Member Info for NotMuchMoney

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James Doyle no longer Company Secretary from 30th November. Lasted 3.5 months.

Conscious there were joint company secretaries (Steven Wood, James Doyle) for an interim period, maybe to support a busy AGM notice period.

But still, more odd news from Solgold.

A fair point about the buy-back Fortissimo. But the 'super major comes along and takes on ENSA' has been suggested for years, and look where we are.

By the way, I think Scott and Co have done a terrible job. In terms of strategy, activity and comms. A mess.

However, I consider the risks of voting against the Board this year to outweigh the benefits. They need some more time - for macro picture to improve, Ecuador Govt agreements/licenes and to land a Cascabel study the market believes SOLG can support. Only then will the potential buyers be concerned enough to act.

Just a few thoughts on NSRs as these have been mentioned again:

- these funds are usually ring-fenced so can't be used for general exploration/drilling. Of course there are the ex-CGP shares to sell, which could be used for regional drilling, but not at c8p

- the 'true' cost of the Franco and Osisko deals is greater than the headline 1%/0.6%. Because SOLG continue to reduce the mine design/capacity (low capex) there are lower volumes and hence lower royalties; the contracts protect FNV/Osisko from this by increasing the royalty rates. I believe this has already been highlighted - Franco would be up to 1.5%/2% by now?

To me, barring shareholders shooting ourselves in the foot at the AGM, the next key milestone is an agreed IPA.

Not the PFS, (which of course would reflect any revised fiscal agreements), but the Govt putting pen to paper.

Solgold have stated that they think the new administration will be supportive. Scott suggested a revised IPA had a good chance of landing before Lasso left. Well, that is a few weeks ago now Scott - so how are things progressing with the new supportive regime?

Scott also suggested (Denver Gold interview I think) that political risk was the main item putting off prospective partners/buyers. Get that IPA signed, with more investor protection and importantly improved financial terms, and the whole Cascabel proposition changes.

It's been a long wait. Time for SOLG to show they have been making progress behind the scenes.

SharketMare - I'd ignore the Recommends.

The reasoned/factual posts don't tend to get them.

Only the rampy, dreaming or insulting ones.

Anything getting 18 or 19 tick ups would either be major news or, more likely, technical issues with the website.

Idle speculation on my behalf, but quoting Nick may well be to demonstrate his value to SOLG on the exploration side.

Remember there is no Jason Ward anymore.

I.e. as usual there is a risk of him being voted out at AGM, and showing to IIs (even Newmont) that Nick is a valuable part of the team?

Wise words as usual rcgl2.

I guess there is/was a potential middle ground. Carve out part of the exploration folio so SOLG still retain upside - spin outs, JVs, sales ... or even handing some grassroot licences back to save (relatively immaterial I know) spend commitments.

Have c5 priorities at one time (more than enough for SOLG to handle), another 10-20 lined up with geo/surface sampling to identify next priority, the rest someone else is taking a lead on.

Probably a huge simplification I know. And may result in SOLG handing over some future Tier 1s.

But the current approach doesn't demonstrate a logical and clearly communicated strategy (on exploration / regionals).

At least to me.

(Sorry this is going over old ground!).

When you have 62 people filtered you have to ask yourself if you are 'reading the room' correctly.

redknight's posts recently have been ridiculous, often factually-incorrect, and bordering on worrying. I hope if this comes good he can get the care and attention he needs.

I'm no longer interested in seeing the self-obsessed garbage he posts. Filtered.

He's in his own little world now SM. And by filtering everyone he can't see reasonable challenge to the garbage he posts.

Red is focusing on a reported c$1m a month administration expenses...

However, we know that working capital is falling by more than that each month.

In particular, the MD&A ("LIQUIDITY AND CAPITAL RESOURCES") also shows minimum exploration obligations over next 12 months of c$12.237m.

Wonder if this was on the same call as 'best hole ever drilled'?

Fortissimo - if Porvenir is easily worth 2x MCap, why then didn't Solgold release the PFS last year? Given the study was so far progressed?

The usual posters talking about in-ground metal values / forecast prices, rather than industry assumptions that would underpin studies, risk-adjusted cost of capital and de-risking design and build of the mine.

You might be right - long-term - with your valuations BTW. But down at a £250m MCap, the market doesn't seem to share that view.

Yes Magoo - the Porvenir RNS did have a 'cleansing notice' feel to it.

For what purpose, who knows.

I'd love Scott to have to answer a question at the AGM re: why it took SOLG almost 2 years to release drilling and assay results. He'll probably blame the previous culture of 'non-performance'. Well, things appear worse under his watch.

Redknight1 - what is your evidence for when Berry St were selling?

Because the volumes from 15p to 10p were TINY. And a MONTH before Berry were likely forced sellers.

To suggest the share price is PI responsibility instead of Scotts - your head is in a parallel universe at times.

Well, I think I'll finish the week on a positive - so far SOLG haven't had to re-issue the RNS with a correction!

Small blessings.

Redknight1 - c2,600m of drilling (15% of that in MRE#1) - over 2 YEARS - is hardly great progress.

I suspect most of that drilling preceeded Scott as well.

I get that Scott will say they have been through a process of re-evaluation and cost reduction. Fair enough.

But no 'brownie points' for him for this. Bare minimum achieved.

Yes, packaging up studies for an updated open pit, ready to sell/JV resource, may well be the way to go.

But we're still guessing.

Agree addicknt, unfortunately both on this board and the SOLG Board...

Well, that Porvenir update doesn't do it for me Scott...

No indication of timescales or costs for the MRE.

I thought Scott had also said Porvenir "doesn't meet the criteria we want to develop" at recent Diggers & Dealers?

Does he mean SOLG don't want to develop, so JV or sell?

Clear as mud.

Fortissimo - not the first time they have pushed back an AGM. In 2021 it was moved back from 8th to 15th Dec (meeting notices all available on SEDAR).

That was the AGM Brian Moller was voted out, and James Ward was almost out too (c44%).

So perhaps, even with Clare and Twigger leaving, some directors are still at risk? Caldwell? Nick?

Whatever happens, I hope PIs know how valuable Maria Alban is. At least vs. her low salary. Relations with Ecuador Govt are key over next 6 months.

That's right Bozi. 15/17/22nd Dec over last few years.

Exception being 20th Sep in 2019. Although they had an AGM at end-Jan in 2018.

It is the contents of the meeting that are important, not the date.

Yesterday's FCA Short Tracker only shows XIB's 0.5%.

Will be interesting to see if any change in tomorrow's data (I suspect just an issue with this site).