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Idle speculation on my behalf, but quoting Nick may well be to demonstrate his value to SOLG on the exploration side.
Remember there is no Jason Ward anymore.
I.e. as usual there is a risk of him being voted out at AGM, and showing to IIs (even Newmont) that Nick is a valuable part of the team?
Wise words as usual rcgl2.
I guess there is/was a potential middle ground. Carve out part of the exploration folio so SOLG still retain upside - spin outs, JVs, sales ... or even handing some grassroot licences back to save (relatively immaterial I know) spend commitments.
Have c5 priorities at one time (more than enough for SOLG to handle), another 10-20 lined up with geo/surface sampling to identify next priority, the rest someone else is taking a lead on.
Probably a huge simplification I know. And may result in SOLG handing over some future Tier 1s.
But the current approach doesn't demonstrate a logical and clearly communicated strategy (on exploration / regionals).
At least to me.
(Sorry this is going over old ground!).
When you have 62 people filtered you have to ask yourself if you are 'reading the room' correctly.
redknight's posts recently have been ridiculous, often factually-incorrect, and bordering on worrying. I hope if this comes good he can get the care and attention he needs.
I'm no longer interested in seeing the self-obsessed garbage he posts. Filtered.
He's in his own little world now SM. And by filtering everyone he can't see reasonable challenge to the garbage he posts.
Red is focusing on a reported c$1m a month administration expenses...
However, we know that working capital is falling by more than that each month.
In particular, the MD&A ("LIQUIDITY AND CAPITAL RESOURCES") also shows minimum exploration obligations over next 12 months of c$12.237m.
Wonder if this was on the same call as 'best hole ever drilled'?
Fortissimo - if Porvenir is easily worth 2x MCap, why then didn't Solgold release the PFS last year? Given the study was so far progressed?
The usual posters talking about in-ground metal values / forecast prices, rather than industry assumptions that would underpin studies, risk-adjusted cost of capital and de-risking design and build of the mine.
You might be right - long-term - with your valuations BTW. But down at a £250m MCap, the market doesn't seem to share that view.
Yes Magoo - the Porvenir RNS did have a 'cleansing notice' feel to it.
For what purpose, who knows.
I'd love Scott to have to answer a question at the AGM re: why it took SOLG almost 2 years to release drilling and assay results. He'll probably blame the previous culture of 'non-performance'. Well, things appear worse under his watch.
Redknight1 - what is your evidence for when Berry St were selling?
Because the volumes from 15p to 10p were TINY. And a MONTH before Berry were likely forced sellers.
To suggest the share price is PI responsibility instead of Scotts - your head is in a parallel universe at times.
Well, I think I'll finish the week on a positive - so far SOLG haven't had to re-issue the RNS with a correction!
Small blessings.
Redknight1 - c2,600m of drilling (15% of that in MRE#1) - over 2 YEARS - is hardly great progress.
I suspect most of that drilling preceeded Scott as well.
I get that Scott will say they have been through a process of re-evaluation and cost reduction. Fair enough.
But no 'brownie points' for him for this. Bare minimum achieved.
Yes, packaging up studies for an updated open pit, ready to sell/JV resource, may well be the way to go.
But we're still guessing.
Agree addicknt, unfortunately both on this board and the SOLG Board...
Well, that Porvenir update doesn't do it for me Scott...
No indication of timescales or costs for the MRE.
I thought Scott had also said Porvenir "doesn't meet the criteria we want to develop" at recent Diggers & Dealers?
Does he mean SOLG don't want to develop, so JV or sell?
Clear as mud.
Fortissimo - not the first time they have pushed back an AGM. In 2021 it was moved back from 8th to 15th Dec (meeting notices all available on SEDAR).
That was the AGM Brian Moller was voted out, and James Ward was almost out too (c44%).
So perhaps, even with Clare and Twigger leaving, some directors are still at risk? Caldwell? Nick?
Whatever happens, I hope PIs know how valuable Maria Alban is. At least vs. her low salary. Relations with Ecuador Govt are key over next 6 months.
That's right Bozi. 15/17/22nd Dec over last few years.
Exception being 20th Sep in 2019. Although they had an AGM at end-Jan in 2018.
It is the contents of the meeting that are important, not the date.
Yesterday's FCA Short Tracker only shows XIB's 0.5%.
Will be interesting to see if any change in tomorrow's data (I suspect just an issue with this site).
Yes redknight1, but they've done very little about it in the last 12-24 months.
Sure, permits take a while to obtain. But you can't have 'hooray, only $1m operational costs a month' and developing priority prospects at the same time.
One of my annoyances about last 12 months performance is that £5m or so couldn't be earmarked for Helipuerto or another priority regional. Even if it meant some dilution (1% when MCap was £500m) or giving some away as a JV?
Completely echo rcgl2's thoughts.
Most of the links that get posted are from obscure websites or poorly tranlsated from Spanish. I recall one recently that was a regional community website sponsored by Texaco or some other petroleum company with interests in the area.
Yet still people went giddy about the 'imminent news'.
If there is news, you can be sure Govt / Mining Ministry and SolGold Comms (if they still have people) will be very busy on social media and RNSs.
Yes Bozi. That's my real concern, given the delays and not meeting IPA.
Struggle to reconcile how exploitation agreement could have progressed but revised IPA - which is key to SOLG delivering the project - is so slow.
Yes, Scott may need 3-6 months to land those key milestones. Unfortunately I just don't trust the guy given the bluster and swagger from 12 months ago (you probably gathered that!).
BBG - continually amazed how posters consider length of membership or number of posts equates to knowledge of Solgold.
I suggest reading SOLG material and listening to what the company says rather than worry about post counts.
Bozi - agreed, the last 12 months don't add up!
Very unclear what is driving SOLG forward:
- the company's strategy? Unlikely, they are still mid-SR.
- interested parties? Potentially, get the MRE/PFS and IPA and additional licences completed
- the Govt? Possibly, given spend shortfall vs original IPA and delays to revised IPA. Plus the missed milestones re: expected start dates for Cascabel.