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redknight1, I'd have to check back but think the lowest the cash pile has been pre raise was $10m about 18months ago.

It's no revelation that SOLG need cash to deliver DFS but question is do they have enough to deliver PFS2 and Porvenir PEA? Probably not but it wouldn't take more than a smallish $25m raise to see them through to year end and you never know, if they do add in an extra $1bln to Alpala then perhaps do a larger DFS raise after that?? Would make sense as markets likely bouncing after Inflation hit peak levels in November and Fed et al start looking to cut rates into 2023 to starve off recession.

The key point that should be acknowledged is that ENSA funding is always ring fenced with a portion toward general Admin staff costs. Valuestone invested $5m into Porvenir (ring fenced) last time and I imagine if they were asked to do so again would be happy assuming it's sub 32p which is their last price level.

We don't know the facts around the rumours on a failed funding round but there are numerous ways to look at it. SOLG may have tried to do the lot in one go... through to DFS and suspect BHP and NCM not happy with something so it got shelved. They could try again with a smaller amount which would be hard to turn down and even at low 20's would be minimal on dilution which would please many but not BHP and NCM. I reckon they might go for small raise and see them through to PFS2 and then larger raise with share price into the mid 30's based on adding another $1bln to ENSA.

Thanks Lunch and Rcgl2, not boring read at all. Exactly what I was looking for discussion on as wasn't entirely clear myself. We've got around $25m left in the coffers so more than enough to see us through to full normal market resumption post St Legers (Sept 10th). And FWIIW, I think the Darryl and co deliberately kicked Porvenir into Q3/Q4 as it pushes events toward end of the year. What's the betting they try and save their jobs with a PFS2 update and Porvenir PEA 4 weeks before AGM! I guess the 'need' for cash stems from the Capex requirements (and timelines) involved in delivering the 2 key news announcements. Mmm!

Bozi, totally agree on Porvenir (shock horror!). Lundin, Solaris et al would be well suited and perhaps this is why SOLG are looking at the warintza look alike drill next?? Get that defined and then the value of any JV rises. Ultimately, my fear is that we are being dictated to by BHP and NCM. Both got upset with the Franco royalty deal which insight of recent funding (apparent failures) was a great deal for 'majority' of shareholders and limited dilution. It's clear that BHP and NCM do not like the assets being monetised in any form what-so-ever. They want the company diluted. It suits them. So I guess the question is.... was the talk of grass root JV's, partnership deals and of course the very publicly advertised Boliden visit all designed to make BHP and NCM feel uneasy... less comfortable? Or was it genuine...

The problem we have here is that I believe that the likes of NCM and BHP are no longer aligned with what the company wants to achieve. For instance, if the end goal for the big two is to take the lot over or bulk of it, why would they support a process that could see Porvenir JV'd with Lundin (eg... finance the exploration on number of drills around warintza?). Why would they want to finance SOLG through for another 12 months so they can add possibly another $1bln to Alpala through PFS2. That's only going to strengthen SOLG's ability to finance Alpala through partners other than BHP and NCM. It actually helps SOLG avoid being cornered come DFS and full finance package. At end of the day, it becomes nigh impossible to run a hones based on adding value when your two major shareholders are clearly interested in lowering value to suit their own means.

Due to AGM resolutions, I believe pre emption rights mean that SOLG cannot issue equity disproportionately eg off someone like Barrick a 10% stake for $100m or so. All shareholders have to have option to participate. LunchMoney... you are usually very sharp on the finer details... is that correct as don't want to mislead anyone.

The regionals got shelved because the results were not being noted by the market and the cash burn was a constant concern heading into PFS. Also, the general feeling was that SOLG were spreading themselves thin and needed to concentrate on the pFS which as we know they had promised but failed to deliver o two occasions. So the focus on PFS and reduced cash burn due to limited regionals made sense.

The missing parts of the puzzle for me are the JV partner discussions on a number of concessions. This has been spun to shareholders time and time again. So I and many expect (or am expecting) to see agreements delivered here. This might involve Barrick or Lundin or Codelco etc it might just be a JV or a full farm out on the grass root licence blocks? Who knows. But perhaps these discussions have upset the likes of NCM and BHP?

SOLG has many options to get the exploration folio moving without spending a penny. They either farm them out for free carry or they face real prospect of handing them back for zero.

This is one of the negatives (for you Bozi) that am am unhappy with. They talk about strategic partners and packaging licence blocks up for JV's and partnerships etc and yet we see and hear nothing.

So it's time for SOLG to deliver. We are all waiting and perhaps we might be surprised? Ironically, just one small RNS that says Partnership with Barrick on 10 licence blocks etc etc' would stick a ticket under the share price. Then do an equity raise into that?

Bozi, I've been less than complimentary toward SOLG and management numerous times. Yes I'm bullish of late and I've explained why but essentially it comes down to SOLG being pushed toward monetisation of assets. As for you concerns, I don't think you can apply gold or copper pricing to SOLG today when development not likely to commence until late 2024 and production not until 2029. Copper forecasts are what you should be looking at not today's prices. Most market observers see a huge copper deficit in around 3 to 4 years time. You know all this. The new CFO was appointed back in June so not sure why you are surprised that the old stand in CFO has gone? Or did you expect to retain him too? Failed fundraiser clearly a concern but then we don't know why it failed do we? Was it due to underhand tactics by BHP and co or was it due to other factors? As for delays to PFS, DFS and timelines slipping... I can't defend that and agree it's annoying but it's highly likely that whoever takes over this asset will be changing the PFS and timelines to suit their own Capex capabilities. None of the above is a major concern. If we can't get funding to see through PFS on good terms then the option is to put the business into a strategic Review (eg sale process). Then lets see who wants a slice of SOLG's world class Ecuador folio.

Finally... not sure where you have got the 'change of control' concern from but would agree that as the AGM in Dec nears, the likely result of that will be a number of directors getting the boot and a number for new directors being appointed. That's a worry but BoD's have proven to look out for themselves and I doubt they'll head into that AGM without uttering some worlds like .... in discussions with number of parties about a possible transaction on ENSA blah blah blah.

Have a good night

Absolutely agree - always wise to assess the pros and cons. But in Bozi's case, as exampled by plethora of negative posts, I'm keen to understand the positives that he sees in SOLG. Unfortunately, Bozi seems to be struggling to acknowledge the positives. I don't mind posters having negative views but when they simply refuse to note positives it tells it's own story.

We've all gone through phases where we are more bullish or more bearish than usual. But the SOLG story hasn't changed one iota from the days we were at 40p and Bozi and others were cheering with joy. Nothing has changed at all... apart from the share price!

And ShareMarket... yes, I am surprised at Blackrock buying more SOLG as past events show that they tend to reduce when they see equity placings or higher risks mounting. On this occasion they seemed keen.

Anyway, I best you leave you all to your private telegraph group as get the feeling that I'm ruffling a few feathers. Is it 3 knocks on the door or just two? Hilarious is an understatement.

Bozi, as I thought... you see no merits out of Blackrock or Norges adding. I wonder what you'd have to say if Blackrock were reducing?? Perish the thought.

Bozi, don't worry about ramps or deramps, bb's are full of bullish posters and bearish ones.

What do you think of Blackrock adding? Do you think they share your concerns over risks or your general negativity on SOLG?

Blackrock and Norges Holdings correct as of June 30th. So they may have added more in July although for balance... (before I get Bozi'ed) they may have reduced too.

But clearly a good sign to see Blackrock adding stock and Norges near 4% especially after the Ecuador wobbles which happened in June and ended in June.

According to that presentation Blackrock added 0.21% to their 5.31% holding.

Very Interesting especially as they would have known an equity raise was in discussion.

Follow the big boys! Norges at 3.95%.

SharketMare

Bozi hasn't highlighted any risks?

He's just basically offered a counter argument to anything positive that could be said of SOLG.

Bozi, as an investor of SOLG, hearing things like Lasso talking with Barrick fills me with confidence and demonstrates that Barrick are interested in Ecuador. You implied that there was little interest from these companies. They were according to you preoccupied elsewhere. Barrick might not bid for SOLG - so what? The fact that they are interested in Ecuador is a good endorsement.

At present, all you seem to be spouting is negative views. It's the trait of someone that is NOT invested. I don't mind contrarian views, that's healthy but I think you've made your stance clear. You see very little positives which is why I asked you why you are apparently still invested here and I'm still waiting for an answer. So Bozi... why are you invested in SOLG right now. What upside do you expect. Should be easy enough for you to confirm?

Redknight, many are aware of the transparency requirements and that's hardly 'getting to the bottom' of the reason it failed. I'm surprised the city insiders don't know what amount was going to be raised? And at what price. More over, why it failed? As I said, pre agreements are always sought before finally taking the little piggy to market. So something happened with one of the main players for it to fail. Was that deliberate? It's very rare for a professional book runner or advisor to collectively get everyones agreement and then proceed toward the market only then to have something go wrong. That's why it's likely something changed and it may have been a deliberate ploy by an entity keen on causing disruption and leaving SOLG in a weaker position.

As for 20p? The argument could also follow that now the SP has fallen almost 20% from the 27p/28p pre equity raise level, it no longer suits SOLG to go ahead with that option thus BHP and co shooting themselves in foot. Now the royalty option looks better for SOLG investors (majority of them). Franco has $50m ready for when we needed it. So perhaps SOLG are now being forced to avoid equity issue and seek alternative funding which may well deliver treater shareholder value to majority??

It's not all about raising cash via equity share issues. And the lower the sp the less likely that scenario imho.

Redknight, you trade away, it's entirely down to individual investors to play with their holdings. I have no problem with that and fully understand how mentality (when selling 500k+) alters the way you post. But seriously... if you think a bid is coming why would you bother taking the risk of waking up one morning and finding you are 100k down rather than 16k up on your 'trade'.??

A bid could come at any time and if anything is way more likely now than ever before.

Each to their own. I've been adding on every dip sub 25p (and there have been a few) and every time the stock ends up at least 10p to 15p higher as some point. I imagine it will again. But am hoping much higher. I think this all this 'noise' is designed as a precursor to a bid and SOLG management are part and parcel to it in some way. Sometimes you have to soften up investors a little before you drop the 'strategic review' eg SALE process rns.

Bozi, many of these super majors are already active in Ecuador. Your dismissive view of the super majors interest in Ecuador suggests to me yet again you are looking to be negative rather than positive. WHY??

As reported recently, Lasso and Barrick had a cosy meeting.

Super majors will have interests all over the globe. And as for your comments on NCM... Havieron is peanuts to them. $300m spend isn't it? Hardly preoccupied ...for a multi billion dollar company.

Your negativity is giving you away I'm afraid. You seem to ignore all the news out there. Go do some googling and see who's already in Ecuador and ask yourself why?

Addicknt, look on the bright side... it's only 4 months to the AGM and I don't think there's one director on the SOLG board that will feel comfortable about that. All likely to be booted. Of course that doesn't solve much and likely hands the keys over to BHP and NCM who can appoint directors of their own.

So it's going to be a very interesting 4 to 5 months here that's for sure.

Has someone hacked your LSE account red knight or have you bought back your 500k this morning? You're like a born again SOLGer

Bozi, £1 would fair. I suspect Noront shareholders thought the same when BHP dropped a 55cent offer in which was at a 200% premium t the 25cent previous day closing price. A bid war delivered 110 cents. BHP lost out. These are the facts. So whilst I say low ball offers, I do not mean 'accepted offers' or winning bids. It's the starting point. Then we'll see just how popular SOLG's Ecuador folio is amongst Rio, Barrick or Anglo. I genuinely believe BHP are worried about this becoming an auction or bid war stock. It's in their interests to try and work with SOLG so that SOLG get to PFS2 or even DFS and then there's a chance they can discuss taking ENSA on but leaving SOLG to continue the rest of the folio. And just for the record, I think 'we' and others should be careful of using the word 'struggle' when referring to the recent finance discussions. SOLG are not struggling if for instance they pre agree a deal and someone like BHP decides to pull out at last minute. That's not struggling... that's skullduggery to make one look like it's struggling. So lets keep an open mind and assume that there are numerous finance options and that the recent one failed due to some parties deciding it was not ideal for them. Who knows the finer details? Was there a lock in agreement thrown in at last minute that some didn't like? Was there another stream element? Was Norges offered a greater chunk? Was a new investors invited to join like Barrick? Lots of scenarios and unsurprising that games and underhand tactics are in play. It's the end game. It's business.

Agree, but still a chance that they might raise funds for PFS2 and regionals via strategic partners like Boliden or Solaris or Lundin JV deal etc. So that's the obvious route when the share price and equity raise looks too dilutive. But TOYS WILL BE OUT OF THE PRAM again from BHP and NCM. Well tough! What would be worse is if they do an equity raise with BHP et all and then get BHP to agree to a 12month lock in! That would be terrible.

Bozi, I'm only positive and bullish simply because I believe it's win win now. We've all taked about the end game. We've talked about PFS coming. What's next? It's the end game. It was always going to happen like this as the line that SOLG were and have been taking is one that says they can fund Alpala to production yet here we are and they 'apparently' can't even fund it through to DFS or even worse... PFS2. Surely you can see the implications in this? Confidence goes out of the window on the 'we are taking it to production line' and only a complete t wot like Quady believes it.

As I said a week ago. The reason why this particular level of funding is harder than ever before is because those doing the funding (lets leave NCM and BHP out of it for moment) are worried that they are bunging cash into a black hole. What happens if you invest in equity (eg get shares) in a company that then goes on to do an even higher capital raise to deliver production. No one wants to get involved on that basis. So SOLG need to see in a realistic story. One that involves JV's or asset sales etc. That's the only way that some will invest based on the end goal of boosting PFS, regionals and the end price. It's all good from here because imho it involves monetisation in various forms. Low ball starts at 40p+ imho. Anything lower and Blackrock, Norges and the bulk of investors will say fff off. The only way SOLG can keep the story line going is to prove the interest of others outside of BHP and NCM. Get Franco and Boliden to declare an interest in funding $1bln each and so on. Show everyone that SOLG can do it. On that basis, you'd think $100m or so would be a doddle. It may well be, but BHP and NCM don't like the Franco deal and most certainly would hate the Boliden deal. And that's the dilemma here. BHP and NCM will no doubt be happy to see SOLG produce PFS2, as it could or might likely mean they end up with a nice 17% each instead of 13.6% each. Anything they can get sub 30p is a bonus is it not.

I'm bullish because I can't see how SOLG can escape the inevitable bid or asset monetisation deals. That's what I am here for. Not to see SOLG take Alpala to production in 2029. I'm here to see SOLG sold and the sooner the better, but after PFS2 would be best case scenario. So how do we get to that point? See the hurdles and snakes and ladders in the way?