Scotgold Resources Share Discussion Threads

[pr100] 14/12/2017 10:51

SP CRASH

Now that all the PIs who wanted a piece of the RI have sent in their cash, the brokers who have been supporting the share price have been called off - and the share price is in freefall this morning.

How much will the RI investors have lost by the time they receive their shares?

And will NLR finally wake up to the fact that he needs a new CEO?

[pr100] 06/12/2017 16:15

RNS: SGZ EXTEND RI PERIOD

Short of takers, I assume.

[mineng] 04/12/2017 15:19

pr100
thanks for the extra clarification.
£400k for a refurbished filter press. Really?

[pr100] 04/12/2017 13:56

…and this:

"Project funding:
Indicative terms have been received for elements of the required project funding and the Company continues to pursue further funding options. Positive results from the BPT, and the prospect of a lower peak funding requirement, will provide greater confidence that a complete project funding package can be secured on acceptable terms."

AIUI from the BFS update, a lot of the heavy plant and equipment will be hired so no wriggle room there. But they are intending to buy a refurbished filter press for £400k which they might get finance terms on, albeit less attractive terms than on new plant.

[mineng] 04/12/2017 13:08

pr100
Are you referring to this ? :-
24 Feb 2016
"In August 2015 the Company released a Bankable Feasibility Study for the Cononish Gold and Silver project, which demonstrated its technical and financial viability. Since then the Company has been (and continues to be) in discussion with various financial institutions, however no commitment has yet been reached for the full funding on acceptable terms for the project."

This doesn't read to me exactly as a loan proposal declined, though I can see how it might be interpreted as such.

RE Your 100% equity funding scenario . Most of the equipment manufacturers will arrange equipment finance on reasonable terms. I saw GAL took equipment on this basis in NI and would be far from unique. Thus why would SGZ not do the same?

[pr100] 03/12/2017 13:08

mineng, if you can believe it, Scotgold have previously claimed to have had offers of partial financing on terms which they didn't consider acceptable* - the notoriously misleading 24/2/16 RNS includes such a reference. I don't think that any loan proposals have been specified.

It now looks to me as though all the financing, if any, will be coming from equity - which would be painful for PIs.

{*Whereas a £1m loan from NLR at 10% coupon and secured on all the company's assets obviously is acceptable.}

[mineng] 02/12/2017 13:05

Coli
Didn't you mention a loan proposal declined? Sorry if I got that wrong.

[coliwobbles] 01/12/2017 16:50

mineng: 'alleged loan proposal'...??

[mineng] 01/12/2017 13:51

coli : can you spill the beans re alleged loan proposal that was declined?

[coliwobbles] 01/12/2017 11:08

IT STINKS....

.....of desperation...!!!

PMSL

Not brave enough to go to the AGM Simon....???

Maybe best hiding behind your keyboard, eh....??

TICK TOCK

QUACK QUACK

[pr100] 30/11/2017 13:41

It stinks.

Not that there was any guarantee that the application would be determined on 14 December but PIs are typically time-sensitive in their investment decisions/cash flow calculations and the planning decision would have been widely anticipated as a welcome boost to the share price within days of shelling out for the RI shares.

The obvious question is: what else will boost the share price above the RI price over the next however long until PP is, hopefully, granted?

There will - or should - be a final BPT report before the end of the year but all the signs are that the cold hard facts of this operation will further depress the share price

Obviously, there is unlikely to be any big II participation in any fundraising until or unless PP is granted, so no good news there.

But if Scotgold could recruit a good CEO, that might do the trick.

[baztea49] 30/11/2017 12:42

Coincidence indeed.I see the share price has been marked down by over 9%.This could upset all the good plans.Of course the whole show has been underwritten by NLR so the money is coming in anyway.It does make you wonder though.Why was the cash earned from the bpt not discussed? All the bragging at the start and now silence.

[pr100] 30/11/2017 12:19

PLANNING DETERMINATION DELAYED

What a coincidence! Just hours after the AGM and after most RI participants have sent in their orders for the new 25p shares, the mid-December date for determining the planning application has been struck out with no new date set.

It might happen in Q1 2018. And it might not.

Again, PIs must wonder if this news could/should have broken before they parted with their RI dosh. It will be a big sickener if the share price drops to 20p or lower over the coming weeks/months.

[pr100] 30/11/2017 12:09

So, no-one rushed out to buy any SGZ shares so as to increase their RI entitlement.

And no-one rushed out of yesterday's AGM to buy any SGZ shares.

If only the hapless CEO hadn't misled PIs into a false sense of security about being unlikely to need any placings only days and weeks before two chunky placings pre- and during the first gold pour. The share price has fallen ever since.

When PIs feel they have been conned, they will never trust the guy again.

If Scotgold really need PI (and II) support going forward, they should get rid of the hapless Gray and find a CEO who knows the time of day. As things stand, NLR will be building this mine with his own cash - which would dilute PIs to oblivion (if the company remains listed).

[pr100] 30/11/2017 10:06

Unbelievable small talk at the AGM. Obviously, no-one had the gumption/temerity to ask the important questions - and equally obviously, SGZ didn't volunteer any of the hidden material information about the BPT, lack of cash, the mysterious £860k environment/community spend or which part of the RI money would be used to pay back NLR's £1m loan in March. And seemingly *still* no announcement of the 6-month old new subsidiary, SGZ Cononish Ltd.

What a shower. If only I could have been there.

At least the UK Listing Authority/FCA have reported that they are investigating my formal complaint above. I can't see them acting soon enough though.

[pr100] 28/11/2017 15:34

COMPLAINT TO REGULATORS

[pr100] 27/11/2017 12:50

Why haven't they sold any then?

[mineng] 27/11/2017 10:42

pr100

In my opinion, your continuing comments re the galena are just a canard.

There are many smelters, or concentrate traders, who buy galena with or without gold/silver. Ocean is one of many.

[pr100] 26/11/2017 10:51

THE SGZ WEBSITE

…is terrible. The home page shows the menu - which is where most visitors would navigate from without ever scrolling down to the hidden link below for the OIS document. But they would never know that the document was there because it doesn't appear in its logical place.

This isn't the first time that SGZ have "hidden" documents on the website. It enables them to defend their DTR compliance while keeping many shareholders in the dark.

…In the same way they keep everyone except themselves in the dark about BPT gold sales and the route to market for the galena.

The FCA and AIM have recently introduced new rules and guidance to protect the interests of minority shareholders when a controlling shareholder is calling all the shots and revealing very little. That's why this RNS says that SGZ "intends" to enter into a relationship agreement with NLR - which should have happened a long time ago.

[coliwobbles] 25/11/2017 22:08

Hyper Al.

Good post.

Clearly, the author (and those of the same mind) has not bothered with gaining a complete knowledge of what Scotgold are trying to achieve with this Cononish endeavour. The author has taken the 'generalised' view of 'mining'. Yes, there are an abundance of environmental clusterf&*$s all over the world as a result of poorly conceived and mismanaged mining projects, but that is certainly NOT the case with Scotgold and Cononish.

We've jumped through every hoop (at least once) that the authorities have set out before us, and the latest proposal in front of the planners has actually gone above and beyond the scope of said hoops. I should add that I discussed the possibility, nay, probability of Scotgold continuing their environmentally sympathetic approach with regard to our 'other' prospects that lie outwith the park boundaries and was left feeling assured that the company would continue to go 'above and beyond' no matter where they mined.

If the author of the PWS article had 'done his homework', then I'm certain he would have a far more sympathetic view of the legacy that Cononish will provide.