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Have been announced. MD&A is also available. Some light reading for this morning.
Another video presentation this afternoon… joy.
‘Employment expenses increased by 5.18 million dollars as a result of one time redundancies’
WOW…
We would have been better off by not bothering with Scott’s efficiencies
“The progress towards delivery of key project milestones including the Investment Protection Agreement and permitting will de-risk the Cascabel project and expand SolGold’s potential funding options across the three phases of development. These could include copper concentrate offtakes, potential opportunities with strategic partners, project finance and Export Credit Agencies (“ECA”), streaming, and equity raises, among other options.”
Amongst the waffle (of which there is a lot) this was a vaguely interesting tidbit.
They’ve really opened the book on corporate governance shortcomings later on in the report and how they are planning to tackle them. Or not in some cases.
“......we anticipate a year of dynamic growth, collaboration, and tangible progress ahead.”
Anything from a flat falling line would be tangible growth. Here’s hoping but that is all!
I have a feeling that DinnerMoney is not going to be best pleased reading this update. Not really much meat on the bones RE forward looking plans.
DC saga still ongoing?
Yes a few bits in there that seem to hint at what might be coming. As I said yesterday, Tailings/DAM findings important and might be linked or tied to the end of year expected Ecuador government approval.
Maxit coined in a nice $5m last year from us wee shareholders. Nice gravy chain for them. Not to mention the bucket load of shares they gained.
Solgold Canada inc 157m shares? Name change on that one then? Mmm.
Have just finished reading.
I agree wholeheartedly with SharketMare his 8.06 post.
We will finance this in various ways with a partner and it will be staged with a lower cost cut to get to production.
Nothing new in that, just a continuous path towards production.
Cash at $32m so I think enough to see them through to July 24 as described but that simply means a cash raise required in Q1 or early Q2. They have 100m shares on tap but not sure if they will seek further access to confetti shares through the AGM resolutions. Eitherway, at 12p or 13p levels, the 100m shares in kitty would onl;y raise $13m which would buy just 2 months of added operations. So unless they have a JV deal or another royalty lined up... it's going to need more than 100m shares to see this past H2 24. All looks to me like a PFS and deal announcement combined in Q1 2024. Anything later and they are walking into a gun to head situation.
I should correct that $ with a £ so probaby 2 to 3 months extra at £12m raise. Hardly seems worth it. But that won't stop Maxit placing some cheap shares into someones pockets lol!
The issue with that Fort is that if PIs like yourself are acknowledging that fact then you can be surely any party negotiating will also use it to their advantage.
From what I've read so far. the two most salient facts are that we've got sufficient cash for the next 12 months and the accounts have been given the Going Concern opinion.
However, I don't believe for one moment the board has any intention of letting this get anywhere near the cash deadline and we can expect a major development of some description well before June next year.
It's not a mind blowing conclusion, but at least we can take comfort from the fact we won't be grubbing around for more working capital.
Addicknt,
I found the MD&A more relevant and interesting than the fluffed up annual report which Bozi and co will be happy to hear ....made even me want to puke. It's a glossy read but lacking in any real context.
Unless Scott has made a deal with the devil (that's BHP) then I think he's toast. The CGP boys had their chance. They have had 12months. And in that time, they've basically spent $5m either sacking or letting staff go... $5m for Maxit the lsit goes on. The loss for the year is down but Scott's much heralded cost savings make little sense to me as a shareholder if the benefits are set to come 12 months later in a period when I'm expecting the company not to exist!
He'll be lucky to make that $5m saving back next year.
So we might be slimmed down... but boy oh boy has it cost us. Is that the price of Scott feeling more comfortable with the TV remote in his hand? No else around to bicker about what channel we should be on??
Fort, as is the way with all Report and Accounts these days. Endless drivel relating to ESG carp and way too many pretty pictures. Bring back Arnold Weinstock in his GEC heyday.
As far as the working capital situation is concerned, there would have been much discussion with the auditors about the shares issue and I have no doubt they would have sought a great deal of comfort about the price at which they might be issued. Our boys will have been required to prove that the assumptions are fair and reasonable, which wouldn't have been easy - who knows what price they'll be when we need the cash? Either that, or they disclosed to the auditors information which suggests we'll never need to sell them in the open market - and they'd be required to back that up.
Addicknt, if you look at the last two video presentation that Scott has done he has said on both occasions that they have shares they can issue and then stated the $ worth being $25m I believe last time. That suggest 20p+ for a 3% placing. Each time he has said this is has been against a share price that is around 14p. So my only guess is that the 100m shares have been pre agreed with someone (prob chinese) at a set price. They took a wedge at 16.5p last time around so not sure why Scott would be using 20p+ as an indicator. But in simple terms, the $25m would in theory see them through for a full 12 months and please the auditors.
So Scott needs to clarify that $25m statement imho as I think it's misleading unless he can back it up.
Fort, if such an agreement existed surely it would have to be disclosed?
I certainly agree with your final sentence.
DM, thanks for pointing that out.
The audit sign-off discussions would have been interesting and I think your point about having options, which would have to have been substantiated, is valid. Once upon a time it was possible to fob auditors off with a lot of guff about this question, but following too many scandals, standards have been improved.
Incidentally, I note Caldwell appears to be in London at the moment...just in case anyone wants to glue themselves to the office door.
Too busy being glued to the Ryder cup coverage to care. 4-0... US boys hammered in morning session.