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schlem, that's exactly what we've been promised, isn't it?
If the PFS isn't value accretive the market will simply dismiss it and accept it's already baked into SOLG's current valuation. The PFS must surprise on the upside in whatever way it can. I'm not suggesting being creative with the truth but improved method of extraction and processing to slash production costs etc
Jason Ward did say further 2 weeks at last live stream.
Ie towards end October.
I heard it - two to three weeks from the 9th !
I quite agree, Smickster. We've wasted more than enough time and money and have much bigger fish to fry. From where I sit, we've had a lucky escape.
Imo it should be released now and we should forget about the cgp situation.
They made their bed lets move on.
I asked the pfs question the other day to Jason ward on the live stream and someone on here said a further few weeks was his response. I did not however see that response and have not been able to confirm it.
Good spot Schlemiel. BHP and the other majors are still capex conservative and clearly they don’t want to be at the wrong end of the cost curve on copper. Clearly they may have other options at the cheaper end of the curve.
Eish, it could well be, I hope it was.
Schiemel, good find, BHP been investing in a few companies lately, also been clearing old debts when time wasn’t up, maybe looking to borrow money on a long term basis?
Very interesting and pertinent point, Mathersfinger. Surely the powers that be must act harshly to establish rule of law? If they do, what would the implications be for us Solgers linked to them? I wonder if this was one of the factors for the fall-out between NM and Irwin?
Cornerstone and ENAMI have continued to mine illegally and damage a protected area, as per the link attached.
Surely 100% government owned ENAMI would not want to be associated with this company, totally flouting the main worries for mining in Ecuador, should cornerstone be banned from mining in Ecuador all together.
If so should they not be allowed to hold any shares in a company registered in Ecuador, this would prove a point to all mining companies to respect Ecuador, nature and its people
BHP dumps $3.5 billion expansion plan at Olympic Dam in 'body blow' for SA economy - By Sara Tomevska
Posted 55mminutes ago
If they planned to expand to the cost of $3.5bn then BHP now have $3.5bn to either spend elsewhere or choose to shelve spend amounting to this amount. Either way, they have access to this level of liquidity.
Hi Father Ted. I am not sure who Matt is. But your questions are relevant. I would also appreciate other views about them.
As to 1. I do recall that when Solgold got its dual listing on the TSX, a purpose of it (as stated at the time) was to enable North American money to be invested in it, including from the USA. At the time it was presented on the basis that the TSX is a junior mining friendly exchange and has a history of attracting a lot of investment for start up mining ventures out of the USA. I am not sure that listing in a 3rd place at the present time would be of much assistance but am interested in other views.
As to question 2, my understanding is that there is nothing to stop Cornerstone selling out to Newcrest and (as of now) to BHP. But my personal view is that for either Newcrest or BHP it would be an expensive step. And once they bought out Cornerstone their intentions to takeover a majority in stake in Solgold would be revealed and the share price of Solgold would rocket and become very expensive for them. I think they would prefer to go for outright control than to do it in that way. Just my opinion.
I have two questions Matt...
1. Have Solgold considered a US listing, so as to attract buying from Wall St institutions and from Robinhood gamblers, and thereby increasing the shareprice presumably? (A hefty reverse split would be needed first.!)
2. Concerning Cornerstone, what is there to stop Cornerstone from selling out to BHP or Newcrest, and thereby making either corporate shareholder's position uncomfortably large?
Zoros I may have misjudged you, thank you for the update.
Always ready too admit I am wrong, as it's the only thing that makes us compassionate human beings. ( quote from Bertrand Russell, although I have read similar ideas on compassionate humanity from Spinoza )
BHP made a quarterly report to the ASX this morning Australian time at 8.20 am on 20 October. In 30 pages, including about exploration activities, there is not a mention of its stake in Solgold. There is a detailed appendix dealing with exploration for copper and gold at Oak Dam in South Australia. Seems quite deliberate not to say a word about it. There is one section of the report that mentions the word "Ecuador" (see the excerpt below).
"Minerals exploration expenditure for the September 2020 quarter was US$44 million, of which US$27 million was expensed. Greenfield minerals exploration is predominantly focused on advancing copper targets within Chile, Ecuador, Mexico, Peru, Canada, South Australia and the south-west United States.
At Oak Dam in South Australia, the third phase of the exploration drilling program continues to deliver encouraging results. Further high grade mineralised intercepts of copper, with associated gold, uranium and silver, were confirmed. Multiple intervals ranging between 0.24 and 4.20 per cent copper were identified by laboratory assay results from 12 of the 14 drill holes, totalling 21,543 metres. For further details refer to Appendix 1. The exploration project will now be transferred to the Minerals Australia Planning and Technical team for assessment, and next stage resource definition drilling to inform future design is expected to commence in the first half of the 2021 calendar year."
Nice form, Z.
I'll try to answer some of these to bring you a little closer up to date. But I understand your situation now :)
1) What is NM preference to raise development capital going forward, given his clearly stated personal objection to SH dilution?
Z: He actually tells us this here: https://www.youtube.com/watch?v=Wn7SCm_S7io
[He talks about a debt fund package for the full whack ($3Bn) being topped and tailed as we speak and will be ready for the dfs.
2) Being near surface, what are his anticipated development budget/capex for Porvenir to get to an open cut PFS.
Z: Mmmm. Could be a problem with this, I suspect, as Porvenir partly lies inside a National Park..open cut might not cut(sic) it! He probably hasn't got round to mulling this one over yet - too soon.
3) Would he consider committing to a regular news timetable at Porviner? This predictable structure has worked well at GGP.
Z: Since Porvenir came onto the radar his PR have exploded (relitively). I put this down to a new board director called Elodie Grant Goodey (corporate comms and PR). The SP has come alive since then.
4) How does he plan to fasttrack Porvnir (beyond the 6 rigs arriving, when do they arrive exactly)?
Z: Again he tells us this in the above vid clip.
5) Both Garwin and NM have already both referred to Porvenir as a 'discovery'. In principle, what might stop them developing this project faster than the proposed block cave at Alpala? (Assumes Alapla block cave will take at least 3/4 years to build out)
Alpala minimum online date is 2025, add 2 tears for delays...long time cos of bulk mining.
Porvenir (if open cut approved) would obviously be much faster. I heard somewhere from one of their webinars/interviews that they are looking at parallel development which means Porvenir may come on stream before Alpala. Watch this space.
6) With proven in country development cost ratios of $2 per oz , what other forms of debt/ finance could be exploited ? For example, would he seeks to increase the sale of further NSR's, on say Alpala to develop targets and thus avoid dilution?
Z: Again the above vid touches on this but in the past he has stated that dilution, though an option, is last on his list of primary options. Royalties seems to be a weapon of choice crrently...
Of course he could sell Cascabel to fund Porvenir and the other sleeping giant: Rio Amarillo, to name but a couple for prime targets!!
Quady - I can aswer that for you.
Here is the answer to your question...directly from the organ grinder himself:
Good question. Quady.
'Which I only had a small position'...
Hello Zoros, if that's true on the PFS date, then say we are going to see the price stagnate, dare say drill results will add a little support.
But I would be really ****ed to understand why Jason Ward said 2-3 weeks on the 1st Oct, and we have such a big delay.
I now have a question:
Why can't Solgold meet deadlines, and Covid is not an excuse, for not meeting the PFS, as everyone took that into consideration.
Simple Zoros paid no attention to Solgold until Porvenir. Literally, almost nothing, which i had a small position. Getting interested, because i like exploration upside.
Hi Hydrogen. Please don't take this the wrong way, I am not the enemy!
But most if not all of your Q's have been addressed in the latest series of webinars/podcasts and ironically the vid you posted the link to.
I am struggling to understand why you aren't more up to speed with Solg having been with them now for the last 6 months?
[Especially in light of how meticulous and knowledgeable you are on GGP}.