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RodneyT, spot on.

There is no doubt now that the fundraise was done from a distressed position. Had they not achieved the fund raise with Jiangxi or another party, then the books for March 31st would have shown almost zero.

Question 1. When did they know they would have a shortage of funds?

Question 2. When did the BoD's realise that they were behind schedule?

Question 3. At what point did the CFO (Stackhouse) submit numbers to the Board of directors that showed a likely requirement for an injection of cash??

Based on the above, it's unbelieveable that Stackhouse was given bonus share option awards. It's unbelievable that Dan V was gifted cheap options. And it's absolutely essentional that the BoD's strip all award options from the failed CEO. He hasn't earned them and he's cost shareholders millions. Not saved millions... but cost us millions.

Final questions: Why haven't they achieved all tick boxes for receipt of Tranche 2 within budget. Stackhouse agreed the budget. And it was missed by a subtantial amount. Where is the operational update outlining the 74% progress to date. Last update informed shareholders of 3 holes drilled. I'm guessing that equated to about 5% achieved.

Pretty obvious by now that they have been hiding progress and news due to the above factors. They knew what was going on and decided to keep shareholders in the dark. They would have known of the cash short fall around January. Did they keep the news from the market for fear of crashing the share price?

The list goes on. And yes... they've crashed the share price anyway and then profited handsomely from that demise by snapping up cheap options. Scandalous!!!!

No fund manager out there is going to like to invest in SOLG until they clean uo their ACT. So what are you doing Mr Smith?? Why haven't you got a handle on things already? You've rubber stamped poor performance. So tell shareholders why you won't do that again??

II's are steering clear of SOLG due to the 'insiders' in the company. They feel there is no governance and no real control. II's don't like to see management rewarded for failures. So whilst gaining a chairman ticks many required boxes on II's and fund managers lists for investing criteria, SOLG's Remuneration committee looks highly geared to management rather than shareholders.

If they want II's to get back involved with the stock, then they have to show that the 'RESET' has begun. That won't happen unless Scott's 30m share options are removed. They must be removed as he has done zero to earn them.

This will not go anywhere fast until management prove to the markets that this is a company for SHAREHOLDERS and not a company run by a bunch of geesers who go about things as they care and don't give a toot about shareholders interests or FAIR and APPROPRIATE share option awards.

It's the same company at the moment Dan and Paul. You want to signal change??? THEN CLEAN UP YOUR ACT.

Mathersfinger... and what do you think of my guess now?

It's called looking ahead and making predictions. It's important if you are an investor. It's nothing to do with writing novels. You should try it. You might become a better investor if you learn to 'read' ahead rather than 'wait' for RNS's to drop.

The CGP shares carried a value of $25m+. And were issued to chinese for $18m. And the Chairman thinks that was a good deal as they were issued at a higher price to the then share price. Mmm... was he aware of the carried value??

That's a loss of $7m in shareholder value.

Phase 1 works no where near complete at March 31st. Only 74% finalised. Cash was almost zero on an accountancy level.

And the best bit... they didn't sack the CEO for this poor delivery. They just moved him to a non role (what exactly is he doing now???) and appears to have allowed him to keep his share options??? Those 30m options to be returned as FAILED performance must never be rewarded.

I'm not impressed with the chairman at all. He has no concept of SOLG's value. You can't say that SOLG are hugely undervalued and then think it's fair and in interest of shareholders to award directors options at 6.5p and 7p levels. That should not have been allowed. They are the reason the share price is so low. That sort of stuff can't be allowed but the new chairman thinks it's fine.

If they bag those NCM shares, then they'll be on 22%+. At that point it becomes almost a non starter for counter bid players which means low ball likely to win the day. Now remind me... who's idea was it to give them 5% for $18m?

The chairman's comments not seem to add up do they? Give the chinese 5% on the cheap and then worry about them gaining NCM's stock!. Chuck in BHP's stock and it's game over.

If the EXPLO gets away with BHP, NCM and Jiangxi as key investors, then that's certainly going to get interesting should they hit a few nice holes. By the time the regionals have been funded... there won't be much left for non participating pi's is my guess.

Jiangxi were gifted 5%+ for just $18m. I'm not surprised they are gagging for more holdings at this price. lol! Just imagine... they grab NCM's shares (10%) for $36m... now who wouldn't be excited at such a prospect especially if NCM can't give a toot about it.

The biggest worry is that the chairman thinks giving away 5%+ at $18m is a great result. 45% premium of a 75% destroyed share price. There's nothing 'good' about that at all.

And that's the biggest worry here going forwards is that the chairman has no concept of the shareholder base and what is good value and what is not. You might find he'll be telling you soon that $30m raised for 500m shares is a great deal and places the company in an excellent position lol. All shares placed with interested investors lol!

There's nothing to be cheerful about 45% premiums to all time low share prices. It was a huge failure and he should ackowledge that.

The chinese have connections with Maxit and other related parties including Dan from times past. And here we are ... giving them cheap stock and suggesting they might be getting more cheap stock. Looks and smells exactly as many have feared. A transfer from the pi's to insiders and their paymasters.

Watch this space... have you guessed who the cornerstone investors are for the EXPLO??? I'm guessing you'll find Mather and a few other insiders mopping up some cheap shares and diluting the rest of us from the regionals we previously owned.

Shocking to watch unfold. But lets wait till it unfolds eh?

The MD&A covers off period up to March 31st. So if there's any good news, it's in the past already and should have been RNS'd.

It's likely to show the cash burn and should explain the level of activity done in the period since Scott's woeful 3 x holes drilled update.

My guess is that G-mining had a look at Scott's prep work and then binned it as it was so poor. They then had to start again which means they might have finished drilling in the period but results are pending assays. Cash burn likely to be pretty low imho but you'll need to strip out the $18m from placing to see the real state of affairs.

I don't think it's going to be great ready. But sacking Scott is not going to be justification either if there are poor delays. Buck has to stop with all management involved and that includes Dan the not so new boy acting like he's a new boy.

Lets see what they achieved in the last 3 months then. Roll on tomorrow.

Addicnkt,

I don't think much will change your mind. You still think Scott did a great job don't you?

I think the only evidence you'll accept is the 'after the event' type... by which time you'll know about it for sure. But it will be too late.

Bit like waiting around to be hit by a Bus... it can happen if you close your eyes and do nothing.

You'll find out soon enough. That short position is there for a reason and it's not for the benefit of you or I. It's to benefit someone else who knows something which is insider related imho.

Did they find solg's $4m?

Did we ever find out where or who pocketed it?

"To put it crudely, you need to put up or shut up" Addicnkt, RodneyT is looking out for you and many other shareholders. When some shareholders showed concern over Scott as CEO, you supported him and dismissed those shareholders concerns. You effectively 'shut up' when others wouldn't. And look what happened.

So perhaps it's you that should 'open your eyes' for once and start seeing the bigger picture. You need to realise that CGP crew have proven history of shafting smaller pi's. Dan V is a CGP crew guy. If you haven't noticed already, everyone connected to SOLG or in power on decisions is a related party or passed associate or has worked with 'Bob' before. This is not an impartial crew running your company. It's Bob's team. These guys are absolute sharks. And looking at Paul Smith's CV and business, they certainly haven't hired a chairman that going to fight for your cause.... but most likely 'their' cause and the two are not the same.

You need to wake up. RodneyT is wide awake and so are many others.

The short was introduced to cap the rise after the Jiagnxi holding news but also after election win. Someone does not want the sp moving through high 8's as clear path to 13p from there.

The point is, shorters normally take a starting position in a stock and then build into that position adding as they go. So we know this shorter started at 7.5p to 8.5p levels which is a bit late to the party and suggests another motive. Further to this, they haven't added to their short since early April. Eg, there haven't been any events to trigger sp rising into the 8's so there's not call for them to act. However, a normal shorter would not be bothered about capping the stock below 8p, they would instead continue to turn the screw. So why haven't they added further shorting weight at 7p? Why not push it down to 5p? Why not push it lower?

The point is, it's not an attempt to seek a lower price or demise of SOLG, it's simply a short required to stiffle excitement and bullishness post elections and chinese finance deal.

The last time a short was added as when Bob was advisor and it looked like a hedge against the merger not going through. I wonder who would have opened that one then?? Mmm. And here we now, we very similar short opened by someone that looks like they are in the know or have something to 'hedge'. Only person that has something to hedge is either Chinese or Bob or Osisko or Franco. I don't think it's Franco as no short was placed after their 1st royalty deal. So looks Bob/Osisko/Chinese related.

Tut tut if true. These days they banged 'em up if they are involved with related party dealings with declarations.

It will be Friday as it's the last possible day for them to issue it and we know what SOLG are like... they don't like doing things earlier than they have to. Far better to leave it to the very last minute.

Feckin hopeless bunch of twots.

Oh... and remember... the 'not to be trusted' management teams always try and relase the unwanted news on a Friday... as it's the day to bury it.

Can't wait to see the cash burn through to March 31st. They've tried to make it harder by introducing $18m Jiangxi funds into the same reporting quarter but it was the last week of March... so just strip out the $18m from the figure at end of March 31st to get to the Amount that SOLG had left. Then of course... work out whether that was sufficient to see them through April and May. And if the answer is NO... then you have your answer. They failed to deliver Franco requirements based on budget agreed. But lets keep powder dry and give them 2 further days to hide the truth hey?? Lets see if the above pans out to be true.

Eloro, you mean Bob the Baffoon? Scott was just his puppet... the failures are firmly in Bob's camp.

Between them, they set SOLG back by 3 years. Quite an achievement considering they started off fast and smart and ended up slow and stupid.

Dan is still part of that crew but now following a more sensible strategy albeit way too late.

Makes you wonder whether they (CGP boys) really did hold any data room or serious discussions for the regionals. Looking more like they didn't bother.

Today's RNS lacked the same clarity that came with Tandy. Tandy came with a $3.2m budget and a clear timeframe. Porvenir RNS came today with an open ended... we'll evaluate it and see what the cost is... then discuss with possible JV partners and other interested funders etc etc.

The interesting bit is it seems they need to spend some money on Porvenir BEFORE they can then seek market participation for the EXPLOCO.

Chicken and egg but as there is NO MONEY to do the above works and NO BUDGET defined we are all in the dark.

So we have a Environmental licence... but no idea or funds on how to make the use of it.

Nice one Dan.

I do wish they would use a different term when referencing a core asset. The term or name 'Cornerstone' has become synonymous with loss of value and pi55 poor management. Just call Porvenir the 'core' asset of the regionals here on Danny boy.

Important to make these regionals 'self funded' Danny boy... no cheap placings to your mates pre IPO using SOLG shares. That would be naughty.

Stick with the JV on Porvenir. Every cat and dog knows the chinese are all over it. Just a shame it's taken you so long to get aorund to it. But leave the bulk for the IPO.

Lassonde curve would suggest a recovery back to 20p+ levels this year upon confirmation of the 3 x milestones achieved. Thereafter, it should be a steady climb upwards

We are stuck at the base of the curve going no where fast as no sign of tranche 2 arriving yet and until then, market will assume the worst. And 7p certainly assumes the worst. It values Alpala Tier1 mine in the making at almost zero. £200m market cap covers regionals worth combined with Porvenir etc. Porvenir even if mined as a small open pit would deliver sigificant value. There are smaller miners out there that have mines/assets that are well below Porvenir potential and they have market caps north of £100m.

SOLG signed an agreement with jiangxi which gives them up to March 2027 I believe (for technical services... cough cough) so agree with PBOW's view... I think the game plan is to get all in place ready for someone to pull the trigger in early 2027. So two years away unless anyone else makes a move before then.

In meantime, they've decided to get the regionals moving again and I reckon we'll hear about that next week... or week after ...just a hunch!

"with shares down more than 20% in the past year"

Love that one. Erm... why not state... shares down over 75% since Dan joined SOLG. And down 20% since announcing his plans to bolster the sp.

Not seen that happen too much... a new CEO flaunts a recocery turnaround plan and the market sells that story. Just shows how much faith they have in Danny boy. They had more faith in Darryl... the sp hit 39p+ after his PFS and hard work was revealed.

The price is now so low that II's might be attracted again as lets face it, even firesale price/deal would be in 20's. That's 3 bagger from here.

The great 'reset' by Bob and co has been done. Majority of them are average in at 5p to 6p levels. So the plan ahead would be to invite new investors in like Blackrock who sold out at 18p+ and say... come back guys and we'll help you make some money (blackrock lost a decent wedge as were averaging around 28p levels and exited at 18p etc).

As for everyone else... well farq you is the management message. If you aint got the wonga to top up at 7p... that's not our problem. Move on if you are disgruntled.

They want new investors that are happy clappers when they see their 7p investment turn into 14p. Not shareholders that are still spitting bullets as they are still 50% down from 28p.

Every cat and dog out there is expecting a cheap placing to be done.... and remember... Bob didn't want further dilution but of course at 5p or 6p... he'll actually have more than he did in the CGP days and at less the price... so he'll be well happy with a new wedge at 5p or 6p or even 7p.

It's been orchestrated deliberately by management... and they have the audacity to call it a 'reset'!

Perhaps we should 'reset' the CGP merger and stick Bob et all back to 15% ENSA and farq all else?? And cut shares in issue down by a 3rd?

That's real value!

There are plenty around that want and need Tier1 copper mine projects. We know this. The issue with 'where we are' right now is that there is still at least $100m required to derisk the asset to a point where a serious investment decision can be made. This is why Franco tiered the funding deal that way. They have offered $750m (inc Osisko) so the numbers are fine and profitability / NPV and IRR etc all robust. That's never been the issue. The issue for any buyer is 'block cave'. That's the big unknown and carries risk.

A model that see's open pit Tandy producing in 2 years is right out of the chinese 'how to mine' handbook. It's what they did at Mirador. It's what they'll do with Lumina. The strategy is straight forward. Get cash flows coming from low hanging fruit projects like Tandy. That justifies some infrastructure spend and some relationship 'proving' with the Ecuadorians. Then recycle the cash (some of it) into block cave investigations/derisking/shafts/elevators etc etc. If the block cave derisking throws up some issues, then they can walk away with spending very little and actually continue expanding upon Tandy for years to come... while hunting for the next sweet spot open pit find in Ecuador.

The issue isn't about the class or quality of Alpala or the payback. It's an absolute beauty and ranks in the top 10 to 20 finds in last decade. It's a monster.

The issue is about the 'unknowns'. Anyone that shells out $3bln or so for SOLG to shareholders will then also need to shell out at least $4bln+ imho before they see any cash coming back in. So it's $7bln+ and that's alot of spend with payback 5 years+ away.

Tandy can deliver payback within a year (my guestimate) and potentially expand into being a bigger mine once the infrastructure is all paid for in the early years. Lower grades can be extracted and profits banked.

The problem for super majors now is time. They don't have much time left to get their copper resources in order and post covid, most are ill prepared for a metals boom. They need to play catch up fast and that's why many are paying high prices for instant production or non 'block cave' assets. Ones that can be mined fast and benefit from metals boom. Tandy would tick the same boxes but full size of it has yet to be defined... hence drilling campaign set to begin which I'm guessing Dan the man will announce next week to take the sting out of the woeful MD&A that's coming.

DBW, I'm aware it can be used for Tandy... what I am saying is, the $100m from Franco was specifically budgeted to deliver the key milestones as per tranch 1, 2 and 3. If they start chucking more funds at Tandy, then they wil be short on funds to complete other stages. And lets be clear here, it's pretty obvious... or will become obvious when the MD&A comes out that Scott and team failed to deliver on requirements for Tranche 2 within budget.

The reality is, they will need another source of funding if they want to pursue Tandy with any intent. That might be a JV? Or they might strike up a bolt on agreement with Franco. At end of the day... Franco should be delighted with the chance to gain some early royalty payments so you'd think they would be supportive. But at the moment, we know very little. MD&A out next week so we'll see cash balance as of March 31st. My guess is Dan won't want questions floating around about liquidity next week so I'm expecting some news from him BEFORE the MD&A lands. Knowing SOLG, they'll drop the MD&A news next Friday lol - the latest they can leave it I believe!