Member Info for NotMuchMoney

HFH - any source for that £5m please?

Or just speculation?

Redknight - I've made this point (to BBG in particular on 25th July) before...

Why would a streaming deal on Porvenir not be ring-fenced? Who is going to give money to Solgold for Porvenir, only for this cash to be spent on grassroots exploration? In particular if no upside for the streamer on any 'success'?

Where then would the money for Porvenir come from? The FNV/Osisko cash is presumably just for Cascabel?

6 weeks until updated details available in Annual Report and Annual MD&A (if any on here read them).

Fortissimo - I think you're getting confused re: regional spending commitments.

Just check the Annual MD&A for regional tenement fees. From 2023 Annual MD&A:

"As outlined in the Company’s latest consolidated annual financial statements, such commitments (tenement fees) at 30 June 2023 amount to US$12,236,692 and US$754,126 over the next 12 months and 13-month to 5-year period, respectively."

i.e. now the $12m has gone, less than £1m over next 4 years.

The $400m you are thinking of reminds me of the c$430m spending commitment under the previous CASCABEL IPA.

Quady - your Channel Tunnel example illustrates the point perfectly:

The cost overruns of that project were c80%. Which would equate to another $1bn for the 'capital light' Cascabel pre-production Capex.

I doubt Solgold could find an extra billion if it were needed. Solgold aren't BHP/NCM/Barrick who have the cashflow generation, and diversity of projects, to get by if one hits a stumbling block. Solgold don't even (currently) have a decent regional to fall back on.

All about cost, timing and risk.

Give me an offer of 50% of NPV following a decent DFS (not one which only reflects 18% of the mineral resource) and licencing/ESIA completion, and I'm out.

I suspect that to be at 60-65p.

Yes, very interesting comments.

Someone should point this quote out to Quady: "SolGold has guided to production in the 2030s"

Thanks addicknt. Echoes what contacts have concluded after speaking to ST/SC - time to transform Cascabel into a turnkey project.

Was anything mentioned about regional progress? This is the main item I'm actually angry about - an explorer/developer not doing any exploration. Why not use or raise some cash to progress Porvenir and others further?

(Or sell Porvenir to someone / JV if doesn't meet the initial high expectations).

Get some drills turning on the top 3-5 regionals. Helipuerto looked a good candidate, albeit with potential access / indiginous issues which I think are affecting Solaris' Warintza project too.

There are many other options!

I can't see the Govt being too happy with Solgold mothballing these.

It feels Solgold are happy just to keep regionals as a bonus for a full bid for the company (rather than just Cascabel). But why not try to add value to these before they are sold?

Addicknt - maybe the plan should be let Scott be the safe hands on turning Cascabel into a turnkey asset...

... and spin-out regionals as an exploration entity with Nick providing the 'shock and awe'. Well, getting some drills turning at least.

Hi SharketMare

I think the answers to your question are:

a) the wind direction

b) BBG's daily medication

Imagine Scott or someone from the company reading this board / Twitter and seeing BBG/Jack S's ever-changing speculation.

One thing SOLG can do, start with the 'new' fortnightly/monthly comms that was suggested from DBW's chat with Scott/Chris:

"the company fully intends to keep shareholders regularly updated on progress ( every 2/4 weeks was mooted)"

Addicknt - I concur, recent Director buy suggests no imminent transformational news.

So much for Jack Svoronos' / BBG's:

"I'm expecting a $150m funding package for regionals this week", dated 15th July.

A complete fantasist. Now reverting to the "holding back news" line.

I can't really work out why BHP/Lundin would pay £2.3bn for Filo assets (mainly Filo del Sol) over Solgold!

The Feb-23 PFS doesn't appear as good as Cascabel (lower NPVs, IRRs, mine life for about the same initial Capex).

https://filocorp.com/operations/technical-reports/

BUT, these bits stuck out:

"The Filo del Sol deposit is a large near surface, bulk mineable deposit that is well suited for extraction by conventional

open pit methods."

"The open pit has been designed for large-scale truck-and-shovel operations."

No block caves. Just dig it out.

Low-hanging fruit for majors needing undeveloped copper-gold resources.

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

Presumably this regional package would be for Porvenir only?

Or are you saying royalty companies will throw money at regional exploration where the drill bit hasn't even turned yet?!

The example you give of Franco's $100m NSR - that was for an already-defined probable Tier 1 asset! A bit different to Solg's regional portfolio.

I'd love to be proved wrong though.

Such a difference between DBW's informed, balanced write-up...

... and BBG / Jack's creaming-his-pants speculation.

The problem with crying wolf so many times BBG is that people will stop believing you.

DBW, an excellent post, thank you.

Although I find myself asking why Scott can't say similar via RNS, MD&A, monthly presentation or an investor call?

Re: "the company fully intends to keep shareholders regularly updated on progress ( every 2/4 weeks was mooted)."

That's quite a turnaround from the current way of communicating. Unless Scott is referring to private calls with selected PIs.

Re: "outside tenements are concerned they are currently looking at several vehicles for funding."

I wonder how long that has been going on? Come on Scott, get on with it! At least Helipuerto/Rio/Porvenir.

But again, thanks for the positive update DBW.

A number of significant items to be progressed:

- completion of revised Investment Protection Agreement

This is key de-risking event. Would certainly open the door for interested parties. Surprised it has taken so long to ratify since PDAC.

- Regional exploration progress

Particularly Porvenir. Do Jiangxi still want to support progressing this, potentially via JV?

What about agreements / funding for other regional priorities?

- Additional finance / streaming deals on a % of copper

Whilst I don't think needed at this stage (since Franco/Osisko gets Solgold through to contruction stage) it would certainly prompt interested parties into action

Still intrigued what value creation events are planned before Aug/Sep, given DGR loans to repay.

Full year results only 2 months away now. Need to get strategy agreed, given Annual Report will show forecast 12-month expenditure on Cascabel/regionals and define the key milestones over next 12 months.

Agreed addicknt, and those were the items I included in the previous post, which Quady continues to ignore.

Quady - is it "be rude Monday' for you?

My understanding of the Strategic Review is that the scope is not specific to Cascabel (feel free to evidence if you see contradictory information).

Quotes from the 7 Oct 22 RNS:

"This Transaction also sets the stage for a strategic review of the Combined Group as we methodically assess options that are in the best interest of our shareholders."

"SolGold is pursuing a strategic review process with the goal of maximizing value for all shareholders"

It is about the Group and shareholder value. Hence regionals would be considered as part of this.

It IS NOT defined as only looking at advancing Cascabel.

Quady - the Strategic Review isn't just about Cascabel (although clearly progression/monetisation of this would be the priority).

So it WOULD include consideration of if/how to progress regionals.

From 17 Feb 23 RNS:

As previously disclosed, the Strategic Review includes, among other things, evaluating and pursuing value-enhancing opportunities for the Company, such as:

- evaluating financing alternatives for the Company;

- a spin-out of assets, other than the Cascabel project, to all shareholders;

- the direct or indirect sale of an interest in the Cascabel project howsoever effected; or

- any other transaction or series of related transactions.

Fort - in Kitco video Scott said the first $33m was 'in the bank' so the Franco/Osisko deal has closed in my view.

ByronBayGold / JackSvoronos

Have you considered testing for potential schizophrenia? Your behaviour over 2024 quite concerning.