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Bozi, it’s the transparent conjuring up of minor news, just before the AGM that has me annoyed….
We all deserve better after the last 12 months
Many here have been invested long enough in Solg to know they will not deliver an updated (shrunk) PFS as targeted in q1… It will absolutely be kicked down the road to q2 even q3 with no clear explanation or rationale.
They have no need to, they can hide behind the SR silence as some form of excuse.. and they can string out the plebs a little longer…. issue the cgp shares to themselves and their friends claiming the need for funds, and no better, non dilutive option… the problem there, is Scott’s original 30 million fund, is now not much more than 10 thanks to his management decisions.
If the board want to ensure votes they could start by stop using the endless ‘strategic review’ as a mechanism to hide behind… as a useful tool to make no concrete decisions, just coast along behind… Collecting salaries and options.
The board could offer some outline as to progress and developments of their intentions to monetise… to show investors how the culture of non performance has ended…. To clearly indicate what decisions have been made… what directions we are going in, after the last 12 months of stagnation…
Coughing up some rock samples, just before an AGM is so transparent it’s pitiful.
Solg management must think most private investors are fools… That they can suddenly package up minor details, spread out in batches, spun to look like more progress than it actually is, coincidentally in the run up to an AGM, to please the plebs, and expect us to back them again.
Some rock samples to show for a near $70 million cash spend over the year.. and now mothballed, with no indication of any plans to do anything with them.
No announcement regarding SR progress or decisions made, no solid ambition to progress anything…. No Joint venture developments, no news re looming finance raise…. It’s just crumbs from a table, pushed on to a plate, to appease the dumb.
There is indeed no Jason Ward anymore… He left a matter of weeks after the £4 million miss appropriation of funds was revealed…
The markets reaction to todays news tells us all we need to know about the impact of rock samples studies… that just happen to be released in the run up to the AGM…
only easily led, private investors, bought in this morning off the back of that news.. larger investors have clearly seen it for what it is…. It’s better than a poke in the eye… but it’s no drilling exploration permits granted and drilling campaign plans..
Well Irwin himself said £1 was overly optimistic
Calm down people… it’s rock samples.. not drill cores..
Anyone that’s been around exploration companies long enough knows that rock samples can amount to nothing..
This is more lipstick on a pig before the AGM to appease the plebs..
The interesting part is using Mather not Caldwell
Anyone expecting a string of great RNS in the run to the AGM is going to be disappointed…
A mothballed company can’t release news about all its activities.
Yesterdays felt like an attempt to release something…. Anything… even if it’s all old data, to show the 6 members of management have got something to show for the last 12 months
Redknight ‘ If anhything Scott has stabiloised the price’ ….. brilliant stuff
There have been so many of his Partridge like proclamations over the years.... its difficult to choose a favourite.
Its worth reading them just for the smile they bring
Reds ridicule is brought on by himself... I see him as an Alan Partridge type figure.. wrapped up in a Walter Mitty mindset.
Anyone who has been on this board for a few years will have become used to his many ludicrous posts...
My personal favourite, was his claim that his 'inside contact' told him personally that Solgold had just drilled the greatest drill hole in South American mining history.... and it was going to blow everyone away... then he surmised they deliberately had not released the drill results for it, as Solgold were probably holding it back as clever form of 'bid defence' for when BHP announce their buyout intentions.... at £1.50 -£2 obviously...
That for me was his piest de resistance!! brilliant stuff!!
'Back of the net'
People keep mentioning the share price being 40p back then… but it only hit 40p off the back of some very promising first drill results at Porvenir.. when we were an exploration company.. We have become a textbook lifestyle company now.. there is nothing at all to push us back to even 20p. The level of value destruction brought here by the CGP takeover has certainly surprised me… an open ended strategy review has been catastrophic.
Prior to that, it hit circa 45p years back when BHP bought shares…. But there was only 1.7 billion shares back then when they paid that.. we are almost double that now.. so even the possibility of another huge supermajor arriving and paying a huge premium to market to get a foot in, isn’t getting us back even close to 40p now.
We have become a textbook lifestyle company.. many may not like to admit it.
And BHP etc are not going to vote for a large tranch going to an outsider
Like what we does?
TI
get ready for a share issuance
The Directors require a power from Shareholders to allot equity securities or sell treasury shares for cash otherwise
than to existing Shareholders pro rata to their holdings. Accordingly, Resolution 11 will be proposed as a special
resolution to grant such a power.
No one seems to asking why these majors are choosing to buy the other options.... and not Solg/Cascabel.... after all the hype over the years, they are opting to put their money elsewhere..... Its a concern.
Add, My reading here is the miners in this release are saying the existing Lasso presidential decree will still stand… but that is just for now, they make no mention that it will now be open to judicial review, and so possibly being cancelled/rescinded
This ruling affects all environmental license applications across all sectors.
Standard Ecuador bumps in the road…
Https://www.newswire.ca/news-releases/constitutional-court-of-ecuador-issues-ruling-on-constitutionality-of-environmental-consultation-decree-leaving-the-decree-and-consultation-process-in-effect-pending-law-from-national-assembly-860475742.html
It’s a bit of a complex read, but would almost certainly have an impact behind the scenes
There used to be regular updates because we used to do exploration, and so had news to release.. Now we are a lifestyle company for CGP.