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Interesting comment from Mather...

Confirms my thoughts that he's not done with exploration yet and if anything that comment suggests he thinks the main drivers for restoring shareholder value is through exploration.

It's a curious one as Irwin and CGP bunch see to be beating the 'For Sale' drum.

I'm beginning to think that we are looking at an ENSA sale and then SOLG continuing on with the exploration folio to see if they can rinse and repeat.

Ofcourse, the likes of BHP or other predators out there might have other ideas or for balance they might well be happy with just ENSA.

If you think you have another 10 Alpala's in the folio then it makes perfect sense to flog ENSA and prove the model works. Then find another and Flo that. Problem is, I don't think investors have the patience to wait another 10 years for another tier1 transaction. That said, we know Maxit exited 4 years ago and CGP wanted to sell out many years ago... perhaps the new model could see 18months to 2 years of exploration drilling, deliver a PEA and then flog it on. Then repeat. That would be less rewarding than going to PFS levels but it would be less Capex drain and faster return for shareholders.

One thing is sure from that DGR statement... Mather thinks shareholder value (or the restoration of it) will come from exploring the rest of the folio. Mmm... what about the sale of ENSA Nick?? Surely restoration of value will come from that alone and I would use the word 'realisation' of value in that instance. Not restoration.

Also, clear from that DGR note that $50m royalty is for ENSA alone. SOLG RNS did not specify that like they did with Franco deal hence good to get some clarity albeit from DGR.

If SOLG are not careful, they will pi55 the market off if they continue to have various key investors all putting out public comments that don't quite dovetail up. They need to look cohesive. Also, Maxit doing the Strategic Review says it all! What about Citi's involvement? Or are they now gone? Or are they just there to defend against low balls?

Is this a dream?? SOLG going to be put up for sale and ENG beat India by 10 wickets with overs to spare.

Xmas come early.

I see... well Mr Irwin needs to walk before he runs as I'm still awaiting their merger egm notice.

They best crack on as they all appear to be either on the board, or doing deals related like Maxit and as of yet, the merger hasn't even gone to a vote.

That's a lot of speedy action being deployed and I think the market would like to see some official box ticking and signing done before rerating.

They've had over a month now. What they waiting for?? A bid? lol!

It's going to be interesting to see how the timeframes work out with CGP merger EGM and SOLG's AGM. We know the latter is Dec 22nd I think so resolutions and AGM notice must be due out next week I think. At present CGP have 6.7% voting power. But after the CGP EGM, they have 20% voting power and BHP and NCM slip to near 10%. So that would be a swing of -7% for are big two and a gain of 12.3% for CGP. That's a full 20% gain in power or votes. That's going to make any AGM resolutions a shoe in. So my view is that they have to get the merger sorted before Dec 22nd.

Lots to do! And plenty of news to follow by looks of it.

very funny DBW!

I think step 3 means CGP merger / egm.

Basically everything has to be in place before they stick that merger deal to vote as they want maximum take up.

Ortherncopper,

The chap stepping in on an interim basis has 17m shares.

Unless you know of someone else that has that much skin the game and is not going to upset Mather or CGP... please let us all know.

Markets like it when the main players have skin in the game. It means their interests tend to align with shareholders and I mean all shareholders rather than the ons described by NCM.... long term shareholders lol!

CGP and SOLG have merged or will be. As far as I can see, the BoD's have a fair mix between them. Hardly all CGP is it!!?

Yes - CPI 7.7% vs 8% expectation. That's quite a surprise. Could cause Fed to go low and slow on rate rises.

I have.a hunch that Putin will agree to a peace deal soon but only to get through winter period and -40c out there and he doesn't have troops capable of surviving it as most untrained. All kick off again in March no doubt but the cease fire media nonsense will lift markets as inflation will drop sharper. Just a hunch .... . If I were Ukraine I would push on and push them back during winter but tough conditions and pressure from US might result in a winter stand off for all. Europe will be pleased as no blackouts.

DOW just 10% off all time highs. Markets bouncing, most stock up over 50% off October lows. SOLG still languishing at half price despite having no real funding issues or concerns for market to worry about.

Ortherncopper - I don't think the PFS2 update will be too exciting. It might just sustain the lower end IRR and help fend off inflation issues. Most buyers will be looking at the middle figure anyway as inflation issues will not be like they are today if Fed target rate is 2% on longer term goal. So PFS2 could add some spice to the middle and high end figures but do little to the low end. Ironically, I think it's the low end that they were keen to see move up but then inflation came bowling in post Putin and Covid and has scuppered that.

There's lot a value across the folio. The question I would be asking at the Strategic Review is this.... would it be better to IPO or sell ENSA and then seek to repeat process with other targets or would it be better to sell the lot.

Breaking SOLG up into neat M&A parcels might be the way to go. I get the feeling that Mather does not want to let go of the exploration opportunities and therefore might have agreed to flog ENSA but the bit that doesn't work with that is the fact that CGP have just exchanged their 15% ENSA stake for 20% SOLG shares. Porvenir will be of interest to NCM and Lundin imho. It's their kind of size. But what else could be bundled into that package which brings in more value?? Strategic review far from straight forward although that can be easily sorted by having a bid for the entire business land via a super major or Chinese entity. Then the decision becomes binary.

Solaris have had more success and we do have licence blocks near them so you never know... might be a JV coming up which sorts some exploration phases for us to chew on while broader sale process/discussions take up 2 or 3 months.

https://www.solarisresources.com/news/press-releases/solaris-outlines-broad-porphyry-deposit-in-first-follow-up-holes-at-warintza-west-discovery

Let's not forget that there is some ground to cover on the politics and mining cadestre. It would not surprise me one bit if Lasso have given SOLG a firm push in the right direction. We know that a number of concessions were relinquished last year. More will need to be handed back soon unless work commences. So there has been a ticking time clock this year and thus far nothing has materialised on the grass root discussions which were said to be advanced.

Lasso would benefit greatly from the PR should a major transaction take place on Ecuadorian soil. Thus far progress on opening Ecuador up to business (electoral pledge etc) has been slow and yes, Covid issues not helped but with about 2 years and 3 months left, Lasso will be keen to start inking some deals.

It suits all involved to see Alpala in the hands of someone with deep pockets as could accelerate the project. But it has to be at fair price. Lots of important folk out there want to see another Tier 1 copper/gold deposit come to market especially as shortages loom in 2026+.

How many shares will Irwin own in SOLG once the merger is complete?

Hi Redknight, did they now! I think some dilution has occurred since. But if I were someone like BHP looking to cause some cracks among the new CGP/SOLG love in.... I'd be chucking an offer out there around the 42p level. I don't think that would fly (although some on here would bite their hand off) but moving up from there (usually only two upped bid offer moves at best) you might see 50p next and then a period of sweating it assuming no counter offers come in.

BHP still have Oz Minerals deal in play and the outcome unknown but Oz minerals share price has been slipping below the offer price. Drifting. That tests nerves. BHP have already stretched that out over 3 months. If they made a dart for SOLG, OZ mineral shareholders might think BHP have decided to leave them on shelf and take SOLG??? It can be spun both ways of course. You never know... BHP M&A team might be waiting on the outcome of Oz Minerals before making a play for SOLG?? What we do know is that BHP have been active. First Noront and now Oz Minerals. Zero success thus far. Meanwhile Wyloo have been lapping things up and Twiggy now formally retuned to the Fortescue roost looking to impress his mark again.

All happening and understandably as metal prices and miners should be back in favour once China confirms full reopening. That might be couple of months away. Or post winter. Inflation drops next year too. So at present - the market is nervously looking at the usual bonus induced ride into xmas followed by the usual sell off in Jan/Feb. But March/April/May begins to look much much better for markets imho.

BHP's window of opportunity may well close in 4 to 5months time.

Perhaps CGP and Mather were worried about Darryl running to his old company BHP and telling them what was going on in the strategic review. I'm not saying he did or would but if CGP and Mather don't want BHP to know their plans, then they might seek to boot any weak links on the board. Standard stuff really... you only want this you can trust at delicate times like these.

Remember, Darryl was brought in to please BHP and NCM post Mather being forced to step down. Post the royalty deal with Osisko, it's obvious that pleasing BHP and NCM is not a priority. And as mentioned earlier, he was 3 weeks away from passing his annual term which would have unlocked bonuses etc.

Not unsurprising as writing was on the wall the moment the strategy changed in the summer and CGP Merger deal became way forwards.

SharketMare

Not all broken clocks are right twice a day. Some are missing key indicators... like hands!

In your case, I think you've been missing a lot. But no point in labouring the point or as you said to me.... no matter how many times I tell you Fort... no steam or royalty deals before DFS. Don't you listen stupid!!

No I don't listen. I think ahead instead.

Now we are clearly into the news period, I think we'll be getting RNS's aplenty. So what are we expecting...

1. PFS2.. will we see this in 2022 as previously guided by Darryl or will it 'strategically' be withheld??
2. Porvenir PE... as above
3. AGM Resolutions and date notice
4. CGP EGM to vote on merger deal
5. Outcome of the Strategic Review
6. Completion of the $50m funding royalty deal
7. CGP delisting from TSX and new shares issued

In absence of exploration works and assuming they down tools while discussions on sale commence, that $50m should last 12 months. If not, no big deal, as the 6.7% CGP stake could raise $50m+ with ave share price over last year.

So question is... is there any merit what-so-ever to spend $20m of that cash on fast tracking some holes on RIO (assuming permits granted) and see what can be delivered over the next 4 months+ while sale discussions commence with interested parties?? Personally I think it would be a good idea. One great hole and that could see some excitement and boost the end takeover price or asset or assets sale. I think that's Mather's love, so wonder whether CGP have agreed to that element as part of the deal... eg... get some drills going as sale process will take at least 6 months to complete in full.

I know exactly how BlackRock works. You'll be hearing from them soon Bozi based on recent volumes.

I told you Royalty deal would be done. You said no. I told you Darryl would go... you said... and I'm telling you Blackrock are unwinding their 25m trading instruments. You'll get a TR1 in good time when they are fully ready.

Oh... and let's not forget that I told the GGP BB that at 38p the stock was over priced and heading sub 9p.

I'll sell you a crystal ball for £5if you want want. Postage £6.

RogueNation,

You seem. bit green... new to all this. What did you think would happen when or during the CGP merger? Did you expect Darryl and SOLG to just continue as they were. You were told of the merger. You were told of the Strategic Review. What did you expect to happen?

Nothings been dropped on you. I predicted that Darryl would be leaving weeks ago. Some of us have more experience and can see ahead. Others just seem to flap around after the RNS.

I have news for you RogueNation... guess what the result of the Strategic Review will be??? Any ideas yet? Warren Irwin (who is as close to the CGP gang as you get) has already told you! What's not to like? Your pay day is coming soon!

"While BHP and Newcrest are again unhappy with SolGold’s funding model, neither has gone public with an alternative funding proposal for the company."END.

And this is why no one pays any attention to what BHP and NCM whine about. Like I said... you have to offer an alternative before you go about saying it's expensive for longer term shareholders? Who are these longer term shareholders then?? Who are the short term shareholders then?? I'm dying to know NCM??

It just reads like sour grapes....and should have read like this... 'We are upset that we couldn't get 70% of ENSA through doing dilutive equity deals and forcing the company into giving us all the equity. It worked for us on GGP but unfortunately SOLG are too smart for us and have put us in our box so yes, we are upset.

That's the topline is it not Biswas?

Recent heavy buying (in summer) at 35p from Blackrock, Norges and a few others tells me that any offers or deals will need to start at 50% above that level before anyone starts licking lips.

NCM (if not bidding) are not going to want less than double their average price and they need the cash.

On a comparable to CGP, I think at one point they were hoping for a $8 a share event (when they were trading at $3 to $4. So on that basis they might be happy with anything over 40p. That's the only weak link I can see ahead. CGP might go weak at the knees if an offer lands at 50p. Mather wants double that. Whilst the strategic review may well end up with a plan to put the business up for sale lock stock and barrel, there has to be some brotherhood cohesion in standing firm if they want a higher bid. Gets tough when the bidder lands the offer in the low ball but potential sweet spot which divides SOLG BoD's.

But let's not get ahead of ourselves. There's enough experienced money men and mining experts involved with a big pay day here that I am sure they will deliver a strong deal.

Remember, the sale process has to some extent already been running for over 18 months if like many you assume the 'interested parties' discussions on grass root licence blocks would have led to hypothetical 'deeper discussions'.

Finally, a quick one on Darryl... he held a key vote on the BoD's and that vote has now gone. So voting/control enhanced to the CGP/Mather team. And on a contractural HR basis, Darryl signed on Dec 1st 2021, so being booted before a years service has implications. After a years service... things become more complicated and expensive. But I'm speculating there.

I'm more than pleased with recent events as I've been after a sale or monetisation event for last 18 months! That's what I'm here for! Remind me what you are here for apart from wetting yourself over funding and the world is nigh??

The asset is world class. We're fully funded for 12 months based on zero exploration. We have 100% ENSA. Surely you can see that all is being prep'd for a corporate event.

Let's how you view of the market changes as the sp rises. Aligning the sp to today's news is naive at best.