Member Info for SharketMare

Paymasters? Get a grip. I have no position here at the moment, I'm researching the stock as I think it looks attractive at this level. I do think it's worth pointing out that, without the settlement, the business lost more money last year than it did in FY22.

“Loss before tax of £(394)m, taking into account £187m from the settlement reached with AutoStore, an improvement of £107m versus FY22”

Does this mean that, without the settlement from AutoStore, they would have lost more money than they did in FY22?

"I advise on institutional agriculture deals"

I sell farms.

If the company wasn't up for sale, whenever a reputable trade publication pens an article stating a version of:

"SOLG shops Cascabel project"

"SOLG advances plan to sell Cascabel"

The PR guys and the execs are on the phones demanding a correction. If you are running a business you have no intent of selling, and some hack writes up a piece saying you're looking to sell it, you call them up and set them straight. The fact that no one is doing this at SOLG, and the fact that DC submitted court document stating that pretty much all of our current BoD with the exception of the new chaps want to sell Cascabel, puts the debate to bed.

Interesting private equity background for Mr Liu, too.

I think anyone buying now is barking mad personally. If we are remotely serious about acquiring 70% or even some of it in partnership with another firm, I imagine there will be an equity component to it.

Fort, whilst I haven't sat down to do a formal analysis, Newmont's CEO said this in December:

“In terms of the listed Newcrest things on the plate, SolGold is down, down the list quite a bit in terms of where we are focusing our energy,” he said. “It is too early for us to be forming a judgment just yet.”

Given that the priority was to put a broom through the PF and look for sysnergies/costs savings, I think it's fair to assume the stake in SOLG didn't form part of this initial workstream.

For both BHP and NEM, the obvious play is to continue to sit back and do nothing. Caldwell has wound the company up completely and overseen a massive fall in the value of this business. I imagine both firms are having quiet words in the Naboa administration's ears, when possible, to sow seeds of doubt, but beyond that they're probably happy watching us flounder.

If we manage to eke out a bid from Jiangxi / another suitor both BHP and NEM will have a chance to counter it. Sitting on hands is a win-win for them.

I don't believe their 10% stake in SOLG (worth approx £20-25m) was even considered in this review process.

Here's what Bob Sangha had to say about Sandeep Biswas in that infamous 2022 article:

"To avoid confusion between Singh and the Newcrest chief executive Sandeep Biswas, Sangha pointedly refers to the Osisko boss as “smart Sandeep”.

Those sorts of sledges are all part of the Sangha experience; he has declined to be in a photograph for The Australian Financial Review on more than one occasion. But despite his reluctance, he assured this publication he was better looking than Biswas, BHP boss Mike Henry and Newcrest chairman Peter Tomsett."

Why is that funny? They've looked at the resource and more recent drilling, released their own report and have decided that they don't think owning 70% of the asset is aligned with their strategy. Undoubtedly this puts a dent in the bravado of those on here who claimed Hav was one of the best gold discoveries of all time, but for the realists amongst us this development is welcome in the sense that it gives us more clarity on what lies ahead.

The last few months have been painfully frustrating. Ever since news of the acquisition broke no one has had any idea when, how or who will build Havieron. Now we know it won't be Newmont. I'm hoping it won't be us by ourselves, either, as I don't see a way of us purchasing 70% of Hav and Telfer without substantially diluting existing shareholders.

Ideally, Wyloo buy the 70% and Telfer, but at that point you have to ask.. what is the point in GGP continuing to exist? They might as well take the whole lot as they'll already own a % of our 30%, depending on whether they decide to exercise their options. I guess we could continue to operate almost as an exploration arm, using cash generated from our share in Hav to fund drilling across the Paterson and - if feasible - continue to feed Telfer?

Some more uncertainty ahead, for sure, but we know where we stand.

Zoros, agree, let's hope SD can pull this off without too much dilution.

Needalife @ 9.09 - must admit that did make me laugh. Took you 1,800 posts.

Tesla, I think who they place the shares to will be telling and could light a fire under the SP. If Jiangxi are serious buyers here at a price SOLG have an indication of, would they not jump at the opportunity to acquire another few for cheap?

The board will also have a pretty good idea how close they are to a sale. They might feel confident they only need another 3 months of runway, which these shares could cover.

There is also the possibility - though not my preferred choice - of another royalty deal. How likely or feasible this is none of us know.

What we do know is that it is absolutely not in the interests of management to place more shares and dilute their own holdings. They are aligned with PIs, which is a positive.

Tesla, you are being more than a little over zealous here. The company has 157m shares held in a subsidiary that it can place with a strategic investor if there is appetite. This, dependent on the price we raise at, is IMO the likeliest and most sensible source of funds. The company have suggested this is their preferred option on more than one occasion.

And if you look close enough, you can see the pigs flying in the distance, too.

You must be new here...

Hi Bozi, NMM, violent agreement over here too! Very strange.

Late to the party after a hellish morning at work, but great to see we've released what looks like a decent, improved PFS. Now it would be nice for the company to provides *some* guidance on timelines for the various other workstreams. I understand we are applying for a new IPA - when can we reasonably expect this to be concluded?

Personally I would rather see the Subsidiary Shares sold to one of our strategic investors rather than do another royalty deal (were the Subsidiary Shares mentioned in the MD&A?)

Who said he was well respected? And given that SOLG is nowhere near a producing mine, let alone starting development, no I wouldn't expect him to post it there.

Quady, there is more chance of you losing your remaining investment here altogether than SOLG taking this into production.

Quady, we are not renewing the lease on our corporate headquarters, which runs out in July of this year. Absolutely everything this company has done over the last 12 months has pointed to a winding down of all operations to conserve cash and prepare for a sale. Dramatically reducing headcount. Stopping all exploration. Indefinite prioritisation of the regionals. An indefinite strategic review. Read the MD&As, objectively, and wake up to this reality. This is the antithesis of how a company gearing up for a long mine build and production behaves. If you don't realise that, you shouldn't be invested in this share.