Solgold Share Discussion Threads

[shabadi] 06/2/2020 10:33

The current value of Solgold is of no significance to Cornerstone.
For Cornerstone it is all about the cash flow from production.
It's a free ride up to the BFS.

[lefrene] 06/2/2020 10:18

Ironically the lower the price of Solg, then the lower the value of Cornerstones biggest asset. Perhaps building a holding in CGP and then voting out the Board might be a strategy to pursue, but it needs the backing of the major Solg shareholders to pursue that.

[shabadi] 06/2/2020 10:07

Take 'time out' to read the Cornerstone response to the Solgold bid last year.

Everything you need to know about NM is covered, he and his cronies should have gone ages ago.

Not only does he allocate himself and friends shares of Solgold (to his various other owned businesses) but Cornerstone believe he has a personal chunk of their shares and will benefit greatly from a takeover.

Cornerstone are doing nothing wrong here, I have no idea why lefrene so excited about the "outrageous" Cornerstone. The agreement was they would take a small ownership and Solgold would do the work. That's what was agreed and signed up to, tough titties NM. Conerstone only need to be involved from the BFS onwards.

[mknight] 06/2/2020 08:27

If NM gets it wrong this time then he should be voted out .

He did not raise monies early enough last time and because of the on going war with Cornerstone he has had a news black out for over a year ..

If he fails to get funding to buy out Cornerstone then he has to go ...imho

[mknight] 05/2/2020 20:56

The way i see it is get funding sorted and make a BID for Cornerstone while the price is low . Pointless giving out Mre3 and PFS before they have done a deal with Cornerstone . News from Blanca y Nieve wont come out either because if i am correct its part of ENSA

So summing up no news until funding .

Will they get funding without news from Mre3 and PFS .

Could be a long wait .

[lefrene] 05/2/2020 19:55

trev1223, their demands are outrageous, the proverbial tail demanding to own the dog! Why I wonder am I reminded of the EU Commissioners?!

Plainly they cannot be serious, or at any rate no other major shareholders will take them seriously. It seems to me they are saying to BHP and Newcrest "buy us", perhaps that's what they want?

It now makes sense, starving them of information, leave them to wither on the vine, and then spring on them whatever financial demands you can in the event of the PFS.

[trev1223] 05/2/2020 18:35

Yes Lefrene, Cornerstone are certainly playing their nuisance game.
i They want 50% of Cornerstone people on the board of SOLG

ii SOLG's CEO replaced

iii Chairman of SOLG's BOD replaced

Obviously NM cannot agree to these terms.

[mknight] 05/2/2020 18:02

Lefrene

So holding back Mre3 should mean it is better than expected .otherwise what would be the point in holding it back .

[lefrene] 05/2/2020 16:13

As far as I know Cornerstone doesn't have much money so I doubt they were ever in the equation as far as funding goes, but they are a thorn in the side when it comes to raising finance due to their 15% slice of Cascabel. Cornerstone know this and will be playing their nuisance value for all it's worth, it's rather like a typical ugly divorce, give her what she's unfairly demanding or she will make your life hell.

[mknight] 05/2/2020 16:04

Might be good news Lefrene. It means that NM is thinking of funding elsewhere
He is not counting on cornerstones money.

[shabadi] 05/2/2020 15:50

It's a free carry for Cornerstone. They don't need to do anything unless they themselves become cash strapped and need the money - why would they ever want SOLG shares?

They can kick back and wait for the project to get near production, at which time there may well be other suitors. In the mean time just crack on with their other projects.

Cornerstone effectively own 22% (Alpala), and it costs them nothing. They pay out of the proceeds only.

[lefrene] 05/2/2020 15:33

The quote from Trev1223, indicates that CGP repay out of the projects cashflow, ie once profits are being generated CGP only get 10% of their entitlement until all the debt is paid off. Thus it seems that CGP are not facing a cliff at all, but may have to wait years and years to see much of a return on their position. So I would guess that there is horse trading going on where CGP are trying to get the best price to buy out their interest?

[trev1223] 05/2/2020 13:23

Extract from SOLG's announcement on 31 Jan 2019.

Cornerstone’s 15% interest is, in fact, only debt-carried through to feasibility, with the result that Cornerstone’s 15% share of the substantial exploration and development costs incurred in the lead up to completion of such feasibility study, anticipated to be approximately US$200 million in total (with approximately US$117million already spent by SolGold to date), must be repaid to SolGoldout of project cash flow on a 90% preferential basis. Cornerstone will therefore retain only 10% of the cash flow to which it would otherwise be entitled by virtue of its 15% Cascabel interest until SolGold has been repaid in full. In SolGold’s view, this severely constrains Cornerstone’s ability to finance its commitment and is likely to limit appreciation in the value of Cornerstone’s interest in Cascabel during the early phases of commercial production.

[lefrene] 05/2/2020 11:50

mknight, I could well be wrong, but as I understand it CGP have to come up with their 15% before works start, but very likely they could challenge this in court claiming stage payments? So I would guess that behind the scenes those sort of conversations are going on as CGP tries to get the best deal they can. But of course until the PFS appears NM can't prove the size of barrel that he would like to have them over.

I guess the likes of BHP and Newcrest could just buy CGP if they get keen enough to just crack on with production. But perhaps the Mexican stand off currently suits all parties? CGP hoping they will get more money for their slice of pie, and the big boys content that the metals in the ground will continue to appreciate against debauched fiat currencies. The oddity is the comparatively small sum raised at the last passing of the cap around, which suggests that something should happen in less than six months.

[mknight] 05/2/2020 11:20

Lefrene

Are you sure after the PFS is out he can
Demand 15 percent of monies spent from cornerstone ?

[lefrene] 05/2/2020 09:23

alwaysevolving, it's about time NM got ahead of the curve by getting that financial feasibility study out a long way ahead of time and then demanding the 15% from Cornerstone which will stop their games. It does rather feel that it's only by bringing CGP to the wire that things will get moving.

[alwaysevolving] 04/2/2020 18:11

FSAwatcher, I think you are bang on the money with your last sentence. Cornerstone are playing NM like a fiddle and loving every minute!

We already knew there was animosity between them, they are going to do everything possible to make things difficult for him.

Jammytass, I feel you are jesting however I hope you are correct and they need to be good! If not Shabadis earlier 15p prediction is nailed on.

[jammytass] 04/2/2020 16:20

Dont panic

heads up at least 3 rns on the way very very soon !!!!!!

[paleje] 04/2/2020 15:59

Near 3 year low, depressing, wrong time to sell though.

[fsawatcher] 04/2/2020 15:10

NM can issue himself shares anytime he likes

that problem with these type of management people

they give themselves options

they always do alright

at least this low share price will get NM ears hot

cornerstone folk playin with Mather like hes a kid and they da daddy

[mknight] 04/2/2020 14:22

Lefrene

I think that sums it up .

NM has alot of shares . When he sells it will be the time to move on .

[lefrene] 04/2/2020 14:01

I suppose falling copper prices might persuade some of the marginal producers to throw in the towel, especially if they believed the teenage scribblers prediction that demand would rise strongly and thus prices would rise in the face of declining supply. Well several years later that hasn't worked out, although eventually at some point it might.

In the meantime it rather looks as if holders here are also throwing in the towel in the face of NM so far being unable to deliver anything. At least the copper and gold are not going anywhere and the major share holders seem content to wait out the CGP stand off.

[loganair] 04/2/2020 11:05

UK Prime Minister is saying he wants to ban the sale of new combustion engine driven cars by 2035.

I was reading a report about the percentage of EV's that are expected to be sold in Western Countries on a yearly basis by 2040.

Exxon - 10%
IEA - 35% to 50%

[lefrene] 04/2/2020 09:19

"Weekly"!, there's been nothing in months and months. CGP is stood on the news pipe and until they are sorted I presume radio silence will reign.