Member Info for Ortherncopper

Koh,

It could be suggested he sale of CGPs 6.7% of Solg shares would be a big catalyst… but the other side of the coin to that would be, why would someone pay circa 24p as an example, for the exact same thing the Chinese just paid 16p for?

The 16p strike price for the Chinese is why I am assuming their was no other majors wanting a position..

Fort.

Well BHPs average is way below 40p these days, and in relation to the huge scale of operations they operate at, their position in Solg is just crumbs off the table… they could easily decide to just shelve it indefinitely if they view us as not a current priority, which is possible.

My view for a while has been they would probably move for Newcrest before they moved for Solg.. that’s the kind of scale they look at when it comes to Large M&A. They would get an instant route to current profit generating mines…and prospective ones.. Haveiron etc and a Larger chunk of Solg thrown in

I thinks it’s easy for us to view Solg as hugely important in a way they maybe don’t… we are tiny.

My opinion now is Solg have failed to add the additional value to Cascabel IRR, which never really blew the doors off at PFS stage…. The hundreds of millions they said the PFS addendum would add to NPV, have not been found.. and Porv is probably disappointing, compared to its original promise…

So the unholy alliance of CGP and Solg has had to happen in order to find an acceptable, profitable way out for the likes of Mather, CGP, Irwin etc now that the dream of Solg paddling it’s own canoe has sunk.

They have brought big bad bob and his baseball bat in, to try to engineer the best way out of the position they have got themselves and us investors in to.. and that’s where we are now.

I’d love 60, 70, even 100p but just can’t see it now.. we are all left hoping that the Cornerstone crew and their friends can get us a result for us.… how things have changed..

they are now in complete control. Which I am actually fine with, as our board have failed managing our asset over the last 3-4 years

Sorry for the silence Red, I’ve been away…

Of course I’d take 80p now… I’d take 40p today.

My only point is I am not fully convinced there are the multiple majors circling us, willing to enter a bidding war.. I’m starting to doubt our assets now the PFS and PEA have been buried… I don’t buy management’s excuse it’s to save cash… as we had been told they were on schedule and due to be released any day.. so are paid for. It reminds me of the French translation excuse back in the day.

As I’ve said multiple times, I hope your right and I’m wrong…. That way we all make more money.

I will say having an alternate counter view to yours, one that is not rose tinted, does not make me disruptive.. it makes me open to accepting things may not be as great as we were once told they might have been.

If I put a vote forward of an arbitrary figure saying 85p now, I’m sure more people would vote for that… but it’s meaningless

Why are you begging for recommendations?

The low strike price for the shares that went to the Chinese, leads me to believe there were no other players at the table wanting that 6.5%.

I’m not sure I buy this constant picture that is painted of lots of supermajor miners all wanting to to swoop on Cascabel any minute. I’d like it to be true,
But I see no supporting evidence other than peoples ramps and fantasies.

I hope I am wrong. My faith is fading away fast

Add, if the project finances are not that great, and the big boys decide to sit back and leave Solg on the shelf, that post of yours could be quite close to the situation Solg finds itself in…

How long should it realistically take to get some people around a table and make a decision?

Our share price will just continue to slowly slide until the review decision is announced. It’s what the Solgold share price does whenever there is nothing to report.

Given we have no exploration news to report, I’m guessing next news is Osisko DD for royalty deal at the end of next week.

Bozi. I think it’s fair to assume If a Porvenir PEA showed anything close to an IRR of 30-35% on account of lower capex due to a much shallower deposit the PEA would not have been buried.. it would have been released ASAP.

I admit, I do like your suggestion and reasoning of the spin out, but from a purely selfish, personal position, I’d like a clean break as quickly as possible, even if it adds just a few extra pounds from the regionals now, rather than maybes down the road.

What ever the route to 40-50p in the near future gets my approval.

Cornerstone special meeting January 9th..

That’s a fair point Bozi considering I only assign a nominal value to the regionals… the difference would be negligible.

You could easily argue that investing in exploration companies is essentially all about those ifs… and maybe whens…. and you would be right. But I didn’t invest in this one until after the Cascabel discovery… and I just want an exit due to investor fatigue and disappointment.

For what it’s worth, I’d love Reds multiple players bid scenario to play out… we will all make great money, I just don’t believe.

The failure to deliver the PFS and Porv PEA stinks to them simply not stacking up as hoped to me, so they have been buried.

I can follow the logic of what you explain Bozi. The only negative in that route for me, is the large amount of ifs involved.

There are no guarantees of finding any more large mineable deposits…. I prefer to be on the more realistic/cautious side, compared to many when it comes to presuming future discoveries.. But there are absolute guarantees of hundreds of millions of spending commitments.

I’ll take my swifter, lower exit point and move on.

How much value would we expect for spun out regionals?? Given they come with a 400 million dollar spending commitment.

Any monetising event is going to be underwhelming if we are Hoping for close to full fair value, based on Solgs original PFS in my opinion.

Nice discussions today!

That’s the price range I’m expecting for the whole lot Bozi..

Disappointing

Bozi, I agree it would not release full value, but have come to the conclusion, we are not going to see full value… not in any true sense.

I wrote on the 15th that

“Our board need to get the PFS out this quarter.. the full PFS is already 2 years behind schedule….. it was originally delayed due to it needing to be reworked to be more efficient. When it was released, it was released with just OK IRR figures and a caveat saying it would be updated promising improved finances. (I don’t have to figures to hand, but was in the region of several hundred million of improvements).

To delay it now, would signal to be markets the improvements promised have not been found..

It could be this has forced the strategic review.. and understandably, Irwin, and CGP and now Mather, just want an out at a respectable price now the fantasy of becoming the next major has died.”

I believe this is where we are now.. I believe the IRR was never amazing, and the PFS update was a failure when it comes to improving it… it was due to be released any time now, and we had been told on more than 1 occasion it was on schedule… so if the figures were great, it would have been released…

I believe both sides have now accepted the only way for an acceptable pay out is to merger and try to sell.. or do a 90% JV to production with someone more capable than our lot..

Just my opinion of course…. But it’s why I do not expect anything close to what we were led to believe could be full value

I’m assuming that I was a typo, and you meant ‘on going miss management’

Without a CFO any spin out seems unlikely… same could probably be assumed for a JV… and Mather has said on multiple occasions, that any sale of just Cascabel has large tax implications..

Announce the date of the merger vote, followed swiftly, ideally same RNS, that a data room is open for a sale of the whole of Solg.. but Solg in all the years I have held their shares, don’t do anything swiftly

Genuine question… not a p-ss take… What’s changed that you value is now drastically reduced?

Red just one hour ago you stated no lower than 78p… and a few days ago was suggesting it could reach as high as £2…are you having doubts now?

You don’t have to try and police the board.. you could just ignore him like most people are doing.. you don’t have to pay any attention to posters, you could just ignore him