasting is ****e
the begining was missing
former solgold chief executive darryl cuzzubbo has lodged a multimillion-dollar unfair dismissal claim against his former employer, the struggling copper explorer partially owned by bhp and newmont.
mr cuzzubbo, who was sacked as in november 2022 after 345 days in the job, told the federal court the dismissal was in breach of his contract and the fair work act.
he claims he was labelled a “f---ing moron” by a solgold director and told the court he is entitled to more than $2.3 million in unpaid cash plus further remuneration in the form of options over brisbane-based solgold’s shares.
the claim comes as london-traded solgold stock languishes at the lowest levels since august 2016 following political instability in ecuador and expectations the company will need to raise money.
it also precedes a potentially explosive annual meeting next week, when big investors plan to vote against re-election of the directors who sacked mr cuzzubbo and oppose the company’s executive pay scheme.
mr cuzzubbo has been a prominent figure in the australian resources sector over the past decade. he held senior roles at orica and bhp – including as asset president of south australia’s olympic dam mine – before taking the top job at solgold in late 2021.
documents filed to the federal court by mr cuzzubbo claim he was terminated amid a factional struggle within the solgold boardroom over whether to swiftly sell or develop the company’s flagship asset: ecuador’s cascabel copper and gold project.
the court documents say mr cuzzubbo had approval from the solgold board to pursue a strategy to build, fund and own a mine at cascabel that would produce about as much copper as olympic dam at a cost of about $us2.7 billion.
mr cuzzubbo’s strategy was to “remain open” to a compelling offer, but not pursue a sale at all costs.
his claim suggests there was a “competing strategy” pushed by some, including solgold director and substantial shareholder nick mather, to reduce investment in the project and maximise the prospect of selling cascabel.
tensions over those competing strategies came to a head when mr cuzzubbo courted prospective financiers with a view to raising about $us60 million to advance the project.
mr cuzzubbo started the process on september 30 last year by inviting solgold’s existing lender, franco-nevada, to make a funding offer.
on october 1, solgold chairman liam twigger encouraged mr cuzzubbo to extend a similar invitation to canadian company osisko gold royalties, according to the court documents.
mr twigger subsequently conveyed to mr cuzzubbo the concerns of two solgold directors – bob sangha and james clare – who allegedly believed mr cuzzubbo had shared details of osisko’s offer with franco-nevada.
mr cuzzubbo denied he had been “shopping around” osisko’s financing. it was ultimately selected as the preferr
March.
ISS noted that Mr Caldwell’s pay was lower than that of his predecessor, but took issue with “recruitment awards” worth $US200,000 ($305,000) in cash and a further 30 million options.
But ISS supported all other motions, including the re-election of Mr Mather and Mr Caldwell.
BHP is understood to have voted against Mr Mather’s election on several occasions, but the multinational miner – which owns 10.36 per cent of SolGold – has not yet clarified its proxy intentions for next week’s meeting.
Newmont CEO Tom Palmer said he had not yet decided whether his company would retain the 10.31 per cent stake in SolGold inherited through Newcrest, nor how Newmont would cast its votes.
“In terms of the listed Newcrest things on the plate, SolGold is down, down the list quite a bit in terms of where we are focusing our energy,” he said. “It is too early for us to be forming a judgment just yet.”
Mr Twigger allegedly told Mr Cuzzubbo on November 9 that there had been a “breakdown of trust” between the executive and the board. A day later, he allegedly sacked him by phone for “releasing confidential information” to Franco-Nevada before announcing the Osisko deal.
Mr Cuzzubbo claims Mr Twigger structured the termination in a way to minimise the amount paid to him.
Mr Mather, Mr Twigger, Mr Sangha and three other SolGold directors – Dan Vujcic, chief executive Scott Caldwell and Mr Clare – have also been named as respondents.
Perth-based Mr Twigger declined to comment when approached by The Australian Financial Review on Tuesday. Mr Twigger has not sought re-election to the SolGold board and his tenure will end at the December 20 meeting. Attempts to contact Mr Mather and Mr Sangha this week were unsuccessful.
In a statement, Mr Cuzzubbo said: “I have no comment except to say that I have raised this matter with the Federal Court so that it is dealt with in a fact based way.”
SolGold’s share register has broadly been split into two camps.
In one camp are miners such as BHP and institutional investors including BlackRock who want the company to fund development by raising capital that would enable them to grow their shareholding at the expense of smaller SolGold shareholders with less financial firepower.
In the other camp are the junior mining entrepreneurs – notably Mr Mather – who do not want their interests diluted and are believed to favour a swifter windfall by selling the copper asset.
The Financial Review does not allege that any SolGold shareholders have acted deliberately as organised factions, relying instead on public commentary and voting outcomes.
Since ousting Mr Cuzzubbo, SolGold has launched a strategic review that could trigger a sale of all or part of Cascabel.
But the notion of selling Cascabel has been severely undermined by this year’s political turbulence in Ecuador.
In May, besieged Ecuadorian President Guillermo Lasso invoked a little-known constitutional mechanism called muerte cruzada, or “mutual death”, which dissolved his mandate and that of the parliament, forcing new elections.
A scion of a banana farming family, Daniel Noboa, was elected president in October, but will serve just 18 months before facing re-election under the terms of the muerte cruzada mechanism.
Tensions between the SolGold register look set to flare again at the December 20 AGM, when American pension fund California State Teachers Retirement System will vote against SolGold’s remuneration report and against the re-election of Mr Mather.
CalSTRS has published a plan to oppose eight of the 12 motions at next week’s meeting, including the election of Mr Cuzzubbo’s successor, Mr Caldwell, to the board.
Proxy adviser Institutional Shareholder Services has also told clients to vote against SolGold’s remuneration report because of lucrative sign-on bonuses awarded to Mr Caldwell when he appointed in M