Member Info for SharketMare

"This is what has enabled me to constantly understand the Solgold story and call this correct up to now."

Sorry Quady, but this is utter nonsense. You have called it totally wrong up until now, because you believed that SOLG was planning to build a mine at Alpala. We now know that the company never planned on doing this and was bluffing, as per Bob Sangha's statement in the mining.com piece.

You repeatedly ridiculed posters, myself included, for investing in a company whose statements on strategy and the way forward we didn't believe to be true - or knew to be part of a strategy to eke. You said that people shouldn't invest in companies they don't believe to be telling the truth. Now that we know that SOLG was bluffing the market and never had any plans to build a mine at Alpala by itself, are you not asking yourself why you are invested here, given the company has sold you a pack of lies for the last 2 years and you've bought them, hook, line and sinker?

Honestly, I respect you - for the first time - holding your hands up and admitting you called it wrong as you didn't see a JV coming. But there is still a distinct possibility that we don't look for a JV at Cascabel and instead we either sell ENSA or the whole company is taken out. So the jury remains out - please drop the "I've called it right the whole time" schtick, because no one believes it and it's patently untrue.

I hope you're right red. I think the bravado on display by Sangha and Irwin either implies they are highly confident of lining up a bidder or JV partner for Cascabel (or the whole lot) or they are desperately trying to call BHP's bluff to coax out an offer from them.

If we can find a 'white knight' who is willing to table an offer around the 40p mark, BHP then have a binary choice of countering or walking away and looking at the other projects in their portfolio they've taken a stake in. At that point, I imagine the CGP lot will be urging shareholders to take the offer on the table so they can move on. Not sure the same could be said of Mather, but he might not have many options to turn to by that point.

Dbw, this is where I would suggest that the equity SOLG has built up amongst communities & w/ government would be the only value-add we could bring to the table in a JV situation.

Orthern, agreed on both points.

Orthern let us know if you get a response on the studies. I asked last night but nothing back yet. Will be pretty disappointing if they fail to provide that this side of 2023. I have given up hope on Porvenir PEA.

Interesting, a good friend works for a publicly listed shipbroker and he told me at a recent AGM they passed a slightly contentious resolution using the shares held in treasury. Perhaps he was mistaken.

Thanks both.

"There is no more bluffing that we are going to build Cascabel" - Quady didn't you say you'd read this article? I'm glad that myth has finally been put to bed. No wonder the SP has started to wake up.

Dbw, many thanks for sharing. Looks like we're not messing about anymore. Time for BHP and NCM to sh*t or get off the pot. Well done Bob Sangha.

There's your big buyer redknight, 1M shares @ 19p. Worked buy?

Interesting UT. Well above the ask heading into close.

Lunch, on i) isn't it preferable for SOLG/CGP to keep these shares in 'safe' hands for the AGM (to redknight's point). Although you'd assume whoever they were placed with would be 'onside'. Point ii) is a good one.

Based upon DGR Global's RNS of 11/11/22, the Osisko money will be used solely for the development of Cascabel. "Proceeds will be dedicated to expenditure to advance the CascabelCopper Gold Porphyry Project in Northern Ecuador." I think we have to assume (and hope!) that they haven't communicated something wildly inaccurate to the market.

https://wcsecure.weblink.com.au/pdf/DGR/02597094.pdf

Which does of course leave the question of funding for exploration, which is clearly what Mather wants. The most obvious option would be to sell Cascabel to the highest bidder, return some of the funds to shareholders and use the rest to repeat the strategy across the portfolio. But I'm sure we'll be thrown a curveball or two instead.

red, that makes sense to me. It'll be interesting to see how the likes of Blackrock, Norges and Berry St vote at this year's AGM given the turmoil of the last few months. As I said the other day, corporate governance clearly has gone out the window.. whilst the mining.com article was amusing, having someone tell two of our major shareholder to "go f*ck themselves" isn't really what institutional investors like to see.

I'm going to drop Fawzi a note this evening asking whether the company is sticking to its guidance of Q4 for PFS/PEA or whether everything is now playing second fiddle to the strategic review, which is all we really seem to be focused on at this point. Will let you know if I get a response.

picardy9, ALL does not own any of Ricca. ALL shareholders were awarded Ricca shares on 8:1 basis when the two companies demerged. Holders were then invited to participate in an AUD $7m pro-rata'd rights issue.

So whilst members of the BoD will hold shares in both, the company (ALL) itself does not hold Ricca stock.

Afternoon LM, on the potential placement of CGP's SOLG shares - do we still think this is something we'll be looking to pursue after securing our short-term future with the royalty deal? If so, I would hope that the company first releases the PFS addendum and the Porvenir PEA in an attempt to nudge the share price up a little higher, thus improving the placement price.

rcgl2, for me it tells us that the company doesn't really care, and that none of the current management have any intention of still owning Cascabel when it comes online in 2029. For the past few years we've tried to convince major miners and to a lesser extent the market that we have what it takes to develop a Tier 1 mine at Cascabel. In my opinion, this was done as an attempt to extract a bid for either the asset or the whole company at the highest possible price. Unfortunately, the company and the asset have been painfully mismanaged, particularly over the last 12 months and our credibility has been shot to bits. To cut SOLG some slack, management have had the impossible task of having to balance the interests of BHP & NCM and Mather, CGP and us PIs.

We now have well and truly dropped the charade of taking this to production and now all signs point to the sale of either Cascabel or the entire company. I feel that despite securing funding - which in many ways is an ultimatum to BHP and NCM - we're now selling the asset/company from a position of weakness rather than strength, because no one believes our management are capable of bringing this mine online (which will of course make finding the money to build Cascabel much tougher should we have decided to press ahead).

I'm just hoping there are multiple parties interested in buying us or Cascabel, as an auction scenario is the best chance we have of a healthy payday. If there aren't, or interested bidders simply sit on the sidelines and watch SOLG sweat - what does the company do at that point?

Quady, if you think that Sangha & co are on board to tell us how to get to a producing mine, I've got a bridge to sell you. Ridiculous.

Is anyone able to copy and paste the article on here?

"Zoros the one thing I can tell you is the strategic review will not be to sell the company."

Bold from you there Quady! One to revisit when the review is published for sure.

Apologies, I did not see that Fort had covered this off before I responded. Agree Fort.

Paul thanks for sharing this. Interesting to read Mather's comments - it very much looks like the plan is to go back to the SOLG of old and start exploring again. Only problem is we don't have any cash to do so (it specifies the Osisko royalty deal is to be used at Cascabel).

So are we going to sell Cascabel and rinse and repeat across the rest of the portfolio? That is not what Irwin and I imagine the other CGP lot want to see - they want the whole company sold.

covgaz, you are a laugh. I don't think I've ever seen you post anything but abuse towards other posters, and now you play the woe is me card after having a pop at bubble? Pull the other one old boy and yes keep taking those meds.