Member Info for RodneyT

I have been speaking with a retired KPMG Partner about Solgold. He is a Chartered Accountant and also has significant experience in M&A. He is surprised that Solgold only has a CFO and not a Finance Director. The former are subject to different and more relaxed rules and he tells me that he is very surprised with this for an LSE listed company of this size. Also, he is very surprised that share option strike priced have fallen with the share price so that certain executives have options at 10p and can make alot of money were Solgold to be sold at 20p. He says that options usually move alongside the NAV of the business. The optics of our situation are not good are they? Certain executives have no interest at all in seeing q higher share price. Our CFO came from Guyana with Scott. OK, that was sold to BHP but I think my friend makes excellent points. The share price graph for the last 3 years is bloody awful. To me, we have too many senior people earning too much with too many cheap options. However unlikely, we could be taken out for a song and many directors would do very well indeed due to the options referred to. I know that they only have 56 million options in total but this is more about tone. Why have Solgold plumped up the company in this top heavy way when the company and its share price have been so lethargic?

Plus the production director is quoted saying that Prax wish to be a 50,000 bbl/d organisation as soon as possible and we know that the business has 2 further acquisitions it is looking at although we don't know if these are producers or infrastructure. Could well be the former based on the acquisition of the additional refinery from Shell in 2023.

Agree with that. As I've said before, if we go back to what was said at AGM 2023 and consider what has (not) happened since, the truth is we have not had a good year since then. The jury is out so to speak. Personally, there is a sense of 'over promise, under deliver'. Also, why don't we have any update reports from the Company's broker?

Just been reviewed recent financial documents published by the company. To 30 June 2024, SC had a base salary of USD250,000. There was a bonus of USD 93,750 and then 'other' remuneration including foreign living allowance of USD10,000 per month and share options that totalled USD978,047 and then a pension contribution of USD 3,002. Total remuneration was USD 1,342,799 compared to year ending June 2023 when the total was USD497,017. What do we all think of this? The share price on 30 June 2023 was 15.9p. Please be candid and direct. It will be interesting to judge the opinions folk have.

I agree with all you day Iky. Having considered the contents of the AGM 2023, progress in the broader markets and activities at GLR since then, I am absolutely not happy with how things have gone. Things seem to be coming to the boil and then end up simmering away. I am going to look at the latest accounts today and check the remuneration of all directors. I note that the last company presentation was back in March 2023 too.

Quite agree Red. Clear for all to see. People have a right to their opinions of course. So long as opinions are not mistaken for facts. Let's not overlook the extent to which the world's largest mining royalty company has already backed Solgold over the years and continues to do so. As always, it is about balance. Given time, Solgold's share price will flourish. In the meantime, the current price has little to do with the value of what the company owns but this is so often the case with listed businesses. Shares are not like national savings, better not to own shares if one expects 'logic'or 'measurability'. Does volatility equal risk? Not according to Warren Buffett.

Personally, I'm not too comfortable that the Company is spending money on new senior employee salaries yet we appear to have no positive outcomes from all those NDAs from this time last year. That said, 2024 has been excellent in relation to the revised PFS and the cracking funding deal. Someone hear mentioned open pit at Tandy as an option that would really change the profile at Solgold. Open pit for gold starting soon. In the absence of any significant corporate action, only something such as this open pit option will move the share price dial. I think private investors are very jaundiced about Solgold. Rightly or wrongly, many see the Company as 'all dressed up and nowhere to go'. I wasn't keen on the latest RNS. That said, Noront's share price was flat as a pancake with sentiment equally stale..and then the fireworks began. Materially, 2024 has been a good year for Solgold but the Company will need to do much more than the recent RNS to excite private investors.

Solgold is worth many multiples of its current share price in due course. What we don't know at present is the timeline between now and when this transpires.

Well said Money. During the last 12 months this company has been all about over promise and under deliver. Don't believe me? Just look at the discussions at the 2023 AGM. What has transpired since then and the 'imminent' agreements?,Nothing.

You make a valid point here in my opinion BBG. This is a good topic for debate here with a view to making this case to the Company. I guess that controlling costs would be a comment made by the Company?

Was he recommended to COPL by the Company's Joint Broker Tennyson Securities represented by Peter Krens? I ask this because it is fact that TR and PK had been connected by virtue of their roles in a number of listed businesses before TR's appointment at COPL. These businesses can be appraised of course and we have the benefit of hindsight to see how things went.

If you have time, review the basis of the purchase agreement and, in particular, the roles, salaries and bonus potential for Maris and Chaffe at Prax. What you will find wholly vindicates your hunch. As a purchaser of anything, one wants the NAV of the object being purchased at the lowest possible price. Prax did very well indeed. People who doubt this need to merely review the HUR RNS covering Albion Energy's plans. Plain for all to see the spectacular potential of HUR. But Crystal wanted out and that was that. We move on.

What about the fields spudded and abandoned by the Board of HUR and now owned by Prax? Warwick, Lincoln, Halifax? Check the RNSs to review the potential and also check the means and speed in which they were abandoned. Not an opinion, review the facts and then consider how they can be (quickly) recommissioned.

We are where we are with Prax. I have just over 16 million DCUs. For the right price I may sell some or all of them but will likely hold. Senseman knows a great deal about Hurricane. He knows about Crystal Amber, Kerogen, Albion Energy, Beverley Smith, Warwick, Halifax, Antony Maris, Richard Chaffe, Lancaster, sub-sea pumps, Zacaroli, the list goes on an on. He also knows about the pressure Crystal Amber were under to sell (from Alba their major shareholder). As and when 12.5 total is achieved, this will NOT be a good price based on Hurricane's asset base and what Prax own now by virtue of the deal that was done. How we got to this point is by the by. This is where we are. Let's be clear though, a person with a rich knowledge of Hurricane going back to Dr Robert Trice days knows full well about the assets it owed that are now owned by Prax. Further, of course it is not surprising to a person with that knowledge that Lancaster continues to perform well. Indeed, Prax have already intimated that more wells on Lancaster could follow by virtue of Prax's quest for 50,000 bbl/day output. Prax seem to manage a fine business. Good luck to them.

Good morning Angus, I've been informed over the weekend that Mr Cotter will be sending out an email update to all CA members this week and that, in addition, he will be making a further Zoom presentation within the next 10 days or so. I hope this is helpful.

Impossible to say, Leew. Personally, I wouldn't read too much into it. If you were tuned into the Hearing, it was presented by Jeffrey Oliver and the Judge as a reasonable period of time to get the job done (that being certification in relation to COPL's remaining assets).

There is so much going on in the background and so much work being put in. Stay calm and patient. We have an excellent lawyer leading CAG who himself has both a strong network of expertise as well as totally committed and knowledgeable group of small shareholders assisting him. As an aside, my personal opinion is that progress is highly encouraging overall. Time will tell. With no doubt at all, the effort and workrate will be as it has always been to get to this point i.e. relentless. An example of this is the calibre of evidence being provided by Stas and others directly to Mr Cotter.

Well said. Accurate.

Tend to agree Lloydy although CAG and us here relentlessly pursuing the truth here is our rocket fuel. We won't be stopped. Can't you feel it Lloydy? You can can't you?

Looks like some of mine have been removed too. No idea why. Is this place becoming a 'Centre of Cancel Culture'? Perhaps the moderator is not familiar with John 8.32 'And you will know the truth and the truth will set you free'. Do you think CAG is passionate about finding the truth? Do you think attempting to cancel the truth prevents the pursuit of truth? Stay firm ladies and gentlemen. Support CAG. Support Michael Cotter.