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Fort, I accept all of that, but the fact is an outsider would see zero value being attributed by the market (I'm not sure if we include any value in our accounts). DV has to persuade investors of a value and subsequent percentage holding, which I understand he's doing successfully. Ultimately, anyone who comes on board with this is taking a punt and the capital is obviously high risk. But that's what explorers do, isn't it? I'm looking forward to see how this unfolds over the coming weeks.

Panda, are you mentally unstable? You are, by some considerable margin, the most ridiculous poster I've ever seen on this site - and that really is saying something.

Sorry, I should clarify my comment. The dilution won't be at the plc level i.e we won't be issuing new shares, but the dilution will come via a reduced ownership of the assets included in ExCo.

Fort, they're looking at raising $20 - 30m equity at the initial stage, so there will be dilution, albeit the current valuation of those assets is more or less zero.

Fort, you may be right, but their apparent dis-engagement with us over the past couple of years is telling. On paper, you'd think it was a no-brainer (this was my view until a couple of years ago), but life has moved on.

I very much hope they are interested, but am no longer convinced of the suggestion.

Pbow, you're right, but I see them using their broader mining knowledge in tandem with their deal-doing credentials in order to achieve their ultimate goal of a successful exit.

Eloro, I remain of the view we'll either be sold or will enter a jv on Cascabel whereby we'll be minority partners.. The latter will only happen if we are able to sell a significant stake at a good price, which would lead to a shareholder return via a special dividend.

I believe both DV and PS are firmly focussed on maximising shareholder returns and know how to achieve it - unlike the previous leadership iterations. Nothing about these two says they want to be miners. They are deal makers who recognise their task as being creating value by pursuing the path outlined yesterday in order to reach a point where our story is compelling for bidders, which thus far, it has not been.

Looks like they've reported a very strong performance for y/3 June 2025, including record copper production. Despite the trade woes, they remain confident about China, although they acknowledge problems in the short term. They also reference China's upcoming 5 Year Plan and its impact on sustainable growth and development.

Obviously no mention of us, nor, as far as I could see, Ecuador. They will produce more detail when they publish their y/e accounts in full. Will we feature in their thinking? I'm sceptical.

I don't know if you follow Solgold on Facebook? The respondents to the various company posts are almost exclusively locals and their comments are very interesting.

The overwhelming majority are massively in favour of what's going on, with many asking how they can get jobs. There are a few who object on environmental grounds, but they're completely outnumbered.

For a real insight to things, it's worth reading.

More than anything else it's to be hoped this announcement and plan will give the company credibility.

DV now has a solid investment proposition to present to potential new investors, who hopefully will see a CEO who has the capabilities to deliver a tremendous resource. A long overdue good day for shareholders.

Stas, I spent half my career working in corporate finance in the City, so I understand how these things work. We will be given shares at the IPO stage, not when ExCo is a subsidiary of the current plc. Bear in mind, initially ExCo will effectively be a private company with no market for the shares. Liquidity will only happen post-IPO. If we weren't given shares at that stage I would share your ire.

Pbow, we won't get shares at stage 1 of ExCo as it will be a subsidiary of the plc. Stage 2 is the IPO and there was talk of existing investors being gifted shares pro-rata to existing holdings.

Pbow , I don't think retail investors will be asked to invest in ExCo.

Stas, I find it astonishing that people spend their time inventing implausible conspiracy theories without any evidence to support them. So I guess we're even.

If he delivers the plan he'll deserve every penny of his reward. Still, now your conspiracy theories have been well and truly debunked, at least you'll be able to bleat about the options for the next few years.

Stats, is this your first investment? Because you certainly behave like it is.

As for being a fool, perhaps you should reflect upon some of your utterly ridiculous posts over recent weeks. Specifically, your absolute cracker about the directors plotting a lowball takeover. And you call me a fool!

Fort, Smith doesn't have any options and despite the terrible exercise price, the quantum of DV's options isn't excessive.

Let's hope today's announcement will finally put to bed the wild conspiracy theories which have been suggesting the directors are suppressing the sp in order to manipulate a cheap takeover.

PS, you misunderstood my question. As it relates to the accounts, when does the Close Period start ? Is it immediately after y/e, or is it nearer to publication of the results?

In a matter of weeks we'll have details of the Tam drilling results and more flesh on the bones of ExCo. These are price sensitive and therefore I assume we remain in a Closed Period.

Once the news is released I can't think of anything else is in the immediate pipeline, which presumably means the directors will be free to buy in the market.

Personally, I think this is a necessary commitment by both PS and DV and I would expect to see something over the coming month or so. The only question I have relates to the fact that the y/e has recently closed and the process of doing the accounts will start. Would this necessitate another Closed Period?