Member Info for SharketMare

sjn, can you explain to us why you are voting in favour of the board being able to issue new shares, but against the people who have the interests of PIs at heart? You are opening the door for BHP and NCM to take control of the board and then dilute us all to oblivion. It makes absolutely no sense.

Very helpful. Thanks rcgl2.

Thanks red, but they are still technically Norges' to vote with at the AGM?

Fort, I'm struggling with the RNS somewhat. It implies that the 0.631520% of voting rights (the same % as the 14,500,000 listed as on loan) BELONG to Norges, as they are listed under the RESULTING position (i.e. the position Norges now hold).

So have Norges loaned shares from another entity? I'm a bit lost here.

Capital letters are for my benefit!

Not to put a dampener on the excitement here, but we don't know how friendly Norges are to the current BoD and new strategy. So them having a marginally greater say at the AGM is neutral until we see how they vote.

Remember, they were ploughing money into the company before all the recent shenanigans and they are typically investors for the long term (i.e. they wll want to be owning a % of Cascabel when it's producing and have deep enough pockets to keep on topping up their stake).

Last year (with DC as CEO) they voted in favour of all resolutions bar the re-election of Moller and the remuneration report. In June of this year (also with DC as CEO) they voted in favour of all resolutions.

I'm not reading too much into this at the moment. One of my worries in the run up to the AGM is that those we are up against - BHP, NCM and possibly Blackrock (Norges were mentioned too in the AFR) have friends with much deeper pockets than the self-styled scrappers who want to get this sold.

Quady, people in glass houses come to mind WRT your snide responses comment. Over the last few months you've ridiculed anyone that disagreed with your beliefs that:

1. SOLG are going to have no problem finding the funding (with minimal dilution no less!) to build Cascabel by themselves
2. That we are heading towards DFS following publication of the PFS addendum
3. That the way the company was run and its communication were adequate

All of which we now know to be a total misreading of the real state of affairs here. As many of us tried to tell you for some time, only to be told to "try reading".

The price updates (being bid for stock) and daily speculation that "something is happening" are garbage and he probably knows that himself. He is in too deep and looking to offload some.

However the posts this morning on how Chinese companies, including Jiangxi, approach takeovers, were interesting an informative. Swings and roundabouts.

Morning panama, of course I remember us meeting. Unfortunately I couldn't hang around for too long to enjoy a few drinks and meet some of the other holders.

I guess it makes sense for Shaun to meet a few more investors while he is in town. I respect the lengths he goes to to meet shareholders - far above and beyond any other business I've been invested in. Particularly when the share price is not where we or he wants it to be.

Hope tomorrow is as enjoyable as the meet earlier this year & maybe see you at the next on in '23, when we have a FS to talk through!

Atb

Hi all, I attended the last London Town Hall and thought it was great. It was just after the debt/equity funding and BoD announcements. It was massively reassuring to hear Shaun Day talk these through.

I'm slightly hesitant to attend tomorrow night as I'm not entirely sure what new news he plans on discussing? I'm comfortable with my investment here. Obviously it would be nice if the share price was higher.

I find it a bit odd he's doing another TH without anything much of substance having changed since late September.

Probably just the same as the last two weeks of trading where you've been able to buy or sell large chunks of your holding.

CMG - I think that really depends on what then happens to the regionals. If we entered into a JV where we kept 5-10% of Alpala (though why on earth a major would want to partner with us I don't know) then you'd hope that the company could then turn its attention to finding a second Tier 1 deposit.

Without regional drilling activity we'd just be sitting here waiting 7 years or so for news that we'd started producing. Yes there would be catalysts on the way (mining license, permits, DTM) but it would be one hell of a slow burn (and we'd be working to whichever major had taken us over's timeline).

Bozi's suggested way forward is spot on. Spin off the regionals from Cascabel. Sell SOLG (i.e. just Cascabel). Allow those here for the longer term to potentially cash in later down the line. This was, originally, the business that many of the long term holders had thought they'd invested in. Nick Mather's multiple exit points. If done properly it would be a fantastic ride (providing we found more feasible deposits, of course).

"Including looking at hydroelectric and an even faster extraction in the early years."

We have been speaking about the prospect hydroelectric power at Alpala for over two years - no exaggeration. And we have heard absolutely nothing about our progress. Along with all of the other PFS optimization tactics. Nothing at all.

The company have come out and publicly stated they're no longer spending any capital on advancing studies at Cascabel as they are not driving any value.

Kind words Bozi, not sure I add half as much as the others you mention but I'll take it.

Separately - Jude Bellingham is some player. He is the closest I've seen to Zidane since he stopped playing. The poise, pace and dynamism. He has it all. Scarily good. Bring on the French.

In between now and Q2 is probably when we'll be at our weakest. Copper prices and the economy at large tanking. Boardroom turmoil. Share price in the doldrums. Willing sellers in charge who are looking for an exit. Now seems like the ideal time to take us out in my opinion.

In 12 months time, if we haven't been taken out, we will have proven up more of Tandy and starting drilling the other promising tenements. We could be double this price easily.

But it won't get that far.

But they aren't unsubstantiated. From the recent DGR release:

"There is a strong risk that the removal of any of the current
Board members and or blocking of SolGold’s standard UK corporate financing
resolutions would limit SolGold’s financing flexibility. There is a risk that this may lead
to a creeping takeover rather than a bid by which all shareholders would benefit."

The message here is vote for all the directors and resolutions at the AGM so that the way can be paved for a takeover. I am not sure on this last point, but I did wonder whether the BoD wanted the right to issue more stock so that they can print X number of shares to get a takeover across the line?

I think the uncertainty over how the AGM is going to play out is what is holding us back at the moment. Given the comms from the company and DGR, it's going to be a very close run thing.

This is why I find it very difficult to square sjn and his friends voting against the re-election of Mather, Twigger and Clare, as if we (i.e. PIs, CGP, Mather, Berry St) etc. lose control of the boardroom, I think there is a real risk of this tanking. Conversely, if they've got the numbers, remain in post and pass the other funding related resolutions, I think we rally, strongly.

"One of the things they highlighted in this announcement was to prevent BHP / NCM gaining control without making a bid now what we effectively have done have given control to Cornerstone with only 6 odd % of Solgold and 15% of ENSA now in control without them making a bid but in fact being paid a premium in Solgold shares for the privilege via the merger."

Yes, we have now given control to a group of minority shareholders who wish to extract the best possible outcome for themselves and other shareholders at the expense of BHP and NCM. The alternative (i.e. BHP and NCM wresting control of the company) would have resulted in all of us being diluted to oblivion.

How can you not see that you are putting yourself and all of us at risk, so late in the day, too.

Bore off you sad act

Honestly I wouldn't be surprised if the journalist in question reads the asylum that is this BB. Pretty sure we've covered all of that ground at some time or another, including the political angle.

I think Sangha & co must be very confident of extracting an offer from Jiangxi, probably upon completion of the merger. If they don't, we as shareholders will have been done a massive disservice as there does not appear to be a semblance of a plan B (so far).

Redknight, if as your last 100 odd posts over the last 4 days are true, and you are extremely confident of a takeover battle here, why on earth are you "praying for a spike" at 9am on a Tuesday morning when we have no news?

You sound unbelievably desperate to the point of concern.