Member Info for Bozi

Not really TheSlug - I'm entitled to my view, as DBW likes to remind me when i say something he doesn't like.

You lot really are trying too hard to manufacture this false positivity, probably in the hope that there's an uptick in the market and you can dump in the low 30s.

Well done for having the stones to ask Darryl to make sure we get bought out so you can complete your trade. So typical of your far right, ******, misogynistic, bigoted, fascist politics and conspiracy theory bullkaka, which frankly, is the only way you have managed to secure any relevance on this bulletin board. As long as you're alright Jack, eh!

You whip yourselves into a vibrant stupor over "Plan A begets Plan B", a repeat of what was said in his first round of interviews a month or so ago. The desperation to have this sold or JV'd at project level is pretty amusing to watch.

DBW - don't take it personally. As long as you are happy that the question was asked and the answer you were given, that is the main thing.

I didn't feel inclined to ask a question. I rarely so at these staged, sanetised investor events. Had I, I might have asked what efforts they were making to appeal to new investors in geographies that don't know the SolGold story. I might have asked about the geology they are seeing other regional targets andto what extent it vindicates the Cascabel blueprint. I might have asked for a rough forward plan on Tandy to get it to a stage where it could join the cascabel fold. I might have asked if another company's (Solaris) activity had made us think about our concession close to their property

But, i sensed this was a Cascabel and corporate snapshot session and decided to not submit my questions.

Investors love wasting these question opportunities. The one that asked why the share price was stagnant was a cracking example

Darryl said in his recent interview that we'd be developing Alpala and the wider Cascabel project until the day where someone changes the game. By asking him again are we expectijg a different answer to the same question.

Q2 remains interesting as we'll hopefully see a big milestone achieved and logjam removed but for me the risks a little further head still exist and if anything, come into focus a little more.

Thanks Ella. I can't quite believe the KAV and POW RNS' were told such different stories.

So, if we assume that KAV shares are priced at 5.5p given the SP has been around this level for some time now, POW will receive a lower cash consideration. Their shares are locked in for 6 months and a year. Same applies for the other vendors.

I still make it all options on the table where the GRS is concerned.

Questions

1. Where has all the talk of engineering the VWAP come from? The announcement on 26 November confirms that the stock will be priced at 5.5p.

2.) Why is taking the Molopo Farms option that promising on a GRS success case? We have updated the hypothesis at Ditau and have the fantastic looking KCB assets to go at. Do we really need exposure to Molopo Farms if, as a few seem to be suggesting, we have some positive updates to come from the KSZ?

I'm keen for us to get over to the KCB ASAP instead of layering on the dilution chasing stakes on other PLs. Walk before we can run. The company is being built in terms of personnel but it also needs a discovery to take us to the platform where we can then expand.

LunchMoney-I appreciate that view.

I suppose the company, approaching it in a financial sense treats exploration expenses as a cost and only capitalises a PL substantially when a discovery is made.

I get why the company doesn't labour on the less than inspiring results. It's job is to sell the investment case and that is built around the positives.

Very valid comments Lunch Money.

I sense that investors are only happy with the stated strategy as they believe the PFS enhances the asset or company sale. It's all short termist in one form or another.

Is it driven by what would appear to be uninspiring results from a couple of regionals? Who knows...

Come on bubble2021 you can do better than that?

Why do they Levi? What distinguishes us from other categories of investor?

Surely PIs also need to acknowledge that the company is at the crucial stage of an important operation and trust the management, who have a track record of being effective communicators, will release an announcement as soon as they are practically able to?

It feels to me like management can be generous with information as much as they like but one quiet period and any credibility is lost instantly.

I sort of can FKCapital.

If someone doesn't have the stomach for the fight then they should pick a different battle.

Coxonopolos is angry that the company aren't communicating with PIs after a period of sustained newsflow and interaction, without giving any credence to the fact that there are many reasons why it is prevented from doing so. We don't know if any of the reasons are in play because we haven't been told that they are.

If the company turns around and says there's no reason for the silence and publishes news that doesn't explain the delay, then I think people will be right to criticise then.

But to do so now, without being in receipt of all the facts, is a little unfair. It's also completely separate from share price behaviour as things stand and until volumes traded suggests a leak.

Well said Sharketmare. I can certainly vouch, not that you need it.

Take no notice of the Johnny Come Lately's. They turn up, mistime an entry and then slate the company for not fluffing the market with news.

Fair enough Olderandwiser...your decision of course, even if potentially hasty based on a one liner from ProphetWarning.

Management were undoubtedly lax the last 18 months and didn't identify the ramp up problems or react to them quickly enough but chwnges have now been made and all of the froth that was in the price in 2020 has dissipated.

Management loading in the recent raise doesn't surprise me. I don't like how they have traded stock in the past but for me the investment case is all about getting back to basics and the mine performing to their early specifications in 2022 with growth to resume in 2023. If they can line those two phases up into a strongish gold price environment then we ought to be able to test 100p again in time.

An interesting turnaround play but not one to bet the ranch on.

Cheers Addicknt - I completely agree. Not accusing this management of the same behaviour. More to contrast the behaviour of a team in cahoots with the buyer vs one who are doggedly holding out.

Positive direction much needed quickly though.

So, TheSlug, please tell me why BHP didn't offer, say, £0.70 p/s or £1.5bn given the much maligned PEA gave a project NPV of £2.3bn and we have since added resource at Tandyama and discovered Porvenir?

They've had 10 months to make an offer since Lasso got in office, 6 months since the introduction of the new mining policy for Ecuador and 4 months since the Cascabel investment protection agreement. All derisking events.

Instead they have tipped Mather out as CEO, tipped Moller out and tried to tip Ward out as Head of Exploration. If getting this cheaply is utterly ridiculous then tell me why they haven't made an offer already, but instead are using their vote to reshape the management?

Usually, and Addicknt will testify to this I reckon, you see management who are happy to sell and will pull a few tricks to help the buyer get better value. For example, they'll run the stock price down and hammer sentiment to create a white knight type situation (no connotations before anyone starts). What we are witnessing here is the opposite, where management are not and will not be getting on board. With nobody else seemingly keen to enter from left field and put pressure on BHP, it's difficult, for me at least, to see how true value is going to out.

Quady - CGP have said since day 1 that they have no intention to be producers from Cascabel. That is one of the reasons Warren Irwin swapped his stock in SolGold for stock in Cornerstone - because they positioned themselves for a quick sale whilst Mather went the empire building route.

That has literally been the CGP message.

I value your ability to take in the facts relative to other contributors of this bulletin board who are happier to try and read between the lines and form a view that is more aligned with their own but I feel you're a little compromised on this.

The Mather-led SolGold clearly preferred Cornerstone to struggle as they were happy to pick up the pieces as per the partnership agreement. They were not motivated to give an inch and that alone created much of the friction that existed, culminating in the failed takeover offer.

Under current management, SolGold has softened and agreed to support Cornerstone, presumably, and here's the conjecture, to stop Cornerstone making life difficult for SolGold.

Please say if you feel I'm rewriting history. I don't think I am.

Surely CGP's position is one we do know Quady?

They have agreed to co-operate with the current SolGold management but they want no part in raising any funds to construct Alpala/Cascabel. Their exit is no later than the DFS and upon a positive investment decision.

Part of the pact is SolGold supporting them in that venture.

I can't see any alternative. Can you?

This will be sold cheap unfortunately. That has been on the cards for the last 18 months at least, since the Franco deal you could argue.

It's personal. Mather will be squashed for looking after his smaller shareholders and not doing a wad of equity to raise the £100m.

Forget any idea of a diverse book as well the longer this goes on. Any notion that Newcrest are in any way distressed and BHP will quickly take their 13% and likely add the 7% that Cornerstone hold. That pushes them up to 35% and into the realms of a mandatory offer.

The question is, what initiates this? TheSlug is convinced it happens this year but people have been saying that for the last 5. Congrats on being right eventually.

Does a wider market correction act as the first block to fall and set off a chain reaction? Conceivably. BHP want good value for their shareholders lets not forget.

Addicknt - It's an intriguing development for sure, particularly off the back of their large financing last year.

I think we've been in long term agreement that they've been bit part players here. I certainly didn't think they'd have what it will take to keep BHP honest, and that is how it has proved.

Come on folks, it's up about 10% on average volume a week after everyone thought world war 3 was going to start.

If something was about to happen we would all know about it, with half the market.

It really is that straightforward.

Copperpot - with all due respect, the analyst is talking about early stage investments and exploration bets made now (or at least that's how it reads to me anyway).

SolGold are 3 years further down the road.

The success of SolGold in 2022 and beyond in achieving it's objectives, whatever our opinion on them, is clearly hingeing on the PFS.

It must be released in Q2 and it must be robust in both it's economic outputs over the LoM and it's cost assumptions.

The time for dancing, or obfuscation as some are calling it, is over. It's time for SolGold to truly deliver or else we'll all be squashed into the dirt and the last 10 years will have bend a monumental waste of everybodies time.