Member Info for Bozi

There's a name we haven't seen for a while - KRSS.

It's a shame you're hear to cross ramp HZM. A stock with decent prospects but nickel is certainly not the new gold. Nickel will be infinitely more useful than gold.

We know what the capex is for the phase 1 PFS and we'll see how the updated study impacts this. The deposit is well within the boundaries of a block cave operation and this is certainly what the party that constructs the mine will do.

RK1 - if you're referring to the financing, then yes.

If watching the share price isn't healthy then watching the order book certainly isn't.

There's nothing stopping someone spoofing orders to give the idea of higher supply or demand for a stock.

It's actually not surprising to hear about on a day when only 60 odd trades have gone through.

That narrative sounds great for LTH MF but in reality what do you think it means?

There was some talk earlier regarding a Mather consortium bid which i find unrealistic for a number of reasons. Is this what you're referring to?

I suspect that once Mather is removed from the board then the risk of a large dilutive placing increases. Our suitors will want a mechanism to maintain and increase their stake while diluting others, including those of importance. This is how they'll do it.

Something i flagged at the 2020 AGM whilst many danced at having Mather removed as CEO.

The grass hasn't proved to be greener, has it...

"...hopefully Nick can kick a few in the goolies to get things started."

He might need to act sharpish MF as his time on the board may be about to expire. At that point he just gets to vote, not decide on what should be voted on.

RK1 - risible is rather strong IMO.

I don't think a modest raise is impossible now, but i do worry about doing it in November if markets soften further between now and then. I'd rather it was done 3 months ago when the share price was 32p.

I want the best result for myself and by extension all of us, but I'm not sure that we can be so blasè. We know how the dynamic lies with pre-emption rights and the sooner we get something done the better.

Addicknt - i haven't actually mentioned insolvency today. I'm just uncomfortable with the dwindling cash position.

If we assume you're right, then lets get to it. Why delay? If economic conditions worsen then we risk those funders removing their interest?

RK1 - do you refute the point about us never being in such a perilous position, or would you rather me just not say it because you're holding 1.2m shares?

You know what the cash balance is, how long we can stretch it and you have your own views about what happened in the finance dept earlier this summer.

I really don't want conversation to be about me at all, but i refute a point Quady made earlier today and it seems to prompt a bit of a pile on with folks questioning my position and strategy.

I'm just trying to speak plainly. I want SOLG to supercharge the PFS, highlight the economic robustness of the next cab off the rank and demonstrate they can secure capital to complete feasibility for Cascabel and test their hypothesis that Helipuerto is an extension of Warintza.

Absolutely, SharketMare.

I'm similarly dismayed by RK1s view. Maybe we should all sit here telling each other everything is hunky dory and we're well on the road to riches...

Fort - what does the average person do when they're attacked for "dropping misinformation bombs?" Hardly going to take that graciously, am I.

I hold a number of stocks, including another that you have been commenting on of late.

Quady-I know you don't put any stock in the press but The Mining Journal literally stoked a takeover rumour a few weeks ago. As much a did like to agree that it's simply "in the heads of some on this forum," that isn't true.

Also, this notion of studies underpinning the price... I would suggest there is enough evidence to suggest that might not be the case. Look at what happened with the MREs, the PEA and particularly the first PFS. The stock was dumped every time.

And what is happening at Porvenir, Fort? Have we had any drill results lately? Any metallurgical study updates?

Not likely seeing as we potted our Mettalurgy Manager.

It is you who is responsible for misinformation my friend. It is you that has been talking about "grass roots folio JV discussions" despite SOLG giving no indication over the last 2 years that they have ever progressed anything from "talks". It is you that keeps harking on about another streaming deal despite Darryl Cazzubbo being quite clear that this wouldn't be an option before the Cascabel DFS.

There comes a time where you have to stop perpetuating the ramps and see them for that they are... precisely that.

You can find it within you to admit that you've been suckered in. I suggest you do that instead of trying to find fault with my comments and replying with weak arguments.

Tell me what isn't factual from my post FTJNY.

I refuse to be drawn into this echo chamber of positive re-enforcement you so dearly crave from other investors.

SolGold has never seen times as perilous as they are now. I refuse to shy away from that.

Quady, that suggests nothing has changed with the company and our price performance is purely macro related.

I don't believe this to be an honest and fair reflection.

SolGold are starting to run low on cash and capital markets aren't exactly conducive to large fundraises right now. Combine this with the fact that we have zero regional activity with no prospects of this changing until further funding is secured and we therefore have very little in the way of operational catalysts.

This serves to basically suck any hot/trader money out of the market.

The only thing that is keeping most of the long termers interested is the potential that BHP or another makes an offer for the company.

Without that lingering whiff of takeover potential we'd be sinking towards single figures now. No doubt about it as the SOLG investment case today is quite weak.

Hopefully Eish. It really is the critical agenda item for the company right now.

I agree we're oversold but when you have an uncertain market mixed with a funding issue and upcoming management uncertainty, well that concoction means the weakness can extend itself further yet.

Even if we got £25m we'd be in a better position to get past the AGM, deliver the PFS update and PorvPEA. We can then look again at 2023 funding options next spring.

Let's hope your positivity is not misplaced Sean. I fear it may be.

Certainly not Novice. Why does being +8% change anything I've said?

You really could contribute something of use instead of your constant baiting.

Ship - I'm not a huge fan myself but have you weighed up the other, fairly limited options?

Fort keeps insisting on another stream by DC has stated that he wouldn't look for one pre DFS.

Depressed equity prices are here for a while I suspect. Raise or no raise.

I just want to see SOLG financed. Keep the wolves from the door.

Fort-it applies to virtually everyone. Everyone would get the opportunity, either via a raise, open offer and through the open market to top up their stake.

Now granted, some may not want to or may not be able to. That's the individuals decision.

I'm amused that you consider the streams to be worth "about 5p" but then go and calculate the precise impact of equity dilution.

If we did $100m in a stream this month then we'd have a balance of $200m plus accrued costs to date. Add the costs of early repayment, which Franco ensured would be meaty. You'd be looking at somewhere in the region of $250-300m to get out of two streaming deals.

So, subtract that off your notional offer amount of $2.2bn and what do you get? About 90p.

Then there's the added issue of what the two deals would do to the bank-ability of the project. Having $300m of debt on the balance sheet won't be a good look when we need to secure $2.5bn more. Every streaming deal backs us further into the corner of either

a) being reliant on a change of control
b) reliant on our basket of prices being higher than our current base case assumptions to preserve robust economics.

Eish - I'm not sure why so much apprehension about an equity raise. I it's part and parcel of investing in a non-revenue generating resource junior.

Don't get me wrong, the share price and market conditions now aren't conducive to a fair deal for existing shareholders, but you would get the opportunity to maintain your % stake.

SeanHunter has been guilty of saying that dilution is the devil. Take no notice of that claptrap. Dilution is a necessity for a company in our position.

Besides, if SOLG went out and did another streaming deal, any bidder would take that finance into account when making an offer for the company because they have to pay that debt back, so it only ends up being dilution to your equity, albeit in a slightly different way.

The upside story is clear - see my post from yesterday - and the most important thing here and now is for SOLG to secure themselves enough cash to get through to DFS.