Member Info for rcgl2

When did Mather announce his retirement, February? And the official Solg line was that he'd already informed the board of his intention to stand down before Christmas. So they have had a lot of notice to get a replacement sorted.

The Alpala PFS will be the biggest milestone in Solg's history. Let's assume it's going to be good/feasible, because if not, what is the point of Solg anyway. Why would you want to allow the situation where a new CEO takes over and the company delivers its landmark PFS essentially at the same time? I would have thought they'd want the new CEO already well in place so they can "deliver" the PFS and very firmly take the helm of the company to guide it through the crucial post-PFS stage of its existence.

No CEO would want to join the company just after the board has essentially just set the course of the company and tied their hands as to what they can or can't do for the foreseeable future.

Really feel they need to get someone in place asap so there is some sort of gap between now and year end when the PFS hopefully lands.

Every few months there seems to be a rise in share price on anticipation of news. There's always some news expected with Solg obviously. But the news never comes at the peak of the rise, it always takes longer than people expect. And the rise always seems to falter and SP starts heading back down again into mid 20s and then news comes and doesn't do much. I guess the board just release it on their timetable and aren't paying that much attention to the SP but it would be great if just once they happened to release a really positive RNS at the peak of one of these rises, see if it pushes it up into mid 30s and get some momentum going and more people piling in. Solg always seems to catch the downswing.

https://www.mining.com/how-afghanistans-1-trillion-mining-wealth-sold-the-war/

This one is worth a read too, it basically demolishes the hyperbolic "$1trn of mineral wealth" story that keeps getting regurgitated by the press.

Also an interesting little cameo by our very own Jiangxi Copper...

"After a bidding process that included Phelps Dodge (now part of Freeport McMoRan) and Canada’s Hunter Dickinson, state-owned Metallurgical Corporation of China and its minority partner Jiangxi Copper struck a $2.83 billion deal in 2007 for a 30-year lease at Mes Aynak."

Although that's a pretty risky basket for the Chinese to put all their eggs in.

What are the key facts of this? Does it bode well for Solg's prospects or not?

Oops sorry Lunchmoney, didn't see your message and just repeated what you already said!

From the RNS on 8 July about Rio: "Drilling is expected to commence as soon as the construction is finished in about two months."

So they did pretty much already tell us this was happening around now.

Great that it has actually happened on time for once! So much news in the pipeline to come this quarter as others have said.

Not entirely sure what to make of it tbh.

On the one hand, I agree with addicknt, this seems to undermine what Mike Henry was saying the other day about not throwing money at acquisitions. If they valued it at 55c, and now Twiggy is offering 70c and BHP claim they won't walk away from the fight, it suggests they will actually throw money at it to win the day. This would seem to tell anyone invested in Solg that if BHP make an initial offer, it would be madness to accept because they can and will increase their offer to get what they want if they aren't successful first time around. In a general sense also agree with Jerry, it shows that future facing metals like copper are going to be a key battle ground for the majors over the next few years.

On the other hand, I also have a slight feeling that BHP getting stuck into a bruising and costly battle with Fortescue over this one isn't great for the prospectus of a mega Solg bid because they aren't going to want to have to keep repeating the experience. Once bitten, twice shy so to speak. If they get Noront, will they really be keen for another bidding war so soon afterwards with Solg?

Maybe the best outcome here is that BHP fail to land Noront. They will have proven that they are willing to up their offers and fight for acquisitions, but if they don't manage to get Noront then the pressure is on Henry to show that BHP are serious players and he will need to bag a big future facing metals acquisition as soon as he can. And before all their competitors swoop in to take them from under their noses.

In what way has it been manipulated? Because the number of sellers has outnumbered the number of buyers? Anyone is free to buy and sell as they choose, provided they aren't doing anything illegal. I doubt people were worrying it was "manipulated" when they were piling in at 1.20p after it had gone up 5x. There is no shadowy cabal of evil bankers who are spending vast amounts of time and effort to manipulate ORR shares to rob you of a few thousand quid. It's just a micro-cap AIM stock, it's highly volatile. Either sell out here and take the loss and a lesson, or hold and wait for value to be realised - in which case you will be in the same boat as Tim Livesey who just put another few grand into the stock down around these prices.

Grimbergen - it was a joke, I was referring to Talatum's comment about being 6ft under the ground.

Chillax.

Not the type of near-surface deposit you were hoping for...

Hi Colonel. Yes I am, although in my opinion the public perception of dark pools is a lot worse than the actual reality. Obviously the name dark pool sounds ominous, and there is a view that they are used as some sort of shadowy way for hedge funds etc to completely screw retail investors. I guess a lot of people don't realise that some of the largest dark venues are actually run by the main exchanges, such as LSE's Turquoise which has dark segments. The difference between dark and lit is that there is no pre-trade transparency on the dark venues... all the trades still get transaction reported afterwards, so they will still be visible after they have happened. Where I work we are a systematic internaliser (post MIFID 2) in most of the instruments we trade - you can also see SIs as dark liquidity because the dealer is matching client orders against its own book.

I think the FCA is keen to overhaul the rules now we are out of the EU, I'm pretty sure they want to encourage more dark trading as they announced they would get rid of the volume limits on how much of a shares trading can be traded on dark venues. Do I think that illegal practices go on as you mentioned? Maybe but I very much doubt it happens at any big or mid size firms.

Anyway, all of this boring stuff aside, another very decent day for Solg, did we just close at 29p?

For all the constant talk of "manipulation" and "someone's holding this in a range" etc, when you look at the daily volume, there are enough PIs on this board and the telegram and other groups who admit they are trading this to explain the fact it just bounces around between low 20s and mid 30s.

The number of times now I've seen PIs saying things like "I'm mainly out now guys, bored of waiting and seeing better opportunities elsewhere, just sold 300k shares but will keep 100k in the back pocket"...

I don't think it's nasty evil institutions who are sitting on the SP, it's just PIs. What institutions aren't doing at the moment is buying in enough volume to actually push the price up regardless of what PIs do. But I guess it's mentally easier for people to tell themselves that the share they own is being nefariously held down rather than just not being bought.

The closed period relates to the upcoming release of financial results, i.e. the annual or interim financials. The directors can't trade in the period prior to release.

Regardless of the financials, directors and indeed anyone is prohibited from trading when they are in possession of material non-public information. So if TL has drill got drill results that have not been made public and would have be likely to have an effect on the SP once made public, he cannot trade the shares.

But any upcoming closed period for the financials won't prevent release of further drilling results as they get them. Guess you could infer from the fact TL has just bought that they currently do not have any unreleased drilling results, but doesn't mean none are in the pipeline.

Hi Talatum - " but it seems no one ,not yet anyway, needs Solgold" - I wouldn't say that. NCM took a 13% stake, which they reviewed last year and decided to maintain. BHP took a 13% stake. Only last year, Franco pumped $100m into Cascabel, with an option for $50m more. A couple of months ago, both BHP and NCM participated in the placing in order to maintain their stakes.

Just because a bid for the company hasn't happened doesn't mean no one is interested. Zooming out a little that's 3 pretty major players all showing and continuing to show strong interest in Solg.

BHP just made a bid for Noront at a 129% premium to the SP before the bidding kicked off.

Sometimes there is value in paying up to deliver a knock out bid to secure the assets you want.

I thought he meant Quady!

HAHAHAHA! Thank you Bozi! Just had a look at the RNS for HWND and PNN, would you believe it!

DartFrog - exactly.

Confidence in management is key in small explorers like this and it seems from the evidence available that TL is a very sound CEO.

Why is it embarrassing? I don't understand your point at all.