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Cascabel Complementary Investment Protection Agreement
SolGold (LSE & TSX: SOLG) is pleased to announce the signing of a joint
declaration with the Government of Ecuador in preparation for the execution of
the Complementary Investment Protection Agreement ("IPA") for the Cascabel
Project ("Project" or "Cascabel") in Ecuador. The signing took place in
Toronto at the Prospectors and Developers Association of Canada ("PDAC")
convention, representing a significant advancement in the Company's commitment
to the Project and its partnership with the Ecuadorian government.
The signing was conducted by the Minister of Production, Foreign Trade,
Investments and Fisheries, Ms. Sonsoles García, and Scott Caldwell, CEO of
SolGold, on behalf of SolGold plc and SolGold Finance AG, along with
representatives from Exploraciones Novomining S.A. and SolGold-Ecuador S.A.,
in advance of the definitive Complementary IPA to be signed in Ecuador.
In addition to the US$311 million investment addressed by the current IPA,
under the Complementary IPA, there is a commitment to invest a total of US
$3.2 billion over the subsequent years in activities related to the Cascabel
mining concession. The Complementary IPA embodies the largest mining
investment in Ecuadorian history, highlighting the scale and importance of the
Project, SolGold's commitment, and the impact on the broader Ecuadorian mining
sector.
SolGold's CEO and President of SolGold Ecuador, Scott Caldwell, commented:
"The Complementary Investment Protection Agreement not only reinforces the
protections for our key investment in Ecuador but also symbolizes a deepening
of our relationship with the Ecuadorian State. President Noboa's attendance
and insightful speech at the PDAC convention were warmly welcomed by the
mining community and underscores the significant support of his administration
for responsible mining in Ecuador."
$3,2B commitment sounds like the phased approach is already out the window.
Someone with deep pockets is going to fund cascabel.
Noboa or SOLG wouldn't be making any undertakings without knowing how it would be financed.
I'm hearing from friendlies that there are a lot of filtered muppets on this thread that are changing their tune regarding Scott.
Scott is delivering the goods. Funding will be revealed very soon.
There you go shippy is that juicy enough for you ? Mind you I wonder if the price will perform with the usual apathy
55p by this Friday maybe 🤷♂️
Let’s play guess the end of day share price…
Excellent news, another part of the Jigsaw put in place, the Big Picture coming into view,
Great result by the BOD
Most interesting part is the commitment of $3,2B
Scott knows how this is getting funded.
Solgold finance AG has made a re appearance…. Interesting
Scott cannot make commitments to fund 3,2B without confirming source of funds.
So, sounds like next step is an official signing ceremony in Ecuador - will the cornerstone investor sit alongside us
Well that's good news and timely. Well done Noboa. He's clearly a man that gets business done.
So with EXPLOITATION CONTRACT signed early Dec 23, SOLG have until Early May to excute it which in effect locks in the "legal, economic, technical, social and environmental commitments of the Company".
So as far as I'm aware, funding package will need to be outined and revealed before May 6th.
No wonder the house broker expects fireworks over next few wees with 68p target... or was it 63p?
We trot on..
Fort, as much as it may grieve you, it's not just Nobby who deserves the plaudits, Caldwell has done an excellent job as well. Just think where we'd be now if you'd got your way and SC had been kicked out at the agm. It doesn't bear thinking about. Luckily the holders of 2bn shares understood what the board is trying to achieve.
That aged well. So will it be the Chinese or will Barrick steal the show? Who cares, its getting funded!!!
RE: The Chinese Buying3 Mar 2024 12:44
So Noboa and a strong Ecuadorian delegation in Canada with Scott and Chris leading the SOLG team and various meetings arranged with majors over the next few days to progress Cascabel. I would suggest that if it's going to happen it going to happen now. My money is where its always been, with the Chinese. I don't think they'll get it without a lot of competition therefore I don't think they'll get it cheap, but they have deeper pockets than anyone. Hold for gold (and copper..and silver).
Fort - have you not reserved a well done fo Scott and SolGold? How about an apology for trashing them for months on end?
Come on Fort. Be better. Hold your hands up when you're wrong.
Hereforhemo, the IPA has been signed with Solgold, not Barrick or the Chinese.
An IPA would not be signed unless Solgold could show how the finance will be raised.
If someone was going to buy us as part of the deal, that would be market information that had to be disclosed.
We would at least had a RNS.
We haven't.
It's Solgold that is raising the money and the IPA shows we have or can do it.
About Hannam's 63p target by June 2024, I had some back and forth with them.
Their target and short-term timeline is in fact not based on the expectation of some imminent event acting as catalyst for a rerating, but is still based on the 2022 economics. In their own words: "We maintain our target valuation at GBp 63/sh based on the 2022 PFS and expect to revise our model upon reviewing the new NI 43-101 technical report which is due to be filed before April 1st.”
I have aimed a lot of criticism towards Scott, some deserved, some maybe unfair, but I will happily give him a load of credit if/when he gets the share price back in to the 30s.. until we get a monetary event, it’s still wallowing in single figures.
Yes it looks like it may finally be on the horizon after some very dark times.. but we still sit in single figures.. if a monetising event is done in the teens, he cannot in all seriousness claim a huge multi bag success..as it that’s where we were when he took over.
Bozi,
You obviously don't spend too much time on SOLG these days. Don't blame you really as like a mental asylum in here these days. You'll have to catch up on some posts ... I congratulated Scott on getting the PFS out when he said he would.
5.6p a share on Monday which is all dwn to this management team and no one else. And you want to pat them on the back?
Next you'll be up for giving them more bonus shares which incidentally... they will be seeking.
Straight into auction
Yes... wildtiger trying to get back in lol!
Yes indeed dbw exciting times again hopefully
Ortherncopper - my thoughts exactly.
Praise Scott when we are over the finish line. 40p+ share price due to sale/partial sale/JV etc.
He has trashed the SP so we are celebrating 6p-7p rises. I'm sure there would have been ways of delivering a revised PFS and obtaining IPA without ruining the SP and giving the market so much uncertainty over last 12 months.
Don't get me started on the lack of comms and engagement with PIs.
Anyhow, today's news to me means the finish line could be in sight shortly. Then Scott will get my thanks and he can enjoy his $m in options.