Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
Too many @ too cheap
From Fortescue FY23 Annual Report:
"During the year, geology work in Ecuador tenements was put on standby while commercial prioritisation of exploration projects take place. For the year ended 30 June 2023, management determined these tenements are no longer prospective and US$63 million was written-off for the exploration and evaluation assets."
That's not to say Fortescue wouldn't fancy a Tier 1 that has already been adequately studied...
Orthern - on balance of probability, I'm expecting the same.
Which would suggest no newsflow planning. No excitment. No clarity on next milestones - IPA, PFS, funding etc.
SOLG need to start demonstrating tangible progress. Not limp soundbites to get them through another few months.
1984 - MD&A needs to be filed on SEDAR within 45 days of quarter end.
So by end of Wed 14th Canadian time. Which could mean an RNS before UK open on Thu 15th.
Much more exciting would be some official company updates...
Quite depressing when there is excitement about a 700k trade = £50k! Remember when that trade was more like £250k.
Equally likely, could have been a worked sell which has dragged the price back from the 7.7p highs.
Lots of recent activity by MINEM highlighted by Hubrishunter on Twitter (frankly adding more value than 'Fun Facts' Sean Tufford). Solaris, Lundin visits etc.
But where is the Solgold-specific news and visits? A bit odd, given the size/scale of Cascabel.
Why can't we see tangible evidence of the "commitment from all parties involved has been outstanding" (Corporate Update 22nd Jan)?
Is the Govt tired of waiting? Where is that revised IPA?
Very dangerous how redknight is spreading misinformation...
He says cash being burnt at "only $1m a mon th"
That completely contradicts the last MD&A, for 3 months up to end-September:
- The net cash outflow of the Group for the three months ended 30 September 2023 was $9,552,833.
- including c$6m over 3 months on exploration expenditure
So, c$3m a month. Of course the next MD&A will show if they have reduced that further. Unlikely in my view, given some regional exploration underway, progressing Alpala, costs of PFS etc.
DBW - ideally the revised IPA being announced first. Then the PFS to confirm viable project and highlight enhanced financials / lower risk.
I've been a little concerned at silence and lack of clarity on key items since the CGP boys took over. Time to demonstrate the progress made.
The DGR update is just mirroring the timescales that Solgold had announced:
DGR:
"A revised staged Pre-feasibility Study for Cascabel is expected by the end of the March quarter."
Solgold end-Sep MD&A:
"The updated pre-feasibility study is expected to be completed by first calendar quarter 2024."
It is the Solgold 14th Dec Cascabel update RNS that introduced the "early in the first quarter" bit:
"Expected to be released early in the first quarter of 2024"
... and I expect Scott to get a kicking (via our SP) if the PFS isn't delivered by mid-Feb.
Hi HereforHemo.
Sorry for nitpick, but SOLG can release MD&A on 15th Feb - i.e. file on SEDAR after London close on 14th and then RNS 7am on 15th in London. As they did in Feb 2022.
I agree, would make sense to release news before then. Last time SOLG sign-posted (11th April) the PFS update (20th April).
I wonder if they will do similar this time? Suspect not - different approaches for Scott vs. Darryl.
Uh-oh addicknt, looks like you are in the firing line and will be added to next deramper post title!
Benefit of the doubt went a while ago for me. Frankly BBG has become completely unreasoned. Best leave him to his own thoughts and own Telegram.
Would be interested to know your recommended alternatives please Quady?
And why you aren't therefore considering selling more of your SOLG to invest there?
Many thanks.
Despite his ramping and some ridiculous and incorrect guesswork dressed up as fact, I've no problem with redknight's recent purchases.
At least someone is buying in this market! As with all SOLG holders, I hope he does well.
(But I suspect he won't post his sells (post-PFS?); that will likely stay hidden. Like his selling to get down to a c11p average.)
Orthern - similar thoughts from me, re: reverting back to the 2022 Cuzzubbo plan.
Yes, Solgold now own 100% of Cascabel. Was the benefit of the extra 15% ownership worth the c25% extra shares in issue, who knows.
Perhaps CGP lot got 'unlucky' with timing of finally consolidating and pitching the asset to the market. In particular a market that saw Solgold and fellow explorer/developers running out of options re: funding.
On that note, the optimised, phased PFS will hopefully put any high intial capex concerns to bed.
Which would open up financing options from non-majors. I don't know the feasibility of streamers/sovereign investors finding $1.5bn to get Cascabel operational. But much more likely than $3-4bn capex that most likely only a major could justify.
I'm still frustrated at lack of progress (or indeed clear plans) for regionals. Really poor. Feels like they now too hinge on the success of the Cascabel PFS. A key 6 months ahead.
ToS - it was c£75m (in sterling terms, US$100m) and c3 years ago, but I get your point.
It has paid for Tandayama and other drilling in Cascabel, plus PFS and progressing further studies.
We HOPE significant progress made on PFS addendum items and optimisation studies. We await Scott to reveal more, in Feburary?
My previous post shows the date from the OFFICIAL FCA disclosures - 14/3/23.
www.fca.org.uk/publication/data/short-positions-daily-update.xlsx
Of course that could be the date XIB went below reportable threshold, and didn't fully close until recently (unlikely imv).
Checked FCA daily short positions and new entry for XIB - looks like they closed on 14th March 2023?!
Were they just VERY late in reporting it?
It's quite a funny tweet, as almost suggests those 'two large-scale mines' are Cascabel and Porvenir!
Bozi - I really don't mind what the first pillar is. As long as it is valued in hundreds of $billions, and mining is a very close 2nd!
Hi Fort
I've found the messaging re: PFS unclear and inconsistent.
It seemed that SOLG would be producing this themselves (as opposed to previous PFS taking best ideas from consultants/advisors and getting one of them to produce it).
But then late in Q4 SOLG suggested they were looking to appoint a mining consultant to produce this. (Apols, this is the evidence I can't clearly find now).
This struck me as odd given market - at least eager PIs - are expecting the PFS to land in Feb. And I would have thought would take a while to produce/review. So more like end-March.
I accept 'PFS3' could simply be releasing all the PFS addendum update work from 2022/2023. i.e. most of work done, and just need consultants to review / put name to...
... but we don't know.