Member Info for rcgl2

Red IF they succeeded in having all the directors up for re-election and IF they managed to get several of them booted off, that would be a pretty major event for the company. I would assume with that level of shareholder discontent would mean the major shareholders would have to be consulted as to who the replacement directors would be, which would mean candidates who were acceptable to BHP and NCM.

Also at a less spectacular level, I think if any of the "old guard" directors are removed or leave the board now their replacements are going to be of a different mindset. Moller and James Clare are both lawyers aren't they? Jason is a company man. With Solg's ambition to transform it's corporate governance and itself into a bigger player then I think any new board appointments are going to be people with much more major experience, like Keith and Kevin have. I suspect any new appointments will have worked extensively for majors and their expectations will be that tier 1 discoveries should be in the hands of majors and not left to small players like Solg. I don't see any new directors from now on coming with the mindset of the scrappy junior that wants to defend itself and give the majors a bloody nose if they try to take control.

ToS I don't think some initial production from open pit at TA is unrealistic by then no. But I doubt Solg will be the operator by then. Another interesting thing about that article is the ownership/operating structure of most of the existing mines they mention which are all carved up between majors or majors plus others.

Solg started drilling 2013. They have estimated first production could be 2026.

Hole 5 was early 2014. Let's say first production more like 2028.

What would that give you?

"Development time. It takes many years to bring a copper deposit into production. According to Bloomberg Intelligence, the average lead time from first discovery to first metal has increased by four years from previous cycles, to almost 14 years. In places like the United States and Canada, where miners face strict permitting regulations that can cause significant delays, it’s not unusual for a copper mine to take 20 years to develop."

And all the armchair experts here claim Solg have been taking too long over Alpala...

Addicknts post at 07.02 yesterday very much sums up how I'm thinking now. I don't want BHP to destabilise the company, I don't want them to stuff the board with their yes men and women, I don't want the only way forward to be large dilutive equity raises that give more and more of the company to the large shareholders and take it away from us. However, I still feel quite in the dark about what Solg's actual plan is. Obviously they keep saying they're going to production but if so how? We know that Ingo is working on the financing package but what will this look like? Will it be dilutive or overly burdensome for current shareholders? What's the plan for the rest of the licences? It feels like things could move relatively quickly from here, once the PFS is issued and if it's favourable, the DFS and some key financing decisions shouldn't be too far behind. We still don't know what those options will actually look like. As a shareholder I feel like now I don't just want to know the end objective, I want a clearer roadmap for how the company intends to get there.

Smitt trader - yes and I think sitting in this for 8 years then selling out for 40p is an opportunity cost. Should have bailed sooner and put it into one of these guaranteed, sure fire, definitely going to go up multiple times stocks that everyone seems to think exist out there if only they could get their money out of Solg.

My point is, people sit here incessantly complaining that the Solg SP isn't going up and that they could have been making money elsewhere. So in reality if they think that's the case they should sell up immediately, even at a loss, and put the money into something else instead.

Sitting here waiting for it to get to some target that psychologically helps you to feel that you haven't lost money isn't always the best way to invest is it. Especially if being invested here seems to vex people so much.

Zoros I think you said your average is something like 29p and you've been invested 8 years which is why you would be happy to sell out at 44p. No offence but why do you want out at that price after 8 years, you should be holding out for a much higher return. Doubling your money over 8 years in a high risk junior miner is not a good return when you could have 3x your money in an SPX tracker or 5x in the Nasdaq over the same period.

People here who have been holding for 8-10 years with an average of 5-10p I can see taking around 50p to lock in a decent return and move on. Or if people are holding for 1 or 2 years at around 20-25p average then 50p really is a decent return over that time period even if it's a low outcome for Solg.

I just think you should be holding out for much more.

Red yes I know he's not because Twigger and the board have refused BHPs request. BHP have been agitating for all board directors to be put up for re-election. For me that says one thing: they want a second chance to vote NM off the board, having narrowly failed last year.

I was a bit confused because you seem to be suggesting that BHP had been whispering in NM's ear offering him positions at BHP. Which seems at odds with their attempts to have him put back up for re-election at the AGM, presumably so he can lose the vote.

Exactly Bozi. The choices aren't a) keep the current board or b) remove the current board and replace them with a new independent and capable board who will run the company much better and ensure a high takeover.

The choices are a) keep the current board or b) remove the current board and have them replaced with a new board made up of BHP and NCM stooges whose only gameplan will be to fund Solg through massive dilutive equity raises subscribed mainly by BHP and NCM who will gain joint control of the company and then just squeeze out all the PIs for a low price.

IMHO of course.

RK I'm not sure I follow your theory. You are suggesting that BHP want to boot NM off the board because NM is opposed to a BHP takeover, so they have proposed that he be put up for re-election at the AGM in order that they can vote him off the board, as a result of which they will bring about a cheap takeover of Solg by lining NM's pockets with BHP shares and making NM himself the CEO of the new BHP Solgold subsidiary?

Maybe because there is no CEO who has this by the scruff of the neck? KM is an engineer first and foremost, presumably a very capable one, but he doesn't seem to be and doesn't claim to be the type of CEO who will be promoting the company externally as much as running it internally.

Just watched this interview, very interesting. Did anyone else notice a bit of a jump around the 18.55 mark where Temple was talking about the various benefits that have come out of the Alpala PFS delay? I wonder what Brooke said in reply that needed to be edited out... Or maybe it was just a glitch in the recording.

Haha Zoros! Despite your best efforts over on CEO!

It's funny that out of the two companies that own Alpala between them, one (CGP) has been clear all along that they want to either sell the asset or sell the entire company to a major and cash in asap, while the other (Solg) has been saying for years now that they don't want to sell the asset or get taken over and they will intend to take it to production. And yet so many people on here have invested in Solg and spend their time constantly complaining and bashing the Solg management for not having sold the asset or somehow engineered the company getting taken over. Why don't you guys invest in CGP instead and have a whinge at them for still being in existence and still owning their share of Alpala?

RK yes you're right 20% was a bit wide of the mark. But if we assume DGR and Tenstar will do what NM wants it's about 17% I think. Either way, it's a decent size chunk of the company so I can't see NM and his associates selling that for a cheap price.

As someone else in another group said, just sell when Mather sells. He knows the situation inside the company better than anyone, he controls about 20% of the company and he has 90 million odd shares personally. If any bids come in, you'll know whether it's good value and whether to accept it or not by what Mather does.

With 90 million shares do you think he's going to happily accept the mythical 55p offer if he knows full well Solg can resist it and carry on further? He should know how likely financing will be or which other parties might be interested. If he accepts the mythical 55p offer then that says he knows it's the best exit available and Solg rejecting it and trying to carry on independently will end in tears.

This is exactly what happened with Noront isn't it? The BoD recommended shareholders accept BHP's initial bid ahead of Wyloo's. Wyloo then said that's too cheap, and offered a higher amount. The board then recommended that and said they would accept. And the latest is that BHP has now bid even higher, and the board have recommended it. So you had an agreed/recommended bid followed by a bidding war, and each higher bid recommended by the board.

OK so as far as I can tell from everything that's been said over the last couple of days: 1) NM's continued presence on the board and committees is a governance concern for major shareholders; 2) the ongoing lack of CEO and CFO could also be a governance concern for major investors; and 3) the governance roadshow is necessary to avoid "fireworks" at the upcoming AGM.

I might be missing something but I don't see how 1) and 2) would result in 3). NM is not up for re-election at the AGM. The membership of the various committees is not something that needs voting on at the AGM as far as I know. The ongoing search for a CEO and CFO is not something that will feature in the business of the AGM.

As far as I was expecting, the resolutions that will be put forward at the AGM this year should be totally uncontroversial, to avoid a repeat of last year's fiasco. I was expecting whoever is up for re-election to be re-elected, auditors re-appointed, directors comp confirmed, and a couple of totally bog-standard authorisations for the directors to allot shares, subject to pre-emption rights, with no specials this time around.

So why would there be fireworks? Are the board thinking that as a protest against NM the major holders could vote down all of the run of the mill resolutions? Are they expecting hard questions or comments to be voiced by shareholders? What am I missing here?

Mog thanks for sharing. Surely this is pretty interesting news. Bob Sangha piling over CAD2m into CGP. He must have pretty strong expectations as to what's about to occur.

RK, thanks for reporting back. Obviously they weren't sharing MNPI, not sure why so many getting vexed here today. No one was flipping their lid when the company announced last week that they were having these exact same discussions and feedback sessions with larger shareholders. Don't see why the fact the shareholder is an individual rather than an institution makes it different.

Anyway, this morning you wrote "there is one central issue, which they clearly acknowledge and accept and have been primed on by other investors." I may be being dense here but is this just Mather and his continued presence on the board and on the committees? Are the major shareholders still agitating to get him removed completely from the board?

Or is it the ongoing lack of CEO and CFO, which seems to be quite a large "governance" issue in itself.