Member Info for SharketMare

Mrprt, not long to go until SOLG releases news on the strategic review which, according to Quady, will be about the "finer points of mine design". I look forward to Mr Caldwell discussing this at length following his comments at a recent conference where he stated that SOLG are not mine builders, in what is shaping up to be the volte-face of the year in the mining sector.

In all seriousness, looking forward to the next leg up here and another crack at 22p next week. I'm sure there are plenty of traders skimming this for 10% as we continue to rise and consolidate.

Morning, whilst the highlighted grades are very good, they are from close to 1km underground. If you note the next steps, we're now examining the hole to see whether there is any evidence of mineralisation at shallower depths. I'm no expert but my reading of the RNS was that there's not a huge amount to get excited about just yet.

RK, I also remember you yesterday saying you'd not mention that stock again on this BB. You were buying shares in 1SN when it was 9p+. I'm sure you've averaged down, but it's very hard not to see your posts on this BB about that share as an attempt to ramp it higher so you can trade out. There is a perfectly good BB to discuss that share on.

HubrisHunter's take on 1981's claims: https://twitter.com/hubrishunter/status/1647986943551246338?s=20

Speaking of posters not explaining things, 1981, for the sake of us plebeians can you kindly explain what your post over the weekend that referenced the "full-curb" actually means?

The irony of someone attempting to ridicule a poster for spending time on a BB where "nothing of value has been posted" on the very same board is not lost on this reader. What a pillock.

"The diverse book, is now more diverse and any bid that stands a chance of success, must have all the main holders on board and the biggest holder is Nick Mather."

I look forward to the day where the diverse book theory, one of the wooliest theories to appear on this BB is finally put to bed.

The biggest holder is not Nick Mather. The biggest holder(s), according to the latest presentation, is the 23.7% held by Cornerstone and Maxit Capital. Then if we tally up DGR (Mather), Tenstar (also purportedly Mather) and Mather himself, we reach 13.8%. Followed by BHP and NCM on 10.4% and 10.3% respectively.

Given Mather's comments last year to DGR investors, where he stated that the aim was to sell the stake in SOLG, we can fairly assume that we now have 37.5% of the company (Cornerstone, Maxit + Mather's holdings) all pulling in the same direction. This makes the book LESS diverse, because there are now MORE shareholders pushing for the same outcome - a sale.

FWIW, I don't see why BHP would bid for SOLG now in order to interrupt the talks we may or may not be having with Jiangxi or other interested parties. If they have a price in mind that they are willing to pay, it would make more sense to bide their time, as they have done to date, and then counter any bid that SOLG's board recommend to shareholders that comes from Jiangxi / a third party. For Jiangxi, lodging a relatively low bid for the company seems like a no brainer. If it's countered by someone else, they've made a tidy return on a 9-12 month investment. If it isn't, they've picked up a Tier 1 for a very good price.

Nice to see us moving back towards a more acceptable share price. Now is the time to get this sold if there ever was one.

I have since read the WI thread and apologise for my outbursts last night. Sheepish and sore head this morning - a few weeks off the BB for me I think. All the best SOLGers.

Yeah DG1 maybe he is lamenting the opportunity cost. I don't know, I'm fed up. After reading his tweets last week I was planning on buying more yesterday but didn't. I emailed IR saying timelines on the outcome of the SR, or a timeline for when drilling would start (and where) would have been welcome before awarding the new CEO 1% of the company. I also mentioned the fact that it hadn't gone unnoticed that one of our major shareholders has now twice publicly stated that the company is up for sale.

The whole thing is starting to feel like a royal mess. We have Fort telling us several months ago that we're foolish to believe that things could be bad when BR and Norges are buying at 35p. Now when they sell at 17p he is happy to see the back of them. He claims that Bob's phone will be ringing off the hook with suitors hoping to claim our unique mix of metals.

The reality is we have a BoD who want rid of a complex Tier 1 mine in f-ing Ecuador that has a huge amount of capital spend required on it fairly soon, which weakens our negotiation hand significantly. Let alone the rest of the portfolio.

I have had a few this evening and need to just ignore WI from now on as he's as flimsy as the rest of us. Didn't he used to post on here?

30s it is then. Time to average down for those sitting in mid/late 20s and wanting a decent payday. What a f-ing mess.

Tidy payday for Scott if we go for 34p, which after reading the above is probably what we should all be expecting now.

Fast, smart and f-ing scandalous. I bet Mather is spitting feathers. Either that or he is desperate to get out because he knows we are f*cked if Maxit don't close a deal.

Orthern, in an ideal scenario I would take proceeds from here to top up the pot I have in GGP, wait for that to go into production in 2024, and then slice 50% of that so the rest was free carry, and top up the (now much smaller) pot I have in ALL to see that into production into 2025. That's the dream, anyway.

Brilliant posts, thanks both. I drop in on the CEY board from time to time to read comments on gold more broadly and to see how CEY is doing. I used to trade the stock a few years ago and held a few for a while. I am considering taking a position again and today's tumble caught my eye. Need to do some more research first though as the company is has been through the mill since I was last invested.

Thanks again.
SM

Addicknt, is it possible that SOLG have instructed Maxit to attempt to sell the business, and that whilst that process is underway there is a Chinese Wall in place to stop Solg from having to announce to the market that we are in discussions, and to allow the directors - who might be unofficially "aware" of what is going on - to purchase stock and pretend like it's BAU?

Irwin mentioned lots of DD being required which to me implied we were in discussions with at least one potential buyer.

I am now of the view that if we do see the outcome of the strategic review published, it will be because Bob Sangha hasn't managed to sell the company to anyone.

bijar, he is going to have to buy them, at 17p per share. These are not free shares. These are options to buy shares at a fixed price within a certain timeframe, and tied to performance criteria (yet to be defined).

Morning Quady, the company has no plans to produce a DFS. It was not mentioned once in our recent presentations, in the prospectus is was said to have been delayed indefinitely, and on Feb 17th the company released an RNS saying that Cascabel had been "adequately studied". The only work we are doing at Cascabel relates to the investment protection agreement and further de-risking.

https://www.lse.co.uk/rns/SOLG/company-update-5e9gdd8x24ym3b8.html

I don't think BHP gives a damn what happens here anymore, and they certainly aren't going to care about another 30m shares where we already have 3 billion in existence.

I appreciate the merger was important and required all hands on deck, but it would have been nice for Scott to have waited until he had some actual news for shareholders - the outcome of the SR, an exploration timetable for '23 - before awarding himself another 30m shares at a pretty uninspiring price.

haggis, I am not expecting the mining license to be awarded until late Q3 / Q4 this year. That said, news of investment from MIIF, which might be imminent, should mean that the mining license is merely a formality.

Apols - the second part of my post was meant to be @rcgl2!

@Talatum - that would crater the share price and would mean that not all holders could exit at the same price. It would be a bloodbath and larger players, particularly the ex-CGP holders, would not be happy at all.

@DinnerMoney - great find. Think I will add a few more this week after reading that.

Exciting few months ahead.

Copper, that's a fair point. The circle I can't seem to square with the JV argument is how that allows Sangha, Irwin and other former CGP shareholders to cash in their chips.