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Clearly the previous statements on delivery of the PFS were appalling. The one to this effect just before the new CEO was appointed was very very poor. The SP reflects the complete lack of trust in the company created by the Board and NM's flannel, hence why no actual drilling updates have any effect on the SP. Having said that I was braced for the worst today but am relieved overall. I would far prefer a bland CEO who makes accurate statements to one that spouts off and then moves the goal posts. Let's hope the new guy can take this forward and re-build some trust. I did think NM looked like he had been dragged through a hedge backwards, maybe he dropped in, in the middle of a night out, well he's minted, why not?
Just got this from Fawzi:
https://web.lumiagm.com/
Meeting ID = 146-428-374
SRN = 90001
PIN = 7261
With reference to:
'As required under Clauses 4 and 5, the Competent Person must not ‘remain silent on any issue for which the presence or absence of comment could impact the public perception or value of the mineral occurrence’. Does anyone believe the new CEO did not know the content of the proposed PFS, and explain or discuss his intention to delay it before his appointment? I do not believe it is credible this was not discussed. If I am correct Solgold should not have told us the PFS was on time, a week or two before the new CEO was formally introduced/appointed.
Morning, DBW & Colonel, I enjoy your posts but I have racked my brain trying to think of a compelling reason to withhold good news. I can’t think of one. If results are stacked up why have they held them back? We got it smartish on Rio because it was good, why not the rest?
Sharket, I agree but they should not have expressly informed the market and SHs that the PFS was still on schedule for the end of the year. Trust is fundamentally undermined. It is like an MD gathering the staff together every couple of months and telling them the Xmas bonus review is still on schedule then at the last minute saying 'sorry there has been a change of plan, but it will happen one day'. Next day 'hey everybody look I bought doughnuts!'.
Thanks Sharket but this issue is not just the further delay, the point is they have been assuring the market until the last few weeks we are still on course for the year end. If they have been in talks with the new CEO for anything over a couple of weeks, which they must have, they must have known he wanted it delayed (if it was down to him). They have misled us.
So as probably expected the PFS is delayed. A few weeks ago we were assured it was on track for the end of the year. Now we get what looks like a copy & paste paragraph from the last delay notification. To make matters considerably worse we have gone for delivery before year end to delivery unknown. An appalling lack of integrity shown by the Board. I agree the new CEO would kitchen sink any crap he can, but this keeps happening. A relentless failure to keep the expectations they create. Irrespective of the long term prospects this management is awful.
I went out for a meal last night feeling quite anxious after scanning the comments on the AGM agenda. Thanks to RK for his posts on that.
I wake up this morning and it seems like we have great news on this funding. I agree this government support must be a massive de-risk green flag and suggests PFS & other funding are ready/known.
Not often I look forward to Monday morning but bring it on!
On this 'dangerously undervalued' point, this claim has reared its head regularly over the last 4-5 years (may be before that- I don't know). The fact of the matter is no-one has seen fit to take advantage of it, presumably because it is *******s.