I'm of the view that the fundraise was equity based and that Mather stopped it at the last minute. This led to Ayten's credibility and relationships with the market taking a hit, which she was not willing to stand for.
1. The PFS was underwhelming. The market reaction to it told us this.
2. The plan was certainly not for Ingo to leave when Ayten started. You are spinning this into something it isn't.
3. If you believe Ayten resigned I have a bridge to sell you.
4. Lisa Parks was SOLG's metallurgy manager.
5. A failed fundraise is a red flag, no matter how you spin it or what when on behind the scenes.
6. There has been a change in corporate strategy according to Ingo, and indicated by the recent disposals of staff. None of us know what it is.
BnC- thank you, I will write him an email.
For all the spin and speculation on here today, this company is in dire straits and we as shareholders deserve better.
Since Darryl has taken over, he has:
- delivered a watered down PFS to which the market reaction was to shrug its shoulders
- awarded himself stock options
- sacked our interim CFO and the person responsible for raising finance for Cascabel, with no explanation to shareholders
- sacked our new CFO, 6 weeks in to her new job
- sacked the metallurgy manager on SOLG's books
- gone through a failed fundraising exercise, spooking the market
- appointed an ex BHP chum as yet another interim CFO
- left shareholders in the dark about what the revised company strategy is (clue, it certainly isn't taking Cascabel to production)
This is absolutely no way to run a listed company. We are now in a very precarious position, with around 4 months to go before what will be another testing AGM, and our funds dwindling by the day.
Time for Darryl and team to get on an investor call and be held to account for the utter mess that has been created over the last few months.
Nick Mather - a penny for your thoughts please. What the hell is going on here.
Hmm. Interested to see whether there are any chunky trades printed later just above 38p. Looked an awful like a smash and grab by the MMs to fill an order.
ShearClass, I'm no longer a part of the Telegram group, but any info you're able to share on the swings in DGR's holding is much appreciated.
Hi Lunch, I also value your posts. You are one of a handful of people on here who actually bother to read in detail what the company publishes.
I'm also guilty of calling Quady out more often than I should for posting nonsense that doesn't make any sense. I will strive to do so less.
Please continue to take the time to share your knowledge, which is always grounded in fact.
"It is not Solgold that have the communication problems.
It's Fawsi and Ingo who have not made their announcements in line with the company and gone off at a tangent. If Fawsi wants to give Shareholders information, it should come in an official communication."
Quady, Fawzi is our Head of Investor Relations. If you feel the way he communicates is problematic, then you have to accept that SOLG has problems with its communications. Fawzi is not speaking to investors in a personal capacity.
Separately, the idea that Ingo has acted unprofessionally is 1) baseless speculation and 2) likely to be completely wrong. I would strongly doubt that he would have posted on LinkedIn had the company planned to release the news via an official RNS. They most likely said they wouldn't bother, so he let his network know that he was now looking for employment.
Dhanteras, show me an economy that isn't in a terrible state at the moment! Where are you living, under a rock?
It would be crazy for the Ghanaians to strong arm their way into our company. Ghana has a reputation as one of the most mining friendly jurisdictions in Africa. Their credibility with the investment and business communities would be shot if they tried to pull a move like that.
But you know all that anyway.
Morning, I have too much on with work this morning to do a copy and paste job (PDFs are tricky), but SOLG is featured in Q3's LATAM Investor Magazine.
If you join and subscribe (free of charge, no payment details requested), you can view the magazine and relevant articles for free.
Mathersfinger, in absence of actual news from the company, of which we've had very little this year, investors are going to speculate as to what is going on behind the scenes. And discussing the possibility of one of our majors deciding to no longer pursue SOLG isn't just the fatuous 'making up of scenarios' you make it out to be. The SOLG story is one of a years long struggle of ownership of a prized Tier 1 copper gold asset in Ecaudor. How that plays out is certainly worth speculating about, as it will determine the return on our investment.
Ah red, I have worked it out. That website puts the current CEO's name at the head of every article, regardless of whether he was CEO at the time the news was reported.
Apols for the misinformation above at 08.25.
Kat2008, maybe so. But as mentioned, that is going to annoy BHP.
Back in October 2020 I was told that there were rumours in London that BHP was looking to offload its stake in SOLG following the end of the lock in period.
What had happened just one month prior? We had finalised the royalty deal with Franco Nevada.
Finally, an Easter egg for the die hards. It seems the article below reporting that news from September 2020 was written by none other than our now current CEO, Darryl Cuzzubbo. How odd.
Colonel, I disagree with you when you say that BHP/NCM would not be happy with a capital raise at a low price. In fact, I think this is their preferred way forward. It allows them to maintain or increase their ownership of SOLG (we have to offer them the chance to participate in any raise), and, in the event that he does not have funds to keep up, dilutes the % of the company controlled by Nick Mather through his various holdings.
Cuzzubbo is in a difficult position at the moment as he attempts to follow a strategy and raise funds that placate his biggest investors: BHP, NCM and Nick Mather, who by virtue of his combined various holdings is actually our biggest shareholder (DGR, Mather, Tenstar = 17.6%). The problem is they clearly don't agree.
Mather would much rather we did another Franco-type deal as he wants to bring in funds with minimal dilution, to progress the work at Cascabel and prove up the regional portfolio. This allows him to extract a higher offer from whoever ends up buying SOLG. He spelt it out quite clearly 2 weeks ago - he wants this sold. The issue Cuzzubbo has, as he half alluded to in the MiningNews piece, is that to do that type of deal, with Boliden or whoever, risks the ire of the two majors we have on board - BHP and NCM.
I don't think we as investors should underestimate the possibility of both of these players 'going nuclear' if they see the profitability of the mine be sold off bit by bit in royalty or streaming agreements. Ultimately they (or at least BHP) want to own the project and reap all of the rewards, if we continue to eat into the profitability of Cascabel, would they bother hanging around owning just 13% of it (less given it's 13% of 85%)? Cuzzubbo will be all too aware of what happened to the other Directors who fell foul of the majors - they lost their jobs.
I have no idea how Darryl plans to balance the interests of BHP, NCM and Mather over the mid-long term.
This year, unfortunately, I think we'll see a fundraise at 20p, followed by the delivery of the Porvenir PEA and Cascabel PFS addendum before the AGM. I also expect to see, as Ortherncopper mentioned on here the other day, Mather to make a play of sorts with his holdings.
I think the reason PIs have been in the dark about what SOLG's actual strategy is, pretty much ever since Nick stepped down, is because the two CEOs since have been somewhat hamstrung by their biggest shareholders.
Quady: "A bid was never part of Solgold's strategy"
In direct contradiction to what SOLG's former CEO said but a fortnight ago. You've seen the clip yourself, yet you still spout your own world view. Why?
CD, let me get this straight:
Blackrock buy more shares: follow the big boys
Blackrock sell some shares: they're working for BHP to keep the price in check
This topic has been done to death on this board. Reading anything into Blackrock falling above and below the 5% threshold is a waste of time.