Member Info for Dreamboatwarrior

yep plenty of flaws i believe it was simply created to induce some constructive discussion here rather than the usual **** waving …. added to that , given what we’ve seen over at dgr it’s probably best to watch our backs.

Alternative view …..

1. Long-Term Strategic De-Risking

- Cascabel is a Tier 1 resource, but complex and capital intensive.

- SolGold has secured a finalised AIPA agreement with the Ecuadorian government, de-risking the

project's fiscal and legal framework.

- The board is progressing toward a near-term production model (open-pit) to generate early cash

flow.

- Rather than rushing a sale, they may be establishing a stronger base case to support future M&A

from a position of strength.

2. Management Options Align Incentives

- Recent option grants (6.578p and 7.0p) are based on current market price, not speculative upside.

- These grants incentivise management to focus on value creation over time.

- The options only yield significant value if the stock price increases materiallymeaning alignment

with shareholders, not exploitation.

3. The Jiangxi Transaction Was Strategic, Not Predatory

- Jiangxi Copper's acquisition of SolGold Canada shares (converted to voting) might have:

- Brought in essential capital at a premium,

- Strengthened a strategic relationship with a credible, long-term development partner,

- Prevented the need for a dilutive placing or discounted rights issue.

4. Depressed Share Price Is Sector-Wide, Not Manipulated

- Mining juniors globally are suffering due to macro factors:

- Risk-off investor sentiment,

- Political concerns in Latin America,

- Rising capex costs and ESG scrutiny.

- The board cannot control the market only deliver the project to the highest standard, which it is

doing.

5. No Rushed Takeover Suggests Value Protection

- The board has not sold out to Jiangxi or any other bidder.

- No strategic review has been launched, possibly because they believe:

- The company is worth far more than current offers would reflect,

- Long-term upside can be better monetised by completing feasibility and early-stage development.

Conclusion:

While shareholder concerns are valid, the board may be pursuing a longer-term value strategy

based on operational discipline, strategic partnerships, and internal resource development. This

does not excuse a lack of communication, but it may explain the board's approach.

Prepared for balance, transparency, and constructive debate

Cont …..

6. Network of Former Guyana Goldfields Insiders

- Dan Vujcic, Scott Caldwell, Chris Stackhouse, and Sean Tufford all have past ties to Guyana

Goldfields.

- That company was also sold under market pressure to a Chinese buyer, after insider-aligned

restructuring and deeply discounted options.

- Bob Sangha (Maxit Capital) was also active in that transaction and Maxit is now a known advisor

to SolGold.

- These same players have now reassembled around SolGold with near-identical structural

manoeuvres unfolding.

7. Change of Control Mechanisms Reinforce Insider Payoffs

- Gold stream deals with Franco-Nevada/Osisko include change-of-control triggers.

- Option grants to management include full acceleration clauses.

- Taken together, this creates a scenario where insiders profit most if a lowball offer is accepted

soon, even though long-term shareholders remain ~90% underwater.

What This Suggests:

- SolGold is not operating as a public company seeking to maximise value.

- Instead, the current board and executive team appear to be facilitating:

- A strategic transfer of control to Jiangxi Copper,

- Market suppression via intermediaries,

- Dilution of public shareholder power,

- Insider enrichment via cheap equity and cashless option value.

Recommended Shareholder Action:

1. Demand the Board launch an immediate formal Strategic Alternatives Review.

2. Pressure the company to disclose all related-party arrangements, advisor fees, and share sales.

3. Call for the reversal or suspension of recent option grants pending regulatory review.

4. Notify the FCA and OSC of suspected market manipulation and fiduciary breaches.

5. Coordinate with institutions and retail groups to requisition an Extraordinary General Meeting

(EGM) if needed.

Cont ….

6. Network of Former Guyana Goldfields Insiders

- Dan Vujcic, Scott Caldwell, Chris Stackhouse, and Sean Tufford all have past ties to Guyana

Goldfields.

- That company was also sold under market pressure to a Chinese buyer, after insider-aligned

restructuring and deeply discounted options.

- Bob Sangha (Maxit Capital) was also active in that transaction and Maxit is now a known advisor

to SolGold.

- These same players have now reassembled around SolGold with near-identical structural

manoeuvres unfolding.

7. Change of Control Mechanisms Reinforce Insider Payoffs

- Gold stream deals with Franco-Nevada/Osisko include change-of-control triggers.

- Option grants to management include full acceleration clauses.

- Taken together, this creates a scenario where insiders profit most if a lowball offer is accepted

soon, even though long-term shareholders remain ~90% underwater.

What This Suggests:

- SolGold is not operating as a public company seeking to maximise value.

- Instead, the current board and executive team appear to be facilitating:

- A strategic transfer of control to Jiangxi Copper,

- Market suppression via intermediaries,

- Dilution of public shareholder power,

- Insider enrichment via cheap equity and cashless option value.

Recommended Shareholder Action:

1. Demand the Board launch an immediate formal Strategic Alternatives Review.

2. Pressure the company to disclose all related-party arrangements, advisor fees, and share sales.

3. Call for the reversal or suspension of recent option grants pending regulatory review.

4. Notify the FCA and OSC of suspected market manipulation and fiduciary breaches.

5. Coordinate with institutions and retail groups to requisition an Extraordinary General Meeting

(EGM) if needed.

Executive Summary:

SolGold plc controls the Cascabel copper-gold project in Ecuador, one of the most promising

undeveloped assets globally. Despite a Net Asset Value (NAV) estimated at ~106p per share, the

company trades around 7p. A pattern of actions over the past 12 months strongly suggests an

orchestrated transfer of control from public shareholders to strategic insiders, particularly Jiangxi

Copper, aided by the companys own leadership. These actions raise serious concerns regarding

fiduciary breaches, undisclosed related-party conduct, and potential market manipulation.

Key Observations:

1. Suppressed Share Price Despite Material Positives

- SolGolds AIPA with Ecuador was finalised in April 2025, giving regulatory and fiscal certainty to

Cascabel.

- This milestone also unlocked the second tranche of gold stream financing from

Franco-Nevada/Osisko.

- Commodity prices (gold, silver, copper) have rallied throughout Q1 2025.

- Yet the share price remains suppressed at ~7p, down over 90% from its historic highs, suggesting

artificial downward pressure.

2. Suspicious Short Position Activity

- A large short position emerged in SolGold shares via a Hong Kong-based investment fund in early

2025.

- This position preceded major good news and coincided with new option grants to executives.

- The short appears to have coincided with strategic positioning for a low-cost control acquisition.

- Market speculation links the short to parties aligned with SolGold insiders or Jiangxi Copper,

raising the possibility of coordinated suppression.

3. Low-Strike Executive Option Awards

- On 15 April 2025, CEO Dan Vujcic and CFO Chris Stackhouse were awarded 15M and 5M

options, respectively.

- Exercise prices: 6.578p and 7.0p, which are near all-time lows.

- Options vest over 3 years but accelerate on any change of control giving insiders a windfall even if

a takeover happens at a fraction of NAV.

- This timing suggests a deliberate setup to transfer future upside to insiders.

4. Strategic Sale of SolGold Canada Shares to Jiangxi Copper

- Jiangxi Copper acquired SolGold Canada shares that previously carried no voting rights.

- After the sale, these shares were converted into voting shares increasing Jiangxis influence

without triggering a shareholder vote or takeover code threshold.

- There was no tender, no fairness opinion, and no opportunity for existing shareholders to match

the offer or bid competitively.

5. Lack of Strategic Review or Transparency

- Despite shareholder unrest and visible undervaluation, no formal strategic review process has

been launched.

- No clear public process to invite JV partners, asset bidders, or full acquirers instead, insider

pathways are being entrenched.

- This is despite recent precedent transactions in the sector attracting premium valuations (e.g.,

Nevsun, Pretium, Great Bear Resources).

Wanted it to go the other way but the weight difference told

Hi Jezz

Really interesting presentation. I have never thought we would take this to production and I still don’t. Of course we have to continue down that path until we are sold as we can add plenty of value along the way.

Ironically the largest returns would come from going to production but I simply cannot see that ever happening which is borne out by the fact that our new CEO and chairman are far more versed in M&A than mining.

Explore co stuff very interesting too.

Please ignore Q he is a very bitter individual without a nice word to say about anyone

ATB

True Med

The “strategic review “ was not Dan’s baby and very little apparently to show for it , let’s hope he is a little more proactive and we finally see some tangible progress

Ha thanks Mathers just ignore it.

He never has a nice word to say about anyone …. Hopefully some kind of structured programme with clear timelines soon so we can get a better handle on what to expect.

I guess just keep moving forward and adding value/de risking until someone moves.

It’ll come

SolGold will begin a program in May to accelerate early production at the Cascabel mine.

The government signed an exploitation contract for the project with the concessionaire in 2024.

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Mining in Ecuador: Construction of six projects with an investment of $10 billion will begin over the next four years.

SolGold will build a 240 MW hydroelectric plant for the Cascabel mine.

The Cascabel mine could produce gold and copper for up to 100 years.

SolGold, an Australian-based mining company, is preparing to begin a program to accelerate early production at the Cascabel mine, located in the Lita parish of Imbabura province. The company, which is the concessionaire for the project, plans to begin operations in May, as part of a reconversion strategy.

In a statement, the mining company reported that it is “investigating options for early open-pit production and sub-level caving opportunities in and around Cascabel.”

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It contains a copper-gold porphyry deposit that “promises to rank among the top 20 globally,” the company notes on its website.

The company identified the Tandayama deposit as having significant potential to “significantly reduce project risk in the coming years prior to production at the Alpala deposit.” Additionally, the potential of nearby properties around Alpala will be evaluated.

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To achieve early production at the Cascabel project starting next May, a 5,400-meter drilling program will be carried out at Tandayama, comprising eleven priority holes and up to fifteen total holes, with a budget valued at $3.25 million.

The program is expected to last three months, with assay results available one month later, the concessionaire announced.

"The Tandayama drilling plan is part of SolGold's intention to enhance the Cascabel development plan. The ability to bring forward production greatly improves the bankability and, therefore, the value of the project, especially in the new metal price environment," emphasized Dan Vujcic, CEO of SolGold, according to the company's statement.

Vujcic also noted that they are working with G Mining Services to develop offset studies to accelerate the mining project.

In June 2024, the Ministry of Energy and Mines signed a contract with SolGold for the exploitation of Cascabel, which will represent an estimated investment of more than $4.2 billion over the mine's 28-year lifespan.

Fort as “technically” two separate entities it’s not beyond the realms of possibility that they can trade between each other to keep the lid on ?

Fort I think you’ll find several people have been on it for a while

Exactly RR

As the first step in the plan, the company has decided to conduct a 5,400-meter drilling program in 11 priority holes and a total of 15 holes, budgeted at US$3.25 million, in the Tandayama resource area.

The company reported that the program would begin in early May, utilizing three drill rigs to establish resources in the measured and indicated categories, define the limits of near-surface mineralization, and conduct open-pit testing at or near surface, for accelerated exploitation. The program is expected to last approximately three months, with assay results available one month later.

The program will consist of:

(A) Installing two rigs for six priority holes in Pit 1 South;

(B) Placing one rig in Pit 2, to the north, to drill four priority holes and evaluate the mineralization, which is open to the north, west, and northwest. Subsequently, six more drill holes will be drilled to complete Pit 2; and

(C) Two drill holes are planned in the zone between Pits 1 and 2, where it is speculated that the mineralized zone could be joined between Pits 1 and 2.

SolGold CEO Dan Vujcic commented: "The Tandayama drill plan is part of SolGold's intention to enhance the Cascabel development plan. The ability to bring forward production significantly improves the financial viability and therefore the value of the project, especially in the new metal price environment."

SolGold is working closely with study manager G Mining Services on various offset studies to potentially accelerate the Cascabel project, he explained. These studies are particularly relevant in the areas of tailings and waste rock management, energy supply, underground access improvements, mining and milling efficiencies, and metallurgical recovery.

Thanks PBow

Another Via Minera

https://www.viaminera.com/recientes.html/#Cascabel:%20SolGold%20anuncia%20pruebas%20de

SolGold announced that it will focus on an early open-pit production testing strategy to begin mining at Cascabel. Prior to the completion of the final feasibility study, the company will allocate $3.5 million for 5,400 meters of drilling at the Tandayama target, an important prospect for the project after the main one, Alpala.

Mining Investment: Noboa and His Challenge in the Constituent Assembly

The reelection of President Daniel Noboa has generated optimism among miners due to the commitments made to bring mining investment projects to fruition. "Mining is an engine of national development," the president stated.

In a context of a triple economic, security, and energy crisis, he will begin his new term on May 24 with a clear goal: to make the business environment more attractive for foreign investment. A mechanism for protection and conflict resolution between the State and private sectors fits into his proposal to convene a constituent assembly soon

Indeed Rod …. Spot on

His hypocrisy knows no bounds ….. last of the Wohecans ?

mmeeeeetoo

scott’s options are worth pretty much **** all unless we get >25p

Ha Pbow it might if you buy a ticket and we’ve all done that here …… barring a couple of twats

Hi Mathers

I truly hope so ATB