Member Info for mattlilly

No. Because it is not a definitive statement until it has been assayed. Its just hearsay...

I did raise that point Lunchmoney. I'm sure its been taken on board.

Not alone based on what I've heard today, but it depends how you define that. There is substantial co-operation going on. Lets leave it at that.

Moss and Moor actually. I almost couldn't finish it...wafer thin mint? No thank you....

If you knew what I now know Quady you would immediately apologise to zoros.

Again I cannot expand zoros but you would be right on both counts (NM and spinning plates)

Quady I will say only this. If there is any bid or other partnership with BHP it most certainly will not be hostile. I cannot expand more but please take it from me.

Summarising the answers to the questions raised:

When CEO. Soon but not putting a date on it. Between the Nominations Committee and the candidate

PFS in October. No. By end Q4. Still a great deal of work. Information coming in all the time. Not including Tandayama at this stage but may be included in a later PFS iteration if appropriate to conjoin the two. Prime focus on Alpala.

Will soon be at least 9 drill rigs operation: Porvenir 3; Tandayama 4; Rio 1; Sharug (?)

Porvenir MRE by end 2021

Progress on strategic JVs - see above (looking very good, including mainly large interested parties)

Mining decree 151 very good news for the JVs

CGP relationship bearing fruit? Much better co-operation. Developing finance proposals together and in consultation with major shareholders. This time last year there was no meaningful relationship with BHP/NCM/CGP; no communication for 6 months. CGP went to BHP to orchestrate the 'protests'. Newcrest made it clear what they didn't like.

CGP co-operation helps advance the project. KM in contact with all the major players at least twice a month. (Previously CGP had been kept in the dark).

(China always up the sleeve as a lever for BHP...)

If there was to be a 'partnership' for Alpala it could only happen if all the interested parties can travel and sit down together.

"We were very well advanced in late 2020 but before we could PFS we had to restart the project in a much bigger way."

The 'debt' exercise has been done, but they cannot start the full global market sounding exercise until 2 months after the PFS. However it has very good fundability because there are so few quality projects available for the market.

Investor appetite/roadshows. Strong and continuing, especially UK/Swiss. Quality investors continuing to buy. Retail and some investors holding back until CEO/PFS even if they miss the first rise.

"How do you kickstart the share price?"

"We have w roadshows planned in the UK and Switzerland, plus conferences in Beaver Creek and the Denver gold show."

"We're talking to investors all the time." More meetings are planned with high quality investors. Although the SP is low, the right guys have been buying but retail is not yet buying."

The SP should take off after the CEO and the PFS....

Ok continuing with the feedback (sorry just been out for a slap up Yorskshire Afternoon Tea...)

I'll finish these notes by answering the specific questions raised.

There is plenty of interest from 'quality' investors, especially in Switzerland and the UK. There have been 2 roadshows with more to come and more conferences. While investors have been steadily buying throughout, some are now waiting for the CEO and then the PFS.

October too early for the PFS because information coming in all the time; need for checks and balances and getting it right first time.

Tandayama will NOT be included in the PFS but could well be consolidated into a later version. The first version will be the basis of the financing. There has been rock solid 'debt' interest since last year and indeed there is a world shortage of quality projects to chase by financiers. Some question mark about Solaris and INV projects in Ecuador.

Included in Tandayama will be 'one of the best holes ever drilled in South America'. 3 drills running and finding 'good stuff' but most of the best ore is at the bottom of the holes, "some of the highest concentrations ever drilled'.

BHP geologists think this could all be one 'mega 'district bringing all the deposits together. The two best porphyry guys in the world are in the district (ex Rio). It has always been clear BHP are not looking at Alpala alone.

Tandayama will go to 4 rigs

Porvenir has 2 drills which will increase to 3; reserves increasing. MRE in December

Rio will commence soon.

Sharug has drilled 300 metres or so. Looking good. Details were posted on Linked In on the same day as the RNS

J/Vs: half a dozen companies in the process; all except one household names. All of them want to visit the sites before signing binding letters and firming up values.

As Liam Twigger said, there is strong interest. The key question for SOLG is what does the residual portfolio look like; how is it structured; how do they optimally monetise the values. That will tell them what they can dispose of. One possibility is to spin out some of the larger projectss into separate companies allowing them to direct the talent into Alpala. The new CEO will be key to this.

The JV 'auction' is also keeping BHP and others on their toes. A couple of other heavy hitting companies are using Alpala to educate themselves on Alpala. This is a good promotional activity for SOLG because they get really noticed.

Questions to follow

CEO - one top candidate who ticks all the boxes; 't's and i's' on the total 'package' with Noms Cttee. Several others in reserve just in case.

2 weeks to prepare Annual Report

Big current frustration; no headway being made in 'macro' factors, i.e. copper/gold/silver. However prices much better for PFS.

Ecuador becoming one of the most investable countries. Govt pushing us forward. Many factors such as 151 and ,licences have become much easier since change of Govt.

Too many licences to manage all at the same time.

PFS was a big problem two years ago...too big in all its aspects. Too many factors weren't workable, hence redoing it and taking more time.

We now have a MEGA project. New information is coming to light all the time. If we say something in public, new information keeps emerging and investor/public expectations keep changing.

So the problem is we can't say anything about the PFS until we have all the information, fully assessed. However, was always going to be Q4. (I'll return to Tandayama and related matters later).

Mineral exploration is not linear. General expectations are always high and Nick was 'feeding the beast' last year (my words). He was desperate to move things forward. If one of the holes produced great results he wanted to put that out before the results had been assayed. Things are very different now.

Robert Friedland never gave timescales. We are still a small scale stock with too much going on. We still believe in a fantastic outcome and one way forward is to monetise the projects so that we can focus our attention (on Alpala).

The biggest problem we faced was in transitioning the Board/Management to a different way of doing things from a year ago.

There was lots of interest generated last year with lots of interested parties. In some ways Newcrest was the best because they mirrored our work.

The majors are coming to us to help assure them that Ecuador is OK; they trust what we are doing, whereas a year ago they were suspicious because they weren't in the communications loop.

More later...

You have no idea what I'm going to write Quady.

the only stuff I will leave out is stuff that I think should be bound by 'Chatham House' rules, which is what my counterpart requested at the start of our productive dialogue months ago.

And no I'm not going to massage the information to information to support a bid.

Let me repeat. I have not at any stage said a bid is coming, and my consistent position has been that SOLG cannot deliver Alpala production on its own, whether it be J/V or bid.

You would be VERY interested to have been a 'fly on the wall' this morning. Thats all I will say.

I have also said or implied that IF a bid came it would have to be in the range 100/200p in order to succeed.

So why not wait until the summary I post this afternoon and read between the lines as you wish, rather than continuing to directly or implicitly attack or insult me when I'm doing my level best here to support the company in its endeavours an obtain high quality 'factual' information to keep us all happy.

We spoke for an hour this morning before he had to leave to speak to a 'major investor'. He promised he would call again some time next week.

My preamble to the Q&A:

A 'perfect storm' faces Solgold. COP26 will result in even more concerted climate change actions. There is already a world shortage of copper with no realistic alternative. I believe we could be looking at a tripling of the copper price within ten years.

There is only 9 years of Gold mine life left; Pierre Lassonde last year posited Gold above $10,000; and silver keeps being mentioned by authoritative commentators as 'the next big thing'..

Meanwhile Solgold is sat on 76 licences with potentially at least three of them among the biggest new mines in the world and gold/silver/copper in the portfolio

BUT long term investors are losing interest. A growing number are selling out. People are largely remaining patient but there is a growing sense of frustration..

The PR has been far better managed, no longer over-promising and underdelivering' but ironically investors now feel starved of information...

Some statements have contradicted previous ones by KM for example, e.g. October PFS (now definitely Q4), plus 2025 or 2029 production.

Also disappointments with Rio and Porvenir etc and the recent Sharug RNS perceived as 'bland'

PIs had been primed to expect a raft of Regional Updates but we've only had two in the last 5 months. Also some months ago you said you were seeking partners for the smaller licences.

Almost a year ago Solgold posted a Mining Journal article that it was 'the hottest takeover story in town'. Since then we've had the AGM debacle, a healthy clearing of the decks; installation of 21st century Corporate Governance; a restatement of timelines for Alpala; a successful equity issue with the price rising to 35.95 before settling back to the mid 20s.

It is 8 years since copper mineralisation was intersected at Alpala and it will be another 8 years to full production.

Meanwhile, Lasso's election is excellent news, with a favourable regime and Solgold singled out as a emblematic of Ecuador's mining revolution. But Lasso has only four years; Alpala will take 8 years.

Being realistic, SOLG has far more than it can handle...

I am one of many investors who feel SOLG is stuck in the doldrums, so these questions are aimed at how we can get the SP moving again...

Hi Guys

I have just finished an immensely informative and enlightening video call with my 'key player' contact.
I'm sure the vast majority of you who are constructive and objective will realise that some of the frank insights I gained I could not reveal on here, but I will be able to give general impressions which you will find useful.

Please read what I post later, carefully and you will able to see 'between the lines' what the key messages are.

I have 12 pages of notes to synthesise, so bear with me.

I posed and had answered every question that you collectively asked and the snswers stimulated some interesting sequiturs.

In my next post I will reproduce my opening statement to the guy, but for now my key obesrvations are:

This is a very different company from even a year ago. Governance is almost completely sorted to the satisfaction of key players such as Blackrock and BHP

The composition of the Board is changed. This is an ongoing process, in keeping with the Governance changes and Committee structure. A key next step will be the appointment of a 'Top CEO' who will tick all the boxes that we and the market would seek. It is only the broader 'package' that is holding up the appointment

There is a clear recognition that Solgold is a complex company and some of the simplistic solutions we PIs have focused on do not lead to a simple resolution going forward.

In simple terms however, Alpala is key and fundamental at this point in time, hence the 'snuggling' with CGP, but there are also parallel dialogues with other key investors, including new and/or prospective outside investors, for whom the appointment of a CEO and the Alpala PFS are key. Investors are even prepared to miss the first SP rise in order to have certainty on these

The final point can best be expressed in the way I have before. "The sum of the parts is greater than the whole..." And if you look just at the exciting strands we have: Alpala, Porvenir, Tandayam, Rio Amarillo, Sharug, Blanca, together with the strategic possibilities with the 'smaller projects' it is crystal clear that, post PFS this share is primed to seriously perform.

How Alpala is achieved is still very much a moot point but if you were hypothetically able to monetise everything else except Alpala you might be left with a single project company with a MCap of, say £300 million but an underlying asset value ten times that.

Preamble text to follow and then answers to questions later this afternoon (I'm out until 16.00)

Hope this helps

OK questions compiled and forwarded as a basis for our chat on Monday.

Thanks again to all those who replied.

I hope to report on Monday pm.

Have a good weekend all.

Got all those points.

Thanks Guys.

Will do.

Excellent ssmith...

TBH Jerry...I implored the company to move from over to under after so many dashed hopes in 2020 going into early 2021 with the massive PFS delay.

Maybe they've taken it a tad too far...

Its a moot point LunchMoney

"inside information' would surely have to be that which was 'material' and/or likely to have a material effect on the Share Price.

Much that we read in RNSs does not need to be RNS'ed, but the present dearth of information is in stark contrast to last year.

Specifically only eight Cascabel or Regional updates this year (average 1 a month) compared to 24 last year.

And while I deprecated the 'blizzard' of 'confetti' announcements last year, its been like watching paint dry this year, despite the dramatic amelioration of COVID factors.

Thanks for all of those constructive questions. I am comfortable with them.

PLEASE KEEP THEM COMING.

Obviously you will all understand that I will not be in receipt of 'inside information' in the legal definition of the phrase.

But as you will have found in the various podcasts, there is much that can be shared or gleaned which would never merit a RNS, nor irk the regulators.

With all best wishes

Red

Gold silver ratio climbing (70.45 to 75.63 in just 6 trading days)...gold climbing ...silver left behind...not too late to get onboard...

Alpala has loads of both...indeed Solgold may well become a gold play before it becomes a copper play...

Viz the correlation between the SP and the gold price...