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Copper testing the previous ceiling at $5.22. Get through that and next stop looks like $5.62.

HSBC have PoG target of $3800oz to $4400oz (with some potential for higher spikes) from here to next year. So if correct... very solid PoG platform building into 2026 and even at $3800oz bottom levels, it's double our PFS long term price.

Copper likely to test $6 next year (with ease) imho.

Great timing for you Dan. Never before has a CEO of SOLG had such a great market for stock. Massively improved Ecuador political situation, great metals price market and improving finance facilities ahead with lower rates. You are blessed with all 3. Lucky boy.

Good points and discussion all round - thanks guys.

On a bright note, the Solaris market cap of £800m does help a great deal when in the past we've had many citing the 'Ecuador discount' etc etc as volatile region blah blah blah. The Ecuador of today is quite different now under Noboa and that bodes well. Regardless of open pit or block cave etc... it's clear that investors have a great interest in Ecuador as a mining region. We've also seen a bit of activity with Glencore, Barrick, Rio and a few others reported to be in discussions with noboa.

Lets see what the referendum brings on 16th Nov.

NotMuchMoney, good points but not sure it explains the £815m market cap. Solaris haven't outlined how they are going to fund it. They haven't even done a PFS. That's my point. For years we've argued that there's a sizable discount for projects that are advanced or not so advanced. Franco are a huge global brand so the $750m (Inc Osisko) certainly places weight behind the project. Solaris don't have anything like that thus far.

And, lately, we have TAM developing into something alot bigger than first thought. The grades are not that different from Warintza. So a decent chunk of 'doubt' on funding ENSA disappears and a decent chunk needs pricing in for open pit (aka Solaris example).

Oh.. and then there's Porvenir. And the regional folio.

If you want the blunt truth, I think it has more to do with the TSX listing and the 167m shares in issue. The latter is tiny for a player with project Warintza.

SOLG have 3.1bln+ shares. It's like dragging a bus behind us when we try and push forwards with the sp. And there's the issue over LSE... poor listing now with London losing it's shine and more a 3rd tier investment venue now where many are seeking other listings.

It's not a deliberate comparison of apples and pears etc etc... my point is a simple one... we should be much much higher than them. TAM offers a decent offset when it comes to risk now we look ahead to development. That's changed the goal posts considerably.

Solaris Market cap £815m. (No where near advanced as SOLG... still awaiting PFS)

SOLG market cap £490m. (We seem to be advancing but doing the PFS and works 3 x over through past xxck ups).

One thing is sure. The market believes in Solaris story but is not buying into Dan's 'reset' at all. I think he'll need to actually 'deliver' something for a change which the market can then 'believe' in.

Thus far, Solaris management team seem to be doing wonders with their share price.

Still... best give Dan time to deliver on his promises for 2025. So CIPA, updated PFS numbers or PEA and ExploreCo all due in next 8 weeks.

And in fairness, we haven't seen what Solaris have lined up yet but that should be of interest too to investor as a benchmark guide to how market reacts to their PFS.

Solaris is you best comparable... not Junior miners as a whole. Solaris are based in Ecuador. Their asset is no where near as good as ours. Yet, they seem to hold onto gains easily and today they are even punching their previous highs. No signs whatsoever of following juniors and producers. So our recent 20% sell off issues are not Ecuador related. No asset related. So what are they? Management related?

Without a doubt, the last few weeks have been poor for SOLG. In this market, even poor management should have been able to get the sp back into the 20's.

Unless the US gov find some money down back of sofa and pay off trillion dollars debt, I very much doubt that any pullback in PoG of 25% range could be sustained.

The US is expected to cut rates again and potentially 2 or 3 times over the next 2 or 3 months. That's bullish for Gold.

End of the month trading never a strong affair for SOLG but worth noting that generally across miners there has been a top off and significant profit taking phase. Ironically... our dear Ecuador comparable 'Solaris' has dropped just 5% from highs. Somehow, that stock has deep strength and no news to support it either. SOLG always drifts on no news periods and Dan pretty much telegraphed it with the early to mid Nov assay guidelines.

But in true SOLG style, it can be 15.5p today and 19p tomorrow. It feels more like a trap for sellers than a trap for buyers at these levels.

News will hopefully come riding around the corner soon to save the day... possibly next week.

For now... SOLG sags on any PoG weakness and yet doesn't seem to move much when PoG bounces back. Funny old game innit.

Nice video by SOLG via linked-in showing local project growing Vegetables.

I wouldn't normally mention it, but it was the uniforms that caught my eye. All embroidered/branded with 'ENSA' and no Solgold name.

Perhaps we are closer to the 'split' of the business than we think eh Dan? ENSA goes to buyer and Solgold continues as the exploration arm?

Good spot and good to see. Was getting a bit frustrated after Dan dropped out of the last two planned conferences.

Decent momentum going into Nov.

InvestorPanda is our Alan Partridge.

Every BB needs ones ... apparently?

DV... if you are reading this BB... may god give you strength!

RodneyT, as far as I'm aware, there are not many II's or fund managers that buy in open market without a clear idea on what they are investing in. Thus far, we have a plan to spin out ExploreCo... but we still haven't done it. I think Dan is more likely out there 'marketing' that spin out plan than marketing the entire business if you follow.

II's will want to invest in the ExploreCo and some II's will want to invest in the Alpala dev story. Some might want both.

But in nearly all instances, most want 'placed' or bought deal holdings. They certainly don't like buying in the open market UNTIL they have an interest built already etc.

Dan will need to 'place' stock if he wants to change the register and bring in II's .... simple as that.

And we shareholders don't really want that dilution do we? Hence... II's likely in discussion over ExploreCo.

Well, Solaris Resources which sold off with PoG drop along with SOLG and others is now back trading at previous levels last seen when SOLG was 19.5p.

So in terms of momentum, it would seem Solaris seems capable of continuing the upward curve whereas SOLG seems to be struggling to just hand to a near 15% decline.

Volume has been poor to average of late, and there's no signs of any II's buying in open market or 'new' fund managers. There's no TR1 movements or updates... nothing. Global X via COPX fund are the only ones that I can see buying.

Dan's been in the job for over 6 months now and we are not seeing any new II or funds coming on board with notable buying activity.

His 'marketing' of the business so far has delivered very little on that front.

"DV doing a great job defending and promoting the interests of shareholders." Agree RodneyT, but I don't believe he's been properly tested yet and apart from TAM drilling, there really hasn't been much else delivered.

We've had promises of ExploreCo, CIPA and updated PFS figures all before year end.

I just hope he doesn't turn into another SOLGesque director style of overpromising and under-delivering.

Not long left this year. Really need that ExploreCo delivered and happening or else it's more flaky stuff from SOLG which won't go down well with the markets.

A lot has been 'said', but not much has been delivered. The SP is a different matter entirely and moves based on all kinds of reasons .... not all related to DV's work or efforts. Some recoveries are just market mechanics doing market things and PM's at all time highs etc.

It's fallen a bit flat over the last few weeks and disappointing to see Dan pull out of two conferences when we really need to be seen and heard on global mining level.

Time to pick up the ball again Dan.

"Cannot find much to warrant this rise today,"

Mathersfinger, quite a few miners fell with the large PoG correction from last week although losing $300oz hardly warranted the large sell off on miners in the context of PoG's moves from $2k to $4k etc etc. What's $300oz in that context lol!

Interestingly, Solaris Resources (our nearest Ecuador player market cap wise but with an inferior asset to ours) rose 7.4% today. SOLG rose 7.2%. Ecuador miners rerate? Coincidence?

No one gives a fig about what you post InvestorPanda. That surely is dawning on you now.

It's just irrelevance after irrelevance... Impity poor old Mather and Dan who have to fence your constant man baby enquiries.

You need to grow up and stop throwing toys out of your pram. You're clogging up the BB with utter shiiiiite on a daily basis. Sort it out for gawddds sake.

You can't use near term metal prices for long term projects. The mining industry has standards and most miners abide by the basics required for reporting.

Based on market averages for reporting over the last 3 months, I would suggest expectations near $1975oz and $4.2 for copper.

Combined with TAM numbers and early cash flows, the PFS should look very impressive compared to the current version. The IRR after-tax likely to nudge up to 28% to 30% levels (and much higher on mid case).

Payback should move from 4 years to just 3.5 years or 3.6ish.

In reality, if we are where we all expect metals to be, then come 2028 and using today's metal numbers, you can see virtually everything doubles although that does assume alot for copper.

Franco & Osisko's royalty stream deals look incredible when you take into consideration lifetime of the mine.

10 Nov 2025

– 11 Nov 2025 The 2025 Precious Metals Summit Zurich November 10-11, 2025 | Park Hyatt Zurich

I would expect Dan to be fully armed with all the Assays released and a bit more going into that one, so should be a new presentation too.

Quite a bit of news expected in the next 8 weeks.

Copper going great guns today. It was fairly stable during the Gold/Silver profit taking or consolidation phase. The latter might not be over yet but clearly Copper the next one to make a serious move. It's lagged gold and Silver all year. Gold up 50%+ yoy, Silver up 45%+ yoy (and that's based on pull back prices of today) and Copper just up 16.5% yoy.

The Autobots tend to pick on 'gold' stocks when there's a pullback, and part of SOLG's issue remains in the name... SOLGOLD. If it was SOL Copper & Gold, I suspect it would perform better and certainly much better in a copper boom ... which is around the corner.

More shares moving from Retail to Funds.

NMM, nothing much in the article. Just talks about how much money Ecuador are making with higher gold prices etc. Nothing about SOLG in there.