Member Info for Pbow

Yes BHP would buy in people. They could ring me up and offer me a job tomorrow in Ecuador and I might well take it. If G-mining range me and offered me a job in Ecuador I would laugh at them. When I worked in Costa Rica it was with Bam International a part of Royal Bam group. I knew I would get paid. I knew they wouldnt screw me over. I dont believe many/ any people are going to move to Ecuador to live in a camp working for G-mining.

Also BHP have the financial power to have basically unlimited facilities. They could get a LC in 5 mins. They could pay advance payments of millions. They will buy in Project specific people easily - Solgold cant do this. Look at the mess Rio Tinto got into in Mongolia (with a block cave) and you think Solgold are capable of doing it? Its absolute laughable as a concept.

Literally to do the early procurement next year Solgold will need to be in a position to issue a Letter of Credit. It is literally the only way (other than paying 100% in advance) that anyone would take the order. It is literally impossible for them to do it. IMPOSSIBLE!!!!! So if they are starting procurement for long lead items next year they have a plan to have someone involved who can do it.

You cant scale to the point they need and will not be able to get the facilities you need to construct. Its absolute basics.

If you listen to what the board is saying they say they are starting the declines and TAM at the same time. Have a look at the Solaris PFS and see what their build cost is for an open cut..... tell me if they are doing procurement of early lead items how will they get the LCs by next year? How are they going to hire and mobilise the army of people they need to manage it in this timeframe. Im in a PMC on a 14 billion SAR programme we have a team of 200 people - where will they find them. How on earth with G-mining fund themselves? They will need to paying absolutely huge salaries as its a hard ship posting and it would be a risk for anyone to join them.

Ive got a strong rational case for why I think that either point a) b) and c) are currently in play. We will find out by the end of the year if I am right or not. My money is on me being right.

No you dont you listen to what you want to hear. I just shared a clip of the then CEO saying that when the company had derisked a bit then JV/ Earn In take over becomes possible. Your reply is it was a year ago - did you think he was going to derisk the company in a day? a week? a month?

You use AI all the time which is why half of what you say is nonsense.

The company can say what it wants. How do you think they will get the facilities to give LCs for early procurement of the long lead items early next year? How do you think they will pay advance payments to contractors of hundreds of millions next year? Why do they not have construction people on the board if they are starting construction next year?

G-mining cant deliver this - its bigger than every project they have delivered in their history combined! The initial build cost of this is goign to be 3 billion USD easily. Find a single example in the world where a private company of Solgolds size has delivered a 3 billion USD project. It would be an unimitaged disaster.

Im giving my opinion on an opinion board (unlike you who gives AI's opinion).

I have various other points which support ny view. Notwithstanding that I am firmly of the opinion that we cannot possibly build a mine of the scale of Cascabel. This view is founded through working on a few construction projects of similar scale.

Https://youtu.be/bLeCuwDyEU4?si=Qvup5YeYJUhY4cq1

My money is what he is saying 29 mins 30 seconds into this clip is what is now happening.

Either a) JV, b) earn in c) sale of some / all of the company.

In my opinion the RNS on TAM was released to allow them to share the info with whoever they are talking to in an attempt to make them think we can build the mine ourselves (I do not believe for a second we can).

If they announce it on Tuesday they can do it on Christmas Eve - job and knock then off pub for the Christmas party.

I will need to read up on that. When i read the previous pist I took it to mean different caves (from memory there were 4 planned).

Wasnt there always a sub level cave?

Ask Chat GPT where the current pope is from.....

Casa Ecuador seems to be just for the F1

https://www.casaecuador.org/

Https://m.youtube.com/watch?v=BLvKfCKL6VE

This is where it was announced. I will be in AD this weekend (Saudi Weekend so tomorrow and Sat) will ask around. They usually advertise stuff like that.

I find AI good as a search engine (far better than google) and for translating documents. Using it for anything more than that usually makes you look silly, as proven by someone who uses it a lot on this board.

Whereas Article 141 of the Constitution of the Republic of Ecuador provides that the President of the Republic exercises the Executive Function, is the Head of State and of Government, and is responsible for public administration;

Whereas it is among the powers and duties of the President of the Republic, in addition to those established by law, to direct public administration in a decentralised manner and to issue the relevant regulations;

Whereas it is in the interest of the Government of the Republic of Ecuador to strengthen, deepen and energise diplomatic, political and commercial ties with States that are strategic allies of the country; and

In exercise of the authority granted by numeral 5 of Article 147 of the Constitution of the Republic of Ecuador,

DECREES:

Article 1. Declare on official commission the delegation that will accompany the Constitutional President of the Republic of Ecuador during his official international trip to the United States of America, to take place from 27 November to 1 December 2025.

Article 2. The delegation will be the one authorised by the General Secretariat of Public Administration, Planning and Cabinet of the Presidency.

Article 3. Travel allowances and any other expenses arising from this trip shall be covered from the budgets of the institutions to which the members of the delegation belong.

This Executive Decree shall enter into force from the date of its signature, without prejudice to its publication in the Official Register.

Given at the National Palace, Metropolitan District of Quito, on 26 November 2025.

Noboa has changed his plans and is going to the USA today until the 1st of Dec as per decree Decree 235

From what I understand Fort they allocate NAV based on 2 things. 1 NPV of a project where provided by a PFS etc (factored depending on a level) and then allocate a sum of money where there isnt an announced NPV - as is the case with TAM.

On the summary they have a figure for Cascabel, Porvenir and other assets. I have no idea if they include TAM in Cascabel (it is part of the concession) or others.... but I dont see how they can not increase the NAV contribution? Given they have next to nothing on other assets if its in that surely it has to be increased if only by a little?

Heya Fort - I would generally agree.... but it reads as though they have a formula which is dependent on NAV. So if NAv changes then the target would logically change. I dont see how NAV couldnt change (positively) based on the research note.

To be honest reading the note they have no choice but to change their target. But to be fair expecting them to do it overnight. I do agree the speculative needs other stuff to remove.

New research note out still 46p

Https://www.reporteminero.cl/noticia/noticias/2025/11/codelco-retiro-llurimagua-hanrine-avanza-en-proyecto-cobre-ecuador

Https://www.bnamericas.com/es/reportajes/solaris-evalua-opciones-de-energia-para-proyecto-ecuatoriano-warintza