Member Info for Dreamboatwarrior

Added to that the MSCI funds will have to buy back all the stock they had to dump in mid Feb ant a large premium

As explained by Hubris on Twitter

seeing some rubbish being written re options grants. Caldwell has 30mn options granted to him with a 17p strike. They vest subject to average share performance over 3 years with a sliding scale starting March 2023. If the average is 25 p 35p 100%. But given the short term expectations, all of the above is a MOOT point. The vesting is 100% in case of a merger > 17p. Caldwell would get all 30 million. WHY? There is a Change of Control clause (CoC) which states clearly“In the event that the Company undergoes a change of control by way of sale of greater than 50% of the voting shares in the Company, or 50% of the assets of the Company, or any resolution to wind-up, dissolve, or liquidate the Company, or there is a change greater than 50% of the Company's directors as a result of a reorganisation, all Awards will vest early.”

***Any takeover bid above 17p and Caldwell makes the difference. Hypothetical eg: if a takeover is at 25 p = 2.4 million pounds for him pre tax.

Indeed and added to that as someone pointed out to me earlier, two weeks ago Scott stated he was in a “blackout period “ therefore in possession of information that precludes him from buying. He also stated he’d buy when he could once this is over. Therefore he must still be in the situation as any director buys or sells have to announced PDQ

HFH

When I asked Scott about the exploitation agreement he said by end of Q2 but hinted could be much earlier

My money’s on Camomile & a fairy cake

HFH ….. agreed

And re Scott’s (supposedly throwaway) line re 30c US my take is the lower the starting number the more competitive the situation will become and that’s what we all want at the end of the day .

Time to divest ourselves of a non core asset or two to spice things up?

Great work DK …. Thanks

Ha Cov ….. most on here are in the same boat

Just a bit of leg pulling

Happy Easter

DBW

Must be a bid ask Covgaz …. He wrote this a couple of weeks ago

“ 10p? There is no way is this going to 10p without takeover news”

Just saying

Https://cloudtag.com/2024/03/28/paying-agent-notifications-corporate-share-action/

Add …. I tend to agree with Smick it’s exactly what they want you to do. Do you honestly believe a piece of excrement like that will ever admit it’s wrong …. Do us all a favour and bin it

BNamericas: An agreement was signed with the government last year. Has there been any progress on the terms of that agreement?

Caldwell: Last year we signed an agreement on the terms of the mining contract with the State. The [final] contract has yet to be signed, which is scheduled for the coming months.

Another issue that’s still pending is signing with the Ecuadoran government the second investment protection contract [IPA]. In 2021 we signed a first contract, but the new one will include the protection of the mine and its development.

One of the most important agreements that’s missing is the environmental license that the environment ministry must give to build the mine. We have begun to work with this entity in certain areas.

I would also like to add that a few weeks ago, in Canada, at the PDAC meeting, President Daniel Noboa made some presentations and I want to say that what he mentioned was more than encouraging, knowing that his government is working in different areas and types of requirements that mining companies need to be able to invest in Ecuador.

We found everything he said at the convention very interesting.

We hope that the more these issues advance, our project will also advance and we’ll obtain the permits required to invest more and more in Ecuador.

BNamericas: The mining sector in Ecuador constantly criticizes the time it takes for permits to go from one phase to another. Is that also something the government is working on?

Caldwell: The president mentioned at the event that his government will work to promote mining and that if all the requirements that Ecuador has for mining companies are met, we’ll obtain permits.

Another important issue is that this is a multigenerational project. In both the previous study and the current one, it’s planned to last many years. We estimate around 75 years. This is what we mean by multigenerational and this is what makes this such an important project for Ecuador.

The studies consider two stages, a third could be added over the years, but obviously more engineering studies would be necessary.

BNamericas: How long can the feasibility studies take and when is construction of the mine expected to begin, taking into account next year's presidential elections?

Caldwell: Taking into account the different variables, we plan to have our feasibility study ready in June 2025. Considering the time that may be required to obtain all the permits and the different variables, hopefully we can begin construction of the mine in June or in the second half of 2026, if everything goes well.

BNamericas: What amount of royalties and taxes are expected with Cascabel?

Caldwell: The estimated amount is around US$7bn.

BNamericas: How do you see the future of mining in Ecuador, its strengths and weaknesses?

Caldwell: Ecuador has great mining potential. I think another Cascabel project can be found. The geology of this country is impressive.

Considering the efforts being made in the world for the energy transition and the fact that copper is a basic mineral for this objective, citizens, the government and those who seek the development of resources and those who are against must decide whether or not they take advantage of the great potential that this country has in various areas where sustainable mining can be carried out.

BNamericas: What is the investment made so far in Ecuador, and what are the investment projections for 2024 and 2025?

Caldwell: We have invested just over US$300mn in Ecuador in Cascabel and in the other projects we have in the country.

Last year we invested around US$30mn and our projection is that in 2024 and 2025 we will spend US$30mn each year because at the moment we don’t have the necessary permits to be able to make larger investments. As we have these permits, investments will increase.

Courtesy of the slug

Ecuadoran President Daniel Noboa's presentation at the recent Prospectors and Developers Association of Canada (PDAC) conference in Toronto piqued the mining industry's interest, which hopes to see several projects come online in the Andean nation over the next decade.

Ecuador has only two major mines in production: Fruta del Norte (Lundin Gold) and the Mirador copper mine (China’s Ecuacorriente).

But construction at the Curipamba copper-gold project, scheduled for June, and progress at La Plata polymetallic project, which should obtain construction permits this year despite strong opposition from anti-mining groups, raise expectations for additional projects such as Cascabel, Cangrejos, Loma Larga, Cóndor, El Guayabo, Warintza and Panantza-San Carlos.

BNamericas talks with Scott Caldwell, CEO of Australia’s SolGold and president of SolGold Ecuador, about the underground Cascabel project in the northern province of Imbabura, which is expected to produce 2.9Mt of copper, 6.9Moz of gold and 22Moz of silver during its first 28 years.

BNamericas: There have been delays to the originally announced plans for the start of construction of the mine in 2024. What influenced the delay?

Caldwell: I think those announcements were a bit optimistic given that, for example, to receive the environmental license you need engineering studies, design studies in general.

We’re currently advancing these studies and hope to complete them as soon as possible. We don’t have an exact date because it’s very difficult to predict due to the different types of requirements that are needed. However, we’re working hard to obtain these permits and move forward with the project.

BNamericas: The new prefeasibility study recently presented considers a phased block cave mine. What is the fundamental difference with the previous study and what will each phase consist of?

Caldwell: The basis of the studies is the same and both lead us to the same result.

The fundamental difference is the optimization that is handled in this study, which brings us much closer to being able to develop the project and start construction.

The total estimated investment is around US$4.21bn for the two stages that comprise the mine.

In the first stage, the investment will be US$1.93bn, which includes the construction of the mine, construction of the concentrator, the expense to take the concentrates to the port and the necessary infrastructure and camps.

In the second stage, from year four to 28, around US$2.27bn will be invested to expand the processing plant and tailings dam, among other items.

Opex during the 28 years will be around US$8.97bn. Doing the project in stages gives greater feasibility for construction.

The creation of both direct and indirect jobs is also similar to that established in the previous study, around 3,800 direct, the maximum peak during construction of the mine, and about 1,000 permanent jobs during the

Very good point BBG. ….. recorded almost two weeks ago … what were they waiting for?

1984 ….. anyone seen Stackhigh since he wrote this at 6.7p??

“Plenty further to fall before the car crash fundraise. Really feel for those who have been hoodwinked in by the brainless rampers here”

Yep he’d look pretty bad if dilution happened now …..

Doubt it ….. it needs both sides

Just over an hour gone 3m traded

MD&A was mid May last year