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Sunstone Metals market cap is around £60m at moment. Their key asset based on MRE looks about 6x smaller than Porvenir. Still plenty of exploration potential for them but on a comparable basis, SOLG's Porvenir would be or should be worth £360m.

Discount it by 25% for some variable grades and £250m would be about right.

There is an 'updated PEA' underway for Porvenir, so guessing we'll know more when that's released. But like Tandy... Porvenir has substantial potential with many areas still 'open' and requiring further drilling. Grades ranging from 0.44% through to a juicy 0.9%. That latter is very attractive.

2,610.0m of infill and extension diamond drilling has been completed at the Cacharposa Deposit since the last MRE... so that's alot of drilling already done which can be factored into the numbers... but has not been released yet since Dec 2023!. mmm I wonder why?

Just a hunch but based on the volume today, I think they might have closed out a sizable chunk. We'll get an update before 3.30pm tomorrow I believe.

If they haven't closed out any, then that would bode very well indeed as if the news on Tandy holes 4 to 9 is as impressive as holes 1-3, they'll be scampering around looking for sellers in the 16 to 17p range. That would be an almost 100% loss for them (assuming the close around there).

18m x average short position of 8p = £1.45m. At 16p, that's £1.45m loss.

Dan did say they expected Pit 1 to be fully drilled by around about now, so in theory all cores will be done and off for assays with the 5 mentioned surely due back this week or next.

Pit 2 should be motoring now too.

They may have closed out today. You'll know tomorrow.

But they are active across other stocks on LSE with the latest position declared on Pinewood Technologies Group Plc . Which also looks like another pigs ear effort by them. They don't seem to be doing very well lol!

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Just a thought but what if the regionals / Pornevir southco plan reveals/values it at $150m+. Seems fair and cheap to me but that makes the main asset Alpala look mega cheap which we know it is.

Hence news on regionals might be driving this into full correctiion back to high teens. Lets face it, no one is going to baulk at a market cap of £550m+ based on Alpala and a regional folio plan worth $150m.

If Solaris Resources can sustain a steady £600m cap today based on where there are, then we should be able to pass them and sustain that level until more news justifies moves higher or more II interest.

All stocks/sp's cool off a bit after such a surge but this shown the kind of strength that you see based on an incoming bid.

I think 16.5p level might see MSCI move back in. That really would give another leg up.

Roll on regionals news and Tandy updates. Assays on those 5 holes must be ready now surely??

SOLG disappointed for 24 months... we had months after months of paint drying. A bashers paradise.

In just 2 weeks, it has repaired half of the damage done. If Tandy news good or regionals exploco well received, it's possible that SOLG could undo 24 months worth of benign activity within just 1 montsh trading.

Sometimes the market just needs a kick up the @rse and Dan's comment 'GROSSLY UNDERVALUED' I think did more for SOLG than Scott did in 2 years.

Anyway... long way to go but SOLG has a history of share prices that move fast and recover fast.

1 trade code went through a while ago so anyone else think news coming tomorrow?

13.4p or 13.5p was hit after the $750m funding package revealed. We've progressed alot since those days (may 2024).

Tandy news wasn't known back then nor was the earlier production plans.

wake me up when we get back to Scott's option price circa 18p/19p.

Would be great to be above 13p when next assay news drops assuming the batch have some nice grades. Anything over 0.6% is brill for open pit but get close to the 0.7% or magically 1% grades and bingo... we really are off to the races.

Regional exploco news due soon too.

Loads of great catalysts to come which tends to keep the traders on their toes and TA experts as news often trumps the latter.

I'd like to see likes of Pru or blackrock or usual large ii crew buying in open market as that would be very bullish particularly on buyout potential.

If the royalty stream is bought back or out before June 2027, then impact won't be 9%.

That said, $750m for just 9% impact pretty much tells you how wrong the market has been and how poor it is at pricing stocks correctly.

The chinese got 5%+ at sub 9p and ... Dan helped himself to millions of options at 7p.

Everything changed after that? Correct?

Management indeed. Very well managed.

20m in first 90mins!

Me thinks someones closing out or some bigger fish are swimming in our waters today.

Shorter must be feeling rather sick at the moment but like I said a few days ago... far better for them to double down in the 13's+ than try and suppress again in the 9's or 10's.

I reiterate... Solaris Resources... (Ecuador asset not as good as SOLG's or as advanced) valud by market at £600m+. SOLG with better asset was valued at half that price. Long way to go before we even catch up with Solaris and their less advanced project Warintza.

The market can't value one at one price and the other at half imho and retain any confidence. And lets get real here. even in first place, Solaris are undervalued lol!

Pbow agreed... but it's materials that carry the real cost. Building power lines/generators/stations etc in Ecuador 3 years will without a doubt be 15%+ more expensive to build today would you not agree??

$4.2 on copper and 2300 on PoG likely 'half price' by the time Alpala or Tandy is producing.

But it's better than before. Inflation of circa 5% per year for last 3 years also needed when running the numbers although think Ecuador labour rates considerably lower although suspect they will be chinese rates lol as they do the big infrastructure projects in Ecuador.

Wake me up when we get back into the 20's. Might even see the vampires and vipers move back in then (blackrock and GS and JPM etc etc). We pi's are just plankton.

I think the moth ball strategy of last two years was also designed to shake out higher holders with circa 30p+ averages and reduce the main 45% retail/shares in issue to holders with lower averages or new entrants. Lets face it, there are plenty on here that bought at 7p (some lower) who would happily take a 20p bid. And that's the hope of someone like Jiangxi imho. They know that having the so at sub 10p for over two years (on average basis) will see at least a 10%+ shift if not higher of that main 45% base which is not in INSIDERS hands.

The problem for them is that metal proces have soared during those two years and that's created a different kind of expectation that is here now but wasn't there back then 2 years ago.

Bottom line... there's more reason for SOLG to be priced in the 30's or 40's now then there was back in 2022 or 2020's.

The added 15% ENSA to the coffers along with better PM's more than make up for the extra 1 billion shares in issue.

So yes... the suppression of the sp for last 2 years will have worked on quite a few of that key 45% base.

I don't think Newmont directors would look very bright if they sold 10% SOLG stake for say 25p a share to chinese only to see final bid arrive in the 50's thereafter.

Imagine that... dear shareholders we sold SOLG stake for £25m but could have got you £50m had we just been a bit smarter. Please vote for us at the next AGM.

There's a few newcrest holders out there that are none too pleased with the Telfer deal as think they should have done better.

SOLG have put alot of trust in the chinese imho and it's risky business.

Anyway... I think the sp needs to get back into the 20's before newcrest would even pick up the phone to be honest. I think their average is around 28p ish but would happily be corrected.

I think it just comes down to the asset and resources and what $1 or cent they pay for them. There is as you know an industry benchmark based on hundreds of deals that show pricing for 'in the ground' resources. And then the plethora of 'discounts' applied based on regional, geo or cost of extraction.

At end of the day... it always comes down to risk vs reward and ROI. No one is going to do it for the fun of it. Alpala is a monster. It can chuck out $1bln+ in profits a year for 50 years+ imho based on a major being involved. Yes they might go for a bigger DFS and capex but that's up to them based on how big and hard or fast they want to mine it.

When Copper is $10+ in a few years time (and it will be due to insufficient supplies) no one paying £1+ for SOLG will be crying. They will be laughing their heads off.

RodneyT,

I sort of agree... but do think the Noront example (eg BHP bid 48cents I think at first) and the sp was 22cents a week before this. Then as we know Wyloo upped it to 70cents and BHP then made another counter bid at 78cents and wyloo fished it with a knock out 110 cent bid.

We're the bidders embarrased? No! But the market clearly was shown to be inept wasn't it?

Well, considering this potentially a $10bln business based on just 20% of resoources and projected higher metal prices, anyone bagging it for a £1 a share is getting a bargain. But in this world, the instinct is to get it as cheap as you can, so taking 'advantage' must surely be only the chinese or BHP's minds. The weak link or biggest concern is the other holder... Newmont. Should their stake go to either BHP or Jiangxi, then it gets harder to defend against. That said, SOLG do have the ability to issue a shed load of equity if they wanted to but don't think that's the answer.

In my experience, all the best companies or the best assets get taken out by the bigger companies or by private equity and it normally happens BEFORE the stock starts to look like it's returning some serious growth or equity to shareholders. All the good ones get swallowed up. That's how markets work. Big fish eat little fish. Just one big choppy frothy ocean.

I think Oz minerals took BHP around 5months+ to finally conclude and that was after an offer was accepted. But market tends to value the sp based on the bid agreed give or take 2 or 3% discount to keep the mm's fed.

It's 18mln shares not 180m. 0.6% of 3bln is not 180mln.

If you can't add up you shouldn't be investing!