Member Info for Bozi

Smickster - not saying it absolutely was. They clearly wanted the company.

But they didn't get it. A rival did and had to pay much more than they ordinarily would have, which in turn weakens their own hand on future M&A.

I'm not sure of the insistence that BHP should be licking their wounds. There's plenty more fish in the sea and all that...

Depends how you want to view it Smickster.

You could argue they forced a competitor to pay 3.5x the going rate for complete ownership of an asset they held a stake in.

I'm sure if you spoke to BHP they won't be crying over any spilt milk where Noront is concerned. You win some you lose some.

Fortissimo - I refer you to my post at 18:12 last night.

As for saying I haven't highlighted any risks, that is truly laughable. I have signposted the following:

1. Financing risk-the position we are now in after SOLG failed to secure finance in Q2 and in light of their recent failure.

2. The risk that competitive tension is not produced sufficiently by our management come the time that the first proposal arrives.

3. Exploration risk - the prospects of losing ground in our regional efforts given what will feasibly end up being a 12 month reduction of activities.

And all that with the constant humdrum of geopolitical risk given ongoing instability in the country. Lasso is fighting against the same tides that many global governments are following a global pandemic and subsequent inflationary boom.

My view can suggest what you like Fortissimo. I clarified my position last night.

It's really conjecture and an irrelevance to anyone but me.

Barrick meeting with Lasso doesn't necessarily mean they're in the frame for taking over SolGold. They could be looking for their own exploration portfolio for example. They could have their eye on a Filo or Solaris or Lundin even.

You seem to want to provide speculation that every event has a bullish outcome for SolGold.

Red - Barrick are restarting Reko Diq in addition to their myriad of other interests. They're also spending £2bn on capital expenditure across their portfolio.

LSE won't let me copy the links but it's all available in their factsheet and the relevant press releases.

Not a company I think will go toe to toe with BHP unfortunately.

Highly unlikely in my view Swest42.

The whole purpose of the PFS and DFS is to show how robust (and financeable) the project is to the outside world. The idea therefore is to do this by using a conservative set of assumptions that tells the market the company will be extremely profitable at prices that should never really be seen unless we get a black swan event.

Those are the untouchable studies that investors simply can't ignore.

Using $3000p/t would be unnecessary and slightly reckless in my opinion, at least in the absence of both a base case at something around $1500 and also some reliable commentary that indicates that $3000 will be achievable for the life of mine.

Given the economics at $650 I think $1500 would be the top of the range we should be considering.

Quady - how can you say nothing has changed but then deviate and talk about us being picked up for pennies in the same post?

These boards are for talking about past decisions, the current situation and analysing future headwinds and potential catalysts. Nothing stands still.

One part of a technical analyst's job is to evaluate the impact of an upcoming set of events. You demonstrate a lack of willingness to want to consider anything until it has happened, which I'm afraid is fundamentally flawed relative to the job you claim to have held and skills you claim to have.

Fortissimo - I'm willing to argue that 55c does not represent a 200% premium of the previous day's close of 25c.

Not sure whose school of Maths you attended.

Noront is Noront. It's not SolGold. With Noront, BHP emerged as a third party and Wyloo were already a significant shareholder in the company with power to fight off the competition.

Who is going to emerge and play BHPs role for SolGold? Barrick have their copper gold project in ****stan, NCM are preoccupied with Havieron and Red Chris, Anglo have seemingly chosen Africa as their next copper frontier. Rio? Not sure given the turmoil they've been going through.

It's OK saying all these majors are cashed up following a period of buoyant prices but they all seem to be focusing their efforts elsewhere and that concerns me.

Fortissimo

I don't see a low-ball recommended offer in the region of 40-50p as a win. That puts us at £1bn and frankly I think you could argue the company was worth that 3 or 4 years ago at the point of announcing MRE2 and MRE3. That result therefore represents a significant period of wasted time and also reflects zero value for Porvenir or the other high priority licence areas.

I don't really see how this year's funding differs from last year's or the year befores. Everyone knows that SOLG is chasing a prospective regional portfolio and is working to bring Cascabel to FID status. I can't see how this black hole you reference has appeared.

The other, and potential worrisome point is that if we're struggling to do a raise to finish the DFS and get back out on the ground at Helipuerto, how can we expect anyone to buy the company? As I said to CarSalesperson, we're not the only company that can offer a copper gold porphyry discovery and so the majors looking to top up their inventory do have a choice of meal.

There's zero chance of a JV at Cascabel. Why would a major buy a stake and then have to work with two cash strapped juniors? The only way they'd be able to do it would be sign a similar deal with SOLG that we signed with CGP, and I'm not sure that really works for anyone because what it does do is pushes out the takeover and brings into play the production story and timeframe, albeit maybe a slightly accelerated one.

I also think you're wide of the mark re Boliden. The likes of them, Norges and others have clearly been woo'd with Alpala construction financing in mind and even were we to get them to sign an MOU I suspect BHP would call the bluff.

At the end of the day Fortissimo, us clowns are talking about this so you can bet your bottom dollar that the likes of BHPs investment team have done this to death.

I do still think you are overestimating one of the outcomes. I have little faith that as investors we can defend a low ball bid. This is based on some of the meeting voting we have witnessed in recent years.

Spot on TK95. This EMP has been in place 10 months yet we've still got various follow up work items outstanding before we can think about an RC drill.

We're getting there, but I'd hardly say KAV has worked quickly in the KCB.

The maps should be interesting.

Depends how I'm feeling day to day Monte.

On a good day I still appreciate what we have and hope we're going to draw our a number of suitors who will battle it out for the assets.

On a less good day I worry that the SOLG board has backed them and us into a corner by not getting the raise done when the market was stronger. We I've also been worried since the day Nick was usurped in 2020 that BHP would play the long game and then get shirty before having a clear run at a low ball price. I do think BHP can let this business meander in to another AGM as SharketMare said before and I can't see that ending well for us or the board.

I applaud those who are taking a positive line and hope they will be proved right.

That sounds fair and reasonable CS, but why haven't we done this already? Is this what we're doing now?

It's a bit of a gamble isn't it, to potentially trash your company's value in the hope it draws out a buyer?

If there were no emerging discoveries, no Solaris', no Filo's and no Sun stone's (and that's just Ecuador alone) then I'd agree with you.

However, the unfortunate reality is that there are other large discoveries coming through and some have shown themselves much more amenable to handing over to a major.

You've also got to ask yourself, Rule, Lassonde, Sprott and Co have all been singing the M&A hynnsheet for the last couple of years in the copper space but it's yet to materialise. Why?

Surely there could be a hybrid solution then Mike?

MIIF buys, say 3-5% open market to clear DGRs trickling and then we match them with new stock?

That's right Lisa/Slug. Have a look at their balance sheet and more so have a look at their existing portfolio of assets and upcoming commitments.

Ray has spelt it out for you.

Fortissimo-I'm not claiming to be more reliable. I'm simply offering another perspective to a poster who is seeing the positive in everything.

I can also assure you I haven't checked out. To answer your question, there is very little positive upcoming. The only thing that I, and plenty others who have also realised what is happening around us, are playing on here, is some frenzied and highly competitive corporate action. I do however say that as someone who recognises their funds haven't been as at risk in a very long time.

Fortissimo

There's plenty of criticism of Quady for believing what the company says but then you want to hang off an article in a mining magazine?

When did they say that joint bid was going to be? June was it. We're now August fella and our SP is slip sliding away.

You can try and paint it as well as you can. There's no deramping here, just honest opinion. My posting history on here will show how I've been bullish since the day I started commenting, but recent events are clouding my view and I've only ever said what I've seen.
I don't talk my book and try and put anyone away just because I'm holding shares.

SharketMare - correct again 16:27. This is why companies cannot just simply bid one another up on potential billion pound assets.

It's not an eBay auction.

Fortissimo

NCM are hamstrung. Their investment is under water and they've since made other investments that take greater priority than that in SOLG. This became obvious and their stake became solely an investment the moment they removed Craig Jones from the BoD.

NCM will be hoping that someone else can counter BHP. BHP are simply happy to squash us into the dirt and take the company as cheap as it can get it. NCM are a potential victim to that circumstance.

The question here is the question that has been here for years. Will a company want to challenge BHP when they believe the time is right. If there is there we could scrape out of it with a half decent return. If there isn't then there will be winners and there will be losers.

Spot on SharketMare at 15:12.

Fortissimo's ramblings are getting rather desperate.

There's zero chance of NCM making a bid for the company.

That doesn't make sense Mike. Surely NM would want to be able to execute 1 deal and receive millions of pounds in cash straight away?

It doesn't work too well for the company either. ALL will want the MIIF to invest fresh funds into the company rather than buy on the open market where the company doesn't really benefit from that investment.