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Well, that Porvenir update doesn't do it for me Scott...
No indication of timescales or costs for the MRE.
I thought Scott had also said Porvenir "doesn't meet the criteria we want to develop" at recent Diggers & Dealers?
Does he mean SOLG don't want to develop, so JV or sell?
Clear as mud.
Good or not NMM, at least there is some kind of life coming from solg towers apart from the usual routine obligatory notifications ! Who knows this could be the start of many daily price improvement RNS's leading up to the AGM on the 22nd ? highly unlikely but you never know, miracles might happen but it's more likely that massiveray will start telling the truth before that happens 🤣🤣🤣
Have a great weekend all GLTH love and peace to all...
Not much reaction yet, but Indicated + Inferred are:
1.68MT copper = Gross Value = $14.67 BILLION
2.18Moz gold = $4.4 BILLION
Total Gross value over $19 BILLION
And remember, Porvenir would be an OPEN PIT...quicker and cheaper to mine.
I wonder if this presages a possible sale or JV of Porvenir...
It does however show continuing development of Porvenir. Something else Scott has been doing...
Redknight1 - c2,600m of drilling (15% of that in MRE#1) - over 2 YEARS - is hardly great progress.
I suspect most of that drilling preceeded Scott as well.
I get that Scott will say they have been through a process of re-evaluation and cost reduction. Fair enough.
But no 'brownie points' for him for this. Bare minimum achieved.
Yes, packaging up studies for an updated open pit, ready to sell/JV resource, may well be the way to go.
But we're still guessing.
Not really sure what the takeaway of this RNS is meant to be. They've done a little more drilling since the MRE1 and they plan to do some more... and they needed to release this update because they have the extra assay results and don't want to sit on them? Why now? I'm probably missing something here.
The only thing this announcement proves is the utter irrelevance of further drilling. The market simply isn't interested.
Well that depends on how it is communicated. The market will get excited if management get excited and that RNS is about exciting as a brick in the head.
One can only assume that SOLG 'had' to complete some drilling to maintain the licence or retain it... something along those lines. Scott... we were told yonks ago (over a year) that MRE2 was almost ready. It's been almost 2 years... it's gathering dust and the market has forgotten all about it. Still if it ticks some declaration boxes before a partner deal then that's a cracking profunctory RNS. Something needs to be signed... either a partner deal on regionals or your P45.
Well, I think I'll finish the week on a positive - so far SOLG haven't had to re-issue the RNS with a correction!
Small blessings.
This is puzzling...
Maybe they are just reminding the market that we are more than just Cascabel...
Porvenir ranks in the Top 20 new copper projects, based on copper equivalent of copper and gold, based on Solgold's latest presentation, with a Gross ore value of $14.6 billion
It has 2.21 million tonnes of copper equivalent.
For comparison, also with an open pit mine, Atalya Mining's Rio Tinto mine complex has a total resource of 1.558 million tonnes of copper
The NPV of Rio Tinto is ÂŁ1.405 million and ATYM's MCap is 463 million
The pro rata NPV equivalent for Porvenir would be ÂŁ2 billion.
Even if it cost $500 million to build the mine and plant, that still leaves a NPV of $1.5 billion (Rio Tinto cost $200m)
The common denominator between SOLG and Porvenir is of course the Chinese partners. The ones that invested $5m directly into SOLG but ring fenced for spend on Porvenir only.
I wonder if the common denominator will stretch to Alpala?
One thing is sure, the chinese may well be 'still' very interested in Porvenir and why wouldn't they be? It's perfect size for them and situation near other assets/mines they hold or part operate in south Ecuador.
So that's my Chinese takeaway for the weekend.
Copper at $3.90 and rising...
Gold at $2053 and rising
Silver at $25.4 and rising
GDXJ at 38.62 and rising
ANTO up 5.3%
BHP up 3.4%
SOLG dwon 1.1% and stagnant...this coiled spring is getting tighter
Trading still dominated by Autobots...probably at least 80% of trades...
Jesus what f***wit
Only 56% of volume is AT and of those all aren’t “algos”
This guy is about as much use as a sausage roll at a bar mitzvah
Exhausting isn't it 1984. That and the constant commodity price updates.
Anyway, we've finished the day slightly up. I don't really understand why we published the Porvenir RNS, with no next steps, but at least we're communicating something to the market. Get the IPA over the line before the AGM and get the business sold. Still firmly believe that Jiangxi want this asset packaged and ready to go before making a move. We can't be that far off.
Copper $3.92
Gold $2059 (All time high $2089)
Fort there will be no P45’s …. If Scott is voted off as a director it doesn’t affect his position as CEO so he can see this through
I concur with BBG, this could be the first of a string of RNSs leading to the AGM, and if that's the case the first RNS would not be the strongest update.
Still, always good when the company bothers to tell us something.
Yay! Finally a bit of news!
Why release now? Nothing to set this alight yet.
Will we get anything else more meaty before the Agm?
Let’s hope so, doesn’t feel like it will be earth shattering, happy to be proved wrong.
I think the question that needs to be asked is when were the holes 21 to 27 drilled? My guess is that they were drilled before the merger completed so likely sometime in late 2021 or 2022 H1.
The question then arises of 'when were the assays done' on these holes? The question then arises...'when was that information known'?
Whilst bulk of the holes are average at best, hole 26 is actually pretty significant. It's not in the class of Hole 1 but it's still pretty damn good!
The assays will be dated so should be easy enough to find out from SOLG.
As many on here are aware, all key information needs communicating to shareholders and that becomes especially important when doing deals with partners who are privy to inside information.
So either we are about to learn of a deal on Porvenir (likely with chinese) or, someone somewhere highlighted to SOLG the legal obligations on RNS's and sharing key information with markets and shareholders. Hole 26 certainly justifies an RNS.
Perhaps the chinese want a deal on Porvenir first before risking a bid on ENSA as if the latter results in a bid war for entirety of SOLG, then at the very least they walk away with Porvenir?? So securing their interests, managing risks of being gazumped.
My assumptions of course. But my guess is that Porvenir holes 21 to 27 were drilled yonks ago and SOLG really should have dated them rather than imply this is 'drilling activity' by current management team.
It felt like there was more to yesterday's RNS than meets the eye, Porvenir put into the limelight for a strategic reason?...
Maybe wishful thinking on my behalf, but could we about see a master stroke from Baseball Bat Bob? Like Fort says, sell Porvenir first then we get some kind of benchmark for the later sale of Cascabel as it's a much higher grade and size asset by many multiples. Hummm
H, perhaps it was Scott's lame attempt to try and woo voters:)
Oh dear need a shyte, have you got bored arguing with everyone else now you need to turn on me?
There’s a filter button, use it if you don’t want to read certain posters.
I can’t help that 99% of people are morons and that I’m always right, it’s a heavy burden but I have the shoulders to carry it
And I’m not wrong about solgold being sold either. Nothing is more certain
Yes I'm certain solg will be sold.
It's just a case of who will own it when it's sold.
Either way, it won't be for the ridiculous prices mooted by the experts on here.
Even the latest rns, still the clowns could only read positives. Highflyman telling us there was more to it than what it said.
Bloody laughable.
NO THERE WASNT, IT'S JUST DESPERATE WISHFUL THINKING ON YOUR PART.
The rns was a waste of time and effort
Sell your shares and eff off then?
Just block him Slug, think everyone else has, utter moron.