Member Info for Bozi

Stop hanging your hats on a bid that may never come. This is the rest of Redknight and others saying that a bid can come at any time.

Use the information available to you. It's all out there.

BHP are investing in their own operations and absorbing some hefty costs from failed projects. Newmont are dumping assets they don't see a long term future for.

The next 6-12 months is all about what SolGold can achieve. Forget about the rest. We need the AIPA, we need a strong DFS and we need to get to a position where the permits have been applied for.

Get to that point and we're then close to it being game on.

There were a lot of exploration metres drilled though PBow, both at Cascabel and Porvenir.

I think you need to look at the cost per metre drilled. It's something ridiculously low like $3.

*this company

Maybe, PBow.

You are entitled to vote against him, obviously. I steadfastly believe losing him as a NED would be a poor result for PIs at a time when we need an ally in our corner.

I do take the other side of the argument as well of course but ultimately I think it's important we retain some legacy influence who shaped his company from the ground to over £1bn valuation at times.

Absolutely DBW. We need the rerate to begin as soon as possible, or in the new year at the latest.

SOLG needs to steady climb back to 30p+ over 12-18 months before the summer 26 payout, that's if we're to get anything like the top end of the range.

DGR funding runway sorted for 2 years. Was only ever going to be Mather. He is now extremely well committed.

You have to hand it to him. Don't be in any doubt that he has your interests at heart with regards SolGold.

Summer 26 is going to pay large.

I do think we're all reading from the same chapter Add.

Some (RK, 1984,Smickster,etc) might not like the idea that a bid probably won't land next week or next month, but as per the info available to anyone who looks, it isn't unreasonable to think that in 12-18 months

- BHP will be less committed as they'll have Jansen paying off along with their other assets. They'll have less debt and more cash on the balance sheet.

-Newmont will frankly be swimming in it. We cannot write them off.

-Jiangxi will obviously be looked upon to help drive China's strategy for the next decade. What that looks like will depend on any number of things obviously.

Get Scott back in. Vote Nick too if you want extra representation for PIs in bid scenarios. Sit back and let SOLG tick off the milestones for the next 12 months and we should then be pretty ripe. What the SP will be then-who knows?

1984 - where did I say anybody was going to signpost their intentions? I didn't.

But that's the only thread of hopium that you and all the other bulls have to rely on in the face of facts.

Don't make something here because whilst your head might be the size of Durham, I won't stand for your BS.

Good evening Red. I've a few points to make on your research which I hope you'll accept in good faith and then I'll revisit my own thoughts from earlier over the weekend.

Starting with Newmont please refer to page 10 of their Q4 investor presentation for their go forward core portfolio (https://s24.q4cdn.com/382246808/files/doc_presentations/2024/Nov/10/Newmont-Fourth-Quarter-2024-Investor-Presentation.pdf). This doesn't include Cascabel as you'll see, understandably so as they don't operate. However, the damning indictment for us as SolGold shareholders is that there is no single mention of our projects of our company in the whole 43 slide deck. That should hopefully leave you in no doubt as to where Newcrest's miniscule stake fits in the Newmont plan going forwards. North American divestments are next and presumably they will continue to raise hundreds of millions of dollars as they did this week with the sale of Musselwhite to Orla Mining. This is a company with plenty on it's plate for the next 6 months at least.

Moving on to BHP. They made $13.7bn "underlying attributable profit" in FY24 and their dividend policy is to give at least half of this back to shareholders - see page 24,

" Our dividend policy provides for a minimum 50 per cent payout of Underlying attributable profit (Continuing operations) at every reporting period. "

It's difficult to squeeze a commentary on BHP's annual report into a few short sentences but the top level tells much. They continue to operate strongly having cleared their $15bn cashflow target once again but if you read the financials you will note a company that has seen profits recede quite markedly for the second consecutive year as they complete writedowns on certain assets and following material development issues. This appears to have refocused Henry who now appears set on reducing his firm's debt further and paying out funds to shareholders. In addition to the dividend policy above, they are due to spend $10bn on capital projects and exploration spanning their core assets in Chile, South Australia and The Pilbara. Once again, no mention of Ecuador, no significant mention of Cascabel and no mention of SolGold anywhere in a report where companies with market caps of £1m-£3m got a mention, and yet we think BHP spent in the region of £100m on SOLG stock.

The takeaway for BHP is this isn't a company that looks like it's about to spend $3bn on a company it consolidates with other equity investments at the very bottom of its report. At least I've learned that 3 is half of 6 though.

I will add some comments on Jiangxi over the weekend but for now I must point out that your bullish view of events in China has clouded your view. Efforts to stimulate their economy has resulted in them becoming a net exporter of cheap material in recent weeks and this has added pressure to the copper price - https://www.mining.com/web/wave-of-chinese-copper-fills-warehouses-abroad-as-demand-weakens/.

TBC

Red - I posted this afternoon on this forum on the fly, like I do roughly 80% of the time, contributing opinion to the topics of the day.

We don't all have an hour to spend researching at every juncture that we want to make a comment for reasons that I'm sure you can work out.

I will now take your research away and respond with my own shortly.

Red - I really don't know where you have tried to go with all that.

I said NEM have held on to SOLG for now. They have. You then start with a load of conjecture about our "go forward portfolio" for which you have zero proof. If you've spoken to Tom Palmer of someone else at the company that's different.

BHP - are you considering the costs of further exploration in Argentina and the costs of development in Oz on top of their existing invesntory? We know BHP are a monster but to suggest $3bn is chump change to anyone is not befitting of someone with your experience.

Then you say I have no basis for my accurate Jiangxi comments before loading into macro conjecture about China (which I don't necessarily disagree with).

If these parties all want SOLG as much as you say they do, then our £225m valuation 18 months out from a FID is one of the gifts of the decade. Maybe it is. However, I'm taking the less excitable view that it's not and we are not taking stock of the full picture.

The best way forward is just to respect each other's view and hope you're proven right. I can't say fairer.

You keep saying this Beast but what is that based on?

The strategy the company has embarked on means there are a few deliverables due in 12 months.

- AIPA, but geotech results and TSF plans(much sooner)

- DFS

- Permit progress

You'll either be right or wrong in a major way. If we hit snags you'll be right and if everything passes without incident you'll be wrong. Again IMO.

-

Red - just look at the evidence available to you.

Newcrest wavered a couple of times and we're rumoured to be potential sellers of their SOLG position. Newmont held on but it seems that we aren't a core asset for now.

BHP have stuck fingers into other pies, those being Oz Minerals and Filo Mining. That is capital intensive.

Jiangxi are being extremely secretive. It's hard to know what their intentions are but they haven't bought on the open market for some time.

That's why I said they are harder to speak for. I don't know. But I do think they'll be shook from their shares at around 50p.

It's a personal opinion. I might be right, I might be wrong. But I'll continue to voice it and I won't stand for you rubbishing it.

Red - please don't concern yourself with what I'll be doing with my shares.

One thing I won't be doing, and I can confirm that, is coming onto this bulletin board to tell everyone how we are a certainty to get taken out for 80p, or a quid, or 250p even.

The market cannot give the stock away for 7.5p and it is time that some recognised and acknowledged that undeniable fact, and don't quote Noront because the situations aren't anything alike.

It is time for a dose of realism amongst shareholders because there are people on this board (such as Medi and Mettooo in particular), who are hanging hats on this being takeover success at the top end.

We all must realise that there's a huge 12 months ahead for the company. It's important Scott continues steering the ship and it's in the interest of holders to ensure Nick remains as NED if they want their interests served.

I can't speak any more plainly.

Smick - this has nothing to do with humility. I was minding my own business conversing with others when you decided, not for the first time I may add, to attack me for no other reason that I'm not positive enough for you.

Please, study the game you are playing, because with calls like "anything is possible" you are setting yourself up for a rather hard fall.

Nothing wrong with being a realist Smick. Some of the contributors to this board should try it. It will stop the rest of us having to read talk of 250p.

Now, assume BHP make a bid. So c. 2.7bn shares go to vote. Newmont, Jiangxi, CGP, Sangha, Scott, Norges and UBS make up about 31% or 1bn shares give or take. Add in a few more of the insti holders with 0.5-1% each. Only 250m votes max needed from PIs.

That isn't swaying the vote because about 20-25% of PIs would carry it.

Deary me Smickster - you are beyond help.

Orthern - Irwin has accepted the reality of the situation. Fair play to him.

Smickster - it's you with the poor grasp here.

The BoD asked retail for votes a couple of years ago because they knew the state of their relationships with major shareholders. It was only allowed to happen because Twigger was chair and was in Mather's camp.

Come on man. Show an appreciation for the dynamics in play here.

In a takeover bid that were to drop next week the BoD will simply recommend or not. It's then for everyone to vote in line with their own wishes. Whether any party lines are drawn will depend on who bids.

My view of the situation - 25p bid Mather rejects. Other major shareholders harder to speak for.

50p Mather might reject but other major shareholders more likely to accept.

75p virtually everyone apart from you accepts.

Good luck getting your quid. You're going to need it.

Get him told PBow.

Smickster - you'll likely get what your given. We all will because we're all inconsequential.

I only speak for myself with my posts. It's not my fault at least two people said they'd take 25p.

Whilst your point is valid Magoo, I'm sure that's a historic view and not a currently held one. A lot of water has passed since it was made.

But one thing it did do was shine a light on the difference of opinion at BoD level. There's almost certainly a train of thought that some would see 25p and get out of dodge but there are other shareholders who won't entertain it, the main one being Mather.

That's why it's important for those who want to secure a bigger return as is possible re-elect Mather as NED. He will do what he can to ensure management don't sell the company too cheaply.