Scotgold Resources Share Discussion Threads

[glenalmond] 13/11/2019 16:36

Cheers for the pm, Steely 🍻

[pr100] 13/11/2019 15:25

Oh dear - share price down almost 10%. Do you think the penny has dropped?

#263
#274

The hapless Gray never fails to let PIs down.

[vfb1888] 13/11/2019 09:45

PR100 , lol
Can you talk us through your suggestion of removing a CEO that made you a 300% profit and replacing him with a guy that has more than halved his companies value.

Come on old chap , prove something with facts instead of just making stuff up.
You are funny , not very clever but funny all the same.

Can you prove your claimed 300% profit ? Can you ? I think not as the numbers just don't add up ! I would be happy for you to prove that you haven't just made this up but we all know proving things is not your thing !

[pr100] 13/11/2019 09:27

The numbers which say a fundraise is due:



I'm shocked that I missed the original announcement that Scotgold ad committed to spend $5.9m on the Grampian leases by next month. Can you point me to it?

Seems this commitment was inked in December 2018 but Scotgold never mentioned it until now. Shareholders in a public company are entitled to disclosure when a new commitment to spend $5.9m on exploration is signed - especially when it would be obvious that Scotgold didn't have the funds to both develop Cononish and explore the Grampians.

Could it be that the funds raised this year ostensibly for the Cononish project were actually to fund the Grampian exploration commitment - leaving the mine funding until now when it will presumably be dressed up as Grampian exploration finance?

Seems shady to me. Unless someone can point me to the announcement I missed concerning the capital commitment to the Grampian exploration program, I'll have to ask the regulator to look at it. It wouldn't surprise me if Scotgold are guilty of another corporate governance crime …either because the hapless Gray doesn't have a clue or because of deliberate deception.

[pr100] 13/11/2019 07:52

No, seriously, for the benefit of others reading this board, do you agree with my cash analysis in post #263 and the need for an imminent fundraise? Or are you bound by an NDA?

[pr100] 13/11/2019 07:03

PS. Any idea why the other place has gone so quiet? Are they waiting for you to reassure them that they are still going to be rich?

[pr100] 13/11/2019 06:58

I'm not going to waste space on your smokescreen deflection posts, wee Graham. Did you have anything at all to say about my substantive analysis of cash burn and liabilities? Do you know about an imminent fundraise? Are you planning to increase your mortgage in order to participate? Do tell.

[vfb1888] 12/11/2019 22:39

Example two of Shylocks lies


And while on the options topic, I note from the 3/4/2016 RNS that NLR sold 20,593,750 unexercised options for 0.01p each, fractionally before the expiry date of 31/3/2016, including 1m to the CEO. Presumably these sold-on options were exercised instantly (otherwise why bother?) but AFAICT there has been no RNS to that effect, nor any holdings RNS to increase the CEO's holding by these 1m presumed-exercised shares.It's a little strange.” (09/14/2016)

The appropriate RNS was released and that is a matter of record.

[vfb1888] 12/11/2019 22:37

Example one of Shylocks lies and deceit, falsely claiming to have inside information and encouraging another poster to break LSE rules, as below
===========================================================

Samson, you seem to be a decent/honest/coherent chap -- with all the concerns of a genuine shareholder. Moves are afoot. If you would like me to send you some confidential information, please post a throwaway email address.” (03/25/2017)

[pr100] 12/11/2019 15:38

Such a detailed listing of liabilities looks like fair warning that a placing and/or other fundraising event is imminent.

At the end of June, there was cash of $4.1m but current liabilities of $820k, so net cash then of $3.3m. Without the loan extension of $3.75m drawn down by June 30, they would have been effectively trading whilst insolvent.

They have been burning cash at the rate of approx $600k per month so that $3.3m will have gone before Xmas.

They do have the $10m loan facility but the cash is now starting to rush out of the bank - hence the unprecedented emphasis on the material uncertainties which could scupper the company's 'going concern' status.

Given the topographical and weather "challenges" facing the upscaled dedicated processing plant building and the tailings management facility, it's easy to see the construction and assembly works extending into Q2 or even Q3 next year. So the cash burn could continue for another 9 months. Then there will be a period of testing/commissioning before the mine starts processing ore. Remembering how long it took for the BPT to generate cash from its hard labour, Scotgold could easily be waiting until next Xmas for first net cash and possibly longer. And then how long will it take to stem the cash burn - bearing in mind that the low grades will be dug first?

So, the next $3.7m tranche of the NLR loan will be drawn down at any minute as the terms state that it must be taken within 6 months of the initial drawdown which took place on May 13. That gives them approx 24 hours to get it.

And what are the imminent outgoings? Well note 17 to the accounts tells us:

1. They are contractually bound to invest $5.9m *by December 2019* to explore the Grampian leases (who knew?);

2. They appear to have an imminent $1.5m liability to APT for the new plant - with a further $2.3m due by end March 2020;

3. They appear to owe $270k to the National Park and Crown Estate for first year Section 75 costs; and a further $47k to the Countryside Trust on the commencement of production;

4. Rent of $140k on the Cononish mine falls due on January 1;

5. A minimum royalty of $50k is due to the owner of the Cononish land at any moment;

That adds up to over $10m by the end of March on top of the usual wage bill, power costs, corporate overheads, etc, etc.

Which means that the $7.4m balance of the NLR loan won't be nearly enough. Even if all the 40p options are exercised by next month, the resulting $1.7m won't be enough. And even if they get another $93k of Scottish Enterprise grant, it won't be enough.

So, expect at least a $6m fundraise in the near future - ostensibly to pay for exploration work in the other Grampian prospects.

You heard it here first.

[steelwatch] 11/11/2019 21:02

Late RNS - Annual Results

[steelwatch] 09/11/2019 02:12

Cheers Glen 🤓 Brucie to you sir!

I only have c.1200 at the mo in the default advfn wallet, so worth diddly squat. Once had c.10,000 in an external a/c but gave up the battle with my security suite constantly quarantining the various wallet files. In the end the tortuous process of whitelisting was taking over my life and driving me nuts and, in the end, even that stopped any attempt to rescue, so wrote it off and gave up mining with my puny 1050 gpu. Also started getting some (possibly linked) inexplicable PC crashes which took some sorting out.

Haven't attempted selling as that would again entail starting another battle, plus you have to convert to bitcoin before cashing out I think, so only use for upvoting now.

[glenalmond] 08/11/2019 14:47

Cents, d'oh 😣 Still, not bad all the same.

[glenalmond] 08/11/2019 14:43

30 PlusOnes, Steel



Touching 5p now - that's some bounce from 1.5p! Have you ever sold any?

[vfb1888] 04/11/2019 13:17

He's on the line, we've got one , lol !
You can't help taking the bait you silly old fool! lol come on shylock talk us through the guy you wanted to replace the man that gave you an "ALLEGED" 300% profit
QUACK QUACK Oops you lying loser , LOL

[pr100] 04/11/2019 13:06

Every penny stock has a "pipeline" of projects you dope - for the sorry reason that if/when project #1 fails, they still have a theoretical job to do.

The so-called Grampian projects are a very long way from being "ready to go". You just made that one up. Any one of them needs £££millions invested to prove viability. Which Scotgold don't have of course - nor would they be able to raise it if Cononish doesn't deliver. (Hint: they might have to try to raise it before Cononish gets into production.) And you seem to be confusing mining leases with planning permission. The planning saga at Cononish will be repeated for each and every prospect they choose to progress - and it will take many years.

And you seem to have forgotten how much value Gray has destroyed since the first gold pour.

You're not very good at this game. I hope you have banked some profits.

[vfb1888] 04/11/2019 10:23

$$$$$$ ??????
Some have suggested that Scotgold could emerge as a unique play as it has multiple targets for a pipeline of projects.

Planning blue print , ready to go projects , What a CEO : Delivering Scotgold's first gold mine and lining up all the DUCKS! Just as well he wasn't replaced by PR100's choice ! QUACK QUACK Oops Richard Gray delivered a 300% profit for PR100 , his choice replacement just halved his own company's value ! What a plonker , not to be trusted in the slightest !

These agreements provide SGZ Grampian with the right to a Mining Lease, should a development project be identified as a result of exploration undertaken by the Company within the Option Area and the relevant Planning Authority being minded to grant planning permission.

[glenalmond] 03/11/2019 18:30

Thanks to BlakeneyP on LSE -



"Scotgold (£37 million)

"Scotgold is a gold miner with a difference. The company is developing the Cononish gold and silver project in the Scottish highlands. When initial production began in the middle of 2016, Scotgold made the 'first commercially produced gold in Scotland'. The company is now edging closer toward full-scale production.

"Scotgold shares have soared 139% over the past three months, well ahead of the 1.5% rise seen in the FTSE Gold Mines index. Scotgold shares have also gained nearly four times as much as the index over the last six months. That rise is even more impressive considering the UK’s largest gold stocks, such as Fresnillo, have actually lost ground over the last six months.

"There have been issues while developing Cononish, but the worst of its problems should be behind it. Scotgold had to recently push back first production by two months to the end of February 2020, but investors have still got excited and sent shares soaring. Its latest update on the potential of the project has forecast Cononish could generate £101 million in EBITDA, £68 million of net cash flow and boast an average operating margin of 59% over its lifetime even if gold prices averaged just $920 per ounce. For perspective, spot gold has not traded below the $1000 mark since late 2009.

"Plus, the company says that 'no premium from the sale of "Scottish gold" has been assumed' when drawing up its figures. Some have suggested Scotgold could emerge as a unique play because of the state of sterling. With the pound weaker (but who knows for how long?), the company could see a tailwind by selling gold in dollars but producing it using costs denominated in sterling."

[glenalmond] 02/11/2019 13:44

Just seen this from a fortnight ago -



Wednesday October 16, 2019 12:25
(Kitco News) - Optimism within the precious metals industry remains strong as delegates at this year’s London Bullion Market Association Precious Metals Conference see even higher prices by this time next year.

As this year conference in Shenzhen, China wrapped up, attendees were asked where they see prices by this time next year. According to the unofficial poll, the delegates see gold prices rising to $1,658 an ounce, up nearly 11% from current prices. December gold futures last traded at $1,493 an ounce, up 0.64% on the day.

As bullish as the participants were on the yellow metal, they are even more optimistic on silver. The attendees see nearly a three-fold rally in silver compared to gold.

The delegates see silver prices rising to $23 an ounce, representing a gain of 32%. With these forecasts, the gold/silver ratio is expected to fall to 72. December silver futures last traded at $17.405 an ounce, up 0.15% on the day.

Platinum is expected to continue to play catching up next year with the price forecasted to rise to $1,182, up 34% from current prices.

Palladium’s hot streak is not expected to end any time soon as attendees see the metal pushing to $1,924 by next years, up 10% from its already record prices.

Although delegates are bullish on precious metals across the board, the analysts during a panel discussion said that prices might need a pause after the summer’s rally.

The LBMA forecast has gained a bit more attention lately as last year’s forecast has proven to be fairly accurate.

Last year the conference poll said that attendees saw gold prices rising to $1,532 an ounce. The bullish outlook came at a time when gold prices were struggling to hold support above $1,200 an ounce.

Earlier this summer, expectations of looser monetary policy and rising recession fears helped to gold prices rally more than 20% for the year, which prices hitting a six-year high above $1,560 an ounce. According to reports this is only the second time in the last 10-years that gold has seen a 20% rally.

Although prices are off their highs, the gold market is still holding on to a 16% gain for the year.

Nice.

[glenalmond] 30/10/2019 07:37

Not sure about that Steel but cheers for saying so 😳 I also shall feed Scottie when the time of need arrives and if it's cheap enough to do so in order to remain in the Top Ten 😎

[steelwatch] 29/10/2019 08:32

You're a ⭐ Glen 👍