Member Info for NotMuchMoney

Lots of posts today about SOLG management dragging their heels, and nothing tangible from all the wooly updates over last 12 months. Yes, I'd agree. Always hoping good progress is being made in the background, but never any confirmation (CIPA, permitting etc).

One thing I'm surprised at is lack of Chairman appointment following AGM.

Resolution 16 gave headroom for the Director pay limit.

Have SOLG been interviewing and lining someone up, ready to announce before 2025? Or are they only starting to think about it now the resolution has been passed?

I hope for the former, a decent appointment would get the SP moving. But experience suggests the latter.

Come on Scott - start demonstrating progress.

Well, there is a chairman role that they need to fill...

Disagree with you on this one Pbow. Your point is like saying if a political party got a larger majority on a smaller voter turnout they are somehow less popular? They are not - they've won.

Agree with the concern that lower votes cast suggests shareholder (II / retail) disinterest. I'd be surprised if BHP and NMM didn't vote though, particularly given the c300m swing in Nick votes / specials. Looks like one has become more supportive.

But who knows. As you say, meeting the Franco deadlines is critical path now.

Although to be fair DBW, the Board are probably 'content' because they protected themselves from any direct shareholder questions and challenge at the AGM.

DBW - how much was the trip to Brisbane?!

Agreed on specials. Intrigued how they are just over the required 75% this year.

Addicknt - did you get any response from the Company re: your request that shareholders are able to virtually attend the AGM, and submit questions?

Hi addicknt

Absolutely agree with the point you are making, and using current position rather than year to June 2024:

- salary of $300kpa

- living allowance of $10kpm; $120kpa

(notes to table on p56 of Annual Report)

Sign-on bonus now fully paid.

So $423k pa, including the small pension.

Clearly far less than $800k.

And importanly, no bonuses have been paid to CEO or directors (as expected, given performance over last 12-24 months).

Agreed Bozi - vote for both Scott AND Nick.

If PIs want to show some frustration then vote against the Directors' Remuneration Report (Resolution 2).

(Resolution 3 - Directors' Remuneration Policy - is not proposing changes and just a legal requirement to vote on)

I'm loathed to vote for Resolution 16. However, if this allows appointment of an independent Chairman, and hence increases likelihood of meeting governance requirements from IIs, then sobeit.

Bozi - would be useful if redknight would validate his 'research' as being up-to-date...

In particular his regularly quoted "...there are at least TEN major players in the dataroom".

I may be wrong, given SOLG have said similar things over last 3-4 years (e.g. trying to sell the grassroots regionals) but isn't that quote redundant now?

And what dataroom? Hasn't the SR ended now, and preparing a turnkey project is the agreed strategy?

Pretty sure redknight tipped 1SN in 2022 and 2023...

From a SP of 30p all the way down to c5.5p now.

(Unfortunately a very similar path to Solgold!)

Hilarious timing redknight - your T20 is due in the next few days isn't it! (Based on your post on 30th Oct at 12:24)...

"They already have $750 million to get to commencing to build the mine..."

A. no they don't. They have c$35m to get them to the next milestone condition.

"... and another c$900 million copper offtake deal lined up"

A. Source? Where is that copper offtake announced?

It may be required in future, but not now.

Rampety-ramp.

Agreed Pbow.

I'm surprised Ecuador's electricity issues and rolling power cuts don't get more mention on here.

The MEM tweets are all about this, and not mining progress.

Hopefully Cascabel building a new power station, with surplus electricity provided to the local population, is another incentive to get everything fast-tracked.

Pbow - rarely disagree with you but I do disagree with your 13:29 post...

Franco's $100m was GUARANTEED. The $750m is not - SOLG may balls it up and not get more than $35m out of it.

$100m provided a decent cash runway and avoided dilution at that time. Just a shame SOLG have wasted so much of it in last 2-3 years.

I may apply for the chairmanship myself...

... assuming it comes with house and car allowance. I'm thinking Bahamas - slightly closer to Quito than Miami, and only a short-hop to Scott's pad.

After all, I don't want to take the P.

... and confirm if shareholders can raise questions at the AGM.

Currently appears we will be locked-out again.

Hi addicknt.

I've been travelling with work and not much time (nor appetite!) to catch up on SOLG items.

Presume it is just a tax dodge by Scott.

Given SOLG have a well-paid Director of Communications, you'd think they'd be able to respond on your points?

To be fair Orthern, those are 'total compensation' figures which include a hefty amount of recent options...

... which are currently worth NOWT!

At least Execs are suitably incentivised to create some value!

Addicknt - does it relate to Scott's residence being Miami Beach, USA?

i.e. not living in Ecuador? Despite his ample home and car allowance?

Hi addicknt - I note it was 30 days for 2023 AGM.

But yes, TSX also requires min 21 days.

For Info - record date for notice of meeting / for voting (inc beneficial ownership) was 28th October.