Member Info for FTJNY

Is clearly one of the old Infestors who we thought had been fumigated but just like a rat down a sewer it is sometimes difficult to get rid of unwanted vermin. Ahh well guess I’ll just have to filter the muppet until he (or she) gets flushed back from whence they came. Toodle pips Thumper :)

Sav - Spot on with your observations! Clearly NM didn't decide to have a rant after a few beers as Two hits has suggested LOL! He has waited a week to reply and taken legal advice as well as probably consulted other major shareholders in Solg especially Newcrest who sit on the board. First time I have commented on this matter but after observing various posts over the past week its quite clear which posters have a stake in CGP by their defence of WI plus posts trying to support his area of mutual interest claim around BN. Guess its only natural we take sides depending on which camp we are in but let's not try to kid each other about the intentions of some posts! All of course IMHO

Pinot - I’ve been thinking the same! JB has circa 3m shares and from memory I think he’s in his mid 70’s and I’m sure he’ll want to make the most of his well earned retirement so selling his Solg holding would help him in this respect and could explain why there have been more sells than buys of late? However the sell off has been going on for some time now so if JB is selling out I would have expected this to have happened much quicker given its only 3m shares!

Pad - Good spot and certainly needs to be on investors radars. The two bits from the article I like are;-

The state has the right to extract minerals regardless of whose land they are located under, according to the constitution and Ecuador's national mining plan. However, projects in protected forests are subject to strict environmental standards supervised by the Ministry of Environment. ( So for me this should exclude most of Solgs key targets as can’t see them trying to develop projects in protected rainforest areas - could be proved wrong on this but unlikely IMO)

“Industry heavyweights will take less risky positions by entering into joint ventures or investing in juniors to gain exposure to projects as they progress down the pipeline,” (In many ways this validates what Solg have been doing and explains why BHP, Newcrest and other majors are using Juniors to do the exploration leg work including community relationship building before they make a proper bid for control. Given this I can’t see the likes of Newcrest or BHP trying to take control until at least we have a PFS for Alpala and maybe not before a BFS by which time it will have been significantly de-risked which I believe is a major consideration before making a bid worth several billion pounds or more?

Couldn’t agree more Monte! There are numerous LSE listed companies who have dual listings on other exchanges eg:- Lloyd’s Bank is a London listed company but is also listed on the NYSE. However as others have rightly pointed out if you purchase shares on the LSE your holding is subject to the tax laws etc of the UK not a dual listed exchange. However conversely if you purchased Solg shares in Canada then your holding would be subject to their tax laws. It’s not rocket science and anyone with a modicum of intellect who invests in shares would understand this but clearly this doesn’t apply in this instance or maybe manash is just being very mischievous? Either way as my grandma would often say in a broad Lancastrian accent “ there’s nowt as quere as folk” which just about sums up manash and his ill informed post!

Too much to eat and too much to drink so must have been a nice Xmas Day but too knackered to appreciate it lol. Everyone gone to bed now so just me on my lonesome finishing a glass of port before I sucom to some much needed sleep! Wishing all Solgers a Merry Xmas and a happy and very very very prosperous New Year :)

That’s the ratio today of my filtered posters vs good normal people on this board. So 2/3rds of posts today are from low life’s, muppets or those just intent on being disruptive with personal agendas! Pretty sad when my screen is filled with a sea of red filtered messages but that’s how bad it’s become on here of late! Ahh well never mind I’m sure they will all disappear once Solg throws of the shackles of the 30’s and motors into 40p to 50p territory which I believe is very achievable once the PEA is published and the strong economics of Alpala are revealed! In the meantime thank god for the filter button is all I can say.

Despite some really useful posts re Solg I am really teed off you have brought the nut house from WRES onto our good BB so unfortunately I am going to filter you and all the other muppets who have been posting on here from the WRES board! Not happy doing it but it’s dragging this good BB down after we got rid of the last Infestors and to be frank I can’t stomach another load of c-r p from another bunch of muppets!

is reflected by the morons which have suddenly descended on the Solg BB then god help the poor souls over there!!

Highlights on Page 20:- Indicated+InferredResource=2.95Bt@0.52%CuEq (with 2.05Bt indicted standing at 0.60%) using a cut off at 0.20%.

So there we have it in plain black and white - Almost 3Bn tons @ 0.52% and just over 2Bn indicated @ 0.60%

There is no ambiguity in these figures which are contained in the above presentation on the Solg Web Site so hopefully we can put this behind us and move on as from a personal view point I value FR’s and Striders posts and would like to see a sense of calm resume on the BB so we can all benefit from your expertise before the BB is overwhelmed in tit for tat arguments

for my misses ISA 53k @ 37.5 (12.05) Clearly a shortage of shares as couldn’t buy on open market so had to place a Trade Plan bid @ 37.5 and it took 3 hours to execute! Shareholders clearly don’t want to sell at the current price which is a good sign and maybe we have found new a new support level around 37p?

Grim - As someone who has a large shareholding in Solg I sincerely hope you are right!

My musings ( and that is all they are) is how does the valuation of Alpala/ Cascabel effect the price paid directly to Solg on a total takeover? If CGP own 15% of ENSA comprising Alpala / Cascabel then by inference if a price is agreed for the sale of all of Solgs tenements then under those circumstances would CGP be entitled to a valuation equating to 15% of what we have found at Cascabel?

As I said I hope not but logically CGP would want payment for the slice of the cake they own and at the moment only a couple of brokers have attributed any value to Solgs resources outside of Cascabel and I think from memory it’s very low around £70m so 90% of our current market valuation lies within ENSA / Cascabel hence my assumption (right or wrong) that if a takeover price was agreed for Solg in totality then CGP would be due their 15% valuation of ENSA?
Unless of course a potential suitor pays a sum to Solg for all their assets including 85% of ENSA and separately pays off CGP for their 15% share of ENSA?

Unfortunately it’s all a bit messy with CGPs involvement and would be much more clear cut if Solg had 100% ownership of all tenements!

from a shareholder perspective currently stands at circa 15% meaning if Solg for example are sold for £2 a share Solg shareholders will only get £1.70. However if Solg hit some rich pickings with drilling on some of the other targets and these are given a decent value by brokers then the potential dilution of sale proceeds to CGP will be minimised. For me this is someting which is being overlooked by most shareholders but I am sure NM is well aware that by attaching a value to some of the other tenements he will effectively reduce the amount paid to CGP if and when Solg is sold in its entirety. So let’s hope drilling commences on some of the key targets as soon as approval is given and the value found results in CGP only creaming off 10% (or less) of the sale proceeds which will be more money in the pockets of Solg shareholders and less for Mr Irwin!

Thought it was very refreshing that NM wanted to take more questions at the end despite the moderator from Red Cloud trying to close the session down. Very noticeable that the questions posed by Red Cloud were very corporate and looked to me like their own whereas Nick at the end clearly wanted to answer questions from PIs to the extent that you could almost hear him skim reading before giving his view. For me that says a lot about Nick - A man of the people representing all shareholders whether they have 1 or 100m shares! We are definitely in good hands and I am confident Nick will do everything humanly possible to ensure shareholders get maximum value from their investment in Solg.

Grim - Just a thought, maybe Nick wants to get the 16km of outstanding assays plus the 20k of remaining 2018 drilling into an MRE3 update by late Jan / early Feb which could then be included within the PEA making it even more compelling financially! It would make no sense to leave these out of the PEA especially if they are good which judging by what we have been told about holes 68 & 69 would seem to be the case? Either way things can only get better from here. I just hope we get as much proved up before any bids come in so we get closer to a true value and don’t get taken on the cheap!

Think it’s been well documented and included in most Solg presentations that NCM’s holding is non blocking in the event of a take over offer and I think from recollection this can be ratified provided 60% of shareholders agree ( excluding NCM’s stake as they couldn’t vote) Sorry but cant be bothered to look up the details but it’s something along those lines and I’m sure you could find it on Solg’s web Site.

Some very interesting stuff contained in the latest Annual Report not least NM’s answers to some very interesting questions so well worth a read!

OWAN - Can understand your logic re doubling of resource being priced in already however let’s not forget broker valuations based purely on MRE1. Some brokers have indicated strong upward re-ratings if MRE2 delivers as expected and hopefully this may be a catalyst to take the SP higher! All ifs and buts of course but only a few weeks to wait now and then we will see.

Jerry - Just an educated guess a bit like investing based on research, observations and gut feel. My take based on what I’ve seen in recent Solg presentations is a likely doubling of the overall resource and perhaps more than double of the high grade core taking it to around 500mt > than 1.5% (that’s up from around 220mt in MRE1) I also believe that as NM has made comments about the resource doubling in MRE2 he will surely make certain this is what he delivers otherwise it undermines both him and by association Solg. But let’s assume for a minute that there was a chance MRE2 wasn’t going to deliver in line with these expectations, then surely with 16000 meters of Assays pending post 31st Oct and a turn around of only 3 weeks he would make sure these Assays were included and still comfortably hit the Dec MRE2 deadline. I think the fact that these Assays are rolling over to be included with a further 20000 meters of drilling prior to the year end is a very strong indicator that MRE2 will deliver as per expectations and perhaps even exceed them especially in the case of the high grade core. All of course just in my honest opinion. GLA

Based on the recent presentations showing 3D modelling of the total resource grow and the high grade core I am confident the MRE 2 will double the growth of both and if I was a betting man I would put money on the high grade core increasing by circa 150%. Not long to wait now and personally I think any talk of falling short of at least a doubling of resource is wide of the mark! GLA