Member Info for Pbow

Red Cloud initiated coverage after Dan became CEO - Buy.

Hannam and Partners issued an update after Dan became CEO - Buy.

Cannacord initiated coverage and issued 2 updates. All Speculative buy. Its just how it is.

They didnt issue any broker notes prior to Dan becoming CEO. Their first one was in August if I recall correctly. I dont have it to hand.

I have no idea but i havent written it myself.

The last Hannam and Partners one I have is from March.

Orthern here is the explainer....

SPECULATIVE: The stock bears significantly above-average risk and volatility. Investments in the stock may result in material loss.

Https://cdn-ceo-ca.s3.amazonaws.com/1k2c3l2-20250515-SOLG-Initiation-2.pdf

Here is the link to one - read it yourself.

Red cloud issued a research note as did Hamman and Partners

To be fair it isnt reaĺly much of an update to the broker note. I assume one will come later thats a more complete one.

Jack didnt you tell us multiple times that TAM is irrelevant? Are you admitting you were wrong (again).

Ill have a proper look tonight Add and revert back

Thr second section from the research note doesnt make sense to me.

"SolGold is the 100% owner of its flagship Cascabel concession in Ecuador, which hosts the Alpala copper-gold deposit. In 2024, SolGold released a PFS on Cascabel defining it as global Tier 1 copper project with a 28-year LOM. Management is optimising the development plan to lower upfront capex and bring in a starter operation via the Tandayama satellite deposit. SOLG also owns 10 priority regional projects and 71 tenements in total in Ecuador which it is looking to monetise."

We value SOLG using the same method we use for other exploration and development miners, using mainly our longer-term NAV (at 1.0x) to account for the later stage of development (DFS)

New research note issued. Still 46 pence though.

DfS is next year from what I understand.

Ive been running the numbers (to an extent) .1 seems pretty economical at the rates used by solaris. If i have time ill do a proper analysis of the whole thing. I just look forward to the DFS.

I dont understand the problen with a cut off of 0.1? You excavate it... why not process it if its economical?

Yes Jack what I say is rhetoric - not wet farts like you.

Going through your points in the order raised.

I didnt say that. They may well talk about minerals, but its clear from the press thats not the primary aim of the meeting (if it happens - its not confirmed yet).

I hope Solgold does expedite its EIA - ie submits it. Do I think the government will expedite it, no I dont (and I hope they dont as we will end up in a DPM scenario). Keep in mind its not on critical path currently.

Never said that. CIPA could come in, Exploreco, bluesky events. All could come in before end of year.

Yes I think that exploreco has been delayed by the mining tax - its logical.

Yes I think the CAPEX will have tripled (I actually think more than that). We are massively increasing production so will need a lot more infrastructure. Also costs have rocketed.

Jack again showing you are thick.....

This is CAPEX. Yes cost of labour will impact but its minor. The price of disel has rocketed (hence the recent protests). Diesel is used for electricity, for equipment etc. When the price of copper goes up it helps sales - bit the cost of say a transformer goes up. However the big thing is we will now have a lot more to process - which requires a much bigger processing plant.

If we use the same cut off for open pit fort its massive. 0.1 verses 0.16 in our PFS (open pit - but lets say the underground goes down by similar margin) the increase to resource will be absolutely huge.

I really think the capex will treble. The processing plant splaris has budgeted is 4 times ours on its own!!!

Jack what im saying is positive. I appreciate you are thick and cant see that though.

You are missing probably the biggest updside Fort - cut off point. The cascabel resource will absolutely rocket.

That aside I think reading this our initial capex will probably treble in the DFS.

right solaris is open pit. my back of the *** packet figures have it as a 70m excavation before they hit cut off levels. i actually think it’s more than 70m it’s somewhat mad when you compare to tam.