Member Info for mattlilly

PS Just received my copy of 'The Big Score' at last...

Looking forward to devouring it...

Thanks to whoever recommended it

My pleasure as always...might as well put my now retired skills to some practical use...

Cheers to all

Still a slow trading day...only 87,000 shares traded so far, but...

Plenty to digest and I guess people were expecting a MD&A like the quarterly ones with hidden nuggets...

Still...price is edging up nicely...

Surely a raft of RNSs to come and MMs not surprisingly maintaining a wide spread in the meantime...

Thdre's a new subsidiary SolGold Finance AG which, along with the existing SolGold Canadian Callco Corp. and SolGold Canadian Exchangeco Corp. are identified as being for 'Investment' purposes.

In September 2020 SolGold plc transferred its investments and associated intercompany loans in ENSA (85%) and SolGold Ecuador S.A. (100%) to a newly established wholly-owned subsidiary called SolGold Finance AG.
Upon the transfer of the investments and associated intercompany loans from ENSA and SolGold Ecuador S.A. to SolGold Finance AG, a new back-to-back loan agreement was implemented between SolGold plc and SolGold Finance AG. The key terms of this new back-to-back loan agreement include:
• 10-year loan maturity period
• 3.5% annual interest rate, calculated daily
• Interest accrues and is due on or before 10 years, or thereafter by agreement between the parties
• SolGold plc has the ability to call the loan for repayment at any point on or before 10 years from the date of issue
• SolGold Finance AG may prepay the whole or any part of the advances made by SolGold plc at any point without notice, penalty or bonus

It has two subsidiaries:

EXPLORACIONES NOVOMINING S.A.
SOLGOLD ECUADOR S.A.

The Franco Nevada royalty agreement is a very expensive item.

Accrued interest is already $9,619,242 and the terms even for a buyback are onerous:

Buy-back option: A 50% buy-back option exercisable at SolGold’s election for six years from closing at a price delivering Franco-Nevada a 12% IRR

The assumptions built in to the agreement are interesting:

• Goldpriceof$1,300perounce
• Copperpriceof$7,268pertonne
• Silverpriceof$16perounce

The options I mentioned earlier were for Directors. The following remain outstanding:

2 December 2024
£0.37
19,250,000

26 April 2023
£0.25
7,000,000

26 April 2023
£0.25
1,500,000

Thats all folks.....!

Alpala Project Committee (APC)

The APC comprises at least three Board members
(two being independent Non- Executive Directors) as well as senior members of the project and executive team: Nicholas Mather and Kevin O’Kane (Non-Executive Directors), Keith Marshall and Jason Ward (Executive Directors), Peter Holmes (Director of Studies), Benn Whistler (Technical Services Manager) and Ingo Hofmaier (Executive General Manager, Project & Corporate Finance).

TAKEOVER
There are no significant agreements that take effect,
alter or terminate on change of control of the Company following a takeover. Certain employees may receive compensation on a change of control of the Company following a takeover.

From the Remuneration Committee

As the Company is still in the exploration and development stage, the link between remuneration, Company performance and shareholder wealth is tenuous. Share prices are subject to the influence of metals prices and market sentiment toward the sector, and as such increases or decreases may occur quite independent of executive performance or remuneration. The only variable component of Executive Directors’ remuneration is the discretionary bonuses. These bonuses are paid at the discretion of the Board. No bonuses were paid to the Executive Directors during the year ended 30 June 2021.
The Remuneration Committee is implementing short-term and long-term ‘at risk’ performance related incentives aligned to agreed specified Key Performance Indicators for executives, clearly linked to Company performance and shareholder return and verified by independent advice.

From the Nomination Committee

(They ARE looking for a new CFO, not surprisingly to follow the appointment of a CEO, who will want to be involved. Here are the key statements:)

The search process is nearing completion and it is anticipated that the appointment of the new CEO is forthcoming

The search process is aligned with the completion of the CEO succession given the critical importance of the relationship between these two key roles.

The only outstanding ptions are

NM 5 million
Jason 5 million

All these expire by the end of 2021...

Its a good, comprehensive Report with masses of detail on the depths to which they have gone to make their corporate governance and ESG best in class.

Lots to digest but the real meat must come soon now...

CEO imminent (again)
Oodles of drilling results
PFS for Alpala
MRE for TA and Porvenir?

Although the RNS was not released until 7am today UK and 2am Canada, I have confirmation from the Company that it was indeed filed at 13.00 in Canada yesterday...

Is this a weakness?

The Board is following the ten QCA principles and lists competences of each member and as a whole.

Only Liam Twigger has Financial Management and Accounting competence. He is Chairman, not an ED and there is still no permanent Finance Director or even a CFO

Australia

Rannes

SolGold’s principal targets at the Rannes project are structurally controlled, low-sulphidation epithermal gold- silver deposits. Thirteen prospects have been identified within
the Permian-aged Camboon Volcanics, with the majority lying along north-northwest trending fault zones. Surface exploration has included tenement-wide stream sediment, soil and
rock chip sampling surveys.
A detailed airborne magnetic survey was recently reinterpreted to enhance the development of the structural model of the belt. Exploration methods have included a 3D IP survey, detailed airborne magnetics, geological mapping, and trenching all contributing to definition of additional drill targets at several prospects.

Mount Perry

The Mount Perry mineral field is located approximately 100 km southwest of Bundaberg (Queensland, Australia) and comprises epithermal to mesothermal veins that cluster around mineralised porphyry intrusions and associated breccia bodies. The project is located approximately 25km
northwest of Evolution Mining’s 2Moz Mt Rawdon breccia-hosted epithermal gold deposit. The Chinaman’s Creek prospect cluster has been identified as the most prospective area within the project to host a high-grade gold deposit based on observed scale and grade of mineralised lodes.

Normanby

The Normanby Goldfield comprises over 70 historic pits and shafts located within 14 prospects along an 8km structural zone. Gold-bearing quartz veins are hosted almost exclusively in the Shannon Vale Gabbro within a complex left-lateral dilation zone.

Mount Pring - NICKEL!!!!!

The project hosts several, under-explored ultramafic intrusive complexes
that historically have never been assayed for gold or platinum group elements. Historical exploration is limited to Ni-Cu stream sediment sampling by WMC in the late 1970s and limited Ni-Cu soil sampling
in the late 1980s. Soil sampling at Mt Pring defined a 700 x 350m, +1,000ppm Ni anomaly that has not been followed up with more advanced exploration.
The Mt Pring tenement is considered prospective for magmatic nickel-copper sulphide and copper-gold porphyry
type systems.

Westwood

Palladium-gold-copper ± platinum mineralisation

Cracow

Gold mineralisation at the Cracow mine is associated with Permian- aged, low-sulphidation, epithermal quartz veins

Cisne Loja

At Cuenca Loma, epithermal quartz veins grade up to 15 g/t Au and outcrop over an area of 2km x 1km. At Celen, a 2km x 1km copper-gold-molybdenum soil anomaly has been discovered with rock chips grading up to 4.3% Cu and 4.5 g/t Au.
Field geological, structural and alteration mapping in combination with soil and rock geochemical sampling have identified a 1,000m x 750m zone of coincident Cu-Au- Mo soil geochemical anomalism centred upon an RTP magnetic high with an annular magnetic low. Field mapping has identified zones of magnetite-chalcopyrite porphyry veining and diagnostic secondary copper minerals,
neotocite, malachite and azurite within the target area. An initial 7,000m drilling programme is planned in the second half of 2021 at the Celen target

Porvenir

The drilling programme at Cacharposa is designed to test a mineralised corridor over a 1,700m by 1,000m area, with the deposit reaching a column of over 900m. The geology team are advancing in-house resource estimation models including level-plan
and cross-section interpretation throughout the deposit, ahead of finalising work that will form the basis of the Cacharposa Maiden Mineral Resource. Ongoing updates to internal preliminary Resource Estimates indicate a significant prospective resource that appears amenable to bulk surface mining methods.

Sharug

Drilling commenced in August 2021 at the Santa Martha copper- gold porphyry target as part of an initial six-hole programme testing extensive coincident surface geochemical and geophysical anomalies.

Cisne Victoria

Located in south-eastern Ecuador, the Cisne Victoria project consists of an epithermal zone of alteration and mineralisation. Initial interpretation of the Heli-mag and ground mag data over the Cisne Victoria project is indicative of a large porphyry system.
Sampling results have returned 7m at 2.3% Cu, 0.7 g/t Au and 8.8 g/t Ag.

Coangos

Social, medical, logistics and technical teams are on site at the Coangos project in southern Ecuador, where two areas of mineralised outcrops have been discovered at Anomaly 1 and Anomaly 2.
contain primary chalcocite and chalcopyrite with secondary copper carbonates and oxides; chrysocolla, malachite, and tenorite. Near-source stream boulders with chrysocolla have returned very high grades of copper and silver.

Helipuerto

The Tinkimints prospect is located adjacent to Solaris’s Warintza copper deposit from which recent drilling results returned a world- class intersection of 922m @ 0.94% CuEq from surface (announced 22 March 2021).
The Tinkimints prospect is characterised by highly anomalous copper and copper/zinc in soil over a 1.5km by 1km area. High values of copper in soil are observed at Tinkimints, including 0.71% Cu and 0.16% Cu in soils.
Extensive and systematic geological and geochemical field programmes are underway at Helipuerto with an initial focus on the delineation of the size and tenor of the new Tinkimints copper prospect.

Chillanes

Stream sediment geochemical sampling has returned the highest copper results from any SolGold project in Ecuador with best results including 1,140 ppm Cu and 1,110 ppm Cu.

Chical

SolGold has identified multiple targets at the Chical project, located 15km north-east of the Cascabel concession.
At Espinosa, a 1.5km x 1.0km soil anomaly has been defined with rock chip samples returning up to 7 g/t Au. At the Pascal and La
Esperanza prospects, large copper- gold anomalies have been defined with rock chips returning up to 1% Cu, 0.4 g/t Au and 886 ppm Mo.

Rio Amarillo

Drilling commenced in August 2021 at the Varela copper-gold porphyry target with the first drill hole currently underway towards a planned depth of 1,500m.

Salinas

Access to Salinas 3 and 4 concessions has been granted and work is continuing on gaining field access to Salinas 1 and 2 concessions. Initial exploration work will commence at Salinas 3 and 4 and access is expected to be granted shortly for Salinas 1 and 2 concessions.
The Salinas project is prospective for both Ag-Au-Cu epithermal and Cu-Au porphyry systems. Previous drilling by Rio Tinto returned:
• 74.5m at 2.0 g/t Au and 137 g/t Ag, including
• 39.5m at 3.3 g/t Au and 168 g/t Ag.

During the twelve months ended 30 June 2021, the Company spent US$48.83 million on the Alpala Project.

The metallurgical drilling programme for this phase of the PFS has been completed.

As per the direction by the Alpala Project Committee, the Study Team has advanced:
• Identification of alternate mine access options including shaft options are under investigation as part of the overall design
• Conceptual modelling has been developed to refine the optimum cut-off grade, mining rate and footprint location
• Ongoing studies to optimise block cave footprints targeting higher grade material in the early stages
• Reassessment of mine plan layout to optimise underground layout
• Ongoing drilling and studies
to assess potential near-surface mining options at the Alpala Deposit, and to investigate the resource potential at satellite targets on the Cascabel concession, including Tandayama-Ameríca
and Aguinaga.

Management is also investigating other options and scenarios to deliver further value, including the construction of a dedicated hydropower station, and the improvement of metallurgical recoveries.
This work will continue and SolGold is confident that the additional time and work to complete the PFS is in the Company’s best interest and will result in the publication of the best possible PFS.

(in late 2021...)

For the first time silver gets prominence in the Annual Report.

Exploration

"The regional exploration programme currently focuses on several priority projects identified for aggressive exploration, of which five are now considered Core Targets that have been elevated to drill ready status.

Early-stage results from the Company’s regional exploration programme are testament to this, following the discovery of significant copper-gold mineralisation near the surface at the Cacharposa porphyry copper-gold target
at Porvenir as well as discovery of significant geochemical and geophysical hallmarks of large porphyry systems identified at several project areas, including the Rio Amarillo, Cisne Loja, Sharug and Helipuerto projects. Drilling will continue at the Cacharposa target throughout 2021, with additional drilling programmes across the remaining four drill ready Core Targets at Cerro Quiroz, Varela, Santa Martha and Celen."

7 new KPIs

1 Health safety and environment
2 Oerational performance
3 Cost performance
4 Share price performance
5 Advancement of pan-Ecuadorian strategy
6 Engagement with communities
7 Corporate governance improvements

Now calling itself a 'copper gold silver' mining company

3 year ESG partnership with Franco Nevada putting in $150,000 a year...

"One or more open pits" in the Alpala PFS including Alpala and TA...

Access to open pit materials means production could initially start as early as 2026. Underground production by 2030.

Cornerstone now owe $40.6 million...

Hi Colonel...our huge holdings in GPM, FRES, POLY and AUY agree with you...not to mention SolGOLD...

https://www.kitco.com/news/2021-09-27/Pierre-Lassonde-A-renaissance-is-coming-for-this-asset-demand-will-triple.html