Member Info for SharketMare

This has been an enjoyable read on a long train journey back from the north of England.

Rk - your posts against Bozi's very reasonable solution for shareholders make little to no sense to me. I was an investor in Atlantic Lithium (IronRidge) when they spun out the gold assets and the tax concerns you raise weren't an issue. I don't know how much the process cost the business but I'm fairly sure it was nowhere near the $14m you mention from your career. I would be more than happy with receiving a payout from a sale of Cascabel and holding a portion of the rest of the portfolio (even if those shares were unlisted for some time and had to be in a trading account rather than an ISA.

A final point.. look at what Mather has been saying to DGR's shareholders. He wants to keep drilling and find more Cascabels. I think Bozi's suggested outcome may well be where the strategic review leads us.

No I didn't. I said if there was no "corporate action", which as stated in my last post can mean 3 or more things.

In your own words, "try reading".

"Yet your telling everyone it means a sale and their is no other alternative."

Where have I said that? Corporate action could be a takeover, asset sale, or JV. The person advising on the strategic review's preferred outcome is that BHP and NCM end up owning none of Cascabel. You can continue to deny the reality of the situation all you want, but everything that has happened over the last 6 weeks points to either a takeover or a sale of Cascabel.

Stackhigh - you're clearly just a wind up merchant. It's not possible for Solgold to sit on Cascabel for 1-2 years and cease to progress it any further. Not going to bother responding to you anymore.

Stackhigh. Maybe, but that runs the risk of 1) someone else bidding and them missing out 2) the price of copper recovering and passing recent highs (which pretty much all forecasts point to happening), meaning the asset/company will be more expensive to purchase.

If you hold 200k shares here (which I doubt, to be honest), what do you see happening? And why are you continuing to hold given that the company has 1) stopped all further work on Cascabel 2) not laid out any plans for further drilling across the tenements 3) started the process of dismantling the business?

Given the 3 points above, if you seriously think no corporate action is on the horizon, I would be looking to sell up and fast, because if it doesn't come we are f*cked. There is no plan B - or if there is the company hasn't told us what it is.

Orthern, yes that is a risk for sure. Part of me wonders whether letting them get a foot in the door at 17p was a quid-pro-quo. Take a chunk at 17p, then bid for the lot a 45p. If someone counters then you make a lump on your 17p investment, if they don't you get Cascabel etc for a song?

CMG - me too.

copperpot, you do realise through being invested here you are clutching at the very same straws as the rest of us? There is no other game in town at this point. Irwin/Sangha/Caldwell and seemingly Mather are aligned on the way forward. Whether it's a takeover, sale of Cascabel or JV, there will be an exit point at price at least 100%-150% above where we are today (at the bare minimum for the sake of some of the very LTHs here) in the not too distant future.

If I were Jiangxi I'd want to take over SOLG in its entirety and build Cascabel under the Solgold name (as Tongling were planning to build a mine in Ecuador under ExplorCobres). Keep the coffee and chicken farms going. Try and convince some of the Solg execs who have sat down with the Lasso government to stay on for a year and smooth the transition (though the Chinese have other ways of doing this...).

If letting Jiangxi get a formal foot in the door is step 2.9, I can only assume they are lined up to make an offer for the company?

Does anyone have any *** packet calcs on how close a run thing the AGM is going to be?

Mather up for re-election along with Caldwell and Vujcic. Make or break!

Yep all good Colonel, and for what it's worth I think Stackhigh is wrong. I think we will see transaction announced before Q1 is out next year.

"Fast and smart".

Fort, without wanting to get overly philosophical, the burden of proof is not on the person who says there is no sale happening. Just as the burden of proof isn't on the person who claims god does not exist.

If you claim something exists or is in the process of happening, the burden of proof lies with you. Not the person claiming the contrary.

copperpot, you have 2m shares invested at 4.6p. Meaning if the company was sold for 46p, you would make £828,000. That number is more than reachable. Perhaps you are a multi, multi millionaire, in which case fair enough - but for most that type of return would be pretty life changing.

Morning MM, yes they do. Valuestone is the investment arm of Jiangxi.

Worth noting that the Chinese through ExplorCobres, owned by Tongguan, lost out in court the other day on the San Carlos Panantza project in another part of the country, after the indigenous people voted against mining on their land.

A few days later, we have another Chinese firm increase their stake substantially in a Tier 1 elsewhere in Ecuador that is not at risk from the indigenous community.

Whilst the two firms are separate, they are ultimately all controlled by the CCP, who are not messing about when it comes to securing copper supply.

I wonder how much Lasso cares about who builds the mine? The West or the Chinese?

Hi Bozi, you were spot on about Mather back when all that went down. It should have been plain for everyone to see that his interests were most aligned with ours, given his substantial shareholding here.

However, by the same logic this is why I'm happy to throw my support behind Sangha, Irwin & co - because they have serious skin in the game and are on record saying they essentially want to give shareholders an exit at a reasonable price (what that looks like to them, who knows).

I do read with interest posts from yourself and BnC who have been here longer than most and are sceptical of CGP given the history here. pinotnoir - penny for your thoughts too if you still bother reading this board?!

I would imagine that while the merger is being completed, Sangha and Vujcic are going through their rolodexes of contacts in the mining industry and shopping the asset or the whole company to potential buyers.

We all like a household name - your Anglos, Rios and BHPs of this world - but there are a whole host of big miners out there who would have the means to take us out. I bet many hadn't heard of Jiangxi before them taking a slice of the pie through Valuestone.

To me it seem this is the value those guys add - the global network and the motivation to drive short term shareholder value. Whether the potential suitors have the appetite to take on a block cave mining project in Ecuador is a different conversation altogether.

addicknt, I imagine they are cautious on that front because we haven't got any funding for a drilling campaign. So as soon as we announce that as the intention, the market starts to ask well where is the money coming from. The placing of the CGP shares would help in this regard.

TheItalian - because he cannot stand the fact that he's been fobbed off by the company for the last 5 years or so and bought the "we're going to production" line. He can't stand the fact that he's trolled this BB, claiming we're all idiots for investing in a company and not believing what they are telling us, and now we all know that they were bluffing the whole time. If he was a man of principle he'd sell his investment here, as by his own mantra you shouldn't invest in companies you don't trust to be telling the truth. How he can claim to trust Solgold given the fact he's been hoodwinked this entire time is baffling.

JMI - agreed on all that. But PFS2 has been canned altogether, not just delayed. Despite this from our Dear Leader Quady this morning:

"ColonelDrake of course PFS 2 is not dead in the water.
That is how we reduce costs for Alpala.
Try reading.
It's delayed no more than that and required for DFS."

anon3, it's not people just "automatically assuming" anything. The bloke leading the strategic review, Bob Sangha, has publicly stated that his preferred outcome is BHP and NCM owning NONE of Cascabel. Yes there is a chance that he doesn't get what he wants, but given his track record and baseball-bat wielding antics of late, you can be sure he's going to be doing all he can to succeed. And success to him is quite clearly a sale of the asset to a third party, or a sale of the company outright.

On top of all that has been discussed RE shift in direction, I've just had confirmation from Fawzi that PFS2 / the PFS addendum is no longer going ahead.

Quady, yes everything on the table, but the people now running the show want Cascabel sold, which makes it much more likely than you give it credit for. addicknt has it spot on, you are guilty of what you accuse others of.

A disappointing but unsurprising RNS. I think we can forget about Porvenir for some time. No timelines for when we'll get PFS2 (this isn't even mentioned anymore) or DFS at Cascabel (wasn't DFS late 2023 anyway, so pushed back further beyond that?).

I did not the slight tweak in language.. the financing is "expected" to close imminently whilst the merger is "anticipated" to close. The latter is at the behest of the regulator and CGP shareholders, which is probably why they can't be quite as bullish?

I feel as though the Cascabel Project Team have been looking at the various ways to de-risk the project for the last 18 months or so and we still haven't really heard any of its findings or progress.