Scotgold Resources Share Discussion Threads

[vfb1888] 29/3/2020 10:23

I'm very sure you know him very well old chap , man you must see him a lot when you brush your teeth , shave , comb your hair etc etc ! lol
Suck it up buttercup , you can't help but answer and jump when shylock is mentioned,lol

Come on then ask shylock old chap , man give us your replacement then ! lol

Roland Phelps was it not ! The man that has taken Galantas to a £3m MC , LOL AT YOU

You claimed the Richard Gray made you 300% profit but we covered that previously and your figures didn't add up , could even same you were doing your old porky pie thing again just like that chap you know well .

How much has Roland Phelps made for his shareholders ? SFA , mass dilution and mass destruction of share price Thanks for your advice but shove it .

[pr100] 27/3/2020 13:09

SP Angel are paid to ramp but in all seriousness you would have to be bonkers to buy shares in a company which had just announced that it had suspended operations for an unknown length of time. The costs keep piling up even if the heavy lifting has stopped and the need for more cash gets greater by the day.

Your only hope is that SGZ suspend trading in their shares PDQ - but even then bad news can pile up awaiting the restoration of trading.

[steelwatch] 27/3/2020 12:12

Scotgold Resources* (SGZ LN) 49p, Mkt Cap £25m – Cononish development update

BUY

First gold production will be delayed beyond May/20 on the back of bad weather conditions experienced during the January-February period and COVID-19 measures to contain the spread of the virus.

The Company reported that construction works were affected by one of the wettest starts to the year on record as the weather exceeded all planned allowances.

On COVID-19, the team is now closing down its mining operations at Cononish placing the site on care and maintenance making sure guidelines are followed and staff is safe with operations to be resumed as soon as possible.

“Going forward, we are currently uncertain as to the impact the pandemic will have on our supply chain and our specialist contractor's ability to mobilise for the building construction and plant assembly activities,” the announcement read.
“We will continue to work with our various stakeholders in this regard to mitigate all such risks and to provide greater clarity in due course on what the ultimate impact on schedule and costs might be,” the Company added.

Conclusion: The duration of COVID-19 containment period is hard to predict at this point with the team placing the Cononish on care and maintenance while remaining ready to restart construction works as fast as possible. The Company benefits from a supportive shareholder base with its main lender being one of its major shareholders while it has also recently collected ~£0.9m in proceeds from exercised options. Cononish high grade gold project economics remain highly attractive with high gold prices, weak currency and low oil prices lending further support to the investment case.

*SP Angel acts as Nomad and Broker to Scotgold Resources

[steelwatch] 27/3/2020 12:00

Covid-19 - even the PM has it now, though serves him right for ignoring his own advice and insisting on shaking hands!

Hoping this won't be applied here in respect of reporting:

AIM Regulation introduces temporary measures to help AIM companies "navigate some of the challenges arising from COVID-19".

In a rare relaxation of some of the stringent rules on the AIM market the regulators have relaxed a certain rules as summarised below:

Where an AIM company requires more time than might usually be the case to make a compliant announcement (for example, due to unavailability of staff or professional advisers or restricted access to information) , the company can approach AIM Regulation through its nominated adviser to discuss whether a temporary suspension is required. It will be necessary for the company to explain fully why a suspension is appropriate: the decision to suspend is at the discretion of AIM Regulation and, if granted, will be for a limited period of time to enable the company to make a fully compliant announcement.

Currently, once an AIM company's shares have been suspended for a period of 6 months its admission to AIM will be cancelled. AIM Regulation recognises that in the current circumstances logistical issues may mean that further time is needed to resolve the reason for suspension. Accordingly, for any AIM company that has been suspended between 30 September 2019 and 1 July 2020, the 6 month period will be extended to 12 months.

The general requirement for a nominated adviser to make a site visit and meet the directors before taking on a new nomad client has been temporarily suspended provided alternative measures are used (such as virtual meetings). Once it becomes practicable to do so, the new nomads should undertake a site visit.

Under the AIM Rules, an AIM company has 6 months after the end of its financial year to publish its annual audited accounts. An AIM company, through its nominated adviser, is now able to apply to AIM Regulation for a 3 month extension to the reporting deadline. This extension will be available to companies with financial year-ends between 30 September 2019 and 30 June 2020.

AIM will continue to monitor the potential impact of COVID-19 on AIM companies and will provide further guidance as necessary.

[pr100] 27/3/2020 09:35

Just in: the bookies odds on today's closing price:

-33% or more 4/1
-25-33% 2/1
-15-25% 3/1
-0-15% 16/1
+1-100% 5000/1

SP currently -6% as MMs not keen to take sells and someone bought 1500, presumably in a desperate attempt to hold back the tide.

[pr100] 27/3/2020 09:26

Hyper Al, the point is that Scotgold use Twitter. They tweet away merrily to spread their good news - but aren't so keen to propagate their bad news. It isn't about you. Plenty of people do use Twitter.

[pr100] 27/3/2020 09:08

And still no update on Scotgold's Twitter feed. Disgraceful.

[pr100] 27/3/2020 09:03

@Hyper Al, it needed just one RNS, long before today, to say that the May production target was toast. Judging by today's RNS, Scotgold knew back in Jan, and by Feb at the latest, that they wouldn't be producing in May. So they should have alerted the market immediately: simples.

As you may know, I was until recently a Scotgold investor. As advertised here, I chose the right time to sell out. But I'll keep watching and I don't rule out buying back in if they get rid of the hapless Gray. Meanwhile, I remain happy to share my research and analysis, like any good citizen.

[pr100] 27/3/2020 08:40

All these weather delays in Jan and Feb without disclosure to the market. I hope the regulator raps their knuckles for allowing the mug punters to keep investing their pocket money on the strength of a false production date.

For sure, those who have lost money on share purchases in Jan, Feb and most of March will be looking for retribution as they are bound to feel conned.

[meaty] 27/3/2020 08:26

Rain, in Scotland, fancy that. It it hadnt rained then they no doubt would have whined about the cold.

[pr100] 27/3/2020 08:20

Use your head. Wee Graham/vfb1888/CP52 knew this was coming and so couldn't post in the other place for over a fortnight (Mar10-26). And check the steady stream of 5-figure sells since Feb 24.

Beware the pumpers, especially the new Acting Chief Ramper and that paranoid space-wasting nutter in the other place.

Take it from me: you ae in deep doodah - and you haven't been told the half of it yet.

[glenalmond] 27/3/2020 07:38

Fri, 27th Mar 2020 07:00
RNS Number : 7910H
Scotgold Resources Ltd
27 March 2020

Scotgold Resources Limited
27 March, 2020

Scotgold Resources Limited
("Scotgold" or the "Company)

Cononish Development Schedule Update and Temporary Cessation of activities due to Covid-19 measures.

Scotgold Resources Limited (AIM:SGZ) provides an update to the development schedule of the Cononish Gold and Silver Mine (the "Cononish Project").

Further to the update provided on 16 December 2019, bad weather delays, particularly during January and February which was one of the wettest starts to the year on record, have exceeded the planned allowances. The Company has attempted to mitigate these conditions by utilising smaller, less weather dependent earthmoving equipment and to mitigate the cost implications by undertaking these activities "in house" and utilising our own skilled workforce. Although the weather conditions have recently improved, it is apparent that first gold production will be delayed beyond May 2020 as previously forecast.

The overall impact of the Covid-19 pandemic on the Cononish Project is difficult to predict. The Company has been fully complying with the Government's emergency measures to date, such as ensuring all staff who are not absolutely necessary on site are operating from home and those still working onsite observing social distancing and hygiene requirements. The Scottish Government has now advised that all non-essential construction sites be closed down until further guidance is issued on how this sector can operate safely.

As of today, the Company will close down the mining operations at Cononish but will continue with care and maintenance operations to ensure the health, safety and in particular environmental aspects of the site are secured. Our on-site team members not involved with care and maintenance will be furloughed in accordance with the Government's Job Retention Scheme, so full activities can resume as soon as permissible.

Going forward, we are currently uncertain as to the impact the pandemic will have on our supply chain and our specialist contractor's ability to mobilise for the building construction and plant assembly activities. We will continue to work with our various stakeholders in this regard to mitigate all such risks and to provide greater clarity in due course on what the ultimate impact on schedule and costs might be.

Richard Gray, CEO commented: "These are difficult times and I am proud of the efforts being put in by our team to overcome these challenges, and we are doing this cognisant of our responsibilities to our local and national communities".

[pr100] 27/3/2020 07:36

As forecast, the hapless Gray misses the May production date target - without the help of Covid-19. And now mine operations have been shut down indefinitely, ie as long as it takes to get the country working again.

Trouble is, the markets haven't been suspended so the share price decline will accelerate. And those who had the foresight to sell at 75-80p will be able to buy their shares back for a fraction of that, if they think Scotgold has a future.

The May target was already a 6 month delay so they will now be contemplating a 9-12 month delay if they are lucky. But the budgets will all be out of date and they will either need to raise more cash somehow or scale back their mining plan. Maybe the govt will bail them out?

Anyway, it's a disaster for Scotgold and its faithful investors. Insiders may have been dumping what shares they could in recent days but not enough to soften the blow. For the likes of wee Graham/vfb1888/CP52 it must be a nightmare.

Hopefully the good guys aren't in too deep.

Stay healthy!

[glenalmond] 24/3/2020 22:33

Thanks steel. Just seemed a bit odd to me. It'll be fixed in the morning.

[steelwatch] 24/3/2020 18:13

Mid price 52p here:



SGZ just reporting the final trade of the day price perhaps?

[glenalmond] 24/3/2020 18:02

SGZ website showing share price @ 52.75p
here @ 52p
LSE & NEX @ 50.5p
Interactive Investor @ 52.75p +2.250p (+4.46%)

What's that about?

[glenalmond] 24/3/2020 14:43

Coronavirus: Who is allowed to go to work?



The official advice is you should only travel to essential work if that cannot be done at home. What is classed as "essential work"?

First Minister Nicola Sturgeon told MSPs it was not possible to provide a "bespoke guidance" for each occupation but she gave some examples and general principles.

It is employers who should make decisions. "It should not be up to employees to anguish over whether they should be going into work," she said.

Non-essential shops are now required to close along with cafes, bars and restaurants.

Key strategic sites that cannot easily be shut down such as steel works can continue to work if they can maintain safe distancing between staff, and safe operating numbers.

If it is possible for a staff member to work from home, they should do so.

If staff cannot work from home, employers should ask themselves this question: "Is your business contributing something right now that is essential to the fight against coronavirus, for example making medical supplies or essential items, or something essential to the wellbeing of the nation such as food supplies?"

Employers should also ask themselves whether they can operate in line with safe social distancing practice and normal health and safety. If they cannot answer yes, they should close.

Building sites should close, unless it involves an essential building such as a hospital.

People working alone, providing community services such as gardeners or window cleaners can continue to work.