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Darren, in the first instance the ExCo will be subsidiary company owned by us i.e solg and new investors. If it's successful it will become a public company in its own right and we as individual shareholders will receive pro rata 'free shares'.

This is the stated plan, whether phase 2 happens or not depends upon the exploration results.

Atg, no.

Are worth reading, specifically the segment on their copper performance and observations about demand, mine supply and costs for coming years.

A very short summary is that they anticipate 10Mt of new annual mine supply to meet growing demand over the next 10 years. In the longer term they see annual demand rising to 50Mt by 2050. They see demand increasing across all sectors i.e traditional demand -housing etc - as well as demand from the green energy and AI sectors.

However, they acknowledge the fact new mines are more difficult to discover and are in more challenging locations, with the consequent costs rising. They believe the commodity price will have to rise beyond that of H2 '25 to cover increasing development costs, but global demand and lack of supply are likely to push the price up.

Copper is clearly their focus. Whether that includes us or not is moot.

The Constitutional Court has unanimously rejected the claims that Silvercorp had not conformed to the environmental consultation process at thei El Domo project.

This was the final attempt of anti-mining groups to half the mine construction.

I only saw this today, but it may be old news. In any event it shows the Court is willing to overrule anti-mining activism if it's deemed to be nothing more than a crude attempt to derail a project.

On this occasion I think I'd attach more weight to NM's words rather than those of AI.

Pbow, my guess is the opposite to yours.

Any takeover or sale of the main asset, would be subject to UK takeover rules, regardless of the subsidiary's domicile. It will also be subject to any Ecuadorean regulatory requirements - if any apply. In other words it makes no difference where it's based.

This makes me think tax reasons are behind the structure, particularly when we bear in mind NM's comments six or so years ago, which were made prior to the establishment of the AG.

Anyway, I don't think this is of any immediate relevance, but I'd like to know the definitive answer to the question.

Pbow, I'm not sure and thought you may have an answer.

Ensa is now structured that way for a reason and maybe the same would apply to both ExCos.

Pbow, given that the direct Cascabel ownership resides in the Swiss subsidiary, do you think both North and South Co will similarly be moved offshore to Switzerland?

To my way of thinking it would make sense, although I'm not sure what the government would feel about it.

Two were due from Canacord and Liberum, apparently.

Keep off the charlie at the barbecue, Q. It plays havoc with the chess.

Almostdone, I'm sure he'll be back to enlighten us with more of his brilliant insight soon.

Q, one point; NM allowed BHP onto our register, which, in my opinion, was a big mistake. It also had the reverse effect of making the register less diverse.

Q, sorry, but I disagree.

Years and millions of pounds have been wasted and I see no reason to make excuses for them now.

RT, absolutely agree.

My instincts were wrong about SC, but, to a degree, I feel vindicated having invested faith in PS.

The conversation I had with him gave me complete faith that he and Dan were of a different caliber and would get a grip of this whole sorry saga.

Obviously, there's a long way to go, but I feel confident we're in the right hands.

Reasons to be cheerful. Part 1.

1. We didn't see the usual Friday afternoon sell-off.

2. More news imminent.

3. Mr 5p placing has gone curiously quiet.

So PS lied? Why would he?

Fort, we need him on board because FN wanted him to stay.

Fort, agreed, the timing was very strange. However, for them to be in cahoots with JCC it would require JCC to be happy with breaking the rules. Sure, this is possible, but it would fracture their relationship with our management, something we're led to believe is very strong.

My view is they've messed up badly, but shenanigans are a possibility.

Fort, they bailed from GGP when they realised they'd made a big mistake, but the mistake they've made here is considerably worse. Shame, innit?

SM, as you know, he's right about everything...except when he isn't, which is virtually all of the time. Still, mustn't kick a man when he's down. On second thoughts...