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SOLG Solgold Plc

6.02
0.00 (0.00%)
04 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Solgold Plc LSE:SOLG London Ordinary Share GB00B0WD0R35 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 6.02 12,179,789 16:35:06
Bid Price Offer Price High Price Low Price Open Price
6.00 6.06 6.25 5.67 6.25
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Gold Ores USD 3.9M USD -50.34M USD -0.0168 -3.58 180.37M
Last Trade Time Trade Type Trade Size Trade Price Currency
18:00:05 O 55,053 6.02 GBX

Solgold (SOLG) Latest News (5)

Solgold (SOLG) Discussions and Chat

Solgold (SOLG) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2024-03-04 17:13:556.0227916.80O
2024-03-04 17:10:125.99237,01214,185.17O
2024-03-04 17:09:436.00127,5557,653.30O
2024-03-04 17:09:385.90164,3879,693.90O
2024-03-04 16:35:066.02193,24311,633.23UT

Solgold (SOLG) Top Chat Posts

Top Posts
Posted at 04/3/2024 08:20 by Solgold Daily Update
Solgold Plc is listed in the Gold Ores sector of the London Stock Exchange with ticker SOLG. The last closing price for Solgold was 6.02p.
Solgold currently has 3,001,106,975 shares in issue. The market capitalisation of Solgold is £180,366,529.
Solgold has a price to earnings ratio (PE ratio) of -3.58.
This morning SOLG shares opened at 6.25p
Posted at 04/3/2024 15:59 by loganair
The 3 latest RNS were not that positive and the Pre-feasibility study cost Solgold a great deal of cash they couldn't afford.

The latest RNS is pretty much meaningless, even the market is saying as much.

The current price of gold or copper doesn't effect the share price of Solgold because at best the Cascabel mine will not become operational until 2030 and Solgold has no hope in getting the mine open under their own bat.

Just think it was only a few short years ago that Solgold were talking about 2025 when the first ore would start coming out of the ground and providing the company with a back stop of an income.
Posted at 04/3/2024 07:09 by hazl
Wow!

'SolGold PLC (LSE & TSX: SOLG) is pleased to announce the signing of a Memorandum of Understanding ("MOU") with Grupo Empresarial Semaica (Semaica Business Group), a major construction company in Ecuador, and Enerhydra, an American company, whose partners have participated in large projects throughout Latin America, and have developed seven hydroelectric projects in Ecuador, and Constructora Nacional S.A., a prominent construction company with extensive experience in hydroelectric development in Ecuador. This collaboration aims to spearhead a significant hydro-solar initiative to power SolGold's flagship Cascabel Project ("Cascabel") in Northern Ecuador. The MOU delineates the shared objectives and responsibilities of each party towards the development of a sustainable Power Project ("Project") that will deliver approximately 200 megawatts of clean, renewable energy to the Cascabel site.

The MOU encompasses key considerations such as a potential Power Purchase Agreement (PPA), financing arrangements, construction responsibilities, technical aspects, project operation, and the ultimate end-user of generated energy. This agreement sets the stage for further technical assessments, facilitating progress toward a more definitive agreement while concurrently advancing Cascabel. SolGold will not be directly responsible for financing, building, or operating the power project; instead, its role will focus on leveraging its position as an end-user to qualify for discounted power rates upon Project completion. Additionally, SolGold is committed to supporting its partners in fundraising efforts. Importantly, all terms of the agreement align with the shared commitment of both parties to environmental stewardship and sustainable economic development.

Scott Caldwell, CEO and President of SolGold Ecuador expressed his enthusiasm, stating, "Cascabel is already a remarkable project, but the prospect of harnessing clean hydroelectric and solar energy elevates its potential even further. When we speak of world-class mines, it is about more than tonnes of ore; it is about the impact and legacy of the project locally and globally. This endeavour could position Cascabel as one of the world's largest copper-gold mines aiming to achieve a carbon-neutral footprint. By embracing green energy to extract copper, we are actively contributing to the green revolution and leading the way for others to do the same. I am delighted to formalize this MOU with Semaica Business Group, Enerhydra, and Constructora Nacional, esteemed innovators and leaders in their fields."
Posted at 29/2/2024 15:30 by hazl
SolGold plc

("SolGold" or the "Company")

Announces Successful Completion of New Cascabel Pre-Feasibility Study with Significantly Reduced Initial Capital Cost and 24% Internal Rate of Return


· $5.4bn pre-tax Net Present Value ("NPV8%") and 33% internal rate of return ("IRR")

· $3.2bn after-tax NPV8%, 24% IRR and 4-year payback period from the start of processing[1]

· Average production[2] of 123ktpa of copper, 277kozpa of gold and 794kozpa of silver - 182ktpa copper equivalent ("CuEq")[3] - with peak[4] copper production of 216ktpa (370ktpa CuEq)

· Pre-production capital of $1.55bn for the initial mine development, first process plant module and infrastructure

· 85% of Mineral Reserves are classified as Proven in updated Mineral Reserve Estimate

· Initial 28-year mine plan of 540Mt containing 3.2Mt Cu @ 0.60%, 9.4Moz Au @ 0.54 g/t and 28Moz Ag @ 1.62 g/t based on the updated Mineral Reserve Estimate[5]

· The Project economics have been calculated based on the economic terms and conditions previously negotiated with the Ecuadorian Government[6]


SolGold (LSE & TSX: SOLG) is pleased to announce the successful completion of a new Pre-Feasibility Study ("PFS" or "Study"), prepared in accordance with National Instrument 43-101 ("NI 43-101") that supports a Phased Block Cave Mine at its flagship Cascabel Project ("Cascabel" or "Project") in Ecuador. Cascabel is 100%-owned through SolGold's Ecuadorian subsidiary Exploraciones Novomining S.A. ("ENSA"). All dollar amounts are quoted in US Dollars.

Key Highlights of the Pre-Feasibility Study

· Excellent economic viability of a Cascabel Phased Approach Block Cave Mine

· +$1bn initial capital expenditure savings compared to previous estimates, reflecting efficient project development strategies, lower technical risk attributed to the phased strategy

· Potential for accelerated cash flow and project development

· The current Cascabel mine plan reflects the profitable exploitation of only 18% of the Alpala measured and indicated mineral resource through a 28-year mine life - the size of the entire resource indicates the mine's potential to be a multi-generational mining asset

· Strong commitment to responsible and sustainable mining practices, including the use of renewable energy (hydropower) and an environmentally conscious Project footprint reduction

Scott Caldwell, SolGold's CEO and President of SolGold Ecuador, commented:

"Cascabel is not just a mining project; it's a promise of responsible mining, lasting value for all stakeholders and a sustainable legacy for the planet. With reduced capital needs and lower risk compared to previous approaches, together with our ongoing commitment to sustainability and responsible mining, Cascabel is more than copper and gold; it's a story of innovation, collaboration and a vision for a greener and more prosperous tomorrow for the people of Ecuador. This Study was conducted with the best outcomes for all our stakeholders in mind."
Posted at 29/2/2024 12:20 by hazl
SolGold plc

("SolGold" or the "Company")

Announces Successful Completion of New Cascabel Pre-Feasibility Study with Significantly Reduced Initial Capital Cost and 24% Internal Rate of Return



· $5.4bn pre-tax Net Present Value ("NPV8%") and 33% internal rate of return ("IRR")

· $3.2bn after-tax NPV8%, 24% IRR and 4-year payback period from the start of processing[1]

· Average production[2] of 123ktpa of copper, 277kozpa of gold and 794kozpa of silver - 182ktpa copper equivalent ("CuEq")[3] - with peak[4] copper production of 216ktpa (370ktpa CuEq)

· Pre-production capital of $1.55bn for the initial mine development, first process plant module and infrastructure

· 85% of Mineral Reserves are classified as Proven in updated Mineral Reserve Estimate

· Initial 28-year mine plan of 540Mt containing 3.2Mt Cu @ 0.60%, 9.4Moz Au @ 0.54 g/t and 28Moz Ag @ 1.62 g/t based on the updated Mineral Reserve Estimate[5]

· The Project economics have been calculated based on the economic terms and conditions previously negotiated with the Ecuadorian Government[6]



SolGold (LSE & TSX: SOLG) is pleased to announce the successful completion of a new Pre-Feasibility Study ("PFS" or "Study"), prepared in accordance with National Instrument 43-101 ("NI 43-101") that supports a Phased Block Cave Mine at its flagship Cascabel Project ("Cascabel" or "Project") in Ecuador. Cascabel is 100%-owned through SolGold's Ecuadorian subsidiary Exploraciones Novomining S.A. ("ENSA"). All dollar amounts are quoted in US Dollars.

Key Highlights of the Pre-Feasibility Study

· Excellent economic viability of a Cascabel Phased Approach Block Cave Mine

· +$1bn initial capital expenditure savings compared to previous estimates, reflecting efficient project development strategies, lower technical risk attributed to the phased strategy

· Potential for accelerated cash flow and project development

· The current Cascabel mine plan reflects the profitable exploitation of only 18% of the Alpala measured and indicated mineral resource through a 28-year mine life - the size of the entire resource indicates the mine's potential to be a multi-generational mining asset

· Strong commitment to responsible and sustainable mining practices, including the use of renewable energy (hydropower) and an environmentally conscious Project footprint reduction

Scott Caldwell, SolGold's CEO and President of SolGold Ecuador, commented:

"Cascabel is not just a mining project; it's a promise of responsible mining, lasting value for all stakeholders and a sustainable legacy for the planet. With reduced capital needs and lower risk compared to previous approaches, together with our ongoing commitment to sustainability and responsible mining, Cascabel is more than copper and gold; it's a story of innovation, collaboration and a vision for a greener and more prosperous tomorrow for the people of Ecuador. This Study was conducted with the best outcomes for all our stakeholders in mind."
Posted at 26/2/2024 11:50 by loganair
Solgold – market cap £204m @ 6.8p – for some time. But its experience also provides a lesson right now for Greatland Gold, which is why it’s timely to update.

The shares are still depressed – not only through uncertainty how any funding will affect value for shareholders, but also because Solg has spent most of its remaining cash on the new study, so that investors worry about another fund raise to keep the company running.

What happens next? But maybe things can’t go on like this? Even if funded now, it will take ten years before Cascabel is making the $450m annual cash profit the feasibility study estimates for the first 5 years in production.

So what lesson for Greatland Gold and its 30% owned Havieron project? It has now been confirmed by Newmont that it will be divesting its 70% Havieron stake, which – with substantial cost to develop (that Newmont seemingly thinks not worthwhile) looks to be much too big a mouthful for GGP to swallow on its own. It means, like Cascabel’s effect on Solgold’s shares, that investors will worry about the effect on GGP’s share price of whatever large new partners might demand to come aboard and help fund Newmont’s 70% Havieron stake. Its why it’s still wise to stand back and watch GGP -instead of assuming that its large project means a large profit for its small shareholders.
Posted at 23/2/2024 19:15 by mirabeau
Cornford at MI

I haven’t mentioned Solgold – market cap £204m @ 6.8p – for some time. But its experience also provides a lesson right now for Greatland Gold, which is why it’s timely to update.

Although SOLG is in that dangerous category of miner with project not yet built, it has just published an up-to-date economic study for a drastically revised mining plan at its flagship Cascabel copper/gold project in Ecuador (which we can assume takes account of that frightening cost inflation) which looks so much more easily handled than previous ones, that investors are starting to take more interest. Especially because, as a result of a long recent history of disappointments and problems, Solgold’s valuation has sunk to a level that would have seemed unbelievable only 18 months ago.

Now, at 1/5th its then share price, Solgold’s £204m market cap compares with £117bn worth of gold and copper measured and indicated resources ‘in the ground’ at Cascabel alone – regardless of other promising exploration prospects. That is a value only 0.2% % of high quality resources, when in healthier mining markets valuations for most mining projects would be in the 1-2-3% ranges.

I first recommended Solgold here in March 2016 at around 3p, and made a healthy packet as I hope readers did – that was at first when the size of its find at Cascabel made it seem destined to be one of the largest in the decade. But then, despite BHP and Newcrest taking key stakes, things started to go pear-shaped – essentially because management did as well.

By about 2019, fears Cascabel would be too expensive to develop were confirmed by the first of a series of feasibility studies, which showed an initial cost of $2.5bn, and would be followed by $6.7m of discounted cash profit over an enormously long 55 year mine life subsequently (although most would have been earned in the first 15 years).

And although that would have delivered an annual rate of return of 25-26%, it was considered a bit too marginal for such a risky project in a risky-looking Ecuador, quite apart from the cost being too hefty for a small company like Solgold to manage.

Allied with that, a key issue was – as I started warning here – that then CEO and founder Nick Mather was following the wrong strategy to monetise his fast growing portfolio of other attractive looking finds. He wanted to create a monster mining conglomerate – whereby all would be kept within one financial group, whatever each project’s different needs and timetables would be for development funding. That meant that coming to shareholders to fund each project as it developed would produce a share price below what the furthest advanced would have attracted on its own.

It was that basic strategic mistake stemming from Mather’s ambition that has been playing out up to now, with a series of management clear-outs including Mather, and a share price too low to maintain spending on the 10-12 other exploration projects he was pursuing, and, more seriously, even to maintain development on Cascabel

Now, following a long needed merger with key Cascabel shareholder Cornerstone, the latter’s management has taken over, although hadn’t yet been able to lighten the gloom.

Since the 2019 feasibility study, Solg has been bending to shareholder demands for a more easily funded plan, if not for a sale of its various projects, so now it has come up with a new Cascabel study for a cut-down plan showing an initial capital cost of only $1.6bn, still (at a higher $1,750/oz gold price) showing a 24% rate of return, but over a mine life half the much-too-long 55 years of the previous plan. At what are fairly conservative copper and gold price assumptions, and with scope to expand production from other nearby resources, Cascabel looks a much more feasible proposition, with a far better chance that some bidder or funder will come along.

But the shares are still depressed – not only through uncertainty how any funding will affect value for shareholders, but also because Solg has spent most of its remaining cash on the new study, so that investors worry about another fund raise (which the company has said might have to be) to keep the company running.

What happens next I don’t know. But maybe things can’t go on like this? Even if funded now, it will take ten years before Cascabel is making the $450m annual cash profit the feasibility study estimates for the first 5 years in production, before doubling over the next five – at the conservative $1,750/oz gold price it assumes, and $3.85/lb for copper. The current $2,000 gold price would add nearly 20% to those economic returns.

But meanwhile could be the sale of one or more of the other projects (to help fund Cascabel – a step Mather was refusing to take) among which Porvenir in southern Equador has already found over 7Moz of gold equivalent (mostly in copper) – a substantial find in its own right

So what lesson for Greatland Gold and its 30% owned Havieron project? It has now been confirmed by Newmont that it will be divesting its 70% Havieron stake, which – with substantial cost to develop (that Newmont seemingly thinks not worthwhile) looks to be much too big a mouthful for GGP to swallow on its own. It means, like Cascabel’s effect on Solgold’s shares, that investors will worry about the effect on GGP’s share price of whatever large new partners might demand to come aboard and help fund Newmont’s 70% Havieron stake. Its why it’s still wise to stand back and watch GGP -instead of assuming that its large project means a large profit for its small shareholders.

end
Posted at 21/2/2024 23:15 by lowtrawler
francois (and all posters), the share price of SOLG is now dictated solely by the prospects of a bid being made. Publication of PFS3 is the last throw of the dice by SOLG management and if this fails to extract a bid, shareholders can look forward to an extended period of misery. IMV, bid rumours are likely over coming weeks and the share price will respond positively. However, if no bid is made by the middle of this year, the rumours will fade, a capital raise will happen and the share price will almost certainly fall to even lower levels. At that point, it will be unclear what would prompt a bid and SOLG will find it increasingly difficult to raise finance.

It is my hope that a bid be made over the coming weeks, even if the price fails to meet shareholder expectations. IMV, this is last chance saloon for shareholders and a failure to extract a bid can only be bad news for shareholders. If a bid can be extracted, there is every chance a competing bid will be made and shareholders may finally see a reward. Last year, I could have seen a bid of anything up to around 30p. Today, any initial bid may only reach around 10p and even competing bids are unlikely to take the price beyond 20p. Don't shoot the messenger, this is the reaility and expectations need to adapt.
Posted at 09/2/2024 12:15 by rougepierre
Apart from the fact that rapidly falling or rising shares are fuelled by PIs not wanting to miss out, there is one fundamental underlying factor that is relevant to SOLG...

Liquidity...or lack of it...

People on here and elsewhere keep talking about "the market this and the market that..."

"The market" is neithe heavily selling nor heavily buying shares...

The average daily volume on Solgold is c0.1%...yes NOUGHT POINT ONE per cent of the total shares in issue...

That tells me that nobody is selling and nobody is buying and as I have said earlier, the vast majority of daily trades are AT trades...NOT private investors...NOT institutions..

Indeed I estimate that over the last few months, leaving out the exceptional move in late December, NOUGHT POINT NOUGHT TWO (0.02)% of total shares in issue are traded on an averag daily basis.

So why is nobody buying...? Either because they are fully invested or for fear of losing even more money. They want to see news or a rising share price before stepping back in. If it falls further they may simply chuck the towel in.

But they're not>

Why?

Because they know or at least believe that Cascabel alone is worth way more than the current share price and they are either waiting for 'the market' to recognise that or for the inevitable bidding war for one of the best unmined Tier 1 prospects on the planet.

And why aren't they buying?

Because they are fully invested and they fear the share price will fall further if they buy more and it hurts too much already.

I would venture a bet that virtually nobody is running a profit at the moment on a holding of any meaningful size.

But here's the thing...liquidity in share markets is a double sided coin.

I know from my own experience as an AIM GFD with shareholder responsibility that when there is litlle or no liquidity couple with little or no news, the share price drifts steadily lower and lower...

And even 'insiders' at SOLG acknowledge that AT trades are manipulating the market, steadily dragging it lower...

Why?

At face value it looks stupid...the daily value of their hundreds of trades is immaterial and they must be steadily losing money so it can only be to keep the share price low, which clearly wouldn't be difficult for one or more prospective bidders...

But 20/27 December shows the other side of the coin.

Because of poor liquidity, when good news arrives, the share price will be marked up and PIs (and maybe institutions) will climb back in, driving the price up in a market where the only sellers will be tired investors or short term traders.

So trust me...this hurts right now...but we all still believe we are on the verge of a life changing event...

GLA
Posted at 09/2/2024 12:14 by rougepierre
Between mid September and late October the share price almost halved, from 14+ to sub 8...

No-one who has been here for any length of time could be unaware of Berry Street Capital's animosity towards SOLG's Board of Directors, culminating in an Open Letter to shareholders.

OK so some of what they said was fair enough but this was a fund with only c1% of the shares which eventually went bust due to apparent incompetence. It was a fund set up primarily for very wealthy investors but eventually it had to be liquidated.

The key thing is, howver, that in any normal cisrcumstances the fund managers or a reciver would contact Solgold and, working with one or two MMs, work the sale carefully through the market to minimise damage to the share price

Instead BSC dumoed their SOLG shares directly into the market, creating a protracted overhang in what looks suspiciously like a fit of pique.

IMO the share price would have been much lower if Scott hadn't stepped in to buy shares and stabilise the price.

But one thing that these two 'events' have in common is that private investors almost certainly panicked and sold as the share price was dropping, thereby exacerbating the fall. That might have been a smart move for some if they are back in at a much lower cost, but I'm sure MMs will have gleefully hit one Stop Loss after another on the way down...

The final 'event' is the share price rise from 20 to 27 December.

I've already written about that yesterday and I believe it was triggered by the very positive AGM results after investors had feared the worst.

So what conclusions can we draw.

PIs often invest in shares based on hype, a tip, seeing a share price rise rapidly, rumour of such as takeovers, mates recommendations or whatever.

But when those things don't materialise they have to ask themselves two questions:

Do I sell or hold

And if I hold, what do I actually KNOW about this company.

And the fact is that we only really know what is in the public domain. The rest is speculation and rumour.

But what a PI should ALWAYS do BEFORE they buy a share is to research in detail and be absolutely clear why they are buying a share and what their expectations are. If those expectations are unrealised and or do not materialise they have one of three decisions to make:

Do I sell

Do I hold

Do I buy more

Instead many shareholders are driven by one or both of FOMO or FOLO.

And then when things go wrong they are afflicted by the 'British disease'...look for anyone to blame except themselves.

And of course the Company has let them down...

But why have I linked these events?
Posted at 09/2/2024 12:14 by rougepierre
In the first, the share price fell from 36 to 13.76. This was the major reason why the share price has been so deflated for the last several months.

So what happened?

After Darryl became CEO he stopped almost everything to focus on Cascabel. Porvenir was to be the 'next cab off the rank'

This is the opening statement of his Linked In profile:

"Darryl Cuzzubbo is a Chief Executive Officer and Director with over 30 years of experience in roles across a variety of commodities and geographies in both the resources and manufacturing sectors."

What do you notice is missing...? Mining exploration and development...

I am in no doubt that Darryl was appointed to Project Direct the construction of the Alpala mine. PFS2 was completed in April 2022 and the focus then was DFS. But it was Ingo's role to raise the funds, so why did he leave? Because he knew that Alpala could not be funded without massive equity dilution.

But before that, SOLG needed funds. Ingo and Ayten worked on a 'plain vanilla' equity issue but Darryl and Nick wanted to cut out BHP and NCM and they were persuaded by Barclays that they could do a 'cashbox' issue.

This very publicly failed; Ingo and Ayten resigned and the share price started to plummet...it took 6 months to recover after Scott came in.

But meanwhile Darryl had made another massive gaffe.

Sangha had a royalty funding lined up with Osisko but Cuzzubbo once again thought he could do better. Privately he went to FNV to see if he could get a better deal.

This was an act of self sabotage. He was fired and Scott took over and the share price started to recover until it became clear that the merger would take much longer to complete.

Nevertheless it recovered eventually to 22p.

As it became clear that there was much more work to do and a takeover might take longer than we wished, but especially as the copper price drifted from $4.30 to $3.60 and gold from $2085 to $1810, the SOLG share price drifted down again to stabilise around 14/15p, where it would have stayed or even advanced as metals prices stabilised, until the next major 'event' happened...
Solgold share price data is direct from the London Stock Exchange

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