Member Info for mattlilly

If you remember Fort, I had sold 800k over the last few months and 500k in the last week or so, because I didn't want to be exposed to falling prices with such a large holding.

Also I was covering against the possibility of a cash raise, which I think may still come.

@3.4p is a very good re-entry point and on that 106k I've saved ov er £3,000.

Finally, as I've stated repeatedly, I believe there will be a bidding war by the end of December at the latest.

And obviously I would like to be well stocked when that happens.

So...106k for starters and I'll see what happens if the price drifts lower...

Hope this helps.

Cheers

No Fort. I've simply highlighted the current challenge following the inept events of last week.

And BTW I bought 106k back yesterday...

That must be someones sense of humour. It's not an article it's a RNSand is bylines Bishopsgate London...

Good find though...

Fort...I agree they only need a small raise for the time being but they've still got to find another $168m for Cascabel before the big fund raise...

Cant disagree with any of that SharketMare...

And if Darryl 'tested the market's he clearly found there was insufficient appetite...at the price or in general?

The agreement was November 2021...COVID was pretty much finished.

It's the "Cascabel Investment Protection Agreement"

My all time favourite is Puligny Montrachet but these days we drink Saint Veran...we spent 10 days in Chardonnay in June, 6km from Lugny which we absolutely love...

Come on Damers. I've simply stated that timelines have slipped again since his arrival.

Whatever the reason, whether it be PFS2 or whatever, that is a fact and is based on decisions he has made.

And the $155m quoted earlier has to be spent on "minerals exploration activities" (from the IPA)

Meanwhile, I've checked back the last MD&A which states that Total Capitalised expenditure on Cascabel to 31st March 2022 was $255.15m. This equates to 'minerals exploration activities'. Planned expenditure for the quarter to 30 June 2022 was $6.91m, so the Total to that date would be $262m.

But the commitment under the IPA was for $430m by end 2023. This means there is still $168 million not $155 million to be spent on Cascabel exploration alone.

Add to this the costs of the DFS (which has also slipped under Darryl to end Q4 2023); further permitting for the mine; the cost of fiscal negotiations; the cost of the Porvenir PEA; further drilling at Porvenir and Helipuerto and quarterly admin costs all lead me to revise my estimate of the total spending by end 2023 (even before negotiations for the Project funding) up to c$200m which means that to achieve a cash balance as low as $6m another $180 million would be needed.

Of course this is assuming Solgold is still independent at the end of 2023, so it comes down to how much is required to move Cascabel forward towards the $430m; the costs of the Porvenir PEA and any drilling costs for exploration other than Cascabel before the end of 2022.

"Cascabel project Definitive Feasibility Study (“DFS”) planned for completion in H2 CY23"

Annual Report September 2021

"Access to open pit material will enable initial production to potentially start as early as 2026."

August Presentation:

"Production Start q3 2029"

To repeat

They have to spend another $155m on Cascabel alone by end 2023.

Listen...Darryl's been there five minutes. He's certainly stamping himself on the company strategy but what has he actually achieved in 8 months?

No cash raise and Construction/production already pushed back twice!

I don't care what he says.

The $26 million was at the end of June 5 weeks ago.

They tried a cash raise and failed miserably. That is why they had to issue two 'cleansing statements'.

In case you don't understand what those are, they are needed in order to release investors/potential investors to deal in the shares again after they were precluded by signing up for what turned out to be a failed equity raise.

And maybe Darryl's talking his book.

The strategy makes a lot of sense to focus on two major projects but especially if cash is being managed we no longer get the flow of sexy drilling results.

So with the copper price depressed, Cascabel pushed back to 2029, Rio a duster, no news for 18 months on small projects J/V's, what is there to go for except a passionate e belief that there will be a takeover battle no later than late December...?

BTW I'm prepared to be wrong but I don't remember the cash balance being lower than $26m before...

No he didn't.

"CEO Darryl Cuzzubo confirmed the company tested the market."

Absolute rubbish. A new bank tried an equity raise. It failed. The new bank was sacked.

Why do any of them think we will swallow this rubbish.

And BTW they DO need a cash raise...I expect they're gambling the market will recover...it won't quick enough...

Gold's doing well... copper $3.47...

OK...

Bought back 50,000 at 23.4124 at 8.20am and

56198 at 23.3625 at 11.06

That'll do now but I'm hoping to 'staircase' some more over the next few days...

"yes, I am surprised at Blackrock buying more SOLG as past events show that they tend to reduce when they see equity placings or higher risks mounting. On this occasion they seemed keen."

They bought the extra shares at least 5 weeks ago...