Member Info for Bozi

Copperpot - assuming I'm not missing any sarcasm then that is ridiculous.

If you're after more shares just buy them. Don't come out with a desperate take to make things seem worse than they are.

Hi DBW

Two innocuous reasons for a lack of drilling updates.

1. There has been a two week shutdown over Christmas and the company have only just got back going in the last day or so.

2. The company doesn't want to lay things on too thick without assay results and delays at labs due to a combination of Covid-19 protocols and an increase in drilling activity means assays are taking longer to come through.

Don't forget also that the company has stated thst it will only release material announcements. Management have maybe taken the view that drilling updates with no assay results aren't sufficiently material for a company of this size.

There's definitely no need or desire to communicate every 3 or 4 days, other than in short bursts where there is news to release. Once weekly drilling updates aren't realistic.

Addicknt - no, i don't think the interview was a ruse. I also don't think it was an open invite for BHP to fund the business at it's own convenience and on it's on terms.

I think the reality is somewhere in between; acknowledgement that BHP and NCM are important to SolGold and valued for their capital and technical expertise. It was an attwmpt at mediation rather than an award of first refusal.

I'm also not suggesting he is about to go and do a deal with the Chinese. If anything thst is less likely for the reasons you mention. Thst doesn't mean he won't take any more capital from the Chinese - i believe he will.

A deal with the Chinese isn't necessarily preferable. Many people suspect their proposal might be more favourable than one from BHP, particularly given how alienated and upset they hsve claimed to be. I think that's a pretty fair and logical assumption taking into account what we know.

To reiterate, i think the solutionis to cater for all until such a time where one party shows a hand good enough to take them forward into pole position.

Spot on, on this, BBG.

I don't think you have enough i formation to determine whether medar is right or wrong, Addicknt.

You'd like him/her to be right obviously, but there's every chance he/she is wrong.

Yes you're allowed an opinion Jerry but the GGP way isn't the only way to do a deal in this space. They did what they did and it has worked very well for them but simply early exploration JVs were never in the SOLG business model.

That has always been the case so for me there is little point in holding shares in SOLG and then bemoaning the fact they haven't done a farmout.

I suspect it would be a data room type arrangement Scrat.

Members are asked to submit their offers independently. Whether they collude away from the data room, the who knows.

Spot on Colonel.

Disagree.

A one size fits all approach isn't going to work. "A major ramp of the assets" for EUA might work for them (for a few reasons I can think of) but it won't work for SOLG, as solg have numerous untouched assets that could be potentially as big and as rich as Alpala.

EUA holders should be selling the top and looking for the real thing...i.e SOLG.

Big difference between discovering some outcrops Earthling and discovering a tier 1 project.

SOLG have paid for the drills to hit the ground since the getgo. If CGP can't had any idea what they'd stumbled on they wouldn't have allowed SOLG to take 85% as easily and cheaply as they did.

You would agree with a good mate Jerry.

Come on then, tell me, if Nick hhas played his hand "so appallingly" what would you have done differently, bearing in mind you hsve the power of hindsight?

Z

1. What's wrong with wanting to build a major, apart from a gradual grind up of the dhare price not suiting your time horizon? If he wants to create an empire then good luck to him. Through DGR he birthed SOLG, he pivotted to Ecuador when it became apparent that Solomon Islands was going to be tricky. He, with management at the time, discovered Cascabel and negated a very difficult time as a nanocap explorer in a vicious commodity bear market to go on to define a huge copper porphyry.

Maybe it's time for you to recognise that this is Nick Mather's world and you're just living in it? (Joke) :-p
By the way, Nick has led SOLG for the last 6 years, so he took the job in his late 50s. He's going aggressively and could take another 12 years and be out by 75.

2. Of course he is looking after his shareholding. I don't deny that. But by looking after his own, by extension he is looking after yours and mine. Don't lose sight of that.

3. He has made plenty of hires at board level and below in recent months. We have independent directors. We have the Alpala Project Committee. We have a 750 strong workforce. He has oodles of expertise.

4. You got any evidence for that? Company are saying 2025. How much sooner will a party get it done? You forget that partnerships, particularly those of equal equity can draw a project out whilst all partners agree on plans, costs, etc etc. There advantages to going solo.

I don't think he has been going it alone at any stage. He wants people to think that because that strengthens his position at the boardroom table. He could have sold Alpala off to BHP or NCM 12 months ago for 50-60% of the price he will end up getting for it. When you consider the funds that would be retained to explore the regionals thoroughly, 12 months ago a special dividend would likely have been pretty small, much smaller than it could be post PFS.

Your 6 points are a bit of guff.

1. His plan to finance was met with consternation because a less dilutory offer for me, gou and everyone else existed elsewhere, and this pushed noses out of joint. Diddums.
2. The layout of the resource hasn't changed. It's more likely that the drills collecting the study data ran into a load of mineralisation at Tandayama America and a rethink was needed. It happens and it's one of the nicer problems to have.
3. Not sure what this initial plan was. He was called out on governance and reacted accordingly.
4. Agree with this one. Could and should be better, but we are talking about a junior developing potentially one of the "biggest PM deposits in the world". Your words.
5. CGP were never on board. They want out for reasons we all know.
6. He nearly lost his job because 3 of the largest holders want the asset on the cheap.

Addicknt- only realised once posted and there's no functionslity to do anything on these boards.

Up to speed now.

Right with you Addicknt.

I must admit I'm an infrequent reader these days and a less frequent contributor.

I don't have any issue with the rinse/repeat strategy but the only problem is someone paying what we're happy with.

I've a feeling that there may be some gulf in Management's valuation vs any interested suitors. That's all it is though, a feeling.

So you'd have done a JV 12+ months ago Addicknt?

How would SOLG have funded their share plus the costs for regional financing plus the costs of G&A? The chances are they'd have had to give away 80% of their 85% and been left with 17% of the whole project, potentially with further cash requirements.

In capital markets that were notoriously poor for resource juniors in late 2018 and early 2019 i just can't see how this would be the right strategy. The cupboard would have been bare and we'd have been gambling on the regional projects.

A sale of the company with Alpala just about PEA'd and no other discoveries would have given us what... maybe 50/60p? Criminal for what it looks like we could have.

Rich3r - surely you realise that in numerical terms the vast majority of shareholders voted to re-elect Nick Mather?

Surely you realise that the three main ones that didn't are all heavily motivated not to vote for him?

But instead you want to read the vote literally as questioning of his judgement.

Are you willing to consider that Nick could have raised cheap equity with BHP and NCM, diluting us all pretty steeply, only for them to vote against him anyway?

With all due respect i don't think you're looking at it correctly.

OK addicknt.

Please humour me and tell me what your strategy would have been from the last resource estimate onwards.

He took that additional financing from BHP at 22p 15 months or so ago so they were hardly humiliated or alienated. If they have suggested that then I'd say that's pretty precious and disingenuous.

Surely we can agree that a CEO has the right to use whichever finance options he or she deems most suitable?

Given your background i know you know exactly what game BHP and NCM have been playing for the last 12 months. Schlem touched on it 15 months ago. Their mktivation to pay a fair value dictates their behaviour. Nasty Nick Mather decided to take finance from one of the biggest gold streamers in the world instead of them.

That's business.

Z - I'm not really sure where you're going with this.

There's the makings of a major company here. every project is a different work stream. More thsn workstream gets progressed concurrently as Q says.

It isn't going to be a case of Nick signing off with no woek to be done. There's now a pipeline of projects and both Cascabel and Porvenir are driving the value now.

This carries on until it gets to a stage where somebody says "Thanks Nick, but we'll take it from here." Hopefully you're still invested and when you see your account you realise that Nick wasn't the bad guy after all.

Also, if you know anything about prospecting you'll know these guys never really close shop. They do it until they die in some form. Nick is young in his early 60s compared to some of these guys who continue into their 80s. Don't forget Nick is involved at DGR. He could sell SOLG tomorrow and have enough work for the next 5yrs.

Spot on MF.

Two hoots about who questions his judgement, Rich3r.

He came cap in hand and PIs voted for him in their droves because we all know what the alternative is. Mass cheap dilution and a death by strangling whilst CGP get the real cut.

It's OK though, maybe we should have gone to these big shareholders for Alpala study financing, given them between 100-250m shares each for the £100m we got from Franco.

I can guarantee you'd feel that on your bottom line when the takeover offer eventually does land...