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I thought we'd established big NPVs with big Capex don't help the SP. Because the market doesn't believe Solgold can progress on their own.

Solgold need Tandayama to be a success. It provides a clear path for low-Capex development (and adds to the overall Cascabel NPV, obviously).

De-risking which financiers or majors love to hear.

This then pushes Solgold towards the longer-term £1+ valuations if they 'go it alone'. Or a bit less if there is a near-term buyout.

(I'm not saying Solgold can't 'go it alone' with bigger plans, but look at the time and money wasted over last few years. And opportunity cost of not being to progress regionals. Solgold just need to get on with it.).

At risk of being accused of deramping, the PMS is attended by companies of all sizes.

For example, Intrepid Metals Corp, who present 1 hour after Solgold, have a MCap of c£12m.

Solgold have presented at or attended most of the PMS over the last few years.

I agree it is great that Solgold are attending / networking...

... but I'm not getting giddy with excitement.

More important is a Tandayama RNS confirming multiple decent holes and confirming viable open pit(s).

Don't worry Jack I haven't forgotten - I'm still expecting that RNS within the next fortnight, and I suspect this week.

InvestorPanda - ok, I accept your bet:

I believe we will get TAM updates (in next fortnight)

You don't believe a TAM update will be provided, and that a buyer for both NorthCo/SouthCo will be revealed imminently (let's define 'imminently' as the next fortnight).

If you are correct - no TAM update and a buyer for both confirmed within next fortnight - I'll happily give you credit for predicting this and stop posting here.

Tick tock.

RodneyT - re: your 13:45 post, some here will be more knowledgeable or experienced in some areas than others. And are happy to spend their time explaining their thoughts and justifying why.

You seem to suggest anyone can come and post any sh*t and it should be considered equally valid. And not be challenged. What garbage.

I'm off until we eventually get the TAM update.

Crisu - add it to the long list of redknight's speculation from 'reliable sources'.

Point is, none of us will really know until it happens. I'd rather focus on quality of asset, progressing drilling and studies, to maximise the price any interested party will pay.

What Pbow denials? He is making rationalised comments.

And to be clear, on the positives you flagged:

TSX / Swiss domicile makes a sale more likely = I agree.

NPV is much higher now than under 2024 (Capex Light) NPV assumptions = I agree

A major may rip-up the Capex Light PFS and target more resource, and hence pay more = I agree

Rodney - I understand you consider all opinions valid. But it is a bit like comparing articles from a Sunday tabloid to a broadsheet.

One will be rumours and excitement (Mad Jack), the other will be based on experience, analysis, research (Pbow).

The danger is that people who do the hard work and analysis, know exploration and project financing and capital appraisal get ignored for the gossip.

Of course, the gossip could be correct. The drawback is it changes almost daily. So bound to be correct eventually. In which case, I'm sure there will be a "I told you so" from the people who have pivoted on opinions on a daily basis.

Agreed Pbow. I think Scott said they had been looking at recommissioning 'some' of the existing line.

Still unclear how they will get all the material to port. Suspect early years / TAM starter will be via road? I haven't considered the sweet-spot of volume where it is better for road vs. spend on own infrastructure. Will keep that for the experts in the DFS.

Agree Pbow. Pipeline/rail logistics and hydro power are two of the more challenging/potentially expensive parts of the project.

I think Scott mentioned Solgold were previously looking at the railway option.

The next catalyst should (and I think must) be TAM drilling results. Especially if this states more drill rigs on the way to prove up new TAM resources to include in DFS.

On your other suggestions:

- Sale of SouthCo / raise £500m

Solgold don't need £500m at the moment. Need the PFS/DFS as a priority.

We'd get little value for selling SouthCo compared to the future potential.

- ASX / CDI listing

Will take a while. Haven't even confirmed ExploreCo structure yet. And would only be needed if keeping ExploreCo (assuming sell NorthCo).

- Canaccord revised target price of 95p

Need a DFS.

- Accelerated permitting program confirmed by Ines Manzano for Cascabel.

Useful but unlikely? Also studies/environmental activity required before permits can be granted.

- Cascabels valuation (NPV) updated via a revised PFS or DFS

Will be done before the other items above.

There is only a 50% buyback on the Franco-Osisko financing (exercisable on change of control within 3 years from c. June 2024).

From memory, the 2020 $100m Franco NSR also had a 50% buyback, but for a limited term.

i.e. they can't just cancel and go elsewhere.

I suspect Solgold are happy with the Franco & Osisko monies, and wouldn't rock the boat. After all, they will need more financing in future and would want to keep F and O as an option.

Much more likely the Swiss move just comes down to Tax / alignment with Solgold Finance AG.

Actually, I think the PFS is project-specific - i.e. reflects local (Ecuador) taxation for Cascabel and that is all.

Hopefully Solgold are further negotiating tax with Ecuadorian Govt - didn't Solaris get better terms for Warintza?

Rodney - two quick comments:

Wouldn't the UK Takeover Code still apply since SOLG would retain their London listing?

Any views on what the "sizable uplift" to post-tax cash flow over the life of mine is? I'll look back at the PFS, but I can't recall the tax components being broken down in detail (or I skipped that part due to boredom!).

I believe "scrip-for-scrip" is simply what Australian's call an all-share acquisition. Just terminology.

Any CGT deferral is presumably the same under each - payment once the shareholder eventually sells the acquiring company's shares.

Thank you DBW. On long-term potential value I think we're aligned, but I would happily give him his praise if a deal at those levels is already in the making.

Hi DBW, which one of Jack's many recent suggestions were you referring to?

Mathers - I don't believe anyone is "kicking sh*t in their face".

Investors are allowed to be disappointed if targets or deadlines are missed.

As I've said before, the 15th Aug RNS was making a rod for their own back. No problem at all if they had kept things generic and said report assays in the next month etc.

But by saying "in August", they set an expectation it would be August. And will be judged on that performance.

TAM open-pit starter is the number one item that can de-risk Cascabel. Or greatly increase the sale price of the asset, whichever way you wish to look at it.

Hence why I'm so keen for positive news on this.

Right, that's the last time I mention UK tax!

Have a good day everyone. Hopefully a week of positive developments.

Hi RodneyT

Not sure I follow how it is very harsh to judge a company on an expectation they set via RNS, and then reconfirmed via RNS only 2 weeks ago?

At the time I explained why I thought reporting all outstanding holes by end-August would be challenging.

What is the delay? Presumably assays for at least half the holes would be available now, so release those? Provide further confidence that TAM open-pit starter is a go-er.

Demonstrating TAM will work is going to provide more assurance to the market than paying less tax assuming it does?

Continue to show progress and that Solgold will deliver what they have committed to.

Otherwise Solgold timescales are just meaningless. I've had enough of that over the last 5+ years.

Addicknt, re: your 7:42 post...

I was doing some casual Solgold reading over the weekend and saw the April presentation that said appointment of a COO/Project Director was "imminent".

I would have thought the COO would have been RNSd.

Agree, Dan moving to Europe would make boots-on-the-ground in Ecuador essential.

Will need to wait for the Annual Report later this month for more details on senior staffing changes.