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Gabriela Sommerfeld is attending the UAE meeting. As I have reported many times, she is a conduit between UAE and Ecuador

"During the visit, Minister Sommerfeld and President Noboa engaged in substantive discussions with key Emirati leaders, including Reem bint Ebrahim Al Hashimy, UAE Minister of State for International Cooperation, and H.H. Sheikh Abdullah bin Zayed Al Nahyan, UAE Deputy Prime Minister and Minister of Foreign Affairs. These meetings focused on expanding cooperation in vital sectors such as renewable energy, infrastructure, food and water security, mining, tourism, and investment, reflecting a shared vision for sustainable development and mutual prosperity."

https://latingulf.ae/2025/05/04/ecuadors-gateway-to-the-gulf-minister-gabriela-sommerfeld-on-building-bridges-in-the-uae/

https://www.spa.gov.sa/en/N2177320

https://www.cfr.org/event/conversation-foreign-minister-gabriela-sommerfeld-ecuador

Solgold is #1 item on the agenda!

No one has heard from Dan since 17 October (Quito meeting with Noboa)

Https://www.eloriente.com/articulo/noboa-inicio-gira-por-espana-emiratos-arabes-unidos-y-noruega/54339

"Noboa will travel to the United Arab Emirates to "strengthen all the activities, actions, and projects that are already underway" between the two countries, stated Foreign Minister and Human Mobility Gabriela Sommerfeld , who is accompanying him on the international tour, which will conclude on December 11. The president's meetings will be particularly related to "investment projects, a financial project with the country, and also energy projects," the foreign minister indicated, adding that they will also meet with the Abu Dhabi Fund for Development (ADFD). Furthermore, the minister noted that Casa Ecuador will be inaugurated , a project that seeks to "showcase the opportunities Ecuador has in the world."

Leaky

X

It’s strange that Dan is not on the offensive

Next offer will be agreed by the BOD and for the SP to get up to a respectable range pre announcement, Dan will likely push out an updated PFS plus CIPA

A CEO usually goes on the offensive when a bid is rejected. It usually leads to a big marketing push.

However, we are not seeing this from Dan which tells me that something much much bigger is going on

Agree

What an idiot you are

Valuation Methodology

Estimate SolGold's Updated Project NPV:

Base: US$3.2 billion after-tax NPV(8%) at 2024 prices.

Price Adjustment: NPV scales roughly with changes in revenue (metal prices), less fixed costs/OPEX (assume 70-80% of revenue is price-sensitive for porphyry Cu-Au projects). Cu price +17% (weighted ~70% of value), Au +71% (weighted ~30%). Approximate uplift: (0.7 × 1.17) + (0.3 × 1.71) ≈ 1.41×.

Adjusted NPV: US$3.2B × 1.41 ≈ US$4.5 billion (conservative; actual could be higher given Au's outsized impact and free cash flow sensitivity).

Tandayama Uplift: Announcement expects "further increase" to NPV/IRR via early cash flows (60.2 Mt starter pit at low strip ratio) and financing de-risking. No quantitative figure provided, but qualitatively, this adds ~20-30% optionality (early production within 2-3 years, blending with Alpala). Applied +25%: US$4.5B × 1.25 ≈ US$5.6 billion.

Enterprise Value (EV): For development-stage projects, EV ≈ 0.8-1.2× NPV (accounts for execution risk, funding). Use 1.0× (midpoint, given funding in place and tier-1 scale): SolGold EV ≈ US$5.6 billion.

Market Cap Implied: EV - net debt (assume minimal post-streaming; announcement notes US$33.33M undrawn but offset by cash inflows) ≈ US$5.6 billion. Per share: US$5.6B / 3.001B shares ≈ US$1.87/share (≈146 pence).

DGR's Pro-Rata Value:

DGR's SolGold stake value: 204M shares × US$1.87 ≈ US$381 million (95% of DGR's assets).

Other assets: 5% of marked-to-market base. Using announcement-implied current base (tied to SolGold at 29.90p ≈ US$0.38/share, stake value US$77.5M, total base ≈ US$81.6M), other assets ≈ US$4.3 million.

Total DGR NAV: US$385.3 million.

DGR Shares Outstanding: Not specified in announcement. Based on public data (consistent with historical records), DGR has ~890 million fully diluted shares. NAV per share: US$385.3M / 890M ≈ US$0.43/share (≈AUD 0.65/share at 1.5 USD/AUD).

Fair Value Range

Base Case: AUD 0.65/share (as above; aligns with updated NPV and moderate Tandayama uplift).

Bull Case: AUD 0.85/share (1.2× NPV multiple for de-risking/exploration upside; Au at US$4,000/oz adds ~10% to uplift).

Bear Case: AUD 0.50/share (0.8× NPV; delays in funding/permitting, ignoring full Tandayama integration).

This exceeds DGR's recent trading levels (e.g., 52-week high ~AUD 0.02 pre-re-rating), reflecting the announcement's noted "substantial" re-rating from SolGold's price surge. The rejected 26p offer (implying SolGold MCAP US$930M, DGR stake US$63M or AUD 0.11/share pro-rata) undervalues the project at current prices/upside. Risks include dilution from options, Ecuador permitting, and commodity volatility, but the announcement emphasizes Cascabel's "tier-one" status and finite nature.

This is not financial advice; consult a professional advisor.

.... or FQM

Zijin will show their hand here .... and soon

Because they have all agreed to do it via Ron Hochstein / Vicuna!!!

Why would anyone want / seek advice from a bulletin board made up of anonymous investors.

Fark off

Intriguing

Farking grub c’unts

It’s funny how they’re aligning CIPA release ‘end of year’ with the JCC’s put up or shut up bid date of 26/12

Ammunition

There wasn't much commentary yesterday regarding Peel Hunt holding stock on behalf of JCC.

Something big is happening with Trump, Noboa and worlds largest western miners.

China Inc knows this... wait till Zijin shows their hand here...

My money is on Vicuna / Uncle Ron. As part of the arrangement, Lundin Gold will be merged into Vicuna post Solgold acquisition which will satisfy Newmont.