Member Info for Bozi

I wouldn't be celebrating here.

Things are a lot more comfortable with SOLG here than they were trading 5-7p.

More work is required to build on the recent rise, but we can assess that through the Tandy results and the progress against the PEP.

The AGM in December should pass with ease because finally SOLG are showing an ability to deliver vs plan.

2026 will be about building on the turnaround and bringing this bad boy home.

The fact that ProfitSniffer's 12:55 post has 7 recommends shows everything that is wrong with investor mindset.

The company does not need knowledge of TA in order to best time the release of news for the benefit of traders.

The company needs to crack on with Tandy drilling, with the DFS and PEP workstreams, etc. TA should be the very last of their concerns.

Keep talking to institutions. Keep selling the turnaround story. Forget about PI traders feathering their nests.

I never said you were Red. I simply asked why those who were bearish should apologise.

I'll never proclaim to be correct on everything. I'm pleased to say my concerns about a low ball offer due to out vulnerability at 6p have abated for now.

"This Board would be a far better place if the derampers passed off elsewhere and those who have posted volumes of negativity in the past would hold their hands up and admit that they were wrong, thereby accepting the errors of investment judgement they may have made in the past."

Red - just on this - why would folks who posted bearish opinions in the past admit they were wrong? The SP dropping from the low 40s to sub 6p before a sustained period trading sideways suggests they had every right to be bearish.

The investment case has now changed of course. There's a new CEO and chairman, there's drilling at Tandy so a material change in strategy and there's progress on ExploreCo.

I personally long advocated for the progression of Tandy and other regional assets and I was also involved in BB discussions re NewCo/SpinCo. The company is now acting much more in line with my suggestions from 2-3 years ago.

I feel vindicated, not that I have anything to apologise for.

Well done Tom, the price has dropped 2%.

Give the guys at BH a ring I'm sure there's a place for you on their trading desk.

It's the pace and energy that has changed.

I got vilified on this BB the last couple of years but I was clear about Bob and clear about the issues with the investment case.

A couple of years down the line and here we are bootstrapping Tandy onto Alpala. Market senses delivery and away we go.

I got Scott wrong admittedly, but upon reflection I do think the market was fed hopes and dreams and reality was somewhat different. I like to give people the benefit of the doubt.

Dan, Paul and senior management need to keep the revs up into end of year. Franco have been very fair and deserve a lot of respect.

The SP will do whatever it does. But I genuinely believe early ounces from a Tandy open pit transforms the case for Cascabel from an asset that can achieve > 20% IRR with selective mining at Alpala to a mining district that can be 30-35% post tax IRR and a huge kicker for the people of Ecuador.

Mumbles - easy logic to follow in your post but I'd make a couple of points:

1. A 50% NPV discount probably isn't going far enough considering construction at an early stage. Given all of the risks involved, I'd suggest 0.3/NPV is about right today with a lift to 0.6/NPV as we approach commissioning.

2. Your calculations don't factor in that Pensana don't own 100% of Longonjo. You need to rebase your calculation based on Pensana's ownership of Ozango post equity finance.

I thought the recent valuation of £270m was very fair for today and I'm not susprised to see the shares settle back. That said, I do believe they'll pick up steam again towards the end of 2025 and into 2026 as long as Pensana execute in accordance with the plan. As long as they do, I'm sure the 120p punters from 2022 will see break even on the next run and we may even tag the £1.75 you have in mind.

Hopefully the days of 15p are never to be seen again.

Add - those points have little relevance at best to the diverse book discussion.

The asset not being derisked didn't deter BHP from making their offer back in 2017.

I'm well aware of the sentiment amongst retail but in the absence of a mandatory offer after exceeding 30% interest, a party would need to secure as close to 50% undertakings as they could prior to going public. That would require significant undertaking from retail for which they'd need to be made inside by the offeror. That's a compliance nightmare.

Rodney and Add

You fellas can critique Quady's diverse book argument as much as you like but the following points remain:

1. No one entity or concert party has successfully agreed a takeover of SolGold up to this point.

2. Any such takeover offer will require significant retail backing which is impossible to garner without getting into a world of trouble with the insider trading rules.

In the same way the argument about production goes, someone has to test the validity of the diverse book argument by successfully getting undertakings of more than 50%.

Until that happens, the diverse book holds.

They're working really hard this morning, no doubt to try and limit the damage on this short.

For anyone still in any doubt, this is what negative commentary looks like. There's no objectivity to it - they are simply trying to convince you to sell so their bottom line isn't harmed.

Stack - you talk about your hedge. How short are you?

Wouldn't be 0.6% by any chance?

Stas - I'd have told you 5-10% on the SP would be about right.

I'd have told anyone expecting 50-100% that they're away with the fairies.

It's better than awarding thieves, grifters and scammers Stas. We've just had nigh on 15 years of that and people who's attitude you're quick to criticise are rightly sick of that.

The options aren't about incentivisation. They're about retention and motivation. If you think that is the scourge on the country, you probably should have hopped to Dubai long ago.

Stas - you're conflating standard options (as awarded here) and performance rights.

Could SOLG have awarded the latter? Absolutely. Should they? Probably.

The standard options awarded should be in lieu for a lower base salary as a retention method. We'll see in the next financials at which point I'll be able to comment further.

What you should be baffled by is folks who think options should be tied to the NAV. Would you have took options at say 20% of NAV? You'd be certifiably potty to do so.

Rodney - the BHP options were granted years ago when SOLG had a completely different profile and valuation. They were attached to a BHP financing.

If you're negotiating yourself share options based on the NAV of the business (which is irrelevant) some would say you're doing it wrong.

You also have to take into account the circumstances through which DV took an executive position.

Broker forecasts are almost as irrelevant as company NAVs. It's the opinion of one analyst, whose firm may have been incentivised to provide coverage.

You and Stas20 might soon realise if you haven't already that you can sing about the NPV as much as you like but it doesn't change market perception. In terms of what does, see Fort's post and my own.

Stas20 - you're showing scant disregard for this company, how it is perceived by the market and the risks that remain.

Today's news, whilst positive, is worth relatively little. The company can plan what it likes but the market focuses on delivery of such. You should be well aware of that from holding TXP.

As I've said many times before, you're too consumed by the NPV of the project and you're not accounting for all the milestones that need to be hit before 2028. Look at the workstreams in the RNS.

I understand completely why you make the argument you do, but that enthusiasm must be tempered by what the company has on its plate for the next 12 months; completing the repatriation of the Santa Cecilia community, amending the environmental applications and completing the early works.

If SOLG completes all that to time and secures tranche 3, I'd be shocked if we're not back at 20p. Complete the next 3 milestones and it's back to 30p. Secure the $650m construction funding and we're probably back to 45p.

We're all betting now on how well Dan can get this moving with the guys at GMIN over the next 12-24 months.

Just to play devil's advocate, if any of you stepped into the SOLG hot seat at the time Vujcic did, how enamoured would you be with options at 20-25p?

The amount of work to achieve 200-250% growth SP for a company battered by poor sentiment isn't insignificant, so the package is probably fair recompense despite it hurting at the time (given how we'd wound up where we have).

Today is the first piece of good news in a while (the second tranche from the syndicate was welcome but also a necessity).

Now SOLG must see this plan through as much as possible. We can't have further material slippages.

Stas20 - how are you deriding PBow here?

He was absolutely spot on about SOLG having not met the CPs and it was totally reasonable to assume funding wouldn't be forthcoming as a result.

Dan & Co have actually done well here to secure the funds. It's one to credit the management for rather than score points over other posters who were technically correct in their analysis.

Stas20 - so wait a minute...

You're telling PBow that folks have passed him false information in one breath but in another you're claiming that you're positive you haven't been lied to?

Did you force Dan to put one hand on the bible when he responded to you?

Not sure it'll be days away Stas but we'll get there eventually.

Dan now has to make sure it's worthwhile and wealth generating to shareholders.

My expectations have been pushed back a year as we effectively lost 12 months under the last regime. There's still a couple of big milestones to hit and the first is Q3 25 when Tandy is hopefully firmed up.

Christmas 26 could be prosperous if management can execute. I could certainly envisage parties around the table from next spring onwards if SOLG can inject the Tandy work into a robust feasibility study and then get any remaining permits applied for.