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I think people are missing general politics here. I've been reading lots of Ecuadorian newspapers today (basically all the national ones). They all mention the signing of deals, very few mention Solgold or Cascabel. It's a headline. I can't see any rational argument that this announcement proves funding is secured.
That aside it gives time. My big concern was that we would default on the IPA that is in play and lose Cascabel. That's been kicked into the long grass now.
Yes, quite plausible. I initially thought that it was something so big and historic for Ecuador, that they or Noboa wanted to do an official signing ceremony in Ecuador and maximise the press coverage as doubt many in Ecuador pay much attention to Toronto/PDAC etc.
So I think bit of both... perhaps some big names to be announced soon which will also add to Noboa's PR push. So much smarter to hold fire on the definitive agreement until more ducks in order before doing a proper Ecuador signing ceremony celebrating the greatest ever mining investment in the country's history. To do that properly... you have to announce the key funding partners as well.
When you look at what's happened at PDAC, then think about Barrick signing a deal on exploration land in Dec 2023 (literally weeks after Noboa got elected) you can see how the activity was building long before PDAC. That's very smart of Barrick. Then when you throw together the same dates eg SOLG also signed the exploitation agreement early Dec 2023... you begin to wonder whether they were linked in some way?? Perhaps Barrick wanted extra acreage/ops and mad e a few other agreements??
It looks like a number of mining firms and PE firms (inc Gina R) got stuck in the moment Noboa got elected. They acted fast. Now I wonder whether we are now seeing others start to feel left out and panic... hence making moves soon before they get left behind. Remember the mining cadestre is apparently closed lol!
funding is secured. the government does not agree to undertakings from ****co's (with $10m in bank) without guarantees or visibility of funding.
this phucker is about to rocket
Fort, that was exactly my reading of it this morning. The optics of signing an agreement worth $3.2bn with a company with around £$10m in the bank wouldn't be great. This is basically as you say, a statement of intent, but it's important because it shows Naboa is onside and willing to give us some rope.
It also signals to a risk averse prospective buyer that 1) mining in Ecuador is very much back and 2) Cascabel is THE project the government really wants to work because of its size. It was a big, public de-risking event on both of those levels.
How, if at all, we raise more cash here will be very telling.
Argonaut has initiated on London and Toronto Exchange listed SolGold (SOLG) with a Speculative Buy and Price Target of 11.6p per share. SOLG’s flagship asset is the Cascabel project in northern Ecuador. Cascabel is a world class copper and gold project an impressive potential production profile. The Cascabel Project PFS was recently updated to reduce upfront capital expenditure. A reduction in the capital hurdle increases investment attractiveness. Argonaut visited the Cascabel site in the fourth quarter of 2023. Project economics could be further improved through integration of the Tandayama-Ameríca Resource and optimisation of surface infrastructure including tailings facilities.
To access the full report please log in under the Client Area at the bottom of this page.
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https://www.argonaut.com/solgold-lsesolg-initiation/
Nice find
"Still, the notes trade deep in distress, with investors pricing in an 80% chance of a default within five years. '"
Now.... what a boon it would be for those bond holders and future Ecuador debt holders (chinese etc) if they could get a Tier1 mine financed. Bit like investing in your own security bond backed program lol!
Oh ... it's hotting up now. I'll add the IMF and bondholders to the list of folk desperate for Alpala to be developed asap.
A deal with the IMF and today's BMO arrangement may point to a risk on investment move towards Ecuador. The mining capital tectonic plates are shifting towards Ecuador. Is this finally the time the mineral riches of Ecuador are exploited?
--
1 March 2024
(Bloomberg) -- Ecuador bonds jumped on Friday after President Daniel Noboa met with investors in New York and told them his government expects to reach a deal with the International Monetary Fund in about two months, according to a person who attended the meeting.
Notes gained across the curve, with those due in 2030 rising 2.7 cents on the dollar to around 63.7 cents, the highest level in more than a year, according to indicative pricing data collected by Bloomberg.
Noboa told money managers that talks with the Fund were ongoing, according to the person, who asked not to be identified describing the private meeting. The 36-year-old leader was making the rounds in New York after raising taxes at home and pledging to narrow the deficit in the 2024 budget.
Representatives for Noboa, the Finance Ministry and the IMF didn’t immediately reply to messages seeking comment about the remarks.
Noboa was meeting with local officials and investors to pitch economic reforms and discuss his efforts to fight drug gangs, according to a statement from his office. He planned to speak with Ecuadorian migrants before making stops in Toronto and Ottawa over the coming days.
The heir to a banana fortune, Noboa has tried to leverage his popularity since taking office three months ago to wield support to tackle dual security and fiscal crises.
His efforts have caught the attention of the market, with debt from the South American nation handing bondholders returns of 36.5%, according to a Bloomberg index. Still, the notes trade deep in distress, with investors pricing in an 80% chance of a default within five years. '
-
He’s just an arrogant, annoying, boastful, stubborn, cantankerous old man
Redknight I think you have what is known as "a vivid imagination" !
So the complimentary IPA signed today but the 'definitive' IPA due to be signed in Ecuador.... but when??
from RNS "...in advance of the definitive Complementary IPA to be signed in Ecuador" END
I wonder if the finance package has to be revealed/announced before they 'sign' the final IPA in Ecuador?? If so, then looks like we might have a package lined up and that's going to seriously light a rocket under the shareprice especially when you consider that the Market was happy pricing SOLG at 40p not that long ago based on having a higher capex but no evidence of funding.
Were the other investments signed in Toronto pending definitive sign off's in Ecuador??
It's a bit like a LOI from Ecuador pre funding.
Gold miners lagging, this going back to heights
9p tomorrow here we come!
Big late reported trades still going through
30,000 attendees...
Just looked at the Presenters List including:
BHP
Barrick
BMO
Osisko
Agnico
Rio
Newmont
Wyloo
Vale
Wheaton PM
Teck
Lundin
FNV
Glencore
First Quantum
Ivanhoe
and thats not the complete list...
Exhibitors included the above plus
AA
Dundee
Equinox
First Majestic
Murchison
Minera
etc
1235 EXHIBITORS in total...!
Then you imagine the thousands of Mining Fund Managers (because this is a MINING congerence...)
So PDAC finishes tonight
Then Fund Managers have to travel home, sharpen their pencils...
Just imagine the pent up buying demand by the end of the week...
And then imagine further positive newsflow hitting over the next few weeks...
And you have the foundations for a massive rerate...
And thats not even counting the old, sold, new and pending Private Investors watching what was 2 years ago...
"The hottest takeover story in the City..."
Enjoy!
No chance.
Is this the trigger solg head quarters were waiting for.
Is the the trigger solg head quarters werd waiting for.
Willem stated as much a few weeks ago.
Did need a life finally get one?
Poor Ortherncopper. No shares here and still deramps.
20p my next wednesday
Funding news imminent!
Look at that 1 year graph though!!!!!
I have looked at the story that says the government are going to finance this.
Maybe we are going to borrow the money in staged loans and they are acting as a guarantor.
As I said yesterday I think the finance is sorted and we should get a RNS soon.
However not sure this story holds water,
Closed at 7.72...up 17%...more to come this week...?
Gold at 2147/48 has three times bounced off a genuine all time high...
Massive tree shake in BTC yesterday 69 down to 59...
Will the money switch into gold...?
SOLG has $79BILLION in the ground at these prices...
Did anyone mention pog?
Well done holders, let's hope its the start of better things and not another false dawn.
Onwards and upwards
He's not the only one who's been quiet. We haven't heard from the Aussie goon all day. I guess he'll make up for it tomorrow.