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Interesting reference to Caracal Oil as that had an offer which was reasonable but not exactly a knock out deal with a Canadian firm. Then at 11th hour Glencore stepped up and offered a 60% premium to the share price at the time.

Based on current Ecuador /Chinese relations and impending FTD, it does look very much like a Chinese consortium whether part or in full will take ENSA. Makes sense all round. What will be interesting is how the rest of the folio works out eg what gets spun off into newco or SOLG. Porvenir plus some southern assets might go with ENSA has Chinese already big in South. Call me cynical, but I can see Mather/DGR or some new entity getting gifted some of the SOLG exploration blocks with company citing relinquishment as alternative as good deal etc. In simple terms, Mather would get another run at doing another Alpala. Let's face it, we have 60+ licence blocks and each has a committed spend of hand back the blocks for zero. Very easy for insiders to have sight of reference to data like rock chips and seismic detail material and yet end up paying very little for it. Most of us won't care much what happens to the 40 odd licence blocks if Chinese offer a fair price.

Bond pricing should correct higher as inflation drops and interest rates begin to reverse. We are almost at that point where interest rates top out and inflation starts to retrace. Banking industry not looking pretty so combo period of risk-off, capital discipline and liquidity springs to mind. Growth stocks more favourable when rates are low end.

If I was looking to invest £200k into PFC, I would prefer the equity exposure (albeit riskier) over the bonds. As interest rates fall, PFC bonds will look more attractive. Story for H2 2023.

The other big factor is of course the ongoing finalisation of FTD between China and Ecuador. I've said it many times now but the reality is... if we are indeed dealing with the Chinese over a potential $5 to $6bln mining investment in Ecuador, then you can bet your bottom dollar or last rolo that they will want the FTD agreed first before committing to those kind of investments and they will want all the 'protection' they can get from lasso and co.

US not happy with China's increased influence in South America's. So bit of politics in play with usual US interference going on no doubt ... they do like to tinker around and stuff the consequences.

Personally, if SOLG updated market and just said they are working toward SR outcome and discussions ongoing with various partners....what exactly is that going to do?? Hence there's not much they can say until they have the nod from Lasso and co. And believe me... they'll need the latter before they can announce anything that involves a buy out or buy in. Lasso hardly going to please the Chinese during FTD talks if he rolls out largest every mining deal in Ecuador goes to BHP or Anglo lol!

So important see the bigger picture.

More likely Blackrock having to liquidate some positions to cover others as the US bank meltdown is smashing all the US insti's.

Fed Reserve can't raise rates tomorrow imho. If they do, then they'll be throwing globe into another bank crisis. This is what happens when they fiddle PoG while trying to falsely inflate the dollar. Powell about to go tail between legs and dropping rates which is not going to help his inflation plans but he might help a few bank buddies out lol!

I think the BGF World Mining A2 holding is the same as the lux holding as identical hence a repeat.

Morningstar useful but think they combine funds with ii's sometimes.. You can better picture using the 'concentrated' holding tab.

https://www.morningstar.com/stocks/xlon/solg/ownership

You can see by the data that Blackrock dumped over 12m+. They are the main reason for the share price suppression as they continue to sell down while buyers have been mopping up stock, mm's will take the price down to wherever they like to get the big deals done.

Blackrock appear to have around 15m left so not much considering they did have over 100m+ shares.

Konwave AG continue to build stock along with Global X.

So Blackrock scummers not gone yet.

there are no gaps

shorts data often 1 day to 2 days delayed.

The game is up for them. PFC through the worst and now bucket load of contract awards expected to flow fast through 2023.

I don't mind the shorters original insight as it was valid to some extent. But the Tenet deal changed everything. It delivered a debtors extension of 18 months, released the company from a potential hefty RI and caught the globes attention. PFC have come through the worst now and the future looks very bright indeed. That's a complete u-turn on the shorters outlook and as such they should all be exiting. There is still some arbitrage or typical investor risk trading on PFC which is to be expected... mostly by bond holders. They might bonds and then short the equity on a reduced portion just to limit risk. But think that is now eroding and would expect the bourse/bonds to begin rising back above 70p in not too distant future. I think 90p+ levels might see PFC into the FTSE250 and that would see loads of forced buyers from fund managers.

Next FTSE reshuffle June I think so big month for PFC.

We'll find out next week via morningstar but Blackrock sold 30m+ last month and has around 20m to 25m left at start of this month.

Funds tend to like tidy month ends so no surprise to see a large one printed with last trading day of April.

MM's have been moving price down to levels they can get these larger deals done so with bit of luck clearing Blackrock might just open up the upside through May.

Wouldn't be wonderful if we got a 60p+ deal signed knowing that Blackrock exited impatiently at 18p to 19p levels. That would be the icing on the cake.

Wow! I think that's the end of Blackrock. Onwards and upwards.

Good weekend all

Without Mather, we wouldn't be here. There wouldn't be any SOLG. Without Mather, we'd be like GGP. Small minority interest in the asset and 5 billion shares issued. Instead due to Mathers smart royalty deal, we have 100% Tier 1 asset ownership and 3billion shares in issue.

A remarkable feat for a small miner in a big miner world.

Whoever has issues with Mather clearly has ego or jealousy issues. The man's not perfect but he's the closest management / founder of a business that is aligned and protective over pi's interests that I have ever seen before.

Data is a day behind and judging by today's price action it would seem that those that opened shorts at mid 60's on 26th were trying to close out around 62 area but not much stock around for them to buy back hence the sharp rise after the fabricated wash out to 59p early doors.

It's what they do... trade... but most are still reeling from that $13bln Tenet deal which saw many spanked in the high 70's and 80's.

Dangerous game for a lot of them. Same types got spanked on THG as well as WG after their bid rns earlier in year.

Very risky business shorting stocks that have already been beaten up to lows. Far smarter to short when the price was 150's some months ago. Shorters playing at this level is playing with fire especially if or when PFC's tender success come rolling in. Still... it's healthy for liquidity. They enabled me to top up at 61p today so they can be most helpful !

Results are exactly as expected. Bank terms extended to Oct 2024 so much further than 12months which is great.

No cash raise needed which is what the shorters have been expecting.

Order book very healthy and like the 51billion in potential awards.

That's the last of the ugly stuff.

Now as inflation starts to fall... PFC will rise strongly. Great play for investors looking to capitalise on falling inflation pressures and new global infrastructure spending.

Volume is has disappeared and when that happens it's the norm for the mm's to go fishing. They don't like sitting around doing zero deals.

Konwave AG bought 6m shares last month. Blackrock dumped over 30m shares. So that volume was evident albeit bulk being done after hours.

End of the month normally slow so suspect we'll see a pick up in volume again when May kicks in.

Will have to wait until next week for Morningstar updates but I'm guessing Blackrock will be down another 20m or so. That would be them almost cleared to zero. Bunch of @$$holes.

I think Astaris Capital Management were at 1.4%+ so decent reduction by them. Quite a few other shorters left the room too by looks of things or gone sub 0.5%.

Millennium and Qube seem a bit late to the party. Perhaps they are just seizing the opportunity to sell stock to Astaris. If they had any sense, they would sit on their hands and let Astaris take the price into the high 70's and then they could short. In effect they are simply neutralising Astaris's exit which seems generous of them.

Minor moves in grande scheme of things and shorters over 0.5% notification now well down from the 4.7%+ a few weeks ago.

PFC were at 80p+ on the day of Tenet deal announcement. So lots of headroom for a nice rally from 67p levels for traders as a return to that 80p+ level seems inevitable. A return to the 50's less likely but in this market... anything can happen. All depends on how heavy someone with deep pockets wants to lean into a stock.

well done DM... your mind is like a SOLG RNS library!

So in simple terms, Stackwell has inherited Ingo's options albeit at slightly lower option price. So that's all fairly neutral.

Anyone else on the new board or execs that we need to issue options too lol!

SOLG... get on with it!

For all those that like to follow TA and pay particular attention to RSi's, just have a look at HUM.L and CNR.L.

RSi's can stay higher for longer if the demand is there.

thanks pinot.

Pinot, are these general staff awards eg non director or senior management?

Are there any more option expiry dates coming up of significance that involve like of Mather or other older director or non exec staff??

The fact is, every investor here is free to trade and invest at sub director option levels. That's why I don't have too much an issue with Stockwell's options. Scott's option price at 17p didn't both me that much either but the 30m chunk did. Way too much and Irwin's talking tosh as usual. as Scott was well motivated before due to his large holding. The extra 30m issued was just unnecessary and ugly to see. As for extrapolating ENSA's or SOLG's full asset price from directors self awarding options... well... you may as well use the price of Rich Tea biscuits because it's irrelevant. Had they set Stockwell's options at 75p, then yes it would have raised eyebrows I'm sure but rarely do management set options so high when the historic share price average is closer to 25p.

When a bid comes it will be based on in the ground industry prices for copper, gold and silver. It will focus on the PFS but not be constricted by it (as represents just under 25% of resource) and finally... yes there will be a discount for block cave mining and regional risk.

Forget the options and focus on world proven examples of Tier 1 assets and what they have sold for... whose hands they end up in and whether any have gone cheap. Tier 1 assets that are copper heavy are in high demand right now as world is 'short' of copper based on every single broker or analyst forecast from Goldman's to JPM to BoA.

You can serve award yourselves some shares today at sub Stackwell's average option price. If the risk reward suits you... go knock yourself out. But does that mean you will take 40p or 50p or 60p or 70p?? Option price is irrelevant. Where I agree with Irwin is that all the new guys involved are there on a short term basis lol! Hence they are not there to define careers or build the CV... they are there to baby sit while Maxit get the job done. And for that... they might nit get much salary on short term basis hence near term option awards are the sweetener.

On side note... Scott.. if you read the boards... could you give Twigger the boot please. He's no longer needed and was a waste of space in first place. Plenty of folk you can give chairman role to.