Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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BBG, you say it's horrible news for CGP but don't forget we've just given them another $1m and our percentage shareholding will have no impact on their decision making process. Personally, I'd have preferred we kept the cash for useful purposes.
Shame ....
Horrible news for CGP
As they are running the DFS in tandem with the PFS this comes as no surprise and given a statement made recently along the lines of “The DFS will follow shortly after the PFS” I can see a scenario whereby the DFS is published in Q1 next year which would truely put a rocket under the share price!
I see we spent more money on the DFS than the PFS up to end of March 21
PFS $158 k
DFS $363 k
It's was paid as soon as we received the Franco Nev 100m ...... and market was notified.....not new news!
RK, so you're saying it has been shifted from short term to long term liabilities? That's not what the MD&A says, nor does it seem to tally with the reported movement in long term liabilities.
Yes its been consolidated into the overall debt to FNV of $103m...look at the table I posted earlier...
Train leaving station ??
Thanks for the summaries
On page 10 of the MD&A it specifically says the Bridging Loan was repaid from the new monies from Franco.
It was $15m and its been consolidated...
RK, worth noting the $10m bridging loan from Franco has been re-paid.
Further financial tidbits (2)
Nicholas Mather was paid for the nine months ended 31 March 2021 US$330,291
Further financial tidbits...
Increases in value of exploration assets since June 2020 (presumed drilling costs)
Cascabel $35.468m
Other projects $30.308m
Cash at 31 March $64.821 + Cash raised in Equity issue $73.8m = $138.6m less placing costs say $2m = $136.6m
Depending on what drilling and admin costs have been incurred since 31 March, we should have at least $120m to carry us through Cascabel PFS; Regional Exploration (including Porvenir MRE) and at least into 2022...
Anything raised from the small project JV ventures will surely accrue in 2021, so I don't see the need for a further equity issue before the DFS/Funding programme
The Group has adopted IAS 1 & IAS 8 Definition of Material since 1 Jan 2020
"Information is material if omitting, misstating or obscuring it could reasonably be expected to influence the decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity."
Net Smelter Royalty Financing
Funds received under the loan US$ 84,380,422
Additions – funds utilised in repaying Bridging Loan 15,619,578
Transaction costs adjusted through retained earnings 3,480,528
Balance at 31 March 2021 103,480,528
Bit more meat on the bones of the PFS progress
The Company is confident that this revised approach being studied from that which was previously considered is much more beneficial for SolGold and will deliver significant shareholder value.
Key considerations that suggest the superiority of the revised approach currently being studied for the development of the Project include:
• much earlier access to the resource with shortest time to potential first production:
• a more selective mining approach, without sterilising the remaining resource, reducing dilution without
compromising metal extraction;
• optimal size and orientation of an underground footprint with the potential for two extraction levels to minimise dilution and upfront development Capex; and
• mining of higher head grades in the earlier years of potential production.
The company is optimistic that the revised mine plan currently being studied as part of the PFS process could deliver similar metal production while mining significantly less material. This could result in potentially significant cost savings. The crushing, processing and waste storage requirements are also expected to be reduced accordingly as would, in this potential scenario, the upfront capex associated with these installations. Anticipated benefits of the revised approach being studied include lower expected execution risks, lower expected pre-production capital and significantly reduced time to first potential production.
SolGold is also investigating options that could provide further upside to the value of the Project including:
• near-surface, open pittable mining options at and near the Alpala deposit;
• hydroelectric power options to reduce power costs;
• further metallurgical testing to increase copper, gold and silver recoveries; and
• electrification of underground production mobile plant, thereby reducing requirements for fuel, emission control and ventilation with additional likely reductions in capital expenditure and operating costs
A number of proof-of-concept level studies on these options have been initiated beginning with geotechnical and mining options. These are being followed with more detailed studies and are expected to be included in the designs for downstream processes and infrastructure. These studies are on track for the delivery of the PFS in late 2021.
It is interesting we have taken up more holdings of cornerstone..
Interesting to note a $2m increase in admin and consulting costs over the nine months compared to the previous year.
This reflects how much the abortive CGP bid cost and the shareholder engagement prior to the AGM. Hope they think it was worth it.
We have also exercised our warrants in CGP at a cost of $1m.
This looks good in the MD & A
"Geologists are consolidating data and significant results from 7 holes completed at Tandayama-America"
Lots of good stuff. I particularly like the reference to one of the priorities of Alpala being an investment agreement. Looks like a jv's being worked on.
And updated presentation
https://www.solgold.com.au/wp-content/uploads/2021/05/SolGold_Corporate_Investor_May14.pdf
and MD & A
https://www.solgold.com.au/wp-content/uploads/2021/05/2021.03.31-MDA-2020-to-2021-FINAL.pdf