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Market not happy with PoG at $3000oz. Bullish bets along with central banks increasing appetite now pointing to $4000oz targets.

Feck me... can you imagine what our PFS would look like with $4000oz and $12,000 copper? Nevermind the Silver.

Mind boggling.

I think it's time to reissue the PFS on more up to date prices as the current version now out of date and out of kilter with future market pricing.

Lets get it out there 'Dan the man'.

The market rated it at 13p after the Franco deal was announced. So in theory, if the next tranche lands, the market should rate it at 13p... not 7p.

Lets face it, £220m cap is a pittance. Doesn't even cover the investment ploughed in to date. The market wouldn't bat an eye lid if this was £400m tomorrow... and that's the casino fruit machine LSE for you.

In the dark days of covid when the DOW jones fell from 30k+ to 18k and the world was going to end... oil went to sub $ and markets were devasted ... worse than Lehmans and guess what... SOLG's lowest end of the world price was 10p.

Puts today's poor pricing into context doesn't it??

Dream on Bozi... the same old from you. When you're presented with the FACTS you just wriggle away or bat it off like your opinion seems to have some type of credibility or value.

I hate to break to you, but your a poster on a bb that has proven you don't know very much at all and you've been bashing the stock for the last 3 years lol!

I think you've been rumbled and now everyone knows you for what you are. And that's not a shareholder... that's for sure.

Lets face it, anything under $3bln is cheap for SOLG based on ENSA/Alpala alone. These are super majors we are talking about or the richest 'state' on planet earth with the chinese. Of course both would prefer to bag major assets on the cheap but reality is (as I have said for sometime now) Tier1 mines rarely go for less than the benchmark market rate. Some seem to forget here that it's not about the share price right now, it's about where the share price ends up. Yes destruction can come along the way via poor management and dilution as witnessed by the GGP debacle. The end asset price/value tends to stay pretty constant. In a simple analogy... you are dealing with 'metals' which have a set price. Yes, regional and risk factors have to be baked in but that aside, gold is gold... doesn't matter whether it's Ecuador gold or Chile or Brazilian. It's priced the same.

So the 'game' here is all about whether we can realise that industry asset value before we get too stretched on royalties/debt and share dilution. That's as simple as it gets.

If you sell out early stage and pass on significant risk to the buyer, then you have to expect heavy discount. If you derisk and invest more and more (as SOLG has done over the last 5 years) then you gain a higher price.

As per the Noront example, BHP made a cheeky bid at 55cents and ruffled Wyloo's feathers. The end price was 110cents a share. Double what BHP initially offered. Does that make BHP's original offer look disingenous? Absolutely... and that shows them for what they are... tough business / mine players who will try by whatever means possible to secure best value for their shareholders and best margins/profits for their projects. So when you see them pay billions for just a stake in an early asset like FILO... you soon realise.... erm... they wouldn't have done that if they didn't think they were getting a bargain.

So let that sink in a bit... what does that mean for SOLG assets. 154pa SOLG share might be comparable to FILO but that's also cheap.

Personally, I think an offer near half that 154p circa 77p would be more than fair for a sale right now or in 6 months time based on where the asset is and with Ecuador CIPA agreed. That's still a bargain for the majors or the chinese and that's the point here... you always need to make both parties feel like it's a win win deal.

You really have lost the plot Bozi.

Wyloo acquired stake in Noront for 16 cents a share. They then went to pay 110 cents to acquire the business.

Continue deramping and bashing away Bozi but most on here have worked you out.

Give it up for gordy sake.

Napthman1, not sure what you mean, but remember the chinese had added around 0.9% prior to the placing which based on share price over the last few months suggests they have lowere dthe average holding price even more. I reckon they are in at around an average of 14p. BHP are averaging closer to 35p for their holdings but I might be wrong there so happy to be corrected on that. NCM (now owned by NMM) are a bit lower I believe near 25p.

Overall, when you add up the insiders like CGP crew, Mather and Tenstar et al, it's not far off 20%. Possibly higher. Then throw in Chinese, BHP and NMM and you have 33% combined. So in nut shell, not a massive float assuming those 53% shares are not being loaned out or traded.

Just leaves 47% out there for pi's, fund managers and II's to fight over. Anyone wanting to buy a large chunk in open market from here on is going to cause the SP to move up fast.

That said, the chinese snaffled that 0.9% (almost 28m shares) without causing too much of a ripple. I guess the real question is.... just how many shares out there are owned by dodgey unrelated chinese holders sub 5% threshold... which might suddenly become willing to sell their stock cheaper than most would like in a takeover deal.

It's hotting up here for sure but keep an eye on the votes as half the float at least is in insiders/majors hands.

Metooooo, you can buy in the open market cheaper than the placing price to the chinese. SOLG are hardly going to offer you or other pi's shares which you'll probably just trade away and chuck around in the market. By placing with Jiangxi, they send a clear message out there to likes of BHP. They likely feel confident that the stock will be in safe hands and not handed over to BHP or NMM. They probably had some kind of carrot offered to in the guise of 'free technical advice' from one of the leading copper players in the world.

They chose the right party but chose the wrong time to do it and achieved a very poor price for shareholders. End of.

The clock is ticking for Mather et al and you can feel the sudden 'urgency' and 'will' to get things moving or sold. Even if an offer or JV deal landed on Monday morning, it would still take around 6 months to complete IMHO. And that's cutting fine for likes of Mather. So I think you'll major news/deals done in Q2 (post Ecuador elections / April 13th) as that would enable final ink to dry on or around Late Sept or October.

It's all going to happen in the next 12 weeks and that includes regionals.

Chinese New year ended on March 3rd.

Things do appear to be moving with some pace now the Chinese are off their hols lol!

You'd have thought they would have waited until that news came out and then did the placing on the shares to Chinese...?? You couldn't make it up! It's as if they were hell bent on issuing those shares to the chinese on the cheap???

One has to guess or suppose there's something else coming that's favourable or perhaps there's more technical help coming but not going to be charged? Mmm. Very subtle stuff. Wouldn't want the market to get excited now would we SOLG BoD's lol! Let me guess... you've got some director bonus share awards to had out first!

Might have been discussed before but anyone else think that Jiangxi are now a show in for the 'COPPER' Stream element of ENSA subject to the derisking / Franco stream deal.

If that does indeed end up the case, then we might be pretty much fully financed based on Copper stream + Franco / Osisko gold streams.

Don't think I've seena. Tier1 asset remain in a non super majors hands yet be fully/mostly funded by stream deals. Potentially a major worry for the likes of BHP as the streamers step out of the majors shadows and start skipping the middle man.

Still a way to go and I suspect they'll be a need for shareholders to stick more skin in the game come full finance deal... but not at todays sp levels. Should be much higher then, circa 30p/40p.

Just what are you gonna do BHP?? You are well behind on copper resources and have been too coked up for the last decade.

History made

PoG breaks 3000!!!!

Now remind me how much of that stuff we have and what price the PFS was based on??

Double bubble!

Cash-My-Giro, what if the plan to sell the bbiz by Bob had worked?? What if indeed.

But there's plenty of failures along the way that were not 'what ifs' at all.

Replacing the chairman in a timely manner (within 6 months) would have allowed fund managers to continue buying the stock in the metals boom period. Instead we had the MSCI dump us out and just about every II on the books walked away.

Exploration was and is always important. If you remember, we were an exploration company. Then CGP came on board and we became a nothing company. An explorer that didn't explore and then they told everyone we were a developer that doesn't want to develop. The message and strategy was terrible and damning as investment candy goes. No one fund manager wants to go near a company that has no clear direction or no sense of what it is meant to be.

So harsh yes... and no... it wasn't all Scott's fault. He was just Bob's puppet. But as I ahve said before... what were all the other neds and directors doing?? The Dan's, The charles' etc... all of them now seemingly injecting some much needed fresh blood into the business ... just it's not fresh... it's the same old crew with different job titles. Luckily, new investors prob won't be aware of that and they'll see the governance boxes ticked. It's the old f@rts here like you and me that know the real truth.

In a nut shell... neither Mather's time nor Bob's time has been ideal. Both hate each other and that's not a good mix and likely the reason why we've seen this ego style management for so long.

Darryl was rock solid and class imho. Problem is... he was too good for us! He was a 'super major' looking to build a tier 1 mine with a AIM listed minnow and bunch of ageing ego heads that wanted a pay day.... not a Tier 1 mine built. The rest is history and plenty of what if's.

Well, at least a few fund managers or II's can start buying in again but I suspect this is all more about box ticking ahead of the new fund raiser required for the new exploCo. They've gone from deliberately shunning ii's and fund managers to now seemingly opening the doors. Bit late for that Bob... you've just chucked 5.2% of OUR shares into someone's pockets at a very cheap price and delivered a very poor return for shareholders.

But lets move on. And look forward to the new 'drive' that seems to be underway. At last there seems to be some life coming back into SOLG. The past years under Scott and Bob have been dark and ugly and most of all really depressing for us all. Such a shame for such a great company.

The futures bright if we can get back to drilling. Exploration is what SOLG is all about and that was Mather was all about. Booting Mather effectuvely took our HEART out and stuck it in the freezer.

A 45% premium indeed and yet it was still a 55% price discount to them. lol!

Now that tells you all you need to know and just how poor SOLG BoD's have been. They should hand back all the share options they have been granted since the merger. Simple as that. That's the best way they can return shareholder value!

There's no way Bob or Mather were selling 5% shares to BHP or NMM. That would put them on 15.7%. Selling to the chinese brought them up to the 11.2% level just 0.7% above BHP/NMM. So aligned the big holders. However, whether SOLG were aware or not, the chinese had been sneekily buying up to the threshold but not over it so have actually landed themselves 12.2%. That's only 1.7% above BHP so not a massive advantage.

The key difference between the big three is that the Chinese have a an on our board ... Mr Liu. NMM and BHP both had opportunities to have their designated man/woman on the board too. NCM had one for sometime but pulled him after the first royalty deal was done.

In summary, I'm glad the CGP shares did not go into Bob's pockets in exchange for some pony 5p a share. I'm hugely dissapointed that Scott/Bob mothballed the business to save costs only then to deliver a very poor return for the CGP shares. They could have been placed at 18p+ a while back and raised double today's $18m. Those funds could have been used to move Porvenir along or a number of targets.

It's a terrible result and all down to management so I do not expect them to reward or gain any further bonus share awards. We can't go rewarding the BoD's for poor value and poor performance.

The headline stated 45% premium to share price whcih was correct. But lets get real here, they were awarded to the Chinese at under 9p which is almost half the price they paid for their first 5%.

So perhaps the headline should have read... SOLG awards Chinese 5.2% holding in business at half price????

Bottom line is... will this draw BHP out? Possibly. We'll have to wait and see. But one thing is sure, if there is a bid battle, at least all involved are now virtually aligned albeit the chinese 1.7% ahead.

What would really stoke the share price would be news that the chinese have moved above 13%. That's only 0.8% away. Not much at all and lets face it, they can buy cheaper in open market right now than they paid for the 5.2% placing. So why wouldn't they be buying? They bought up almost 28m shares ahead of the placing and that must have had 'chinese state approval' LOL!!!!

If they announce they have gone above 13%, then I think BHP will have no choice but will need to act. If they don't, then the chinese will just keep tapping away and acquiring % after %. The bizarr thing is... they can only do that if there are sellers. And recently, there seems to have been loads of sellers. The mind boggles on where this stock is coming from!!??

So looking ahead... we have a chairman now. So Funds and II's can buy back in now. We have some eyebrows being raised across sector and markets due to the name Jiangxi being an increasingly large shareholder and already very present in Ecuador. We have a CEO that looks more like a CEO. And we have Bob and Mather that now look very motivated to get a deal done. And finally, we have a metals market that looks very strong.

Strap yourselv

Two subtle points in the RNS that may have escaped some on here...

"Until March 2027, Jiangxi may provide SolGold with technical consulting services as required, subject to mutual agreement, with respect to the Company's world-class Cascabel Project in Ecuador. Jiangxi will not charge the Company, unless otherwise agreed by the parties, for any of its costs associated with this technical cooperation."

And... minor point below ... but might suggest greater or wider 'approvals' incoming should there be a JV deal. Lets face it... I don't think the $18m would need much of a rubber stamp ... it's smallfry.

"Closing of the Investment is subject to customary conditions precedent and receipt of regulatory approval from the relevant authorities in the People's Republic of China."

So inconclusion, this might be two things...

1. It's the precursor to a larger JV deal which would replace the Franco deal or might be run in tandem

2. The Chinese and Mr Liu (now we see why he's there on the board) are looking to get more involved at a 'technical' level as feel they can help. That's very nice of them isn't it lol!

Just wait until those Ecuador elections are over... I think we'll be double digits very soon. Not exactly a party moment... but getting back to where it should be in the teens would be welcome by all especially in this hot metals pricing climate.

Blimey, 3m+ bought over there in opening hour. That's massive for TSX. They usually do around 300k traded at best.

I wonder if the next news we'll hear is that they've set up a Newco for the regionals and Chinese are taking a stake in that newco and with funds raised, we drill, baby drill?

We know the Chinese were up for Porvenir, but I suspect they are equally interested in some other licences in folio and some no doubt border their own interests???

Consolidating some interests/regionals but under the newco name also frees up the ENSA aspect and keeps thing simple with Franco/Osisko going forwards.

Ironically there is likely more value in that regional folio than in ENSA but of course takes time and exploration funds to get there first. If we can restart drilling on one or two of the regionals then that will perhaps start to see SOLG shine again while the paint dries on the ENSA derisking. Perhaps the Chinese are up for both or just playing a smart game of cards. Eitherway, BHP and NMM sitting on their hands is costing them more every day after the stream deal and now cheap placing with their number 1 enemy. They've had one of the world's greatest Tier1 mines in their mitts and let it slip.

The stock tested 13p when the new was announced last year on the $750m stream funding package deal and draw on first tranche of $33.4m.

So in theory, when the second tranche is confirmed, then that will hopefully see it back to 13p again.

A storm was brewing on SOLG with Ecuador elections a minor risk but still an issue that many want to see resolved... one way or another. Cash pile was clearly heading to the low zone as indicated by the end of year financials. And then there's the second Franco tranche and works required to meet that. So bit of a pinch point which appears to have been broken free by a strong confirmation of interested chinese party vs woeful market valuation. The market got it 45% wrong. And as many already know, the market of today is no longer about getting valuations right... it's just about algo. bots and spivs working to suit their end means.

The Chinese can in theory make a bigger offer of 50p+ based on only having to acquire 83% ish now. They've already banked 12% and have an average buy price of around 14p I believe.

That leaves the chinese with another 27m+ shares they can buy in open market at BELOW the price they just paid in the placing before triggering a TR1 for crossing 13%.

I wonder if they'll buy them up ahead of the known Franco second tranche RNS??

Lets face it, why would they bung in $18m if they didn't know the Franco tranche was on it's way??

Strap yourselves in.... end game stuff.