Member Info for Bozi

Medi - I have to be careful of what I say because I'll get other posters jump down my throat.

It's not worth thinking about not progressing at this point. We need to see how the company gets on over the next 3-6 months with the current workstreams.

This discussion started because someone was pushing the notion of 250p. That makes me warm inside like it does the rest of us but you've got to consider on what planet someone is going to pay 10x what they may be able to pay if things didn't go to plan early next year. 2-3x(50-75p) quite possibly, but notions of anything more are extremely fanciful. That's all.

Did I not say that Smickster?

Not sure why you're singling me out again for a personal attack. Instead, why don't you address what I've said with a credible argument?

Red - right now, no. That's why we haven't had a bid put to shareholders.

If, hypothetically speaking, SOLG failed at derisking the project sufficiently and couldn't secure the next tranches of Franco/Osisko cash and the market wasn't interested in new equity north of 5p, I think that situation would change.

Your outlook continues to only consider the most bullish outcome and that is fairly dangerous in the future high risk junior exploration stocks. I could temper your comments by saying that BHP bought plenty of shares at 26p and 22p, but we've had these conversations already. The same applies to the Newmont holding accumulated by Newcrest.

The likelihood remains that SOLG need to push Cascabel on to permitting, through DFS and on towards FID. If we can get there by summer 26, then I'll gladly acknowledge that 25p becomes 50-75p.

But there's a lot of water to pass between now and then.

Despite the undeniable fact that a 200% gain today is quite appealing, a willingness to accept 25p (£750m) shows the investor fatigue that has set in here.

I believe the picture will shift if management can break the back of the derisking project into H1 25. Material progress should go hand in hand with some SP appreciation and that will pep most people up.

I think the SOLG story has been an eye-opener in almost every sense.

Paul - this is mineral exploration. You need excitable people, dreamers if you want to call them that, at this stage of the journey.

You need the people who can tell the story of the geology and make a compelling case for exploration drilling. After all these are capital intense activities and most companies don't have operations to generate revenue (even KAVs are small scale).

If KAV dropped Botswana and became Zim focused I would agree with you a bit more.

You'll see a flying pig before we see 250p.

25p is more like it.

Precisely Red. If you assume the discovery was 2013 and the mine is in production for 2030, that's 17 years.

We're exactly where we're supposed to be.

"Hurry up and raise $2bn while not diluting yourselves to oblivion and then quickly get permitted and build a mine that isn't going to cause environmental catastrophe for the people of Northern Ecuador."

Yes David, it's a cakewalk. The company should achieve it all in 12 months eh?

The majors acknowledge that is takes 15-20 years to get these tier 1 deposits from maiden discovery to commercial production. Two decades.

It's a journey with many bumps in the road. SOLG have found themselves veering off the road at times but with the merger they got back on the horse and took a pause to see if anyone wanted to buy it now. They didn't so on we go. They are doing what you ask for.

Medi - they'd have to wait until we become distressed.

It almost happened a few weeks ago but management averted that trouble with the bridging loan and then the syndicate gold financing.

The next opportunity to back is into a corner probably arises when we're waiting for permits. I'll leave you to think about that a bit more.

Metoooo take no notice.

In the UK markets, if shareholders are acting as a concert party they have to make it abundantly clear to the company and the company has to publish that fact to the market.

There's one "shareholder" that is only interested in stringing others along with pathetic theories. History will not remember their behaviour and analysis kindly.

Looking forward to them getting re-elected at AGM and them not going near a call that you've dialled into BBG.

You'll have to get someone else to be your proxy. Not sure there would be anyone stupid enough.

Why aren't they banging the drum vociferously down here though RK?

Rick is regularly asked for his best copper stocks. We rarely enter the conversation (I didn't hear the reference Add mentions).

Nothing recent though Add?

I watch a lot of Rule's stuff because I find him easy to listen to and it has struck me how he and others out there on the other side of the pond are quiet on SOLG.

A couple of years ago he might have passed comment but I'm not sure it would have been hugely positive.

RK - listen to Rick's commentary. He loves to talk his book and he never ever mentions SOLG. He talks other companies with assets levels below Cascabel - Hot Chilli and Marimaca Copper for example.

I'm not prickly at all. I'm just aware and slightly concerned about our current position at SOLG. I'm passing opinions based on the facts we know rather than what we think might happen.

I'm sorry RK but that's wild conjecture at this stage.

I haven't sold a bean RK. It's not my modus operandi as I have explained many times before.

Respectfully, we do know it is yours though.

RK - That isn't Sprott. That is his ETFs.

Rick Rule is not Sprott. They have close connections having worked together but are two separate entities.

Caldwell sold the Guyana Goldfields stake to BHP back in the day.

Because nobody wants to sell and nobody wants to buy.

Even if SOLG could sell the block for 20p p/s, it would uplift the stock to 15-18p and you'd hsve a few PIs trading out relatively piddly volumes.

It wouldn't create the liquidity you think.

It isn't RK. It isn't irrelevant at all.

Who do you suppose is going to pay up for a block at a premium when they're not buying on the open market? Jiangxi have stayed at their meaningless 6% and neither of the big 2 have sought to make a play.

Lets be honest here and call a spade a spade. Someone could buy steadily, say 800k shares a day/4m a week. They can do this in a way that doesn't chase the price up, i.e. they take out any overhang and then they absorb traders sells between say 8-15p. There's nothing to stop them buying in this fashion for 6 months and adding another 3-5% of the company to their stake.

Sprott doesn't hold any stock directly I don't think. Middelkoop positions his fund at 1% so will have sold over the years when in profit. Irwin has sold. Caldwell has sold. Other prominent Canadians don't hold and instead are buying much inferior assets, Rick Rule being a case in point.

RK1 - whilst much of that is logical, it's largely unsubstantiated I'm afraid.

Interested market participants need to play the game and start buying the stock. Yes the price will go up and that will flush out sellers and increase their own liquidity. By not doing so, they're not facilitating a market and as you say, low volumes mean exhausted sellers.

Until they do that they can't be considered buyers. They're either pretenders or they are parties who weren't sold by the SolGold story.

As for the SOLG Canada stake kicking off a bidding war, the thought is novel but I can't see it. It doesn't change the rest of the fundamentals and it doesn't alter company's risk profile meaningfully.

It's more likely that SOLG know they can't command a great premium for the shares, such is the lack of demand for the stock on the open market at 8p. That might not change this side of Christmas, but I think it will in 2025.