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Quady ,your a good poster and I respect your comments)post but listen to me the facts speck for themselves solgold will not take any tenaments to production NM has and always will have one objective with solgold just like he has done with other companies he had been connected with to bring them to the highest in terms of exploration then sell it in to the benefit of all shareholders so you really need to DYOR my friend and be patient as the biggest rewards are about to come
Which bit is rubbish Bubble, are you saying Solgold are lying.
Rubbish Quady
Well it couldn't be any clearer, not only do we not have a bid. No one has approached us.
Also as stated we are going to construct Alpala, unless we get a bid at full value.
We all know what that means.
Thanks DBW for transcribing all that was said from Mining Journal and DC's comments are most useful! An Improved Comms and transparency from our new CEO versus a while back! We are making inroads towards underpinning a higher sp, no doubt about that! Pity Rome was not built in a day! LOL!
Poker faced DC. The majors will need to decide when the right time is to take a larger chunk of the SOLG pie. The longer they leave it, the size gets bigger and price of copper gets higher. Excellent position to be in.
Thanks for posting DBW - a very good read.
Thanks DBW
Thanks RK ....Exciting times ahead indeed
Not forgetting Norges adding another 5m shares since the last presentation 3/4 weeks ago
Hi from Chardonnay...
I'm just having another detailed look at latest presentation. Hers a few observations...
Ayten is not on the Board.
Annual gross value of gold production alone at assumed prices is c$1.4bn...
Several people have referred to a disappointing NPV, but that is based on a mine life of 26 years and 21% of the ore...
But...$11bn (80%) of the free cashflow comes in the first 13 years...
Cascabel ore contains an average 32% iron ore, significant molybdenum, some zinc and also some REMs...no lithium, cobalt, nickel, etc.
DFS now projected for Q4 2023; Project Finance completed by Q2 2024; first commercial production Q1 2026...
Cash at 31 March $38.1m...
DBW, thanks.
Onwards & upwards !!! Blue finish today
Part of this is the company's aim for Cascabel to be the development stage project with the lowest ever carbon footprint. "When we have got a clear plan on how to achieve that we are going to release that to the to the market. There are a few things going for us with access to hydropower and block-caving is intrinsically a low-energy mining methodology because you're basically using gravity to grind the ore. We're transporting concentrate down a pipeline down downhill, a low-energy way of transporting concentrate, and the site is self-contained from a water perspective as we are not tapping into aquifers. There will be a bias towards electric vehicles underground, which saves on ventilation and roadways, and the government also has a tax incentive for investments in in carbon friendly technology. We want Ecuadorians to be proud of what we are doing and having a key role in getting the world to a net zero emissions future," said Cuzzubbo.
Government support for the development of its mining sector goes beyond tax incentives. "There is no question that the government is supportive and open for investment. We see actions following the words. We see exploration increasing exponentially and other companies investing heavily into Ecuador. A number of mining majors have moved into country in the last few years, so there are many very tangible signs that we are not the only ones seeing the sovereign risk really come down," said Cuzzubbo.
"At our Porvenir project we are kicking-off a preliminary economic assessment so we can help the market understand our true value as our market capitalisation is reflective of just Cascabel and we want it to see now we have a major position in Ecuador and can be a multi-asset organization. We are going to help the market do that by doing PEAs on different projects," said Cuzzubbo.
The company's Chillanes concessions surround Warintza, where it is awaiting permits to start drilling. "Two months ago, we came across an outcrop and we can see it is a porphyry system. We have three concessions which wrap around Warintza and that outcrop shows we have a significant porphyry system there with visible mineralisation," said Cuzzubbo.
SolGold is also seeking joint venture partners for 76 other concessions it has in Ecuador under its Nightingale project.
SolGold has been a large, high-profile copper development project for a number of years whose shareholders include BHP and Newcrest Mining. While some market observers have been expecting a SolGold buyout for a long time, it has yet to materialize and with little acquisition activity in the copper space, it may not happen for some time, if at all. But Cuzzubbo is unfazed.
"I don't know what BHPs or Newcrest's intentions are but I know our focus is on what we can control and that is making sure we are optimising Cascabel, de-risking it and building a team that can pull it off with or without an acquisition. We are building the relationships with the community and the government, and building robust planes. I want us to be able to do this with or without a major. That gives us additional optionality and additional leverage, which makes us more valuable to a major as well," he said.
SolGold is working to boost the potential of its Cascabel copper-gold project in Imbabura, Ecuador through optimisations and exploration drilling to show its porphyry cluster potential as it prepares to update its pre-feasibility study (PFS), CEO Darryl Cuzzubbo told Mining Journal.
In May, SolGold reported a measured and indicated resource of 2.7 billion tonnes grading 0.53% copper equivalent at the Tandayama-America (TAM) porphyry copper-gold deposit a few kilometers from Cascabel. It also reported it was seeing drilling success at Moran, which is between the two deposits.
"We will include [Moran] but it won't come in time for the PFS addendum as we would have to update the full technical report and have a mine plan over it and we won't have sufficient time for that. We will continue to update our mineral resource estimate as we drill more and this resource is clearly bigger than what we currently see," said Cuzzubbo.
In addition to expanding the Cascabel area resource the company is also working on optimisations to increase the net present value (NPV) of the potential development. "We are pursuing through the next six months in our PFS agenda things like optimising the mine plan further to lower infrastructure costs, lower the amount of development to optimise our surface process infrastructure, which will lower capex, and bringing-in the TAM open pit, which brings production forward, because if we get underground ramp-up delays, we can rely on the TAM open pit. These are the biggest ideas in terms of assuring an additional US$400 to $800 million in NPV," said Cuzzubbo.
SolGold is also working so that the market understands that it is not a one-trick pony and that its value extends beyond Cascabel to include the Porvenir project in southern Ecuador, and a host of other exploration projects, including one adjacent to Solaris Resources' Warintza project.
As usual rcgl2 you make a good point, but I would have expected this at the AGM. Which at that time I would consider what was being proposed.
Thanks mog999. Re-read your post from yesterday, makes more sense now.
They're incorrectly using the name Warintza, no? They are probably referring to our Tinkimints prospect which borders Warintza. They may both be part of the same discovery. As others have highlighted, Warintza is not ours to drill.
Indi123, the headline was
"SolGold to boost Cascabel potential, test Warintza target"
Note the comma after the word potential, boosting the cascabel potential is nothing to do with testing the Warinta target, read what i posted yesterday
HTH
Correction:
Read your post three times BBG, but I still can't get my head round it :-)
Read your post three times BBG, but I still get my head round it :-)
Just why is the Solgold CEO talking about testing the Warintza target, if this is owned by Solaris Resources? Or is there a Warintza target within Cascabel? Or has the MJ got things mixed up?
Newcrest own 32% of Lundin Gold (Fruta del Norte Project, Ecuador - Feb 2018)
BHP own 5% of Filo Mining Corp of which Lundin Mining Corp owns 32% (Filo Del Sol Project, Chile – Feb 2022)
Solgold, being part owned by BHP (14%) and NCM (13%), announced that they will boost Cascabel potential by testing their Warintza target (June 2022).
Lundin owns 5% of Solaris Resources, Solaris own the Warintza Project, Ecuador.
Why would Solgold boost Cascabel potential buy drilling the Warintza target (this is a target which was never mentioned before by Solgold) which is located many hundred km's from Cascabel....
Interesting!
Normally those resolutions are put out for S/H voting after the annual report published, if you look back the Company GM history, most of them hold in December month.
The timing is different this time, my guess is that the BOD is trying to get their remunerations and incentives to get them locked and dusted in the event any coprtaion actions occure after new FY. Also by now the BOD must've got pretty solid funding plan in terms of where the SOLG ship going? Take over or go for production?
Also it will be interesting to see how the major S/Hvote for those resolutions. Remember November last year BHP tended to remove the entire board. Any more throught?
rcgl, I understand your logic, it's just that I have an old-fashioned view of executive remuneration, which is primarily related to risk taking. I have no problem rewarding staff with a decent salary and bonus package, but I do baulk at shareholders being forced to dilute when those same executives take no risk with their own money. In my mind, the line between remuneration and risk has become too blurred. Nowadays boards seem to think just having a job is sufficient risk to justify share-based incentives. If staff want equity-type returns, then stump-up some cash.
I know I'm completely out of kilter with the modern world, but that doesn't mean I'm wrong.
By the way, I understand who will benefit from these arrangements and I'd be screaming from the rooftops if the non-execs were beneficiaries.
Reminder: contrary to what some people keep repeating, none of the current board other than Darryl are eligible to participate in these incentive and bonus schemes. This is not a case of "the board feathering their own nests."
Why do I think they're having the vote now? Because they want the new arrangements in place firstly for when the new CFO starts and secondly so they can start hiring some senior execs with the relevant skills needed to progress the various parts of the portfolio, in particular Cascabel.
Quady, your view is that production is the most likely outcome. On many occasions people have suggested that Solg doesn't have the required experience to build a complex underground mine. You have been pretty consistent in your view that Solg will be able to hire in the necessary experience, which I assume would include quite a lot of managers and execs to oversee everything on the company side. Therefore if I may be so bold, I would have thought you should be voting in favour of the new executive compensation arrangements, as I think they will be key to attracting the necessary talent to run the Cascabel operation (IF no takeover or sale occurs of course).