Member Info for theiceberg

For me the bit is this.
"SolGold may recover Cornerstone’s carried costs"
I.e it's up to solgold whether to recover this way...
Both cgp and solg seem to suggest this is their releases...

It’s a documented standard clause. Having to give the partner first refusal. Some mining contracts like the BCN one with Rem had a clause that gave Bcn a veto over who REm could sell it to.

Quite simple the market isn't expecting CGP to get much for its share of cascabel..
If we assume that CGPs shares in solg are valued to cash. Then all of their other assets inc 15% of cascabel is currently valued at £15-20m....
This says it all really.
Also cgp can't sell its 15% without first offering it to solg

They are buggered

Since we only have 11 trades in 3 hrs another tbought...
CG P current mcap £43m

They currently hold around £30m in value of solg shares...
They currently have a JV with Newcrest which I am sure Newcrest would pay £15-20m for 100%
They have other projects we could spin off for a further £10m conservatively...

We could offer them a 100% premium to their current Sp and still get the 15% of cascabel for £30\35m.I

All cheap and everyone a winner...

To be honest I couldn't careless whether we never into an agreement for CG P but it helps to while away the hrs to Friday's news release..

Nearly 20% down today. Off the back of the director sells and imo in anticipation of a share issue.
If it’s part of Solgs strategy it seems to be working.

Still on the bid at 17.80p providing concrete solid support at this price. got a feeling we will see the normal 15.30 to 16.30 price action.

If any longer holders than me know more about this than i am working on (quickly in a few spare mins) please correct me.
It looks like the Early Warning is a termination situation of a lock up agreement announced on the 14th of July 2017.
This prevents the cornerstone shares being trans/sold etc without CGP approval.
If SOLG were to make a bid then winning over these shares, maximising them (options) and bypassing the board would be essential. Interesting this has happened very very recently.

Concerning the maxit increase, its a an official Early warning, which means it triggers the strict timetable for the exercise of warrants, I believe.
Timing was the 23rd of Jan on Sedar.

A few bits of news about CGP.

They had a director who sold half his holding at 3.10, information recently released.
Also Maxit has increased its share in CGP, by a small amount (They could be someone on the side of SOLG in any SOLG Ownership bid)

The mre was a light hearted joke....sorry I 'll go :)

Mre 1 and 2 didnt have measured resources.
A measured resource is required for production planning and grade certainty etc.
Indicated an be used for large scale discussions I e open pit mind design or underground basic decisions but not detailed through put.
It's a requirement to protect investors. It stops a company from drilling a few holes, making a jump to detailed production planning that investors believe but has maybe a 30-40% uncertainty.
Sometimes indicated and measured can be used together but that depends on consistency of grade and the style of resource.

It's normal for a company to have 3 or 4 resource estimates, why solg keeps calling them maiden resource estimates is a bit strange..like losing your virginity you can only declare a maiden resource once but hey ho. :)

It can’t go to BFS without mre3. Its against reporting rules.
I don’t think it can go pfs without mre3.

It’s all about the measured definition which has a legal reporting context.

As nice as that might be.

I am not sure I agree with the fund raising statements.
The presentation says that is the 2019\2020 spend to complete to BFS..we don't know how much they have Spent so far. But certainly quite a bit of EIS..licenses..water drilling etc.
My guess would be somewhere between $60-80m left to spend and this isn't in the next few weeks but in the next 11 months.
So £50-60m in the next 11months is quite a bit different.

The timetable has to be MRE3 then PFS then funding..

Lots of speculation though 're CGP news..
In the end they had 2 days last week without any trades at all...mainly as folks were not wanting to pay over 2.85 for even a few shares.

Anyway very strong close yesterday.
Half year results solg and qtr financial update from cgp due in the next 3 weeks by law, but a few other pieces in the offering...

Interesting tweet from Ecuador govt yesterday that the internAtional bank has agreed investment into Ecuador mining.also that 5 of the 10 biggest mining companies are currently investing.

On the bid at 17.8
If it's a real trade it's a heck of a lot of shares somebody wants...

funny how we always get a strong bid order book from 16.00 onwards. You might assume that certain folks on the west coast time zone are very very busy.

thanks for the email.
I'd partly agree with that China is having an effect as is the copper price. We've got the highest volume of the last 3 months without news. Looks like somebody shaving off a chunk of their holding.

Good that CGP are falling imo, down more than SOLG today and with nothing really on the order book until you get down to a 15-20% fall in SP.

Funding is needed for Capex, this can only be arranged with measured resource. Nick can't do anything about that, but mre3 will be pretty soon.
for me though its blanca, blanca, blanca....First phase drill results will come through from ALS this month :)

Zoros you got it wrong in December and have been ever since..

Interesting that there wasn't a single trade on cgp yesterday. They have no liquidity. Therefore it will be difficult for them to even pay bills in shares.
The drop in copper and rubbish market is perfect for Nick and solg.
We have plenty of money..
We have 3 presentations in quick succession from the end of the month.

It doesn't take a genius.

For clarity BHP in the last few weeks fell from 1850 to 1650. Let's blame Nick For this as well...

copper has fallen by 20% , stock markets are rising and falling by 5% and as typing this the sp is 18p and down 2.2%
Perspective maybe?
at the bell we seem to have a seller selling immediately at any price...not a surprise given globals ... Now buying is taking it back up.

There is no extra info on the dgr release..in the appendix it lists the rns announcements it gets the info from...although the presentation shows the pfs slipping to q2 the last official release is still q1 so that's what it uses...