Sapan Gai, CCO at Sovereign Metals, discusses their superior graphite test results. Watch the video here.
BBG - what was it Scott said? 'No more studies required, we've an amazing Tier 1 asset so let's get this sold' - or words to that effect.
12 months later and guess what... no sale and now more studies.
Please, don't give it the usual 'it's strategic... they are withholding information' excuse.
Remember, interested parties were in the dataroom for months (1 year+) for the grassroots regionals. Don't think we got an update on what happened there.
Redknight - re: operational cashflow of $1m per month...
Why is it a positive to be able to go 22 months doing 'nothing'?
What about the IPA minimum spending commitments?
What about the PFS3 costs (including external consultant fees)?
We know how much prior studies have cost.
What about making further regional progress (Porvenir as a minimum, Helipuerto etc.)?
"And does your wife know you've lost all this money...?"
Very ironic, redknight!
From Mr redknight:
"I bought hundreds of thousands at c9p+..."
Yes, by selling out higher and then buying back lower. That's not really 'support' for the share price.
"Please stop whingeing just because you've lost a packet through benign neglect having bought higher than this."
So the opposite of "benign neglect" is Mr redknight's averaging down whilst simulataneously ramping the share.
Eloro - I think you make some valid points. Particularly not having fear to vote for change given the fall from 40p.
However, a 100% gain from 9p to 18p would surely offset a 80% loss from 40p to 8p? Appreciating of course PIs may have their investment committed and no spare cash.
Ignore the redknight rambles. He changes his position weekly. Always in the interest of his book.
Infestors are an annoyance but can be ignored by genuine investors.
It is Mr redknight's authorative, 'holier than thou' posts that grate. Worsened over the last 12 months, often factually wrong or making giant assumptions.
All the while he's trading to his benefit.
More garbage...
"The SP had lost only £45 million under Scott's leadership until Berry Street dumped"
Erm, Mr GFD, 16.5p > c10p is c£200m.
If these are your "credible", "authoritative" posts, I wouldn't want to see your thick ones.
More garbage from Mr redknight...
"Darryl was here for exactly a year and between April 2022 and his departure he presided over £700 million destruction of shareholder value, £600 million of which can be directly attributed to the catastrophic attempted cash raise and its aftermath with two highly competent Directors as collateral damage... "
During Darryl's tenure (Nov'21 - Nov'22), SP fell c37%, c£250m of shareholder value.
For comparison, under Scott (Nov'22-now) SP has fallen c50%, c£250m of shareholder value*
(* due to 3bn rather than 2.3bn shares)
Even if we cherry pick dates, as redknight has, from a 40p high in Apr'22 to Darryl's departure in Nov'22, it is max £500m.
I expect more from a GFD and CEO etc.....
TheItalian - resolutions 10, 11 & 12 are explained in the AGM Information Circular. Pages 13-16.
Re: use of funds, I don't think any chance they will elaborate on that. It is basically asking them to confirm their strategy and corporate events over the next 6 months. Doubt they know themselves!
There is little new in 10-12. Just the usual flexibility to raise funds, with flexibility to dis-apply pre-emption rights.
Always a good option to have. I just trust the CGP boys less with this option vs. previous management.
If I'm reading correctly, Darryl was paid cUS$1m in 2023? Despite being 'fired' in November 2022?
Page 26 of AGM circular:
"Mr. Cuzzubbo was terminated for cause in November 2022."
"On 30 June 2023, the Cuzzubbo Agreement was amended so that the basic wage of AUD1,200,000 would be payable wholly in cash."
Looking at the other salaries and payoffs in 2023 .... it stinks.
What was that Scott? What was it you blustered about on 17 Feb 2023?...
"I am leading, with the support of the Board, a swift reset in the organization with an emphasis on creating a performance-oriented culture with accountability to all stakeholders as a core principle."
"In my assessment, the weakness in the organization has for too long been a culture of non-performance in the corporate office."
The arrogance.
Why are people that highlight your constant inconsistencies called 'unpleasant' or 'sad'?
So by your own admission you didn't post about selling 700,000. Lots of positive posts about small buys but nothing about large sells? Smells a bit rampy to me... all the time lowering your average.
Thought you were just a trader but perhaps recent posts, and the "best hole ever drilled" debacle, shows you simply misinterpret things.
Mr redknight1.
It is clear to most observers that you post in the interests of your position.
I suspect people aren't attacking the person. More the increasingly scattergun posts over the last year.
You say you post 'facts and informed opinion' but regularly you add 2 + 2 and get 73. Then when challenged accuse people of not being positive.
Consider this, you recently posted:
"I was up to over 1 million and reduced that back down to 200k when Lasso resigned, because of the political risk...
I have traded in and out to get my average down..."
but your previous posts directly contradict that:
24 May 2023 "Kept 800k...blind faith..."
3 Jul 2023 Bought more... "Rude not to, sub 16p..."
You used to be a poster I looked forward to reading. Now I just block out the noise.
Absolutely SM, no credibility whatsoever after the last 12 months.
It's the contradiction to all the arrogant statements around merger that annoy me most. CGP "know it better than everyone else" berks. Big-headed plans and promises, no execution.
Will be interesting to know what favour they still hold with Govt. Or whether that is hot air from Scott as well.
Fortissimo, as SharketMare suggests you have the wrong end of the stick...
It's not about a potential buyer. It's about the Government. That they see a 'Developer' obliging to the committed spend.
Ecuador wants development, not mothballing. They don't want to be $150m 'short-changed'.
In particular, SolGold are presumably looking for a 5% reduction in income tax and other incentives. Similar to Solaris' IPA last Summer. That REALLY moves the dial on financials / PFS.
Perhaps mothballing the company, and a $150m+ gap vs. previous IPA commitment, has something to do with it.
Always amusing that Scott puts a positive spin on things in his chats with PIs. Strange he is not willing to give similar indications in quarterly comms?
There have been no meaningful updates on Investment Protection Agreement since renegotiation application in December 2022.
No estimates for timescales in annual report or MD&A. Always negotiations ongoing.
DG1Investor posted on 17th October, that Scott had said:
"IPA / EC and amended protection act - all have a great shot of being signed under Lasso"
Well, less than 2 weeks left...
I struggle to reconcile an Exploitation Agreement being signed, but the fundamental IPA, which may be key to the financials/outside investment and ultimate success of the project, drifting along indefinitely.