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How long does SOLG have to officially announce this news
Agree
NMM I said a while back Scott would be meeting with Noboa to have high level meetings in Toronto and you would have to say the the amounts quoted for the six deals signed off, it seems highly likely that SOLG are involved, at least in my opinion. I can't see any other way that billons of investment would be reached without Cascabel being involved?
Would be interesting if Porvenir was included. That would require at least $100m extra spend to get to DFS. Likely a $400m+ capex project but one that would deliver handsome profits due to smaller mine scale and faster pay back.
We know the chinese like Porvenir as it sits within easy reach of their existing infrastructure in south.
Certainly alot of activity around Ecuador right now and some major miners might be feeling left out especially when Gov incentives make the mines more attractive than the likes of Chile and Brazil which have both increased taxes over last few years.
Careful, NMM. He'll mark you down as a deramper for that post and you'll be on his bin list before you know it.
La Plata Project- 250m capex
Cangrejos Project - 925m capex
Loma Larga Project - 350m capex
Curipamba Project - 300m capex
Cascabel Project - 2,700m (per Aprill 2022 PFS)
Exploration commitment // Barrick - 100m
Exploration commitment // Hanco'ck - 120m
Exploration commitment // Adventus - 100m
Total = $4,845m
I don't agree on those workings BBG...
Why use the $2.7bn 2022 PFS spend? We've overwritten that with the low-capex PFS.
Also there is an existing IPA in place for the 2022 PFS?
And just like that, we found the balance needed to make 4,8B
Released just now:
Adventus Mining Announces the Signing of an Investment Agreement with the Government of Ecuador for the Development of the Condor Project
TORONTO, March 5, 2024 /CNW/ - Adventus Mining Corporation ("Adventus" or the "Company") (TSXV: ADZN) (OTCQX: ADVZF) is pleased to announce the signing of an Investment Agreement ("IA") with the Government of Ecuador for the development of the Condor mining project located in southeastern Ecuador (the "Project"). This important milestone reached between the Government of Ecuador and Adventus provides a foundation for the continuing advancement of the Project towards development and for the negotiation of the Investment Protection Agreement ("IPA") that would be required for future mining construction and operations if the Project reaches that stage of advancement. The IA is a statement of mutual interest between Adventus and the Government of Ecuador, through the Ministry of Production, Foreign Trade, Investment and Fisheries, to negotiate the terms and conditions for a future IPA that is expected to outline the Project´s scope, investment commitments, timelines and responsibilities and to work together towards obtaining all necessary approvals, licences and permits under Ecuadorian law and international standards.
The IA explicitly covers an investment commitment by Adventus, totaling a minimum of US$100M, which includes US$52 million of historical spending made on the Project from 2010 to 2023 and the future investment commitment of US$48 million for the period between 2024 and 2038. The IA also extends to include any additional investments made by Adventus during the period, which would be included for investment protection in the future IPA.
The news article refers to the fact that the 4.2bn will not involve any government expenditure. So what do the six parties get in return for their cash? All outstanding licences? IPA? What else?
Is this really the green light, or is it simply another step in the approval process which will require more bureaucracy?
This is the tweet that mentions the $4.8bn, with photos of 4 groups with agreements.
https://twitter.com/RecNaturalesEC/status/1764820784797655192
Looking at the PDAC brochure (https://cme.org.ec/brochure-digital-pdac-2024/) I think I recognise:
Atico?
Lumina?
The future custodian of Cascabel will have deep pockets and will not require the revised ramp-up pathway. If you apply the 2,7b required to develop Cascabel (per April 2022 PFS), and add that to the deals which Yepez wants to move forward (plus recent commitments from Hanco'ck and Barrick), we get pretty much the number confirmed per deals signed off by Noboa in todays article.
La Plata - 250m capex
Cangrejos - 925m capex
Loma Larga - 350m capex
Curipamba - 300m capex
Cascabel - 2,700m (per Aprill 2022 PFS)
Barrick - 100m
Hanco'ck - 120m
Total = $4,745m
The recent flurry of of news items and our recent announcements seems to have led to a growing degree of enthusiasm...at least it has with me.
Are we on the brink of some substantial news? Or is this wishful thinking on my part?
"The Ecuadorian Government also signed letters of intent to receive financing, for 120 million Canadian dollars, aimed at clean energy projects."
When you read the final paragraph from the link in conjunction with yesterday's RNS, you can see that this is all finally coming together 🙏, heaven knows we've waited long enough, ignore the doom mongers they don't know what they are talking about...
55p by some Friday soon !!!
NMM, yes, I recall reading that somewhere as well. It may well explain the delay.
Scott has purposely gone 'underground' last 3 months. No articles, no interviews etc.
Scott confirms the company has never been in a stronger position.
Scott now at PDAC without any promotion of attendance - standing directly behind Noboa for official photos.
Solg sub $10m in kitty - SR well and truly concluded with lower capex PFS and confirmation of JV to power Cascabel project. Contractors includes Semaica who constructed Fruta Del Norte.
Santiago Yépez confirms Noboa's expectations for PDAC and mentions the following 5 projects will move forward:
La Plata - 250m capex
Cangrejos - 925m capex
Loma Larga - 350m capex
Curipamba - 300m capex
Cascabel: 1,555m capex
https://www.bnamericas.com/en/interviews/what-ecuadors-mining-industry-expects-from-pdac
Noboa signs off on 4.8b of deals per article this morning.
What makes up the 4.8b of deals????
Speculation increasing
Still not sure what the 6 investment deals were for but the attached does state he met with Barrick executives so maybe a clue there?
https://www.primicias.ec/noticias/economia/noboa-mineria-canada-feria-catastro-inversion/
Addicknt - I didn't think it tongue-in-cheek.
Would have been a great opportunity to agree and then announce - on the day of talk - the IPA.
What better way to show Ecuador open for business and investment framework to encourage/protect business. With a globally significant Tier 1 asset.
Recent articles seem to suggest changes required to Constitution to enable the full protection framework that Noboa wants to offer / investors require? (I don't know the details).
Could be what is holding up improved IPA for Solgold?
Redknight - re: your reference to Porvenir drilling...
Isn't that the 2,610m of infill and extension diamond drilling referenced in the 1 Dec 2023 Porvenir RNS?
Holes 21-27?
I made a tongue-in-cheek observation on Friday about Caldwell attending PDAC so that we could sign the IPA with Nobby. Perhaps I wasn't too far from the truth. Mind you, where's the announcement?
Added
From PDAC presentation
"Mining and exploration portfolio spans 16 provinces, covering more than 3,586 Km2 in 89 concessions"
Meanwhile, have we had these results yet...?
"Announced encouraging mineralized intersections within the Porvenir Project at the Cacharposa porphyry copper-gold
target. The results of additional drilling since the previous 26 October 2021 data cut-off should support the conversion
of a large portion of the deposit into the measured and indicated categories, as well as significantly increasing the
resource tonnage in both the measured and indicated categories, and the inferred category"
Guess we'll fine out but pretty clear why he went in first in place.
$4.8bln is a huge figure when you consider that Ecuador mining is still very much small scale event with Chinese in South.
Makes Gina R's $120m deal look minor.
The mining cadestre is closed... so what exactly is Noboa signing $4.8bln agreements on??
Agreed...Baffling??
The best plan of all would be to get the monkey ooff our backs by simply splitting the business into two parts. We've been over this many times but the reality is, the market has not allocated much value to ENSA and zero to the regionals. You've got Gina R spending $120m over 10 years on a number of blocks... then there's Rio and Barrick plus BHP. All have some licence blocks but they are years and years away from getting to a position that ENSA are in right now.
I really can't understand why Bob and co won't do a spin off of the regionals. It should have been done last year. We already operate the business on an ENSA and non ENSA basis. All Royalty deals are ring fenced to ENSA. Not regionals.
What value would be placed on the regionals x 50 blocks with $50m raised in a newly floated spin off?? It has to be worth at least $150m if the assumption is there is at least 4 to 5 Tier 1 opportunities in there.
Then you have ENSA. That can just tick along in background and any delay games by the interested parties effects very little in the new exploration company. In time the exploration spin off could be worth more than ENSA if the latter drags on for whatever reason.
At the moment, it's the weight of the Tier1 project and the finance required that has basically reduced our share price to 5p and in process mothballed everything else. We've become a zombie company going no where fast.
Get a regionals spin off and new listed entity out there and SOLG shareholders can decide whether to sell out of that and bank some cash or to hold those new shares and see the fruits of some great holes drilled over the coming months and poss find another Alpala.
Ironically, what they should have done with the merger was to do a reverse takeover and put SOLG's 85% ENSA into CGP's 15% holding shell. That would have placed ENSA 100% in CGP listed in toronto with SOLG shareholders owning a respective stake in that business (shares etc). Then the remaining SOLG business listed on LSE and Toronto could have been the regionals. Trouble is, I suspect the off loading of ENSA (85%) was not workable due to the prime asset rule eg ... can't sell off your main asset as need to have offer for full business entity first.
Anyway... for now... we a management team that can't even get an SR story concluded and out to the market so any ideas of smart thinking plans like regional spin offs looks well past them.
"The Ecuadorian Government signed six mining investment commitments for USD 4.8 billion, during a visit by President Daniel Noboa to Canada this Monday, March 4, 2024."
What are the six????