Serabi Gold Share Discussion Threads

[cotton4] 30/11/2020 09:27

Tightfist - Its ok. I was correct in my belief that they intended to start drilling Toucano as soon as a drill became available.

[tiger60] 30/11/2020 09:14

The problem here was initially I believed the ramp up in production would mirror my expectations of peak gold price in 2021. This is no longer the case.

After many years investing in miners including Norseman Gold through it is meteoric rise to demise it is fair to say it rarely runs smoothly for any miner and all forward predictions should be taken with a large pinch of salt. SRB are not doing badly considering but as a high cost miner the drop in gold (all be it due to manipulation to cover Dec contracts and close out weak longs at someones bequest)we will go through a rocky period until sanity returns when the stark realisation of the enormity of the economic situation take centre stage again.

To be honest as a shareholder it is a fundamental right to question director pay and performance. $1.17m in directors pay 2019 seems excessive based on returns/performance.

[cotton4] 30/11/2020 08:51

Tighfist,

In the presentation, MH spoke of starting drilling in the next week or 2. Can you recall if this was one of the new tenements they had recently acquired? I was under hte impression that they were going to be drilling Toucano but I may have picked that up wrong.

[tightfist] 30/11/2020 08:44

Hi Cotton,.The phrase "betting the farm" readily comes to mind - certainly not on MH's shift/game plan.Cheers, tightfist

[cotton4] 30/11/2020 08:36

No country has normalized Covid as seasonal flu. Back in the day, they were burying their dead in mass graves allowing 10 minutes for each burial. There were too many unknowns and what responsible company would endanger their workforce under these circumstances let alone risk of being shut down completely. As for the Trump game changer, that was a non starter and still is, not sanctioned by the WHO.

What SRB did, imo was the least riskiest option, for their operation and their staff.

[borisjohnsonshair] 30/11/2020 08:12

Yes - the foundation laid for an incredible journey in 2021

[tightfist] 30/11/2020 08:06

Hi Cotton,.Agreed, and by taking their time they will have the best facts to underpin their decisions - and meanwhile more organic cash generation to make them happen - minimising fresh indebtedness (or dilution, in the worst-case). Not that they are letting the grass grow under their feet - eg 11 weeks max from tenement acquisition to commencement of drilling at Toucano..As ever DYOR! tightfist

[cotton4] 29/11/2020 20:57

And what would you have done Sherry earlier on this year when Covid struck? When the case and death rate in Brazil was on the up.

We are not the only company that is suffering because of Covid and there is a plan.
We are drilling and exploring, the results of which will determine where our next production investment will take place. As for Coringha we await the licences.

In the meantime we produce cash to allow us to do these things.

What would you're plan be at the moment that would be different to what the BOD are looking at?

[sherry35] 29/11/2020 17:13

BJH - Let's go with one executive salary of $400K US over 6 years. That equates to $2.4M US. How is your SRB investment return doing over 6 years? Love to hear your numbers. Should I toss in the salary of the other executive [rhetorical question].

$2.4M US for "continued failure to meet forward statements" and "have their timing issues" is excellent coin for poorly executed business plan. No wonder the former KR director left SRB after one year. The two executives have made their profit while we continue to be bag holders of fermenting brown stuff.

What's the plan from the BOD for "I am sure they are addressing"? This company needs experienced Au mining blood on the BOD. Get rid of the directors from the investment firms, and replace the CEO with someone who has Latin America mining traction and a front line British Bull Dog mgmt style. Just perhaps the BOD did some recruiting during the Mello presentation.

Well ... MH opened the door to play the metric game. More to come ...

[borisjohnsonshair] 29/11/2020 15:16

Thanks. Sherry - no disrespect re Harding your opinion or frustration. We share your pain. I just think that sometimes, no one is to blame when things don't go as we wish.

[tightfist] 29/11/2020 13:39

Hi Boris, this time I totally agree with you. I think most of us want and believe the share price should be heading higher but I am not for currently lashing out at the Execs - be very careful what you wish for!.So far this month SRB(£) is down 2.0%, whilst Gold($) is down 4.0% and GDXJ($) is down 6.7% which suggests SRB are doing somethings right! SRB has also significantly out-performed GDXJ over the entire year..Yes, SRB have their timing issues which I am sure they are addressing......Cheers, tightfist

[kennyp52] 29/11/2020 12:25

Boris ..I see the point Sherry is making and when the share price is under performing then shareholders will inevitably question the direction of the company ... and where the CEO is based .. and the fat salary ..

[borisjohnsonshair] 29/11/2020 07:44

Highly inappropriate to suggest they've failed in their fiduciary duties. Incorrect as well. You need to relax. It's unreasonable to hit out in such very difficult circumstances. This year has been a tremendous result ..... all things considered. Support and faith in the management justified. If 2021 is a flop and not due to macro or Covid reasons a harsh review might be in order.

[borisjohnsonshair] 28/11/2020 14:45

Why not 6 years or 4. I know what they are paid and it's appropriate for their positions in a company like SRB.

[sherry35] 28/11/2020 05:29

Entity Overview
Legal Entity Identifier (LEI) 549300DK7CLO35RNDQ43
Legal Name FRATELLI INVESTMENTS LIMITED
Legal Address C/O MQ Services Ltd.
Victoria Place
31 Victoria Street
Hamilton
HM 10
Bermuda
Headquarters Address Victoria Place
31 Victoria Street
Hamilton
HM 10
Bermuda
Legal Jurisdiction Bermuda
Legal Form LIMITED LIABILITY COMPANY
Entity Status ACTIVE
Registration Authority
Registration Authority ID RA000028
Registration Authority Entity ID 47170
Register Name Companies Register
Responsible Organisation Name Registrar of Companies (Ministry of Economic Development)
Website roc.gov.bm
Country Bermuda (BM)
Jurisdiction Bermuda
LEI Registration
Managing Local Operating Unit (LOU) EVK05KS7XY1DEII3R011
Business Entity Data B.V. (GMEI Utility a service of BED B.V.)
Initial Registration Date 2015-05-07T01:53:00.000Z
Last Update Date 2020-07-28T15:28:00.000Z
Registration Status ISSUED
Next Renewal Date 2021-01-30T17:11:00.000Z
Validation Sources FULLY_CORROBORATED
Validation Authority ID RA000028
Validation Authority Entity ID 47170

[sherry35] 28/11/2020 05:23

kenneyp52 - Better question to ask. Why hasn't the BOD performed their fiduciary duty towards the company, and it's share holders, by executing proper oversight and taking corrective actions?

Two of the directors are from the investment companies Greenstone and Fratelli. What are their exit strategies with regards to the >>institution's<< investment in SRB? Also, these two SRB directors have a fiduciary to the institutions holdings etc. I'm not impressed given the "continued failure to meet forward statements".
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What's the plan?

[sherry35] 27/11/2020 20:28

BJH - Pull up the financial filings for the past 5 years, and add up the total paid salary to MH and CL during that time period. Do you think they already profitted from SRB?
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What's the plan?

[sherry35] 27/11/2020 20:23

So, the 3 investment companies are wondering if they will profit when Au moves north in the next two years. Given the "continued failure to meet forward statements", I don't see 100K until 4Q2022 given the unique track record over 5 years and the inability to attract good investors or partners. Perfect example ... drum roll ... the repugnant CLS. Another example, no contractually signed partner for a farm-in.
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What's the plan?

[sherry35] 27/11/2020 20:15

tiger60 - The thing that burns my asP is the 400K US per annum salary for a CEO that states, on a CRUX video, his amazement to the expeditious issuance of the permit with his presence in country (Brazil). At $400K US per annum salary, one would think front line management is very effective. The team should read up on General Norman Schwarzkopf's front line mgmt style.

Rest assured the Mello attendees are asking the same questions (I am) about execution. All one has to do is map the events and activities, documented in the filings, PRs and presentations, to a timeline and you start to realize "continued failure to meet forward statements". I download all their presentations and do a PDF diff to detect changes over time. If I can do it, so can the folks working in the major Au producers. They'll have highly paid geologists, accountants and operations people kick the tires hard in assessing a farm-in to buy-out potential.

The farm-ins are dead because the lack of proven Au reserves. They can't sell it for a good deal. I've been saying this for months "DRILL THE PERMITS". Now, we are preparing to drill the SD. What's the rush? Does the SD mine have fully permitted mining licenses spring boarding a fully operational plant? If there was, this would have been mentioned in the PR or Mello presentation.

"continued failure to meet forward statements" becomes very apparent as time goes on - 5 plus years. The name dropping and fancy talk is over.

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What's the plan?

[sherry35] 27/11/2020 18:10

MND.TSX got hammered in trading today. I suggest people take a look at this Au miner and think about an entry point. I'm nibbling again. They ARE ON TRACK FOR 100K oz. with good mgmt team. Do your own DD.