Member Info for NotMuchMoney

Notice of meeting is 10 days earlier than last year, and AGM due to be 8 days earlier than last year.

Big deal.

The conspiracy theories on here are ridiculous.

If the AGM was later, no doubt there would be the same comments about this being due to needing extra time to finalise a takeover etc.

... and don't get me started on the environmental impact of astronomy:

https://time.com/6159184/astronomy-emissions/

https://www.astronomy.com/science/how-can-astronomers-reduce-carbon-emissions-and-be-more-environmentally-friendly/

With respect, you are showing some pretty extreme (and naive) views Quady.

"Imagine a country without pollution. Imagine breathing fresh air all the time."

How does the UK get all that storage capacity? Where are the precious metals and minerals sourced from?

No polution? So are we going to ban plastics, chemicals in industry, will car tyres be made out of grass, are we going to stop cows belching methane?

"Imagine looking up at the night skies and seeing tens of thousands of stars, like you do in the Atacama desert."

Pretty sure the UK's temperate climate is quite different to conditions at a South American desert where virtually no-one lives.

"There is no downside to this."

Mainly the massive cost? Execution risk? No backup plans?

I agree things will need to change over next 50 years, but with a transition and ultimate hybrid model, not a zero carbon world.

I (surprisingly) agree with lots of redknight's 12:21 post.

However:

i) we are not "funded indefinitely to develop it". The initial tranches from Franco and Osisko are relatively small and with clear requirements before being able to move to the next phase. Solgold need to meet these deadlines (and they don't have a great track record of doing this)

ii) whilst it would be a positive milestone to move to DFS, I would expect another PFS to incorporate Tandayama. Particularly if open pit (early cash generation) influences mine design / tailings locations etc. After 2-3 years of exploration and studies there I would hope they know by now

iii) on regional exploration, yes funding for this should be forthcoming. But why has it taken SO long? Other than no interest/capacity for this and the 100% focus is Cascabel milestones

Quady - have you seen the Debt to GDP ratios for China vs. UK/USA?

From the IMF:

https://www.imf.org/external/datamapper/GG_DEBT_GDP@GDD/CHN/FRA/DEU/ITA/JPN/GBR/USA/FADGDWORLD

China 77%

UK 101%

USA 121%

Look at the trade surplus - frankly China can afford this shift. I'm not sure Mr UK taxpayer / Mrs USA taxpayer can!

Must admit, quite depressing our posts are about CEO salary and related party fees rather than exploration results and development progress!

Agreed Pbow. From Annual Report:

No 2024 transactions or fees to related parties for Maxit.

Maxit described as:

"A shareholder of the Company with a financial advisory agreements with the Company."

and

"A shareholder of the Company with various commercial agreements with the Company, including advisory services pertaining to the capital fundraising in December 2022."

Fortissimo - the £93k relates to this financial years proportion of Scott's £200k sign-on bonus.

See Page 55 of the Annual Report for the note.

Also CEO remuneration section on page 53:

CEO REMUNERATION

... In designing a competitive remuneration package, the Committee focused on current market benchmarks, and took into account longterm incentive and performance bonus opportunities subject to performance objectives to ensure that it was appropriate to motivate and incentivise Mr. Caldwell in line with the Company’s purpose and values as well as the interests of the shareholders.

It is noted that the base remuneration for Mr. Caldwell was well below what would be considered ‘market’ for his role, and a significant uplift was made to his base remuneration effective 1 January 2024 to bring it more into line with what would be considered ‘market.’ It is still acknowledged that his base remuneration is still low by ‘market’ standards.

Variable remuneration for Mr. Caldwell was not considered during the course of FY2024...

That's right addicknt, I gave a breakdown earlier.

If redknight tries his usual 'operational expenses are only $270k a month'....

Straight from the Annual Report:

"Reduced all-in cash burn rate to US$3.0 million per month"

Page 80.

Operating loss almost halved from cost-cutting / doing less.

But look at Note 21 around FNV NSR. -$24m loss.

Due to changes in timing / mine life / production volumes from revised PFS.

I know an accounting item, but strikes me as a large change due to the capex-light approach.

P.S. Fort, I've found the difference of c$1m. It's the fair-value of Scott's options. So not base salary at all.

c$420k is a better indicator of Scott's 'income'.

Interesting items on page 17 of Annual Report.

Both "Geopolitical and Sovereign Risk" and "Permitting and Land Access" risks are showing an increase to this time last year.

This strikes me as odd, given more settled Ecuadorian politics (perhaps reflects the forthcoming election in Spring 2025) and good relationship with Govt/MEM around permitting and good reported progress around land access?

Fort - where are you getting the $1.4m for Scott?

I see Scott's salary increased from $200k to $300k on 1st Jan (a nice 50% increase).

From 1st Jan he has also been receiving a $10k a month 'overseas living allowance' (never knew Ecuador was so expensive).

So, whilst I'm a bit disappointed at such an increase given the poor SP performance, that's only $420k a year.

[Source: page 55 of Annual Report]

A few more days until annual report which may shed a bit more light.

I don't understand the delays to CIPA (I know some is already in Exploitation Agreement) and other Govt approvals. Are there discussions/disagreements around rate of progress?

Noboa / MEM trumpeting the project more actively would get things moving in my opinion.

Re: commodity prices and production dates...

A shame SOLG management have been talking about open-pit potential at Tandayama for so long. Mid-2022 SOLG were highlighting capturing this in the PFS addendum. Hannam also said "This could provide flexibility and cash flow ‘insurance’ as the block cave develops. TAM’s underground mineralisation also appears promising and we believe is likely to grow substantially from the current resource".

And what about Blanca. This 'bonanza', near-surface gold potential has been known for many years. I seem to recall CGP being frustrated that SOLG were not progressing this as a priority - with a perception by not exploring Blanca further Nick wanted to force CGP to give up their share of ENSA on the cheap.

I get that big mines take time. But SOLG Board haven't rushed things over last 2-3 years.

A decent update (in terms of comprehensiveness).

Just a shame the smaller, cash-strapped company has such little focus on regionals (including sites in close proximity to Cascabel, e.g. Blanca).

Yes addicknt. Passed us by because Chris' role was never announced (nor was Perry Holloway, from memory).

And Chris isn't even mentioned on the Our Team page of the Solgold website.

BBG, why not just fly to Denver and put the questions directly to Scott?

Given your holding, would be cheaper than your daily losses.

MR - the board appreciated your break from posting.

Please leave the simpleton to it. Not sure who still reads their posts. Just filter.