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Air miles or not, bringing the team over to talk candidly(?) to PIs is to be commended. A presentation and a face-to-face session, in the same week!

If both highlight limited progress and that CGP are running out of ideas, then PIs can choose to cut their losses.

But as others have suggested, surely the team wouldn't fly all this way for no news. Pretty sure they'll get some frank feedback if that is the case.

Thanks Jerryspaniel, very kind.

Guess it depends on the RedCloud presentation and how many submitted questions Scott covers through that.

Due to work commitments I can't make either event. I hope the RedCloud presentation is available soon after so I can list some questions someone can ask Scott in person.

Great find Pbow.

Looking at the details in that article, why is the Ecuadorian Govt not trying to fast-track this...

""Cascabel is the largest investment project in the history of the country , it will reconfigure economic activity throughout northern Ecuador".

Appreciate the power and social issues, and not an overnight task, but still.

Anyone know how desperate DGR are for cash? i.e. how long can they wait for a monetisation event?

Swanley - yes, but it would have been c3 months since geotech commenced, and over 2 months since last update, so I'd expect some specific info on progress. (Noting my expectations and reality are usually different!).

Swanley - are you aware the Red Cloud presentation is 29th Jan, but the Ecuador election is not until 9th Feb?

I would hope we get a Company update today or Monday providing updates on Cascabel milestones, plus any Govt / regional progress.

Solgold management had committed to more frequent updates. These have been released in the middle of the month, noting limited news in December. Hence 'due' around now.

It's not difficult for someone to write a brief update. Particularly given most of it would be recycled into the next MD&A.

I swear, if I read "analysts expect copper prices to rally over the long term. Demand is expected to soar ... ...but supply is very limited" one more time....!!

Redknight - why would it be 50% of the PRE-TAX npv?

I think you mean post-tax, so 50% of $3.2bn. Unfortunately that equates to 'only' 43p a share.

Agree on an uplift for metals prices, but would need to allow for inflationary costs too.

50p-60p more realistic in current economic and geopolitical environment. (With further upside for Tandayama etc).

Hi Darren.

Are you able to expand on " I think Nobby offers them that now he has sorted power outages."

I've been surprised at the lack of posts on this board re: Ecuador's power issues over 2024. Particularly given the power requirements of Cascabel (I know there is the Hydro and Solar initiative, but this needs to be financed).

What is the fix that Noboa has made? Is it a temporary (floating power plants?) or likely permanent one?

Is it still reliant on avoiding further droughts?

Many thanks.

Hi addicknt:

"Norges dropped to 2.8% following the dilution which resulted from the Chinese investment in Dec '22." - I initially thought the same but I don't think that is the case.

Both Mar and Dec 2022 notifications are based on c2.3bn shares in issue. Dec'22 may well reflect the small Jiangxi purchase, but not material.

Dec'22 reflected a reduction in direct voting rights, and an increase in rights through instruments. Dec'22 INCREASED to 3.6%, not a reduction.

Norges dropped to 2.8% in Feb 2023, reflecting completion of merger and revised 3bn shares in issue (their actual holdings Dec'22 to Feb'23 barely moved).

Quite depressing to be talking about Dec'22 TR-1s at this point though!

Hi Bozi.

Just on the Norges point, Norges made a TR-1 at each required stage:

1st Mar 2022 for initially crossing the 3% reportable threshold (3.2%)

6th Dec 2022 for increase in shares on loan (3.2% to 3.6%) - I think this was a voluntary notification?

28th Feb 2023 for dropping below 3% reportable threshold (2.8%)

I don't believe the rules allow investors to defer notification until buying has finished. From memory, there is a window of 2 working days from when a threshold is crossed. Otherwise companies would continue to slowly buy shares and could get from 0% to 29% (for example) without making any declaration at all? I may be wrong though.

Given the SP fall I regularly think "what have I missed?". I look at the PFS, worry about the initial Capex, permitting timescales, technical risks of a block cave etc.

Then I remind myself of current metals prices vs. the PFS (e.g. Gold $2,600 vs. $1,750 assumed), that PFS is only 30% of contained metal, excludes Tandayama etc. And I remind myself that true value will come eventually.

Obviously Q2 is key for the next $33m. I just hope management are ahead of plan to meet the required targets. And ideally have something up their sleeves during Q1, to provide a bit of excitement.

Fair to say I've been underwhelmed by Solgold performance over 2024. Lack of progress and meaningful updates has been frustrating.

However, for all the talk of wanting a new CEO/Board, I remember one thing...

... Scott is heavily incentivised to add value here.

He holds 19.4m shares, and 30m of share options (exercisible when the SP>25p over a 3-year average).

Scott's shares have lost c£1.5m during his time as CEO. That is much more than his pay and benefits.

He, and Nick, have millions of reasons to sort this out and create decent value.

Hi Fort.

I understand scalability and IRR (it's actually the opposite of what you said "it's all about IRR. And that increases with more capex you deploy", but I get what you mean).

My challenge to Solg management would be PROVE IT.

Show the market that 20% of Alpala is worth (NPV) $3bn but 80% is worth $10bn (for example).

Prove that Porvenir is viable (on a risk-adjusted basis). If such a no brainer, why haven't Solg gone to Jiangxi or Valuestone for $10-$20m to complete the study in 2023 or 2024. Then raise off that to progress, or JV/sell.

We share the frustration that Solg management should be making faster and better progress.

Fort - unfortunately most of what Ortherncopper said is well-reasoned.

Porvenir was full of promise until Scott said (let slip?) in a presentation it "was not as good as hoped" and the study was subsequently delayed indefinitely. With no further updates.

"Not as good as hoped " may mean Tier 2 not Tier 1; it may mean uneconomical. But with Solgold management, you never know but there are no clear updates.

Same with Tandy. Promising near-surface deposits that the company have done very little with over last 2-3 years? Are they transformational, or a distraction? Again, with Solgold management you never know.

Looking at Alpala - c20% of the resource is the sweet-spot for current block-cave design. Is the remaining 80% economical? Probably a large proportion, but again we simply don't know the details. Solgold constantly changing their minds.

The above isn't meant to be negative. I've been adding at these SP levels. Franco / Osisko seem keen.

But I don't think we should dream of a Top 5 Tier 1 asset when there are still many unknowns.

Fort - yes, need a concrete date for the DFS. Not another revised and optimised PFS.

The open pit potential from Tandy is key here. Could be transformational. But, a risk that further 'good news' on Tandy requires more time to incorporate into another mine redesign.

Tandy open pit was the 'PFS Addendum' we were allegedly so close to finalising under DC in 2022. With different 'experts' involved.

You think an EGM is warranted given the voting at the AGM?

You think retail here would get to the 10% threshold (I think) required to request an EGM?

I'm surprised at lack of Chairman announcement, but note it is only 2 weeks since AGM was held. Board prob off on their Xmas hols already, so January more likely now.

Redknight1 - "He has single handedly blocked all communication by the company to PIs..."

If true, doesn't show much backbone from Solgold management does it. One idiot PI and they run and hide.

On the positive side, this is on average daily volumes of c£250k.

Needs some news, or promotion, to get bigger investors to buy.