Member Info for rcgl2

Funny how sentiment changes. I seem to remember last summer there was a general feeling that NM held all the cards, how he was playing a tactical masterstroke, keeping the majors at bay with the FNV deal, and throwing CGP a bone he didn't need to with the offer, because they were going to get "net-smeltered into oblivion"...

The fundamentals and what's in the ground hasn't changed since then. In fact they've improved if you look at Porvenir initial results. But now NM is out, overplayed his hand, annoyed the majors and CGP are probably looking like getting the wishes for Alpala after all.

Be very interesting to see what financing package Solg can arrange, if they get that far.

I realise the RNS does not mention the P word... But the point Quady is making is that it does say they are looking for a new CEO who has experience of exploration "and the construction of large copper-gold porphyry mines in South America." It also says that there will be "no change to the open and value adding independent financing strategies for future developments."

I may have missed it in the deluge of posts, but what is the rebuttal to the assumption that Solg still intends to try to build at least one mine and finance it independently?

Steve, seriously, you need to get a new hobby.

You claim you aren't even invested here. Virtually half the posts on this board over the last few months are you constantly bashing the share. You even got up at the crack of dawn to post a message at 5.32 this morning.

Well the market seems to like what they've heard this morning, SP currently up nearly 14%.

You would have been better off buying some at 50p than warning everyone about their impending doom!

You gonna sell at 42p Punit?

Hi Red. If a bid came in tomorrow, and the choice was either take £1 now or go back as we were with Solg aiming to become a producer but lots of uncertainty as to how and when that would happen, I'd take the £1.

If we get a decent roadmap to production/monetisation of the assets, such as a sale of one site to fund the rest or a JV on Alpala that will allow Solg to move onto a rinse and repeat model for all the other sites, and the SP jumps to £1 on the back of all that... I would probably keep holding and hope for further material increases in the SP or maybe dividends in the future.

Obviously I fall in the second camp in my previous post. I also mainly invest in funds and ITs with a long term (20 years at least) time horizon. I have few individual equities, so Solg is my only really major speculative holding. I also don't have vast amounts of time to research and monitor a lot of individual shares, and once I finally get to the office I won't be able to hang around LSE all day! If I felt Solg was firmly on the right course to even bigger gains I'd be happy to let it run.

If you're retired, early 70s, holding several hundred thousand or a million shares and been invested for 7-10 years, of course you want a sale for £1 tomorrow. It would be a fantastic outcome.

If you're under 50, holding tens of thousands at an average of 20p bought over the last couple of years, £1 tomorrow would be a great outcome, of course, but imagine if you held on for another 8 years and the SP got up into the ££s... £1 today would seem like a wasted opportunity if £8 in 2028 would fundamentally change your life and allow you to retire a decade or so early.

The good thing about the reddit write up is not whether it is completely accurate in all respects, it's the fact it's on there getting Solg seen on things like r/pennystocks.

Why do you think retail investors have bid up the prices of things like tesla to ridiculous levels? Why were they piling into bankrupt companies like Hertz? It's not because they've carried out extensive DD, analysed the balance sheets and come out with their own fair value estimates based on discounted cash flows... It's because they browse places like reddit and twitter looking for the next hot tip that they can pile into in the hope of multibagging. If people want to recklessly bid up the value of Solg and get its share price moving northwards, I would say this is probably the ideal time to do it because it feels like we are on the brink of something happening now.

Journalists need to write articles. If they have sources willing to offer up info, I assume they will be happy to have something to write up. Jeff Lewis of Reuters probably has a CGP insider dropping tidbits his way.

"After nearly half of shareholders"... I know this was discussed at length yesterday but I really do think the numbers are important. It was not nearly half. It was 36% of shares who voted against him. That 36% constituted 44% of the shares voted at the meeting (80% of the total).

At best it's lazy or sloppy reporting, at worst it's twisting the facts to suit a narrative. Rounding 44% up to 50% and implying half of all shareholders voted out is not what happened. The 36% of total voting rights that voted against, if we are going to approximate things, is about a third, not nearly half.

It also missed the point that about 34.5% of that 36% is constituted of BHP, NCM and CGP alone.

Not a comment on whether I think it was good or bad for the company. Just a comment on how people twist numbers in these reports.

It's not organised. He's an IT freelancer from Stockton who was out of work all last year due to Covid but got no support from the govt because he is self employed. Has a huge grudge against the world because of that and seems to have some bizarre vendetta against Quady. As if ruining this site will make things better.

Typical story, has tax bills to pay, no earnings last year, thinks it's everyone's fault such as rishi Sunak, immigrants, anyone in London, the Tories because he voted for them but now they aren't doing what he wants...

Oh and his neighbours dog won't stop barking all day long.

If NM was being pushed out by the board why would they do it over 6 months? Wouldn't you normally expect an announcement that he was stepping down immediately "by mutual consent", which is code for we've given him the elbow. And one of the other senior execs would step in as interim CEO while they searched for a replacement. Although Solg is also short a CFO at the moment aren't they?

"Reporting by Jeff Lewis in Toronto"

Pretty obvious who their source is then.

Rio's relationship with the Mongolian govt has gone down the drain as well didn't it? Due to all the delays. An example of what can go wrong when you're dealing with cash hungry governments, they can turn on you and unfortunately you find yourself at their mercy.

Could the arrival of Keith Marshall have been the driver of the substantive delay and mine redesign?

His previous role at Rio was 3 years as president of the Oyo Tolgoi project. OT has suffered major delays and cost overruns because they had to redesign underground aspects of the mine, revise the PFS etc. Maybe having witnessed those problems at OT, Keith Marshall had some concerns about the underground design, how to optimise it, and wanted to get those factored into the Alpala PFS? Much better to delay the PFS by a few months and get it right, than suffer years long delays down the line.

He and Kevin O'Kane were announced as directors in October. The whole point of them joining was to bring their extensive underground mining expertise. Whilst some previous delays to the PFS were probably due to Solg's slow progress, it would also seem rather stupid to finalise the PFS which includes the mine design just before the two new underground mining experts join the company and have a chance to review it and provide proper input.

So I am wondering if that's why the fundamental rethink was instigated? Because Marshall and O'Kane wanted to get a proper grip on the PFS.

If I was in possession of MNPI and was planning to trade on it, risking dismissal, imprisonment, an unlimited fine and permanent disbarment from the financial industry, I would DEFINITELY send out a well-known signal of that fact to the entire market.

Phat what was the transformational news you were promising before Christmas?

I took advantage of the March dip as well so average about 21p. The ridiculous thing is that I'm hesitant to buy more at this level because it would drag my average up, even though I'm convinced it will go substantially higher from here so would still get a much better return on my additional funds than if I plonked them in an index tracker or something. The psychology of numbers I guess.

I'm very much an advocate of patience and I think people here get unreasonably impatient at times. The reason I find the lack of news a bit odd though is that we know there were (or should be) several drills turning across various sites. Since the last updates in mid-December I assume they must have drilled several hundred if not a thousand plus metres cumulatively, unless all of the drilling crews took a very lengthy Christmas break.

I am aware that there have been backlogs at the assay labs due to high demand and Covid, so with Christmas added in as well I am not surprised if assays are taking weeks to come back.

However, in the second half of last year Solg seemed to be very willing to release visual results and progress updates from its drilling campaign as they came in, with assays following. I think this is why it feels like some sort of blackout now, because we have had nothing in a month but assume they must have drilled a fair bit in that time.

I was expecting a blockcave not a blockchain.

I find your lack of faith disturbing.