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Have reflected on Scott's Other Benefits increasing over Q1 (end-June to end-Sep).

Basically this is an accounting item for the 'fair value' of his 30m options at 17p.

The SP has increased from 7p to 15p over the period. This makes his options much more likely to be 'in the money' and hence exercised.

Exercising the options is a cost to Solgold - hence provisions for this in the accounts.

There is also an amount for Dan. This is lower than for Scott since (i) he holds less options and (ii) the option price of 7p meant they were already likely to be exercised.

Same for Chris Stackhouse, he will be the bulk of the 'Other Management Personnel'.

Addicknt - it is the Q1 MD&A to end-Sep. (Released 45 days after).

Based on earlier post it may be the last MD&A we get!

Fort - I really don't understand the cUS$350k Other Benefits for Scott.

It is not a management bonus.

Scott still has his 30m of options.

It is recorded as the fair value of options over year (reflecting the large increase in SP over 12 months). But unclear why captured now; I get this is first quarter of new financial year but Scott wasn't awarded new options over the year?

"The Gold Stream Agreement provides a source of funding to continue de-risking and technical advancement of Cascabel. However, further funding is required to continue advancement of other projects. Management anticipates raising additional funds in order to maintain its regional Ecuadorian projects in the 2026 financial year."

So ExploreCo progress and funding withing next 7 months. But it does say 'maintain' rather than 'progress' so I expect that is to cover ExploreCo supervision and control fees.

Cash at end-Sep was $34m, but net capital $19m.

There is a large increase in 'Trade and other payables', $(18)m from $(7)m last quarter.

This increase appears to be due to supervision and control fee. So c$10m being held for future obligations? (Presumably those due over next financial year)?

Interesting comment on Canadian reports, I think this is saying no more MD&A or quarterly reports:

"Following its voluntary delisting from the TSX in June 2025, and given the nominal level of Canadian trading and shareholdings, SolGold expects that it will no longer be considered a Canadian reporting issuer in future periods. Once this transition is effective, SolGold does not anticipate preparing separate Canadian interim or annual filings going forward. Future reporting will continue to be made complying with its UK disclosure obligations."

As Pbow already said, confirmed that CIPA due by end-2025

Good to get some proper management comment on the Supervision and Control Fee.

So giving up 39 concessions to retain 50.

$6.2m for those relinquished not expected to be paid.

But no details on any payments due for those kept (all we know if $0.8m already paid, $0.2m was for Cascabel in Q2 and another $0.6m in Q3)

Importantly, management going concern view is that they have sufficient capital for at least 15 months.

Hi DBW. With AGM on 11th Dec, I'm expecting the notice to be issued this Wed or Thu.

Pbow - are you referring to access rights? Water permits?

I don't think much has really been said on current position / o/s issues at Rio Amarillo?

Agreed Damers. The 'monster' that would dwarf Alpala.

I always thought a shame only a few holes were drilled (I think 6 were intended at Santa Martha).

I sense management are slightly changing strategy.

Initial focus was on TAM being used to bootstrap Alpala. I.e. demonstrate we can go it alone with a reduced capex requirement.

But now I pick up more references to 'District potential'. See RNSs 13 Oct and 10 Nov.

Progressing other concessions around Alpala.

Will they also look at nearby Rio Mira, Nieves, Blanca ? Or even have another go at Rio Amarillo less than 20km away (noting that is Carnegie Ridge as opposed to ENSA)?

I personally prefer they do the minimum to get to a DFS / signed CIPA. Let a buyer of Cascabel think about district scale. Take the money and progress other priorities themselves.

But interesting they are backing themselves and emphasising the District scale here.

Fort, just making sure I've not missed anything on your:

"The mapping on that NW target was 'new' as far as I can see. No idea when that was mapped or 'who' suggested it, but that's looking sweet based on early core visuals."

North West is yet to be drilled, hence no core visuals?

Tandayama-West is in progress, "showing promising to strong visual mineralisation", but no photos included in RNSs yet?

Hi addicknt.

A lazy mining analyst is a possibility.

Solgold completing DFS, ExploreCo and ESIA in Q4 highly unlikely (in my view).

I mean, SOLG can't even get the ExploreCo dates correct in annual report, so wouldn't be a shock if coverage uses old data.

However, DFS/ExploreCo/ESIA (even start of Alpala construction) before Xmas would certainly make my year. That certainly would change market perception of SOLG management.

Thanks Damers.

Well, Redcloud still think a DFS will arrive in H2 2025 so thats positive!

As well as ESIA and ExploreCo formation in H2 2025.

Here's hoping.

Thanks ProfitSniffer

I'd be happy enough if the SEDAR obligation remains - at least would get the quarterly MD&As. And one would be due in the next week.

Fort - still time for the date to change I guess (Canada filings and UK filings different)?

Dates have changed on SEDAR in previous years. But as earlier post, really don't know why they are still filing on SEDAR. SOLG have a few Canadian subsidiaries still, but no reason I see to still file in Canada.

Fort - SEDAR does show the AGM as being 11th Dec in Zug, Switzerland.

Notice of the meeting filed 10th October:

www.sedarplus.ca

Unclear why Solgold still making these filings to Canadian regulators.

(And yes, filing is for same ISIN as London listing, Solgold Plc)

A 92m 'block' would also be over the 3% threshold and need to be declared?

Hi addicknt

Like the ExploreCo 'in the coming week(s)' from 17th July?

EXPLORATION ("EXPLORECO") NEW COMPANY STRATEGY

"SolGold is working closely with brokers and potential cornerstone investors to evaluate transaction structures and capital pathways. A more detailed update is expected IN THE COMING WEEK(S)."

Still waiting. Although I do appreciate the Govt concession tax made this somewhat more complicated.

Wasn't there even an error in annual report on this? Said ExploreCo structure expected to be confirmed end-2026, but Dan confirmed this meant end-2025? I may be getting confused.