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Orpherncopper,

You must be blind is you think there's no evidence of potential buyers.

You have NMM for starters. And then you have BHP. Neither of them have gone anywhere. Why are they still here. Why did NMM retain SOLG interest while getting rid of that GGP asset. I know the answer to that last one.

You have the main man to many chinese deals of late sitting on the board.

FWIIW, I think buyers just want the tailings/waste issues resolved. That's my guess. That's the key to getting the environmental permits sorted at later date.

According to MD&A's, it's taken SOLG 12months to get the permits for the tailings works. My guess is that those arrived sometime ago or were ready to go long ago, but we were down to $20m in cash after Scott burned through $65m doing his cost cutting or cash burning.

The fact is, we needed the Franco cash before we could put the tailings issue to bed. And to be honest, I have no idea how many tailings site opportunities we had but do recall Scott saying we had one area only and that was 12 months ago.

You see... you don't want to stick the waste hole right in the spot where you have loads of resources or where it's going to effect eco issues.

Bottom line... sort the tailings and then you might see your evidence of buyers. For now, they are not going to show themselves until they are sure on the project economics.

But two of them have gone no where... they are sitting tight. That bodes well as both could have sold up and moved on. That would have been the ultimately kick in the teeth to Bob and co wouldn't it? So trust me... if they were not interested, they would not be here.

Pbow,

You seem to be issing the fact that they've done this already??? They had the staff... but sacked them. They were doing the Tailings but then mysteriously went quiet. Either Scott got tired of using a shovel or realised that he was digging on an area that probably best suited the tea rooms and toilets.

It's the incompetence...

Now we have some experts coming in to do the jobs properly... which is code for .... erm... step aside Scott... Franco want some grown ups involved. And with $750m on the line, too right!

Under Darryl, (especially with his CV) I think the share price was much higher and fund managers felt more secure because he had proven ability at building big mines.

Unfortunately, we are 10p today because of likes of Bob and Scott.

Junior's don't build mines. And here we are with Bob the builder and his side kick mate Scott.

The only reason you'd be holding or buying into SOLG right now is on the basis that some super major out there has itchy fingers and needs to nip this comedy of events in the bud before more value goes down the drain.

Perhaps that's Bob's plan. Threaten the potential new owners with leaving a black hole and everything in a shambles... bit like the Tories did with the incoming Labour gov.

You can bet you bottom dollar they'll loads of news all lined up leading into the AGM lol!

So Scott... basically, you are telling us you sacked all the SOLG talent 18 months ago. All the local knowledge and expertise went and now you are re hiring at what is probably double the cost??

And is this tailings work the same as the work you did last September? Or was that in 2022. You've been at it for yonks now without an update. Now we are doing it all again... but with experts lol!

Gordon bennet?? Have you got him in too?

Thanks HFH. Well good to know someone's making loads of money. That will be $15m burned in shareholder cash holding licence blocks that our management team can't seem to do anything with. We've already paid Bob and his Osisko buddies $10m in fees for the equity raise and royalty in 2022. I haven't got a clue what fee Bob's charging for the recent Franco/Osisko deal. I guess we'll find out soon but would not be surprised if he'll trouser around $20m.

$45m not small change.

Bob doing very well out of SOLG thus far.

Have we had confirmation on the fee's relating to the $750m funding package????

Mathersfinger, yes I'm sure there are licence blocks that have issues. But as we know, SOLG have priortised 10 key targets according to their recent presentation.

Don't you think it a bit odd as 'investors' we don't have a full guide on all 60 licence blocks? Seems these days, you either have to dig knee deep through some ancient MD&A's or pick up the phone and have a cosy chat and gleam info that should really have been RNS'd in the first place.

Lets see what happens, and hope that Bob has a sneeky plan yet to unfold that means we really don't need to be worring about more exploration....or ... we are about to embark on some.

An exploration company that doesn't explore is not going to be high on any fund manager target lists for their folio's.

Mathersfinger, yes agree that they will be fully aware of all the issues. But that's not really the point of the discussion. The discussion is all about SOLG being an exploration company... having 60 odd regional licences and SOLG doing absolutely zero with them for the last 18months.

Don't you think that there comes a point (after 18months+) where shareholders are entitled to ask questions like... what the xxck are doing with those 60 licence blocks and why are the rigs not fully operational drilling for the next Tier1 asset??

The previous excuse of conserving cash no longer rings true. ENSA is sorted. Now it's time to get back to exploring.

Remember, one decent hole on Porvenir saw the sp jump from 28p to 41p. The point being... if they want the sp higher, then exploration is the driver for that. ENSA can take another 2 years+ with paint drying activity ... that's fine. But what about the rest of the business!

I think one of SOLG's issues is down to the fact that they have ENSA cash spend ring fenced and rightfully so. Franco don't want SOLG splashing out cash and burning through it doing unrelated exploration. But here's the rub... if SOLG are not exploring or doing anything with the exploration business, then ineffect, SOLG becomes a developer or pre developer, and as such all the Franco funds can be spent on staff costs, overheads... the entire admin cost for the business.

But what happens if SOLG do some exploring?? Mmm... then it gets a bit messy. How do you split out the general admin costs and daily operational cash burn between the exploration business and the development business?? Furthermore, how do you guarantee these splits to would be investors or partners? This is now a major problem for SOLG as the business was never supposed to be split or ring fenced based on certain assets. It was always an explorer and thsi changed when it got knee deep in pre development plans.

Far easier for Bob to appease likes of Franco and Osisko but agreeing to do zero exploration. Of course I have no idea whether this is the case, but it's pretty clear that the last 18months or more has seen zero exploration (of note of capital spend) and we know ENSA works/cash raised is ring fenced.

This is why a spin off of the regionals made sense and why Bob and co should have had it all worked out long ago.

There are investment funds/ managers that are happy to invest into developments but not exploration with the latter being viewed more speculatively and higher risk. You have funding managers that want higher risk exploration investments but don't want hefty large capex development projects potentially pulling the equity down upon any hiccups along the way.

It's a mess and Bob should have sorted it out by now.

Metooooo, the real question remains on the cost to hold 60 licence blocks. We were told some moons ago that it carried a $6m per annum charge to the business. Not sure on the breakdown but we were also told that they carry commitments of around $400m spend I believe. We did relinquish some blocks a while ago but then mysteriously reacquired some of those relinquishe dblocks lol! I wonder why Bob?? There's so many tell tale signs around the regionals and I'm afraid it's something Bob's going to be able to keep a lid on for too much longer. Perhaps he's waiting for the cadestre to open and then he'll swap a few lol!

Anyway... enough of the guess work. Here we are ... an explorer... that's doing zero exploration.

You can imagine the fund managers questions... erm... what exactly am I investing in? Development or exploration company? I have a box I need to tick.

Eloro,

My thinking is that not everything in the world is done as perfectly as it should be. Examples from Carillion, to Lehmans, to Brexit, to Covid, to Israel or Russia and so on.

You are right.... everything should be done correctly but as we know... this is SOLG and it's a company whereby information seems to be imparted to retail investors in cost chats vs proper market RNS's and $4m+ can disappear down back of the sofa.

Does that help you with your understandings of the way the real world spins?

Barrick committed $120m with Noboa. Gina R got her cheque book out. It's active in Ecuador alright. And when you have activity like that, getting a deal on regionals in a country where you bascially own almost all the licence blocks available right now or the ones that are mining friendly areas to drill... you can't fail to get a deal done.

I'm not buying the nonsense that there has been a lack of interest - that's tosh. The above proves otherwise.

Something else is afoot.

My guess is that Bob has already agreed to sell SOLG lock stock and barrel and they have a figure agreed but need to derisk ENSA further before final deal is done. Eg.. tailings outcome and permits required etc etc. In meantime, the party involved have said NO exploration can be done as that could turn the sale process upside down.

Mr Liu is not there to make up numbers. And thus far, we've not seen anything that involves him. I wonder why!?

SOLG could get a deal on the regionals done tomorrow if they wanted to. But Bob and Scott clearly don't want to do anything on them. As above... they might have a reason for doing zilch. But the market is confused right now Bob.... you've told them you are not a developer and you are an explorer. But you are an explorer that doesn't explore.

At end of the day, you should not be pleasing anyone... you should just get on and run the business (as an explorer) and if we discover another huge 1000m hole of massive resources on a new block... fab... let it muddy the waters.

Much appreciated Pbow.

If we are in (and I know you think we'll miss out) then that would be very welcome news with MSCI usually buying in 1%+ if past investments are anything to go by.

Fingers crossed ... we need some heavyweight buying to give our notorious controlling hand something to worry about lol!

He should have sold them to the CFO lol!

Agreed... despite the doom and gloom being falsely spread around Mather, DGR and SOLG, he's clearly continuing with his good work helping his sponsored cause.

If Bob and Scott don't get something sorted on the regionals soon, perhaps we should vote to get Mather back in the driving seat and get the exploration mojo back??

MSCI deadline day today is it not... or at close of play?? Are we in?

BBG, that would great if they were looking at getting regionals moving again.

What would be better, would be a professional update to the market on the companies plans rather than these rather unusual cosy unregulated chats with retail investors and whoever else seems to ask a question.

A regionals update stating their plans along with confirmation that they are looking at non dilutive ways to fund it would be the normal way to go.

You're right in so much they have laid off alot of staff, but as we all know, the geo's looked at many of the high priority targets have all ready done the full screen on them. So it's not a a question of needing geo's or guidance. It's just a question of getting the cash in to rent or move the rigs and pay the drill teams.

You can see all the regionals/mapping on various presentations via SOLG website.

I guess one significant questions remains on rig fleet. There was a time we had about 4 to 6 rigs available. Were these rented or owned by SOLG? What happened to them? How many rigs do we have that are currently flat packed and stored doing zero?? What are the ongoing costs of maintaining 60+ regional licence blocks and doing diddly squat with them?? Last time I read an MD&A that covered some of those aspects, it suggested the regionals cost $6m a year!

The pressure is mounting on Bob and team to deliver something on the wider business as ENSA Franco / Osisko deal welcome, but that's a development story... and we are not a developer... we are an explorer according to our CEO.

They've had over 3 years to get regional drilling plans underway and there's no excuse now ENSA is sorted for near to mid term subject to milestones and permits etc.

Addicknt,

If Bob and Scott pull their finger out and get the regionals back in play, then believe it or not, we could be onto 2 or 3 more tier 1 mines by the time we get into 2026... nevermind Alpala producing in 2030's.

As an explorer, we've done zilch since completing the last Porvenir MRE.

With metals boom around the corner the apparent desperation amongst mining mammoths to replenish their resources after post covid under investment, one would expect Alpala to be in a deep pocketed players hands long before 2030.

As investors we need exploration ongoing while they tinker away with the paint drying works on ENSA like tailings issues and permits etc.

Significant exploration could be in play for less than a $5m spend budget. Bob trousered $10m in fees alone from shareholders for god sake. He's doing alright (especially himself) but not really getting the sp much above covid lows which would be enough to see most top management ousted in agm's. Share price performance and general marketing of the company has been very poor. Now funding deal on ENSA is done, there is no excuse at all for not returning SOLG back to the explorer that it is and was.

Won't be many juniors left the way M&A is going... Shanta Gold gone... Filo gone... Osisko Mining gone... and then of course we've had the bigger deals albeit ambitious... with likes of BHP and Anglo. That failed but the market has woken up now as caught with pants down on a few stocks out there. Glencore are either predator or prey... they could be the next one to make a move of some sort. Lots of rejigging ahead of the predicted metals boom.

Al

Who are the key shareholders in Osisko Mining? It has worked for them to spin off the royalty business.

How about we spin off the SOLG regionals Bobster?? Sooner rather than later.

Just a reminder of how efficient the market's work on an equity valuation basis... eg.. the share price at any one time means diddly squat until an asset derisks or a buyer emerges.

Filo Corp (Filo del Sol) traded at $1(cad) on March 16th 2020 (covid lows).

July 30th 2024, BHP and Lundin agree deal valuing Filo del Sol at $33 (cad) a share.

33 x the covid low.

If you apply the same metric to SOLG, then March 16th 2020, SOLG's low was (you guessed it)... 10p. (today's price is... ?? yep... 10p, but of course... we are not in a bombshell covid period... we are actually almost half way fully funded... mmm!)

33 x 10p.... £3.30

Of course... it's not an exact art, but the disconnect between the covid lows period and where we are today is evident for all to see. The Filo del Sol corp provides an insight into true 'value' as does the Franco/Osisko stream deal.

If you go to the SOLG July presentation (page 13), just look how close Porvenir is to Filo del Sol's numbers. And ... just how magnificient Cascabel is. Resouces are not everything... that's granted. Cost and risk of mining including jurisdiction etc but just ponder that Filo covid low.... SOLG's covid low and understand that there is a long way for SOLG to go and lots of recovery room. With funding sorted for the next 3 years+ (subject to milestones achieved/permits attained etc) the downside looks limited here no matter how shakey the market becomes (remember covid was the most shaky event since lehmans).

But the upside look huge.... and probably explains why Scott and co were happy with their buckeyt load of options at 17p. And why the chinese were happy at 17p. And why Franco after doing due diligence for almost a year... are very confident.

Filo reveals quite a bit indeed. It reveals what 'real value' looks like. Our day will come.