Member Info for mattlilly

Thats the sort of negotiating position you dream of...

TEN EOIs can't be wrong...surely...?

You're missing the point Bozi...

We have had no bids yet.

But PFS3 triggered/reignited massive interest in offtake agreements.

PFS2 under Keith Marshall's leadership showed Cascabel could be economically efficient but Ingo already knew (especially after DC's woeful funding failure) that Solgold could not fund it without massive dilution, either directly through equity finance or indirectly through convertible debt.

Surely the "robust, longer-term financing package for the Cascabel Project" on 14 May, together with the TEN EOIs mentioned in PFS3 implies offtake funding.

We have had no bids yet and Bob has always stated categorically that his intention is to sell SOLG.

IMO an offtake agreement announcement would at the very least tirgger a spike in the SP and probably at least one takeover bid.

Why?

1 Any major interested in bidding for SOLG would not want to be trammeled by an in place Offtake Agreement when they would want all the metal production to be entirely within their control (unless they were the offtake funder, but then why do that if you intend to bid? Doesn't make sense).

Which is why (as clearly stated in the 14 May announcement) such an offtake agreement would be conditional.

In other words it could be cancelled before implementation by a successful bidder.

And in any case, the likes of BHP, Newmont, Barrick and Jiangxi can fund the FULL development (not staged) of Cascabel from petty cash...

2 An offtake agreement immediately puts a value on the metal in the ground. At present, even without taking into account Porvenir and the other prospects, that metal is currently valued at $28.6 billion (using a 1% metric) whereas using the same metric and a very modest 1% assumption, the value is well north of $200 billion.

Thats a huge gap for an offtake agreement or even a full takeover bid to come even close to closing.

So to take a direct read of First Quantum...

They sold 150,000 tonnes of copper output to Jiangxi for $500 million...thats $3333/tonne or $1.511/lb

That would value Cascabel's copper alone at an Undiscounted $41.7 billion...

So even if you take off the mine build cost of $1.6 billion that still leaves an undiscounted $40 billion...

Without the gold...

So can you see that an offtake agreement with the likes of Trafigura, Wheaton, FNV, Glencore, etc. would shake bidders into action and immediately have the analysts sharpening their pencils...?

Solgold have no intention of building Cascabel.

But I am very confident that a significant offtake deal will trigger a sharp rise in the SP...because it makes Cascabel massively credible and'or...

At least one takeover bid.

IMO SOLG aren't struggling to bring home an offtake agreement...they're either trying to decide which to accept or...getting the very best terms...they've been negotiating since at least 12 March, during which period copper rose up to 31% and gold up to 13%

Thats the sort of negotiating position yo

I couldn't have been more clear...

"the next 'several years' " implies the potential sale of the CGP holding if necessary.

It was designed to be a big convincer because prior to the announcement of the Facility, there were significant and growing irrational fears of running out of cash. I believe these were alleviated by the 14 May announcement, deliberately timed to precede the MD&A without which people would have focused precisley on the words you keep repeating.

For the avoidance of doubt...SOLG HAS NO CASH WORRIES...

Ah well addickt...at least 2 people are reading our posts...

Lets hope they take the right meaning from both...

Deliverance is at hand...and for Novice..."don't worry be happy..."

Addickt you know I have always respected you...

This isn't an "I've got the boggest member" contest....

I know you've got relevant experience. So have I. we are both open to objective responses. Demeaning me by saying "which is surprising given you were once a finance director. " demeans you my friend.

You simply haven't understood addickt...

WE ARE SINGING FROM THE SAME HYMN SHEET

We are both confident that a significant funding deal is imminent.

I have simply been trying to allay any fears of cash worries. Your repition of the Company;s words is redundant if you also truly believe salvation is at hand.

Don't you see that for those who are irrationally worried, your repetition of views that SOLG only has sufficient cash "for the next few months" unnecessarily worries those who fear another Sirius and feeds the doommongering of the derampers who say that no 'significant funding deal' is imminent.

YES IT IS...AGREED?

You are right to be optimistic about an imminent deal and I believe it was almost ready by the time the MD&A went to press.

The MD&A was 2 hours 20 minutes late against the deadline (its a Canadian deadline).

I believe the "Key Financial Developments" RNS on 14 May and the Facility agreement on 13 May were very last minute.

My understanding is not that a funding agreement was delayed by funders but that the Company continues to negotiate even more favourable terms bewteen several major parties.

So if you look at the MD&A I think there has been sloppy last minute editing:

"the group has sufficient liquidity for the next few months but less than twelve months to support its operations

while it explores substantial and longer-term funding solutions. On 13 May 2024, the Company agreed to a short-term $10

million loan. "

Directly contradicts

"there is not sufficient liquidity for at least the next twelve months from the date of approval of these financial statements, without the receipt of additional financing." which would imply that the Facility gives sufficient liquidity for at least 12 months...

And

"anticipates that cash will be raised prior to or shortly after 30 June 2024."

And

"Following the successful completion of a $10 million financing subsequent to the balance sheet date, the group has sufficient liquidity for the next few months..."

This is all a mishmash but while I am very comfortable that SOLG has sufficient cash to last well into 2025 (and much further if they sold the CGP holding which they have stated categorically they don't intend to do)...

I totally agree with you that this is all academic anyhow because (probably offtake) funding has been under serious negotiation for weeks now and surely is only waiting for the penultimate potential major funder to concede defeat.

Then watch the SP fly on definitve funding news...

"Management is currently in detailed discussions with capital providers who have shown a strong interest in committing to a robust, longer-term financing package for the Cascabel Project ("Project"). This proposed Financing ("Financing") is projected to cover a significant portion of the estimated initial capital development costs of the Project."

But SOLG has no intention to build the mine so I confidently expect the successful CONDITIONAL funding to spark a bidding war (i.e. it will not have to be taken up...)

Whether you intend to or not, you are worrying people unnecessarily about running out of cash.

My 2 years takes account of being able to sell the CGP holding...they won't and won't need to sell this anywhere near the current price but even now it would raise $14 million and if sold to any major would spark bid speculation.

You seem to have misssed the inference that taking out the $10 million Loan FACILITY means they are confident that:

1 They won't need it all or maybe even any of it depending on how soon the major funding comes

2 They are confident enough to be able to keep this in reserve, in a worst case anticipating a much higher SP than now and in the best case 'reverse diluting' the equity with proceeds accruing to the holders of only 2.85 billion shares rather than 3 billion...

More for all of us...

Of course I did and I keep referring to 'Operational cashflow'.

The rest is by definition discretionary, except the obligation to spend money in the tenement areas...if they retain them or their licences...some or all of them have been theoretically up for sale for over 3 years...

ON page 14 ON May 16th the MD&A said:

"the Company has no capital commitments but has certain obligations to expend minimum amounts on exploration in tenement areas. As outlined in the Company’s latest consolidated annual financial statements, such commitments at 30 June 2023 amounted to....$754,126 over the 13-month to 5-year period..."

It also says

"the group has sufficient liquidity for the next few months but less than twelve months"

11 months would take them to April 2025...

But this is all academic anyhow...

Fosters or Caslemayne Scrat...?

Addickt...

"As it stands the 10m would not be sufficient to allow the statement and the accounts would have to be qualified"

Is complete rubbish. The year end is 30 June. The $10 million is a FACILITY.

You still haven't addressed my consistent statements about the cashburn being slow enough for the Facility to last at least 2 years...if its drawn at all with a funding announcement well overdue...

1 This is the biggest copper gold porphyry discovered in the last 10 years...and thats without Porvenir and a host of other exciting projects

2 The 'in the ground' metal value at a very modest 1% when mined is wirth at keast 50p a share at current prices

3 Several majors have shown serious interest:

There were TEN serious Expressions of Interest for offtake funding identified in the revised PFS...more than enough to fund the whole of Cascabel

Neither BHP nor Newmont (who inherited the SOLG stake from Newcrest) have sold a single share of their 10% plus

Jiangxi bought 6% (plus their holding through Valuestone) and there can be no doubt they want more...even the whole ball of wax...they remain the favourites to take over

Mitsui publicly stated in a meeting reported by the Ecuador Ministry of Mines, that they want to buy Cascabel

4 Scott Caldwell has publicly stated "we are not a mine builder" but the PFS has put forward a roubust staged development of Alpala starting near surface and proceeding to block cave, with a post tax IRR which must be approaching 30% at current copper and gold prices. The silver in the mine is sufficient to cover the mining costs

5 Scott and Bob Sangha (who managed the Wyloo takeover of Noront at an exit price 5 times what it was just 8 months previously) have consistently stated their commitment to 'monetise the asset for shareholders). Individually and collectively they and former Cornerstone holders of SOLG shares have material 'skin in the game'

If this doesn't convince you...look elsewhere...the accumulated losses are substantially from exploring and drilling Cascabel, Porvenir and the other live prospects...the value in the ground massively outweighs these losses.

The SP is being held down by Autobots...day after day, which they can do with impunity with no news...

Major funding news due unless the bidding starts first...

Don't be spooked by the doomsters talking about running out of cash. Operational cashburn was $270k per month to 31 March, so the $10m FACILITY could last well into 2025...

If you're patient you won't be disappointed...

Addickt...the Operational cashburn is only $270k a month, so the $10 million could last at least a couple of years...

He landed OZ Minerals...

I have never been an antivaxxer but my wife and I have refused Pfizer/Modrna boosters after our first 2 Astra Zeneca jabs.

A close friend, totally healthy suddenly developed life threatening atrial fibrillation which he has had for 18 months since the Moderna jab. His cardiologist all but confirmed the link.

BHF says AF is up 50% to 1.5 million in the last decade.

Watch Aseem Malhotra...

https://www.youtube.com/watch?v=ZtPykIjP7h0

Https://dce2.au.dk/pub/SR71.pdf

https://www.frontiersin.org/articles/10.3389/feart.2023.1277027/full

https://www.frontiersin.org/articles/10.3389/feart.2023.1277027/full

file:///Users/Terry/Downloads/FINAL-SEC-oil-gas-report-vol2.pdf.pdf

https://www2.dmu.dk/pub/fr618_0_kap_3.pdf

ItLotB

Thanks for your informative posts, but on two points I'm afraid you couldn't be more wrong:

"the ore is in permafrost and would need to be thawed before it could be treated. Statements about ‘just scraping it off the beach’ appear to be hyperbole."

As several people on here know, I was on a 12 day Hurtigruten cruise to Greenland last September, during which I landed close to both Disko and Dundas.

First, the permafrost is thawing fast...I studied climatology at A Level and was looking forward to seeing all the glaciers.

We saw over 30 glaciers but only two came anywhere near the sea. I was so shocked that on my return home I sold my AMG and bought a hybrid.

I expected single figure temperatures at best but it touched 20 degrees one day and on most of our hikes I had as little as two or even one layer at times.

https://www.leeds.ac.uk/news-environment/news/article/5511/greenland-s-ice-sheet-is-melting-and-being-replaced-by-vegetation

I was on a beach not far from and similar to Dundas and it was far from frozen.

"The project is very remote and shipping windows for both construction and shipment of product will only be around 2 to 3 months each arctic summer. "

To remind...our cruise was well into September. We landed at Pituffik. Hurtigruten cruises start in May and finish in September. We saw icebergs and sea ice but nowhere did we have to 'ice break'

Daily maximums range from 9 degrees in April and November to 45 degrees in July.

As to accessibility, there is a Space Base at Pituffik. Air Greenland has regular flights. Schuyler Line supplies sustainment and building supplies to the base by ship.

https://en.wikipedia.org/wiki/Pituffik_Space_Base

Finally, as I mentioned before, we had a mining geologist onboard who was lecturing and I also go conversation time with him.

He said the Disko drilling had experienced a gas blowout, which has since been confirmed and inhibited the drilling programme.

https://dce.au.dk/en/udgivelser/vr/nr-401-450/abstracts/no-438-disko-west-an-updated-strategic-environmental-impact-assessment-of-oil-and-gas-activities

Hope this helps

Exactly Rodney...

But to repeat...anyone can check the Financial Report to see that Operational casburn to 31 March was $817k, I.e. $270k a month...

So we may not even need to draw on the Facility if the 'significant funding' comes soon...

And while there is no current intention to sell the CGP shares they could still be available at, say 20/30p, which nobody was prepared to pay in October 2023, but circumstances change especially if you want to increase your 'strategic holding' prior to a bid...as Wyloo did with Noront...

"there has been interest in the block of SolGold shares acquired indirectly through the Cornerstone transaction..."

From 21 May 09.09...

"Awwww novice...can't blame you...its been a long haul...

But no sooner said.....

Mind you theres some PI buying which could take off when we get established in the 10s...

Keep believing matey..."