Member Info for Bozi

Just put him in the big green bin.

Undoubtedly Addicknt. It's the flip side of that coin that concerns me.

Lets hope management old and new can prove that SolGold and Cornerstone will be stronger together in 2023.

Addicknt - the fact you see another crew engineer themselves into a position of strength at your own expense shows what an utterly desperate affair this has become for some shareholders.

A real shame.

Lets just hope that whatever should manifest from these events is acceptable to you and others who feel similarly.

But why is Nick behind it DBW? Is it because he burned all his other bridges and had to park his ego to secure an exit?

We all know his view on JVs (which is another reason we won't do one).

As someone said the other week-may have been Orthern - CGP have effectively reversed into SOLG, secured 100% of the project and appointed their own CEO and key officers, without paying a dime. If you're a CGP shareholder, you should be ecstatic at the deal - I'd quite like the rationale of the 0.2% who voted against.

The key thing for me is strategy going forward. I've seen nothing to suggest it's a case of merging in January and selling in February, so I want to know what the expanded SOLG has planned whilst other matters take care of themselves.

Just thinking aloud.

BHP doesn't want to be the first off the mark. They want to join the fray late and they can afford to do so with a production profile from Oz Minerals.

Jiangxi may be more inclined to make a move but they'll be wary of being stalked by BHP.

Nobody else really matters because, as far as we know, nobody is buying open market, something they simply would have to do to attain parity at about 10-12%.

So DBW, who is going to put an acceptable proposal to the SOLG board of directors to effectively start the bidding?

I ask that question seriously because that is the only development which is going to render the strategic review obsolete before it is completed.

I wonder if we might see it the other way. Everyone keeps their cards close to their chest, forcing the company to announce that a strategic review hasn't yielded any proposals the board consider acceptable. The share price halves, is sold off further by PIs and then 3-6 months later we see some action - probably in H2 23.

This is my fear. I hope it doesn't come to pass.

Dry powder my be a necessity here.

Economically it is N2S but i feel that we need a few more resource upgrades and a new life of mine projection to get to true tier 1 status.

If they can get to a 20+ year mine life with a respectable throughput then it will be the next.

But there aren't many Ewoyaas out there, undiscovered or partially discovered.

Statistically Monte it is unlikely that we find another tier 1. It's unlikely that anyone finds a tier 1 anyway.

We have one. We also have Porvenir.

So which horse should investors be backing. A company with two clear examples of a significant discovery or a company with aspirations?

I've got companies of each profile in my portfolio and I can tell you I'm more comfortable about my SOLG capital because the discovery has already been made and is proven.

We don't even need another tier 1. We could go and find another couple of Porvenir type assets and that would add pretty significant value to the company.

Surely as investors we should be looking to capitalise on a position of strength, rather than say chucking the lot to someone else early doors and looking to re-punt our capital on the junior dreamers?

Monte - are you really going there?

All exploration companies talk up their targets. How else do you expect them to secure the investment to pay for the drill contracts? Who would invest in a company where the CEO says,

"Yeah we've got this ground in the middle of nowhere, we've no idea if it's prospective but we're going to drill it anyway. Fancy contributing to the cost?"

SolGold said the geophysics for Aguinaga looked promising, whilst they were delineating 10mt copper, 22m oz gold etc etc next door at Alpala. I think that transformational discovery granted them a pass.

Yes Aguinaga didn't come off and neither did very early works at La Hueca and Rio Amarillo but that's the exploration game we're in. As investors, we should want and expect a company to have as many rolls of the dice as possible, and SOLG certainly aspired to that when taking up the regional portfolio.

Now, IMO, they should be sticking a couple of holes in at Helipuerto, adjacent to Warintza. A duster there is already priced in you could argue and another Porvenir type discovery changes the game again. Another Alpala type discovery and all the earlier multi-pound price targets come back into view. It's a no brainer.

This company shouldn't be criticised for bigging up it's assets and it's methods. We can criticise Mather as much as we like, and he tends to be an easy target, but SolGold have shown they are capable of discovering large assets, so they should be afforded the resources to find more.

Honestly, if Quady ever tells you to filter him, take that advice.

You won't look back, and if you do, you only have yourself to blame...

Fair play Paul. I can certainly see why you averaged up and in other circumstances (a discovery) it would have looked a masterclass.

All I would caution to anyone who wants to stick the boot in, is for them to consider the market for pre discovery junior explorers. There's a large number of companies developing ground, prospecting licences, claims, etc in every corner of the planet and the majority are unlisted companies. For those that are on a market, they tend to be distributed brtween 3 exchanges (London, Aus and Canada) and it really is a fight for slim pickings that is investor capital.

What I'm saying is pre discovery companies work off theories, ramps, effective promotion. The best promoters tend to be preferred by investors as they can be relied on to create market volatility.

I think Ben has tried this in a number of ways with Kanye, Molopo etc but the market just hasn't bitten. The reasons are for that are hard to say.

We've just got to hope now that KAV sets an exciting and effective strategy for 2023. We have a lot of ground out in Botswana and it's time for our promising geophysics leads to pay off.

I have to say I agree with SharketMare in terms of it being the only viable alternative.

A JV would like see the SP lift but it would be sold so aggressively by PIs and some IIs it would literally be a stampede for the exit, so the company would struggle to trade at a level that it would find more beneficial for raising finance to fund the partnership down the line. It doesn't really work.

So it all depends on Bob and Dan. Deliver a knockout proposal for the lot or start moving cabs off the rank, starting with Cascabel.

HNY all.

That's got a lovely ring Orthern :-D

Pauly - do you have any objective views on your entry of 6.2p? I do. That was quite possibly the biggest mistake of all.

It's easy to blame everyone else under the premise of objectivity but get your entry right. Buying when the stock had done virtually 10 bags from the 0.6p lows was not the play.

We have to look at our own performance as investors too.

Add - I can only speak for myself but I'm trying to set my expectations low. That way, if this thing does ignite and the result is something we'll in excess of what can be safely assumed, then it'll be a nice surprise.

I'm just keen to avoid getting optimistic to the upside only to have my trousers pulled down and then have anger for Bob, Warren, Nick, etc etc.

There's no ramping or deramping from me. Just underpromise and overachieve hopefully.

How is it Addicknt?

You have said yourself that the landscape has changed since the merger and strategic review was announced and I agree.

Isn't the whole investment case for SolGold now based around how much someone might be willing to pay and when?

Yes, we know we have $50m from Osisko for Cascabel but we can assume this will be steadily sunk on staff, site visits, maybe a bit of drilling at Tandyama if we're lucky.

But aside from that, we're drifting, floating like Tom Hanks on his raft. Wilson!! WILSON!!!!!

Addicknt - it's not a case of nobody wanting what we have.

It is potentially a matter of nobody wanting to pay what many deem fair for what we have.

There's a big difference. I'm with you insofar as the strategic review and the intentions of Bob, Dan and Co.

But i can't fault anyone feeling resentment right now. We see the SP pinned to this 16p level ans for me, the action in the couple of weeks post Jan 9th will be enlightening. Why? Because ultimately this merger is seen as the common sense action. Stronger together and all that. Well, let's see if the market agrees by the end of Jan23.

Addicknt - I think it's a pretty safe assumption to make given the implied value of SOLGs offer vs their opinion of fair value the last time SOLG approached them. The two valuations were poles apart so that suggests to me a reluctant acceptance of the olive branch in order to pursue the ultimate goal.

But had an offer materialised from a party not connected to ENSA, I do believe they'd have taken that and left SOLG to parlay with the new minority owners.

Cornerstone obviously were well aware as well that SOLG had issued a PFS to time back in May and may have been operationally straightened out by DC thus bringing their own financial commitments to the Cascabel project into view.

It's an interesting one. Don't disagree with your point about the value opportunity of selling a minor stake but think it's possible to see it both ways.

Redknight - just to pick up on your post from earlier raising various questions.

"Why on earth would CGP Directors and major shareholders, previously aggressively at loggerheads with Mather, now have bonded with him...do you really think they would have merged CGP with SOLG to settle for 33/40p...?"

There's two very good reasons for that. One is that they haven't been able to sell their company as a standalone entity. The second is because they can't cash out their chips on the ridiculously illiquid venture exchange over in Canada. So, barring a bit of corporate jiggerypokery with SOLG, they were stuck.

I don't think they're desperate to cash out for 30-40p by the way, but if that were the ballpark of the only serious offer on the table I do think they would take it. We know what their motivations have been from the start and with their SOLG stock tied in at this price level, a quick 100-150% on their takeover premium of 20odd % represents a quick win for them and importantly an exit.

"Why go to all this trouble and cost to settle for a takeout ;price that would be BELOW what the SP was on April 11th? Just nine months ago...the talks between the two parties have been going on at least that long..."

It's all circumstantial, surely? Haven't you been saying yourself that you want out before the markets tank in 2023? As such, we might all be forced to accept something sub-optimal. If we were moving into commodity bull markets then I think we could apply an infinitely more bullish outlook, but unfortunately we appear to be a couple of years away from this and we know it's darkest before the dawn.

"The idea that it might come down to a battle between Jiangxi and BHP doesn't hold water for me. I seriousluy expect that maybe more than a dozen serious contenders may have run a preliminary rule over Solgold...just count the number of players already in Ecuador and none have the total prospect that wehave."

The issue here is that we're no longer the only play in town. Over in Latin America alone we have Solaris Resources, Filo Mining, Regulus Resources and others with similar sorts of assets. Don't get me wrong, we might have the biggest tonnage but the other assets have their redeeming features. Our hand would be strengthened if there were no credible alternatives.

You'd think so Orthern but what happens if all interested parties get round the table and talk about valuations of between £600-800m for the lot (so 30-60% upside post merger)?

There will be a lot of unhappy people in that price range, and so all the wrangling will start again.

I think Maxit will be happy to get this sold as seen for that price range. Folks like DBW put a lot of stock in Bob Sangha- maybe he (DBW) works in the industry and has had positive professional dealings with Bob in the past, but I'm going to be a bit more reserved.

I think with all the will in the world the intention will be to drive a hard bargain the likes of those spoken by Redknight, but it's all theory until we see it in RNS, isnt it...