Member Info for Ortherncopper

Any raise at 20p-25p now, after a 'successful' PFS and progress at Porvenir, would be embarassing.

‘I appreciate external factors influence the market and hence ease of raising funds. But I suspect there was an opportunity to raise earlier in year, including after PFS, on better terms.‘

I totally agree with this sentiment….. even Alastair Campbell would blush at trying to claim the boards success in any equity raise in the mid/low 20s at this stage.

DBW, Im also of the view Mathers holding, and what he chooses to do with it before December is key… I would like to see him execute the DGR corporate event and sell their share to anyone but BHP, however I believe it will be far below many peoples long touted £1 plus valuations.

Lunch I agreed and fully supported the Franco deal, it was a great choice at the time… the important part being the buy back clause… but as you highlight, going down this route again, potentially with Bolli, cedes more.. making the IRR even lower for any majors out there, that may be interested in Cascabel.

Realistically we only have Mathers past bluster that there are many super majors circling around us… as far as I know, and the only evidence, is it’s just BHP? Anyone can correct me if I have missed evidence otherwise. Where are they if we are priced so low and so vulnerable?

A credible finance plan has been out of solgolds reach for too long..

I could go on, But I will leave it here, as I am aware quite a few of my recent posts have just been me complaining about the clear lack of any progress or achievement from our board…

I do believe in the asset, just have no belief in our board to capitalise on it

Add, I remember a few years ago, people gloating on here about how cornerstone were about to be ruined by our contractual agreements, how they couldn’t afford to contribute…. How we had the best side of the contract, how screwed they were… how they would have to capitulate to lord Mather…

I then saw an interview around that time from Irwin… who was totally at ease with it… as he explained, very clearly that Mather was talking nonsense, that Solg investors would be diluted to high heaven before they get to any Full feasibility, where Cornerstones investment will not be… they keep their 15% regardless of how many shares Solg have to create to try to prove it all up.. all the time adding value to Cornerstones 15%….

And here we are with an extra circa 500 million shares in existence, about to run out of funds again, and our management clearly failing to progress..

I wrote to him asking for clarity about drilling progress across our sites and received

‘exploration drilling at the regional projects was paused in January and has not been restarted as the exploration team are undertaking extensive field programmes’

I also asked could Solg give just 1 example of what the announced newly agreed close working partnership of Solg and cornerstone has achieved? Just 1 example of how we are now working together, better…. And received

‘On Cornerstone, the announcement last year clearly marked an improvement in the relationship’…… . Excellent stuff…. So no he couldn’t.. and he was similarly useless regarding any update surrounding our hapless attempts at joint venturing the regionals…. I fully expect us to be handing back the majority of them.

Cheers for this DBW… normally I would watch every webcast/streamed interview with keen interest.

But my interest/belief in our management is now so low I’m not sure I can bring myself to listen again to more talk of first mover advantage, generic pleasantries, talk of cabs off ranks and how the board are making good progress across our large portfolio… to a room full of industry people that have already heard it year after year.

The frustration is real

This is a pretty good summation Red.. and highlights my opinion and why I continue to say the board are totally out of heir depth, and have been for a few years.

I am at a loss as to why they seem incapable or have been so unwilling to monetise/JV our assets over the years to fund ongoing commitments. Head in the sand, it will all be ok, someone will buy us, do a short/medium term equity raise, kick the can down the road until after the next milestone attitude seems to be rife at Solg towers..

The very dictionary definition of stupidly is continuing to vote in the same Solg board members and expecting a different result.

What you have outlined is not any new information, just a clear description of where we find ourselves.

What an asset we have at a time of a global push to electrification and of copper need…. What a sorry state we are in. Not one person invested here 3,4,5-8 years ago would have assumed we would be sat at 25p post PFS, post Porv discovery, post drilling beginning at Rio, post signed investment protection agreements. The snails pace just continues…

The board must know they are done for in December..

Hello fruitbat… a mate of yours at Cantor?

Plonker

The last time BSC put out a public lashing of our board, it was quickly followed by Twiggers remarks pointed at BHP along the lines of put up or shut up…. I am no fan of twigger, and would have had him out at the the last AGM, but I’m very interested to see any public response that may come this time..

The board must surely know they are done for in December

I have it on good authority from my contact the best hole ever drilled in South America belonged to Mariana… she works in our bakery.

I agree with every word of the Public savaging berry street capital have released today.. the asset is great, world class…. the continued performance of our board is not.

Continuing to pretend they can carry on as they have for he last 4 or 5 years is just woefull… Let’s just do another 21.5p raise, kick the can down the road, make noises about first mover advantages, talk about exit points and cabs off the rank… keep the plebs paying our salaries.. let’s just talk about jam tomorrow..

Why do they seem unable to accept realities? They are out of their depth and have been for years…

Grow a brain… Just announce it’s up for Public auction to the highest bidder Either as a JV or full Cascabel sale..

The frustration is real

Paddling our own canoe is getting us nowhere…. Our board need to grow a brain, accept reality and get it sold or joint ventured… stop with the delusions of grandeur

It’s Standard Solgold protocol…. Why do a raise at recent mid 30s, when you can give the markets silence, and wait for the price to slide back to mid 20s before doing one…. It’s a mad logic, but one our board have repeated.

Anyone with a brain knew we were needing to raise funds… so that in itself it’s not new news, what is disappointing is the clear sense of no new innovative monetising event other than an equity raise…

Agreed… apart from the warintza overspill information, which was nice to hear, this does seem like an odd RNS.

Have they completely failed to get others interested in our regionals?

Cornerstone and Irwin have been unusually silent for so long…. And the cornerstone bb is silent too.. not even wild speculation or mad personal arguments and insults

I expect BHP to take out Newcrest in one of their much talked about large acquisitions…. We would not be a large acquisition, we are just a tadpole floating aimlessly in the ocean..

BHP would then probably have an unassailable control, and ensure we become Their Ecuador subsidiary… on the cheap.

i can also confirm Solg have done no regional exploration since January... direct from Fawzi

'exploration drilling at the regional projects was paused in January and has not been restarted as the exploration team are undertaking extensive field programmes'

congrats to anyone who topped up early this morning... I admit I was waiting for 9p to increase my holding.. missed it

I am listening....

I listened when they repeatedly stated they would use Blanca to bootstrap Alpala.

I listened when they repeatedly told investors and printed in the presentations they intended to develop the DFS in parallel to the PFS.

I listened when they stated they intended shock and awe drilling across our portfolio, now we are drilling very little to conserve funds.

costs for Rios OT block cave mine development have been increased to just over $7B!!! and they are one of the few mining giants with all the expertise and funds needed to bring a huge Tier 1 to production..

The idea that Solgold, with zero track record, can continue to pretend they can match that and bring Cascabel to production is just laughable!!..... the dilution involved would mean far more than just 1 or 2 billion new shares. We would probably need that just for cost overruns.

The board should publicly announce their intention to JV it and begin the auction process between mining giants to get involved... that should see a price hike and an attractive exit price...

some would argue its a short-termism but id rather take 60p now than 60p in 5 years time after endless dilution.

and royalty deals with FN are fine and I approved of it at the time, but we cant keep doing them or we reduce the profitability of the mine for its owners down the line