Member Info for NotMuchMoney

So, Solgold are presenting at two big events in September.

A suggestion. Instead of going through the same Cascabel slides (surely everyone in the room knows the asset by now, and would have read about the $750m FNV/Osisko financing package, and interested parties would already have been involved in financing discussions)...

... how about focusing 90% of the presentation on the regionals? Asking for partners to develop these, in particular Porvenir?

I wonder if the regionals will even get a mention.

Other than a break from Quito, what does Scott / Solgold benefit from attending otherwise?

Addicknt - not sure we can attribute the 'progress' to a CEO being based in Quito.

It doesn't seem to have accelerated the CIPA signing or sped up the permitting.

And we're about to commence what is basically the 'PFS Addendum' - something that was due to be completed in H2 2022.

BBG - you missed off the big regional funding RNS you stated was coming last month???

Yes Pbow. Presumably Jack thinks this will all be done before the land is secured, geo drills have turned, mine designs are updated. In particular Tandayama considerations.

Actually BBG, what you said on 25 July was:

"Solgold will execute a royalty on regional package which will allow them to utilise funds where they believe they can find next Cascabel/s.

This news will be released shortly"

Same with:

"Porvenir Advanced Exploration permit was received 2 weeks ago...

The company will announce this shortly."

Scott is either saying things will happen and going back on this...

... or you're simply making stuff up.

BBG - where is that regional funding RNS you were adamant about a month ago?

Good. Progress/permitting has been too slow.

July presentation is still on the Solgold website.

Saw this on Mining.com, about a Mexican copper project:

https://www.mining.com/oroco-boosts-economics-at-santo-tomas-copper-project-in-mexico-to-lead-peers/

"The company cited a metric of after-tax NPV per initial capital spending – $1.48 billion/$1.1 billion – that ranks Santo Tomas more efficient than other low-cost, large-scale copper projects."

Cascabel's ratio is $3.2bn / $1.55bn. So c200% vs. 135% that is getting all the fanfare.

And that's only on the phased PFS, which currently ignores Tandayama resource and open pit potential.

Fort - looking at the rest of my portfolio I can confirm that not "everything has doubled"!

Many explorers/developers have taken a hammering.

I wouldn't be invested if I didn't think Solgold was completely undervalued (and that includes holding large gains at 40p+)...

... but it is a relatively binary outcome. (Particularly with the lack of progress on regionals, which was an intended backup to Cascabel).

There is a high chance Solgold will deliver a massive mine (either directly or via sale). But also a (somewhat lower) chance it all goes wrong. Some of this is outside solgold's control, some of this is the chance solgold balls it up.

The company has created value, but not for shareholders.

We know Cascabel is worth a fortune. The market needs continued reassurance that little ol' Solgold can progress it at a reasonable pace. And with no further political or social disruption.

One important item missing from that comparison Fortissimo:

Shares in Issue:

March 2020 - 1.9bn

August 2024 - 3.0bn

Pbow - agree.

Which is why I'd prefer there was a published alternative to the 'Capex Light' PFS.

Something that covers more resource and a BIG NPV, even if initial Capex required (for a buyer of Solgold) is bigger.

Not an expert but think there is something in regs about not having 2 simultaneous PFSs, I can't recall.

Although surely Solgold could quote a sensitivity or similar, and use close to 100% of resource. Imagine a $10bn AFTER-TAX NPV being the headline (allowing for Tandayama start-up too).

The numbers here could be massive.

"angels on the head of a pin"

"as the MMs hold the price back"

"this is a coiled spring"

I've almost got a full redknight bingo card...

Pbow, another one of your many good posts today. Thank you.

I'm quite far from Australia but I'm sure I can hear Darryl laughing.

So, where we are heading feels like the planned PFS Addendum, which was due in Q4 2022.

i.e. studies considering a Tandayama open pit

I'm not sure what the point of the Capex-light PFS was (well, other than try to flush out a bid and supporting financing).

After all, the revised PFS excluded Tandayama from the plans...

... so now more geotechnical work is required , more mine redesign, which then needs to be reflected into another PFS (hopefully Solgold call it a DFS this time).

I note the comment earlier about 'unrealistic expectations'. But Retail expectations are driven by what the company says/promises. And they seem to be either deliberately unclear or constantly revised.

And before people start shouting that the company are doing what they said - please point me to what the company are doing on the regionals, vs. what they said they would do? And how the Strategic Review has progressed vs the original (loose and open-ended) objectives?

Gino73 / addicknt...

Re: SOLG emails and feeling wanted, it must be approaching AGM time again!

HereforHemo - thank you.

Was the reliable source from within the company?

This contradicts info in the public domain - MD&A and Financial Reports. I can only see reference to tenement 'fees' (as I posted yesterday), but this seems quite clear around minimum exploration commitments:

"The Company has no capital commitments but has certain obligations to expend minimum amounts on exploration in tenement areas...

As outlined in the Company’s latest consolidated annual financial statements, such commitments (tenement fees) at 30 June 2023 amount to US$12.2m and US$0.7m over the next 12 months and 13-month to 5-year period, respectively."

Of course, if June 2023-2024 commitments had been met and concessions retained, there may be higher commitments in future than $0.7m in last report.

But in summary, Solgold reports suggest minimum spends are immaterial.

Fortissimo - BRAVO

I had angrily logged in to say EXACTLY what you posted at 8:03am!

Bernie Loyer and Steven Botts were appointed in July 2022 for this activity, then let go as part of 'project mothball'.

Tailings - have been finalising land aquisitions for this for ages. What is the position?

Technical drilling - the same drilling we have been told has been continuing at Cascabel over the last few years?

(Yes, I do understand the ongoing need as plans change. But why is the infrastructure design not clear yet?)

Updates such as this make me realise why Solgold usually prefer not to bother.