Member Info for Pbow

What’s happening

The price of gold (the “onza troy” or troy ounce) has surged dramatically in 2025. As of 20 October 2025 it closed at US $4,374.05, up significantly from earlier in the year.

The article notes that this boom comes in a context of global uncertainty, strong demand from central banks, and a weaker US dollar.

---

Impact on Ecuador’s economy

For Ecuador, this rise in gold value is a lifeline for its public finances because gold exports bring in revenues via royalties, VAT, income tax and other taxes.

In Q1 2025, exports of gold and concentrates amounted to US $242 million, which was a 41.2% increase compared to the same period in 2024. However, exports of “barras Doré” fell to US $228 million (a 21% drop compared to the same period in 2024).

Specifically, at the mine Fruta del Norte (an industrial gold mine operated by Lundin Gold in Ecuador) the gold-concentrate commercialisation was US $89.3 million in March 2025 — up 86.4% compared with March 2024.

The average monthly price of gold rose from about US $2,335 in January 2025 to approximately US $4,383.19 by October 2025.

It is estimated that export revenues from gold could double in the Q4 of 2025 compared to Q1 of the same year.

As of September 2025, Ecuador’s foreign reserves stood at US $8,322.39 million, and increased gold export revenues could help the government address its fiscal liquidity issues.

---

Challenges & risks

The article emphasises that while the gold boom is positive for the state, it also encourages illegal mining and associated issues. Only about 10% of small-scale mining (including artisanal) production is reported and taxed, according to older estimates; the other ~90% may evade regulation and taxation.

Illegal mining irregularities occur in specific regions: Alto Punino (Napo), Nambija (Zamora Chinchipe), Camilo Ponce Enríquez (Azuay), Zaruma and Portovelo (El Oro).

The article calls for stronger state control: better formalisation of miners, accelerating new projects (such as El Domo, Cangrejos, and La Plata) and an expanded mining-cadastre system.

The mining sector in 2024 represented about 5% of Ecuador’s tax revenue (≈ US $1,000 million). Given the higher gold price, this share is expected to increase significantly.

Https://www.expreso.ec/actualidad/economia/boom-del-oro-un-salvavidas-para-las-finanzas-de-ecuador-que-exige-mayor-control-261531.html

10 usd a KWH is many multiples more than the rate assumed in the PFS.

Mirador (smaller mine than Cascabel) requires 87MW. So Cascabel is going to be multiples of 2GW. They wont primarily use Solar as there would be riots if they tried. At most it will be used to supliment a run of the river hydro plant.

He has really got under your skin hasnt he massive 🤣😂

Jezzoo Mowlems were bought by Carillon (who are no more) and they sold the Australian arm (Barclay Mowlem Construction) to Laing O'Rourke.

Mowlem were a great company. Had a lot of mates who worked for them.

Heya Saints that would be good when I get back from holiday (land late on the 18th). Im working on Diriyah and staying in north of city.

Jezzoo I dont actually think all Australians are thick... that been said I have come across a fair few 😉. Thats from working for a former Australian company called Barclay Mowlem Construction for 3 years and then living in Glenelg South Australia for a couple of years. Jack defo fits into the thick grouping!!! My old boss would have referred to him as a drongo.

Yeah he said he deposited funds and bought. Only Crown employees serving overseas are allowed to do that. Ill happily bet they dont for example let Australian leprechauns in the British army.

Anyway my original point is I currently dont have to pay capital gains tax on shares. I hope the long saga that is Solgold is over before it becomes a requirement for me to pay it again. So if they could pull their finger out it would be much appreciated ☺️

DBW he openly admitted buying shares in an ISA. He also openly admitted he left the UK (prior to buying the shares).

Given it is illegal to invest in an ISA if you are non resident in the UK then its not really an accusation its just pointing out that what he said he did is breaking the law.... the consequences arent massive to be fair they would remove the invalid subscription, and if it was considered a genuine mistake then he would just have to pay the missing tax (if any) and no fines. Given he is Australian (and therefore thick 😏) I think he would be able to argue it was a genuine mistake to be fair.

I didnt say that either Rodney, the current value is between me, my wife and (if I sell them after Ive left the middle east) the tax man/ my accountant. Thats incidentally my biggest concern this drags out long enough for my wife to make me retire before its sold. Unlike Jack I dont break the law by buying the shares through ISAs despite not being a UK resident.

Rodney ive bought 200k pounds worth. They are not worth 200k pounds.

Jack I find you funny so I do engage with you a little. I doubt very much its half of my last 100 posts.

Your head is that far in the clouds Jack all you can think of is stars (stelium is a Latin word meaning cluster of stars - I appreciate you are thick so wouldnt know that). That aside its mad how little return on their investment your paymasters are getting Jack. They should look to hire a new social media goon methinks.

Jack I have changed it this week to reflect my relatively new job.... other than that in the last year a hand full of comments and 1 post. Nothing on it changes on it except new employers as and when they happen. But you carry on being a paid social media goon Jack hope it keeps the bailifs away.

I dont own 200k shares Rodney - ive invested 200k. Not the same thing. That aside I try not to get excited about investments as it tends to lead to bad decisions.

Jack you just chat nonsense. You asked me a while ago to contact you on LinkedIn - I did and surprise surprise you didnt reply. You are just a paid social media goon.

Anyway something i am excited about is heading to the King Khalid Airport to go on holiday for 10 days. Two firsts coming up for me - Japan and Hong Kong (Jack will love the second one ha).

Genuine question.... how does the share price being down make it look like its about to takeoff of the heavens. Its seems somewhat counterintuitive.

Melbourne Mining Club Luncheon (MMC) - keynote by Paul Brink, President & CEO of Franco-Nevada.

9th of October - Melbourne Town Hall 12:30 pm to 2 pm

Jack whilst as usual your post is nonsense.... you keep referring to the CIPA as the Construction Investment Protection Agreement. Thats not what it stands for.... the C is complimentary. Ie its complimentary to the IPA and the AIPA.

Jack im very pleased to see you have removed DPM from your section about sale of Explorco. Maybe you arent a complete lost cause. We wont sell it of course but the deal that the government did with Barrick should be a good guide as to whats to come on that - which I think will be very positive for us.

Id be surprised if he was meeting Noboa this week.... unless he already has. Its a somewhat important public holiday there on Friday so surely he wouldnt book travels that clash with that?

I appreciate you are Australian and therefore thick - but if you have to apply for a license that someone else already has.... you cant by definition have the best one. If you did you wouldnt have to apply for the other one.

Jack how on earth does it have the best social / environmental license in Ecuador? It has an advanced exploration license (same as Porvenir as it happens). Two mines are actually operational so I think its pretty fair to say they have a better license.

I appreciate you understand absolutely nothing about the company and operations in Ecuador but seriously given you have seemingly bet your house on the company you should research a bit.