Member Info for SharketMare

Jez, me too but I've clearly failed today.. Differing opinions are what these boards are here for. It's when they're accompanied with a "everyone else is thick as pigsh*t" attitude I struggle. Especially when the point of view is demonstrably wrong!

Just the usual condescending guff Dbw. Totally agree with your point on the BoD putting their hands into their own pockets (or not in this case) to support the company...

Quady, a discussion with shareholders on fundraising that we decided not to proceed with wouldn't:

1) Have had us instruct Barrenjoey to start work
2) Result in the abrupt resignation of our CEO
3) Result in respected financial publications in AUS writing negative articles about all not being well with the business
4) Result in one of our investors releasing an RNS criticising the BoD

You're more than welcome to live in your blissful ignorance, claiming outlandish things like "the share price doesn't matter" (it certainly does when a lower share price means greater dilution), but when you start taking that nasty, snide tone as you did below with Dbw, I think it's only fair that you're called out for it.

You will undoubtedly ignore the 4 points above, as it flies in the face of your blinkered, delusional view that everything is fine and this is a perfectly normal state of affairs.

The board of directors are there to manage the company's affairs and deliver value for all shareholders. Over the last 3 months, they have presided over a 50% drop in valuation of the company, along with a very public, embarrassing attempt to raise funds, which resulted in several negative articles in respected Australian nationals, open criticism by an investor, and the resignation of the two most senior people responsible for managing the company's finances (one after a mere 6 weeks).

I don't recall the board setting that out as part of the plan at the start of the year.

Smick, I don't disagree. The frustrating thing is that Darryl started off so well. He took over a business that had started to build a reputation for overpromising and underdelivering with the PFS debacle. Mather tried to shoot the moon and failed - we had the crux report and the various delays to the revised PFS.

DC took a more conservative approach and stuck to the the timelines he set out at the start of his tenure. Yes, the market reaction was ultimately subdued and we tracked back into the 30s, but at least we had made robust, tangible progress.

Where he has totally b*llsed up is through not raising funds post publication of the PFS, to allow the business to progress towards DFS and explore the rest of the portfolio. This has meant the SP has (quite understandably) come under pressure from shorters and the macroeconomic environment (dwindling commodity prices, inflation, rising interest rates etc.) and will likely mean we have to raise funds with much more dilution.

As I stated on here the other day, if he can pull something out of the bag that addresses the funding issue without dilution and starts to transform the company in the process - whether that is through a JV, an asset sale or something different altogether - then I think we as shareholders should give him the benefit of the doubt at the AGM. However in absence of something truly transformational, I will most likely be moving on from SOLG as an investment.

Fort, on August 5th our CEO said in print that he was not considering offtake agreements until the DFS is published. I don't know how many times this needs to be repeated before you stop claiming that SOLG presented an option to BHP and NCM that involved $100m from Boliden.

The live price seems to have disappeared from Google Finance. Has anyone got a link to a similar site/platform please?

Crazy price action today... well done to everyone who kept their nerve. Strong close - hopefully a good sign for tomorrow.

Credit to MajorOak for calling this before it all happened - I was a little skeptical but you were bang on the money!

Not sure if others are having the same issue, but my shares on ii are showing at nil value, and when I tried to (dummy) sell, it pops up with an error messaging saying 'Please enter a valid stock symbol'.

Looks like we spent $1.5m on CSR related activity in 2021. I wonder whether that has been curtailed this year along with our exploration programmes. For context, we've spent just under $4.5m on CSR since 2013. Big ramp up in 2021 it seems.

The market in Australia opens at 10am Sydney time, which is 1am here in the UK, and closes 6 hours later. So by 7am UK time, we'll have had a full session's trading as A11 over in AUS. Interesting to see where we end up, the volume traded, and what impact that has on the AIM listing, if any at all.

With the PFS produced, seeing the Ghanaian's take an interest here would be welcome, as you'd imagine that would increase the chance of us securing a mining license.

I'm also looking forward to the update on RICCA, due before the end of the month.

Uncosted*

Slug, Thatcher would have been appalled at yesterday's budget, as should any sane thinking conservative. Tax cuts are all well and good (and I am a fan on the whole) as long as you CUT spending in the process. The gov't spends less, the people get more money in their pockets, which they in turn put back into the economy. In this social experiment, Kwarteng is spending tens of billions MORE than his predecessor and slashing taxes. It's a massive gamble with the country's finances which rightly spooked the markets yesterday, as we are heading into unchartered waters.

This is uncoated YOLO-economics from a Chancellor who already appears in way above his head.

The US exchange is an irrelevance IMO. I don't understand the drop here today at all. Perhaps some of it can be explained by traders who sold / are selling the news after yesterday's rise didn't continue into today. But to return back to the 30s after delivering a robust PFS is barmy.

Everything's fine though Bozi, can't be anything wrong here as a FTSE250 insurer's share price fell by 20% recently too. Or something like that.

There have been some real pearlers on here of late: "the share price doesn't matter".. "Ecuadorian politics is rock solid".. "management and its communication are totally fine".. "it's global events causing the share price to halve in 3 months and nothing to do with how the company is being managed".

The delusion here is deep amongst some of you. Perhaps I have been extremely fortunate, but over the last 18 months or so I have not been invested in any company that has been as poorly managed as SOLG. Certain posters on here are cherrypicking facts and clinging on to RNS to support a view that everything is fine and dandy and there isn't anything to worry about, totally ignoring the stream of bad news we have had to put up with (I'm bored of repeating them).

I'm afraid you are so far off the mark it's laughable. And for the "share price doesn't matter" contingent - if you truly believe this I hope it's only your own money you're responsible for investing. Utter loons.

"Markets are markets... they make no sense most of the time. "

Shortly followed by:

"The last time SOLG went into a PFS RNS, the sp was 40p and 36p on the day of the RNS. The PFS2 is expected to be better than the first PFS. So logic says the market will repeat itself?? Why wouldn't it? Nothings changed."

You tie yourself in knots sometimes Colonel :)

addicknt, we're just left guessing and hoping that something is going on behind the scenes. I'm refusing to get my hopes up this year as this lot are masters of disappointment, but you never know, maybe Darryl will prove himself to be a Harry Houdini of sorts and get us out of this pickle.

Good posts Dbw and Bozi, pretty much where my head is at here.

PFS next Monday morning?

As each day passes and the SP continues to dwindle, it beggars believe why on earth SOLG didn't do what they normally do, and raise funds in the first half of the year. Despite the various strategic blunders, one thing that the company has done well since I've been invested is stay capitalized.

For some reason, our relatively new CEO - who hasn't exactly earned a bank of goodwill he can rely on - has not managed that this year. This was despite alarm bells starting to ring across the world that the macro environment was set to turn pretty tough from about September onwards.

I'm don't want to open up the failed/not failed fundraise debate again. But I hope that Darryl has an ace up his sleeve to play in between now and the AGM specifically around funding. Given that we have done little else of note this year, I am not going to be giving him a pat on the back for Porvenir's PEA and the PFS addendum at Alpala. Why? These are hygiene factors - these are things we expect the company to be getting done, alongside the exciting, value accretive exploration activities (which have totally stopped because of funding and/or strategy). With Alpala in particular, the initial PFS was robust but tepid, using a fraction of the total resource - it certainly want to be added to!

The company line has been trotted out a lot of late - both publicly and privately. A number of strategic options blah blah. It really is crunch time for this management team to show whether they've got what it takes to continue to progress this fantastic asset and drive SOLG forward.

For a long time we've all hoped that Nick / the BoD have been working on something masterful and strategic behind the scenes. Maybe that is still true for Nick. But if we turn around over the next few weeks and notify the market we've done an equity raise at 15/16p, I will be voting all of them out at the AGM, because they will have totally mismanaged this company.

P*ssed off.