Member Info for Bozi

How many do you think could beat BHP in a gunfight, Smickster?

In the next 12 weeks they'll probably make $15bn FCF and have replenished the coffers from Oz. Not many can compete with that.

So, yes if BHP pass us up. Otherwise, probably not

Fort - they stitched themselves up over GGP. They had an option over 5% of Havieron based on the value from the PFS and they instead opted to try and squeeze GGP.

Meanwhile Shaun Day was building a BoD and securing a financing that would give GGP independence and cut the reliance that both them and SOLG have had towards strategic investors.

SolGold's medium term share price will be dictated by whether our board, initially the current one and then the enlarged one, can make the same step. If we do then NCMs significance in the story will start to fall away. They'll just be another investor.

But as you quite rightly say, NCM are after the best exit they can get. That's all they've been after since BHP entered the fray. However, that doesn't mean they can't be commandeered. That's something our management will need to keep half an eye on.

As for Blackrock... they're probably-actually they're undoubtedly less influential here than Berry. Their holding will be split between numerous funds and we'll see their stake adjust both ways as those funds trade around.

In a sense I agree that together with CGP we're stronger. That's hard to argue against, but whether it forces BHP into any knee-jerk decision I'm not convinced. It probably means they can stand down from their beds for now, concentrate on getting Oz over the line and integrated with their business and just keep an ear to the ground at Citi's offices to see what progress SOLG are making on the strategic review. There's certainly no pressing need for them to jump into action and they'll know that. SolGold are in one sense to making the purchase easier for them.

*sides.

Anyway, let's see what next week brings. We've had an interesting few days. Hopefully we get some better behaviour from the wider market as BPhil indicates.

There's undoubtedly more to come.

Smickster - at no stage have I said SOLG has no legs. If I thought that I wouldn't be here myself.

I think it's important that everyone knows both signs off the coin. The good and the bad. Would you not agree?

Nobody should be buying shares on false pretences, and if we disregard the challenges and headwinds, then we're not investing effectively.

Can't be many board meetings between now and the end of the year Add?

Unless there's been a pact formed that is...

Haven't appointed myself to represent anyone Smickster.

Just have a read around you. Gauge the sentiment. The views similar to ours are the minority and there's a few reasons for that.

My opinions can be taken or left. Just know that's all it is. Nothing more.

BPhil - interesting post with some good points.

You're spot on about us not being the major players, but at the same time, we're thinking about our individual investments, our exit points, etc. We're not thinking about Mather, Irwin etc although we do acknowledge them as major players and ultimately the controllers of the company's destiny.

On your second point, don't fully agree. The asset is of course important but so is the management. Some investors will look at management performance over the last couple of years and have doubts as to whether they will achieve value. There's little doubt of the quality of the asset, but as I was saying earlier, the barometer now for the management is the deal they deliver for shareholders going forwards. For example, I hope Warren and the CGP crew treat their SOLG shares with the same pride that they did their Cornerstone ones and extract as much as they can from an acquirer as they have from Darryl and the company.

I'm not sure I buy the cabs off the rank policy. I think it was wishful thinking from Darryl. I have reservations about how well a Cascabel sale would work for SOLGs SP... for example, say SOLG have 3bn shares in issue fully diluted after the merge and someone buys Cascabel for $1.5bn, that's about 40p. Factor in any tax take by the Ecuadorian govt and budgets for Porvenir and the regionals and I just don't think it would be the blue touch paper many would expect. Happy to be proven wrong though.

Sorry Jerry - didn't explain myself well there. I'm talking about short-termism in terms of outlook from this point onwards.

You make a great point. Many have been invested here for 5/7/10 years. A long time. Many of the folks invested long ago in their investing careers, and such is the nature of the SolGold beast that we're still sat here waiting for studies to complete and wondering what the future holds.

Certainly not accusing you of being short-termist on your investment.

Smickster - I've got to ask you, what is your problem?

I didn't say everyone was of the older generation. I didn't say everyone was fatigued. I said that was the general position, i.e. there are exceptions.

There's a small and sturdy band of us on here who I think, given the choice, would be happy to see SOLG continue on the path for true value for longer than say, the next 6-12 months. Of the frequent contributors, I'm talking me, you, Mathersfinger, Rcgl2, FTJNY and Quady. Everyone else I'm either not sure or I'm pretty certain they'd be in favour of a quick conclusion. Your Redknight1's, SeanHunter's, SharketMare, Jezzoo, probably Addicknt and potentially a few others like DBW, Bubble, Shipright, etc.

Now I'm not saying everyone who wants out is old or wrong to think like that, but if you've been listening to what people are saying and have been saying over time you will have realised that of the SOLG PI base, there's an aging demographic. Moreso there's fatigue and that comes from what people perceive to be slower than ideal progress.

I'm not trying to offend anyone. I say it how I see it. I don't have any stats but I've spoken to enough shareholders both privately and within a group setting to have a fairly good feel on the make of of our collective.

*shareholders.

So, BPhil, i think it boils down to whether the enlarged SolGold can drive the result we've been waiting for and what shape that takes. £1+ places a chunky premium on the mine for whoever wants to shoulder the construction costs but could we see an auction propel us into that sort of area? Hopefully.

Any work we can do to further enhance Porvenir and maybe make another discovery in the regionals will help us.

BPhil - I'd like to think it is but there needs to be some reading of the room here.

Solgold shsrehilders, the PI base at least, is in general very fatigued. Many wanted a takeover 2,3 years ago. The demographic of PI holders frankly shows many of the older generation and they simply don't want the uncertainty of the company continuing. They'd favour 50p in the next 6 months than £1.50 in 2-3 years from now.

And that isn't a criticism in any way. But it is why the general view is dominated by short termism. That and some less than stellar performance from the company in recent times.

It's something I've discussed with various members of this forum and people I've become better acquainted to through a common interest in Solgold. It's not my way of thinking but it's one I've accepted.

Personally, if we're going to the trouble of joining forces with Cornerstone then we're doing any interested parties a favour in the sense of a substantial cost saving from 1 transaction vs 2. My belief is that we should push on, treasury pending and push an optimised PFS and DFS out there. We should push on with our plans to build the lowest carbon copper mine on the planet from the no1 ranked undeveloped asset (RFC Cambrian 2021). Then we should see what Citi have pulled together in the meantime.

Don't dispute any of that Sean.

Sean, let me tell you for the last time you are completely wrong.

I haven't sold anything. I've been a continuous holder of SolGold shares since 2013.

I just don't subscribe to the whole notion that everything I say about SolGold has to be Uber positive all of the time.

It's no more complicated than that.

Absolutely Addicknt - I'm not saying more money won't be raised. In fact, I'm confident they'll do even better than what our minimum expectations might be.

I'm just saying how I think the market is viewing it. For want of a better analogy, I think yesterday's news was the keyhole surgery yet the market is still consumed with where it makes the incision. As such, I think a resolution on the funding now sees a much more positive reaction that would be expected.

It could be the solution that Lunch Money has flagged from DJ Crisp.

Addicknt - IMO it's because the strategic review is happening from a position of short term weakness and the concerns over cash won't go away.

We're sort of putting the CGP merger on the credit card right now and in these market conditions that will not be well received.

It's completely different from being well cashed up, pushing out a robust PFS and announcing a strategic review immediately. In that situation the reaction would be completely different.

Those who ridiculed me when we opened at 21p yesterday won't be so chipper if there's any wobble early next week.

The immediate white noise is still irrelevant. We know we need cash in the coming weeks but providing that is secured we move forward with a consolidated Cascabel. That will open up the options you're thinking of but the market isn't looking further than the end or it's nose right now, and it's all being exacerbated by PIs trading it ferociously,adding to the volatility.

Addicknt - compared with 24hrs ago? No. Why would I? Unless you're referring to the cuddly loveable Warren Irwin. How fantastic it will be to be cosied up with him, MacDonald and Sangha once again...

At the end of the day, we still have funding unresolved. I won't be comfortable until this is suitably addressed.

The strategic review should be interesting. It may or may not yield something of promise. That's what I'll be judging management on going forwards though - securing the right deals where necessary to progress the enlarged Solgold.

I'm not getting ahead of myself though because we've admitted we'll have to consider all our options. That comes more from a position of weakness as far as I'm concerned and I therefore still have reservations about where it might lead, even with the book still to be even more diverse...;-)

Monte - they can't sell their company for that they want for it, to anyone else other than SOLG.

Fort - why would we merge with Cornerstone to then farm 15% out with Mitsui?

Do you not realise how daft that sounds?

Presumably Zoros that debt will be forgiven.

So CGP shareholders get 15 of our SOLG shares for every one of theirs and no further obligations to pay for any costs accrued to date.

It's a good deal for someone and it ain't SOLG shareholders, who are the ones who have paid for everything every step of the way.

So Sean, after years of bemoaning the devil that is dilution, you are now all of a sudden fine with, because there's the premise that it leads to a sale.

I'd love to see your reaction if no sale materialised. That would be for the comedy channel.