Member Info for SharketMare

Oh CD, give over, just because someone highlights the (very real) risks here, doesn't mean they aren't invested. Bozi is invested here and has been for some time.

We are a junior with limited funds looking to raise cash in a tough market. It's an interesting an pivotal time for the company, and comes with a healthy dose of risk. Discussion of that risk is perfectly normal and should be encouraged!

CD, I just don't see Sandeep Biswas as in a position with his own shareholders to take a speculative punt at SOLG at 45p. Imagine if BHP didn't counter and SOLG shareholders accepted the offer. He's just bought himself into a relatively high-risk jurisdiction requiring considerable capex, though admittedly he would have picked up a strong portfolio for a song. It's just not something I see a major miner doing, particularly one under such pressure and that stated over the last 48 hours it would be focusing on assets and exploration closer to home.

Your Noront point is fair though, volume was low and the bid came out of nowhere. SOLG a bit of a different beast both size and risk wise.

CD, why would BHP make a move now when they can wait another 4 months and rip another few chunks out of the company, through publicly and privately lobbying against its BoD?

SOLG is in a mess of its own making, if I were in BHP's shoes I'd be happy to let the clowns in charge keep at it for a while longer. We've just gone through a failed fundraise, lost our key money-man of the last few years and our metallurgy manager.

I see a few options:
1) Fundraising through royalty deal with the likes of Boliden (I would not be surprised if this led to BHP doing something drastic and counter to our interests) - money would probably have to go towards Cascabel and none of the regionals
2) A white knight taking us out (not something we can control)
3) Fundraising via placement at god knows what price (market conditions are tough and the company may well be lacking credibility given Ingo's departure)
4. Agreed sale of the company at a price BHP is willing to pay (not going to be the riches we've dreamed of)
5. Sale of Cascabel to BHP (probably the best we can reasonably hope for at this stage)

I expect things to be resolved one way or the other before the end of Q3, but fine dandy things are not.

If the company hadn't just gone through a failed fundraise, you'd think they'd issue some form of statement/clarification stating so. When a journo at the FT suggests that something has happened, it means it probably has.

https://twitter.com/humenm/status/1552634614925205506?t=i3CIr2BJXfrSpt3rccJwlQ&s=19

Bozi 09.33am - spot on as always.

Lunch, I'm probably guilty of overegging the pudding here, but someone who was Metallurgy Manager for the PFS leaving (not by choice it seems) before the addendum was released does not sit right with me. Key player is a stretch admittedly.

Dbw, I agreed with your sentiments yday on this statement being the precursor to corporate action of some sort.

When an investor publicly refers to an "attempt" to fundraise before the company publicly announces said raise, I am inclined to believe it is/was a failed attempt to raise funds. Combined with the awful RNS, we are now unfortunately invested in a company in distress.

Also, prove up and sell does not equal take to production. That is spin worthy of Alistair Campbell

Morning Quady, addicknt

I refrained from posting yesterday due to work commitments and overwhelming disappointment with the quality of the RNS we put out.

I think rather than people making things up because they are desperate for a sale, Quady, shareholders are genuinely concerned about the management and direction of this company, and whether or not they will see a decent return on their investment. One of the key players in delivering the Cascabel PFS has just been pushed out of SOLG, along with the chap who was responsible for sourcing finance to build the mine.

With the PFS addendum due later this year, to suggest it’s business as usual for this company is well.. misguided at best in my opinion.

That and an investor publicly expressing its disquiet (again) after what must have been a failed capital raise.

Yesterday’s RNS was one of the worst the company has issued since I’ve been invested here.

Oh dear. RK has been of more value to this BB than either of you two goons. BBG, I can’t remember the last thing you called right with this share (have you ever predicted anything correctly, or just spent your time making absurd accusations of people being MMS?) and Z, you should know better given the company you keep over on GGP.

Redknight is one of a handful of posters on this BB of whom I know of their real name and career history.

I also clocked a profile I am almost certain to be redknight's whilst sleuthing through LinkedIn yesterday.. Made me chuckle.

Len: "well on track" to deliver the PFS this quarter. Good stuff. Wonder if it'll coincide with the ASX listing.

Yes followed by a telling ellipsis.

FINALLY something big is happening here. Expecting Cascabel to either be JV'd or sold off entirely before the end of Q3.

Time to buy some more stock.

Not only has the chap who was in charge of fundraising for Alpala left, he's also said that the strategy has "evolved" (corporate speak for changed altogether).

Lisa describes her time at SOLG as:

"Member of team that delivered the PFS and first mine reserve NI43-101 for the Cascabel Project."

Hmm.

addicknt, I agree. Another person leaving SOLG - admittedly not as high profile as Ingo.. but interesting nonetheless. Another one to have left and be looking for new opportunities, too.

https://www.linkedin.com/posts/lisa-park-gaicd-fausimm-current_after-being-part-of-the-team-which-delivered-activity-6957540247018614784-Yu-R?utm_source=linkedin_share&utm_medium=member_desktop_web

To some of the discussion below. In Ingo's post he says: "I am actively exploring opportunities to take me forward to something new and exciting."

He hasn't got a job lined up. He has either been made redundant or he's walked.

Here you go Quady: https://www.linkedin.com/posts/activity-6957273837558239232-Isxv?utm_source=linkedin_share&utm_medium=member_desktop_web

addicknt, it's a fair point, the only real reason I can think of is the fact that SOLG appear to be held in good standing by the Ecuadorian govt and its people, to the extent where it might be beneficial for BHP to partner with them rather than take the whole lot. That is tenuous though, admittedly.

Hi LunchMoney, thanks, that clarification makes sense to me. So Hueca and Blanca being offered to third parties. Might explain why we didn't hear much back on assays.

I think increasingly the signs are pointing toward Cascabel either being sold off or JV'd, with SOLG retaining a small interest - maybe along the lines of the 75/25 split that NCM and GGP have at Havieron. With funds in the bank we move on to repeat the process at Porvenir etc.

Do have to wonder where this leaves CGP though...