Member Info for Bozi

Yep Add/SM. Nothing has altered my view that a spinoff wouldn't be beneficial.

It also gives DGR a bonus roll of the dice which has to be appealing to them.

Personally I believe it should be done geographically. I'd leave Cascabel (inc Tandy) and Bianca Nieves under the SolGold banner and then Porv becomes the flagship asset of the NewCo.

I suppose their appetite to do this may be dictated by the direction of geopolitical winds in our regional project areas. Can we get permits to drill and are we going to be able to access sites?

Thanks DBW. Not quite satisfied with a couple of his answers but getting in front of the camera and adding some colour was important.

Mathers - me asking why we can't be genuine isn't me speaking for anyone else. I'm asking a question of you and anyone who shares your views.

Yet another example of where you have completely twisted something quite clear and unambiguous to suit your narrative.

I'm going to bid you good day at this point, but before I do (and this response also applies to PBow), the RNS system alone is not adequate to keep investors and the market informed, not if you're expecting your share price to go up. Not everyone reads the RNS'. They're often fairly formally written news items and other forms of media should be encouraged, be that a podcast or a video recorded interview. Some people like to see management explaining progress in layman's terms.

Mathers - I haven't tried to misrepresent anything. If I'm not understanding your points it's because you're saying one thing while meaning another, i.e. Playing 4D chess.

I'm also speaking solely for myself. Were I speaking for all I'd have said something like,

"I'm sure I speak for many/most/all when I say..."

Anyway, Market reaction suggests the company could do worse than trying to put some meat on the bones of the financing announcement. It's time to share with investors a plan of how the conditions are going to be met that will unlock the development finance. To just keep people holding on with no operational strategy won't be acceptable.

I'm really not Mathers. Just have a read of your own post.

Someone who claims to offer strong advice but says in the same breath "believe nobody, even me..." you can't make it up.

Why can't we all just be genuine and sincere without trying to play 4D chess?

Jezzoo - the point wasn't whether they were on to anything or not.

It was a call to either consider all opinions and answer them with debate (surely you can agree to this?) or to disregard them and move on.

The choice lies with the individual.

So Mathers, your strategy amounts to "follow the money" - a bit simplistic but if it works for you then fair play.

This is a bulletin board. It's for members to share their opinions. People are asking why the share price hasn't improved further and others are giving their opinion on this topic.

If you can't handle the opinion of anyone who isn't Uber positive, just do what you are championing and "block out the noise". Quady has been an active poster on this board for years and still folks are moaning about his opinion, mannerisms, etc. That is truly boring.

I would also kindly suggest that you do some more reading around royalty companies. They secure themselves very favourable deals for lending large amounts of capital and they thrive by making typically lower risk bets than they have made on SolGold.

This may well end how most are anticipating and want it to end, but the journey is important because it's what we all spend our time discussing. The option to buy back the various royalties is important in this context but it's only part of the dynamic.

Fingers crossed we all get a good result but this notion that everything is rosy and anyone who says otherwise is a doommonger is pretty disingenuous and it's that sort of behaviour people should be wary of.

Because the funding secures the longer term future of the company.

Once that is sorted then investor's focus turns to short-term catalysts. Weakness is simply the market's view on those prospects.

The podcast put up this morning also touched quite succinctly on the link between corporate action and royalty financing, something I've mentioned on this board many times. It's expensive finance albeit a necessity for SolGold given the unwillingness to give BHP and NEM large equity (this diluting other major legacy shareholders) and also the inability to have the pre-emption rights disapplied at AGM.

That is the company specific reason why such a valuation discount applies and will continue to apply unless something pretty drastic happens.

As for Gina muscling in, I very much doubt it. Almost as ridiculous as the comment about Mather letting BHP onto the register. It was actually Scott Caldwell that facilitated that and if we're being honest, the £45m at 45p was probably the best financing done in SolGold's history on a value for money (for other shareholders) basis.

That's true ShearClass but it's not the only argument.

SolGold the company is only looked at with a corporate lens (it has been that way for years). It's what this deal means on that front which is of concern.

How is it game changing Red?

The company is saved and we'll now be drip fed funds from today.

But there's now a hell of a lot to do assuming no white knight rides in. We need to box off the permits and all the other outstanding deliverables, we need the world to still be turning when we come to make a final investment decision and then if we get to that stage with no hiccups then we need to morph into a company capable of building a zero carbon mine.

Gulp. Good luck to us all.

By giving them a pretty sweet deal Add.

Franco and Osisko know they now have the keys to the High grade core at Cascabel or they get paid out very early. Win win for them.

It's everyone else where it becomes a harder sell.

Add - do you mean the story that we're a funded but unpermitted developer with no significant exploration efforts of note?

Whoever is tasked with selling that is going to need the gift of the gab and some. Good luck Scott!

That's pure conjecture Add.

Some would argue they have reconsidered their broader strategy if you believe the press. Time will tell.

I don't dispute that Add. I remain a supporter and agree that this was probably as good as we could have hoped for.

The reality is that there are no seriously interested buyers. If there were, we wouldn't have done this financing.

If I was one I think I'd be thinking what BHP and Co evidently do. Let SolGold tackle Ecuador and all those spinning plates. We'll pay as little as we can later on if they manage to pull it off. It doesn't change their mo or their strategy.

Has he Add? I'm not sure how you can make that statement without an offer to base it from.

20% of gold recovered during phase 1 of production is spoken for on top of the existing royalty financings and still another large financing needed in the future.

What this financing does is it gives SolGold liquidity for the long term. No cash concerns here now for a long time. That is to be applauded. However, it has come at a cost.

If it means we see 40p instead of 20 eventually then I suppose that is a victory of sorts.

Would never say that MacauMike but it's less of an option here now IMO.

You have to wonder why the recent news has come out about BHP and Lundin making a play for FILO.

For me, that shows a company courting a sale vs one that isn't in SolGold.

All we have for 15 months of strategic review is the same supporters in Franco and Osisko chucking more money at us.

BHP, Newmont etc will just keep their stakes as investments. God forbid they start selling in the market at any point as that will quash any rise.

At this point I'd like to ask Jiangxi what is their frigging point?

Not a chance Metoooo.

Management have well and truly pinned the company to the royalty companies now.

They'll try and spin this as good news, and it is in the sense that it saves the company, but everyone can now forget a takeover.

Quady was right. This goes to production. Everyone told him that SolGold would never raise the finance but here is c.40% of it.

I don't like it personally but it was a necessary evil.

Affrm - you recall incorrectly.

BHP initially tried in October 2016 at much less than 44p.

They subsequently bought the Guyana Gold stake for 26p brokered by a certain Mr Caldwell and later were allowed to fund a private placement of £45m at 45p.

What is undeniable however is that it's time for the company to take the wrapping off whatever arrangements it has been making. The debt facility expires on Friday (still unclear as to whether it has been drawn from). Companies around us are making noises about M&A and we have all been extremely patient as regards the strategic review.

It's time.

Anon3- "There will be loads of profit to be had if you get in and out, purely because of the typical trials and tribulations of mining... "

You might want to be careful there Anon. The price has only popped above 10p (c.+15%)for longer than one trading session once in the last 6 months. That hardly screams prime trading conditions.

As for 16-18p (+100%), we haven't got close in the twelve months since we dropped through that level.

With fairly limited catalysts upcoming once the finance has been announced, it's not difficult to see this drift further.

10 days until the loan facility matures.

You'd think the direction of the company, in the short term at least, will be disclosed in that time.

I get the weariness. We're all feeling it. If you go back over old conversations you'll see talk of investors being conditioned was being spoken about 2-3-4 years ago now.

It's probably time to face up to the reality that we may never escape misery. At least the misery or rather the escape from it is relative.

Prepare to be underwhelmed if anything. Much harder to go wrong from there.