Member Info for Bozi

This is how people used to getting their own way behave when that doesn't happen RK.

Biswas knows he has no interest bidding for the lot. It would stretch Newcrest at a time where they have replenished their inventory and are just working their way through the current gold price environment.

A matter of weeks before they cash their chips. To who and at what level will be the questions...

And just like that, your differences have been settled. Serves me right for not reading to the top of the page...

Take no notice Addicknt. All we've seen from Fortissimo in recent days is unneccessary wlly-waving, all because SOLG did his royalty deal.

It doesn't detract from the fact that much of his eulogy is yet to transpire and he still can't cope with anyone who isn't super bullish on every facet of the company.

He's grifting hard for NostraDrake status but he's not there just yet.

Addicknt -what about if the company knows which path it wants to head down but none of the proposals from interested parties meet with the satisfaction of enough of our major shareholders?

This isn't out of the question in my view amd the ramifications for the share price in such an event could be pretty unsavoury to witness.

RK - I'm talking about actual asset values rather than those capitalised on the balance sheet. I can't speak for Noront but clearly only a fraction of the value of the project was being recognised.

So you take a starting valuation, be that a NPV for Cascabel or EBITDA multiple, discount it to account for the level of remaining risk and then subtract the outstanding debt at asset level being the two royalty deals.

Same exercise for Porvenir and a sum of the parts for CGPs other assets.

From there you can build out to a value for the corporation.

But I'm sure you know this.

RK - Tesla was arguably the biggest bubble outside of crypto in the last couple of decades. Not remotely comparable with SolGold in any way. I certainly can't offer a rationale for how the market was valuing them but unfortunately I'm quite sure little old SolGold isn't going to be subject to anything like the same run, even with a positive strategic review outcome.

As Addicknt has pointed out these deals do come at a price albeit in a different form to equity dilution. As shareholders we will ultimately have to pay. It just seems certain posters aren't willing to acknowledge that.

Add - take your point. It did become a necessary evil unfortunately given the hole the company dug itself during the summer. I don't think I saw your posts on enterprise value but I likely would have agreed with them

Boliden, Fort?

They've been on a site visit and that's it. How can you use them to endorse the SolGold investment case?

Similar with Mitsui.

You've been pushing these names for weeks but neither have yet made an investment into the company.

You also fail to appreciate that this latest royalty deal isn't with FNV, Wheaton, Boliden or any of the other major royalty companies. It's with Osisko, decent enough in their own right but very much tier 2. A deal no doubt brokered by CGP and Maxit Capital, probably stepping into the breach to avoid their new investments in SolGold going down the swannee.

Oh, and you can bet your bottom dollar that somewhere in the region of $75-100m will be wiped off any proposed offer. That's how it works Fort, all debts are subtracted from asset values when it comes to determining a company's worth, which is so you can be sure we'll pay for it one way or another.

What are you waffling on about now Fort?

Nobody has ever doubted the asset.

Essence of the story folks - don't harbour any reservations about how your investment is progressing as Fortissimo will label you a bed wetter.

Laughable.

Fort- I said it was a possibility in light of the assumption that further streams were off the table. What was I supposed to think? It was only you who bandied around your "£100m for 1%" deals like SOLG were going to take one off everyone.

I said my outlook would change when funding has been been sorted, and with the last 2 key announcements (today and the merger) it has.

The difference between me and you is I'm capable of seeing headwinds for what they are. You just want to be obnoxious and obtuse towards anyone who isn't banging the uber bullish drum 24/7.

Sean - unlike yourself, from what I can tell, my primary focus is not to extrsct the largest profit in the quickest timeframe. I'm not a trader.

There are a couple of different options, but a sale is the one that really appeals to you. That's fine. All I'm saying is that you should be wary of calling for it now.

Let management get the updated reports out, maybe put together a targeted regional campaign for 2023 and gradually build the competitive tension back up.

Because one thing is for sure, pushing for this sold in Q1 23 is going to lead to a sub optimal resolution for us all.

I'm sure you're now getting the point Fortissimo.

I called for initial funding earlier than we got it and I advised caution over another royalty deal in light of Darryl's comments.

A lot has obviously changed in SOLG towers in recent weeks and the merger has probably been the catalyst for much of it.

It is still important we start 2023 with a renewed energy and higher standard of management. We cannot afford another 2022 given the lie of the land.

That is my opinion, as negative as you wish to call it.

Fort - yes it sort of does.

On one hand you've got Irwin imploring SOLG management on. You've got PIs like SeanHunter and others baying for a sale at the soonest possible moment.

So yes, yes it does matter. We're running out of time.

Patience isn't an issue for me. If I had my way we'd publish the PFS addendum and the PEA for Porvenir. We'd take the drill bit over to Helipuerto with a few quid left over from the CGP placing, and we wouldn't entertain any strategic moves for 6-12 months, minimum.

But we don't seem to be. The share price is sub 20p and SOLG investors are crying "sale, sale, sell it now". It would be an awful result given when we expect the demand in copper to truly materialise.

I'm not saying SOLG should raise £3bn and go it alone, I just think the next 12 months is the time to hold em and not fold em. We'll see on that score.

DBW - I was looking for a better way to get that feeling across and failed miserably. I agree with you in terms of where everything is pointing.

I'm just a bit miffed that after now ridding ourselves of the monkey that was on our backs (as Twigger alluded), we're still being heavily discounted.

We need to get back to that 30p+ level that a few have spoken about and start looking for targets from there.

One thing is for sure, not many have BHP, NCM, Franco and Osisko on their books. What else will it take before something gives?

DBW - you seem keen to parade the "this is being sold" as some sort of trophy, while seemingly. Missing the fact that the share price can't even bear and hold 20p even on the back of today's pressure-easing news.

Warren can say as much as he likes but it's worth remembering that he and CGP holders have received one premium. It makes less difference to them what the SolGold one ultimately is.

I'll only be pleased about direction of travel when we're actually in a position of strength. As it is, we've seen the markets lift quite considerably and the company secure 6-9months finance yet the market still doesn't trust the story we all do.

Quady - I was purely referencing vs the initial terms and not the adjusted terms following the scaled back PFS.

Besides, we're shortly about to announce a PFS addendum which will readjust the Franco terms.

Yes Snowman.

If we could buy it all back then there would be little to gain for Osisko.

Yes Fortissimo, I got it wrong, but I'd only based my opinion on what the CEO had said in public.

You're rather fortunate he has decided to row back and secure this deal with Osisko, which is on slightly worse terms than the earlier deal with Franco,whixh was something I was absolutely right on.

Swings and roundabouts.

I now expect SOLG to pay 20% of the merger consideration in cash from the CGP money.

LL - there's a good reason that AIM is known by many as the casino.

Players are more occupied with chasing volume and volatility in an attempt to take each other's money. There's a lot less desire in making an investment that is then supported throughout its life cycle.

There's still one or two of the early IRR investors around, those who backed the company in Gabon and Australia - before we even got involved in the Ghanaian licences. They represent a minority though.

As for the aussies, they like to punt a stock just like the best of us but the difference is, as you say, that they can also recognise a long term investment too.

Coxonopolos - why do you only exercise your right to free speech on KAV?

Is this the only stock you trade?

I'm keen to understand why you feel there's so much BS here but nowhere else?

If KCB proves prospective for a copper silver deposit I think we'll be able to categorically say that KAV shareholders were unfortunate that these were the last licences to be drilled.

But as things are, I struggle to see why KAV are any different from a wildcat junior oil explorer. They raise funds and drill a well and we know what is transformative. It's no different here except we're looking for base, precious and rare earth metals.

StanAccy for example, has been irate about Ben Turney since the Molopo Farms deal didn't get over the line. I'm not convinced that was Ben's fault personally. At least take exception to things he can control.

Well another week passes. Some volatility in the markets as the Fed hike rates and the BoE reciprocates. Metal prices jumping about to find a new spot.

Meanwhile, SOLG remains tight lipped.

I feel next week has to see an update from the business. We need to know,

1. Where we are with our financing strategy for our runway into 2023 and,
2. How we intend to pay CGP stockholders (which is determined by point 1).

An operational update wouldn't go amiss either. How do the updated Cascabel PFS and the Porvenir PEA feed into the strategic review process and are these work streams still on schedule? It seems logical to me that these reports are released sooner rather than later so that they are in the public domain and the updated basis for valuing the assets and therefore the company.

Any updates on the Helipuerto geophysics would be welcome as well. Personally I think there should be a budget in the upcoming financing for drilling a couple of holes in that target. A confirmation of the hypothesis leaves us with more to gain potentially than 2 dud holes costs because we all know the current valuation provided more upside than down.

AGM drawing ever closer too. We'll need to see some resolutions over the coming fortnight or so.

Lots going on. Crunch time is creeping closer. The market will want to see positive options emerging from the strategic review so the onus is on management to find a solution that broadly works for the enlarged Solgold.