Member Info for Pbow

Sudbury-Norilsk formula isnt actually a formula mate - its basically saying you have something like the Sudbury basin or Norlisk (two humongous nickel copper mines).

The PFS says "Transportation costs to the port are estimated at $75.00 /wmt and the analysis was performed assuming FOB Port" let's say 30 tonnes a truck as you ain't doing more than that on mountainous Road so 2,250 usd a truck. I appreciate it will be a lot of tonnes but its going to take quite a lot before you cover the cost of building a railway. The pipeline would surely be cheaper though.

Would be some project building a railway NMM given the topography in Northern Ecuador.

NMM an accelerated permitting process would be a disaster for Cascabel. It would be illegal and end up getting the project blocked indefinitely by the courts. Loma Larga has been under a court suspension since 2022 on August 6th the Minister said the suspension will be indefinite.

Https://www.lahora.com.ec/economia/Ecuador-necesita-carreteras-puertos-y-electricidad-para-aprovechar-el-boom-minero-20250902-0022.html

Interesting that it suggests a railway is built for cascabel to the port. There used to be a narrow gauge railway linking Imbura to San Lorenzo port but that closed in the 90s would imagine very expensive to recommission. I would guess that there is more chance of going back to the pipeline as foreseen on PFS1.

DJG the only way they can increase the % resource is by doing more drilling of the deposit they can only include measures and indicated resources not inferred. If they are increasing that 18% they will need to start drilling soon. This TAM deposit will hopefully be included though.

Defo a good thought for the first deal. Think we have till 2028 though so im sure it will happen.

Basically its like a Mortgage. You need the bank more than they need you so the deal is skewed in their favour. Dont forget though there is absolutely nothing to stop solgold buying them out in a deal - it would just need to be negotiated and would prob be expensive. If they could buy back the first two deals would be great. The first Franco one is astonishing money when you look into it. Esp if you bring TAM into it (which is the case). Pay 50 million to save a billion seems a no brainer if you have the cash.

The first funding has a buy back of 50% and doesnt require a CoC. That one was an absolute stinker comparatively as well so would be good to get rid of.

Sorry but to be clear it requires their default. Its very clearly states that Sub-Clause 16.2 b ii is the only route Solgold has to terminate the agreement.

MF thats covered in Article 16 of the agreement.

MF if memory serves me correctly it requires a CoC event to buy out.

NNM the PFS is just local taxes - ive cracked open my notes and the following are probably the pertinent points

In the Economic analysis thats to be carried out ;

"Complete negotiations with the Ecuadorian government to establish tax rates for the government mining royalty, currency outflow tax, sovereign adjustment tax, and other negotiable taxes."

From the taxation section

"It is important to note that the taxation assumptions used in the economic model are the same as those used in negotiating the Exploitation Contract with the Ecuadorian government. On 19 July 2023, ENSA and the Ministry of Energy and Mines concluded the pre-contractual negotiation of the Cascabel Mining Exploitation Contract and executed the Final Negotiation Minutes (“Term Sheet”). "

"The Ecuadorian government has various taxes, duties and levies that may or may not apply to future mining operations depending on the mining exploitation contract to be established between SolGold and the Ecuadorian government, the Investment Protection Agreement to be negotiated between the Ministry of Production and SolGold, and the laws in force at that time."

We have the IPA now so maybe the rates will be less in the DFS.

DBW he has been saying it for over 4 years. In the last month he has said what 4 companies have already bought us/ will buy us imminently. He is a fruit loop... there is a saying even a broken clock is right twice a day. With mad jack it would be once a decade if it ever happens.

Typo should have said 3 not 4

Eloro given im a man its somewhat difficult for me to be starting my menopause.

Im very clear - im happy that the share price is recovering. But this is chiefly because of good drill results at TAM. Unless Dan has seeded the holes one would suggest he cant take the credit for that. I want to see a step change in the company where it meets its own targets/ deadlines. Im not seeing that at all so far - given the 4 targets that have been set have all been missed.

I'm a bit different now. I actually landed in Saudi the day before we got bought by the Arabs. So, whilst I watched them home and away in the years up to that point, (in various divisions) after that ie in the good times I rarely go (despite keeping my season ticket). Ive been home for some of the big games - like for example I went home for the Agueroooo game I have missed most of the trophy wins, I did go to Istanbul for the Champions league though. Being frank im not as fussed anymore. Like say Feb 2008 I was at Old Trafford when we beat United 1-2 in the Munich memorial game. Was locked in the ground for an hour almost after the game and it still kicked off after we got out, if we had lost that it would have ruined my week. Back then I was a passionate City fan - now I just keep my season ticket so my nephew can use it.

PS given ive had a season ticket for something like 38 years believe me losing in the Premiership isnt going to have a big impact on my mood. I well remember being in the old 3rd division and losing against the likes of York City!!!

Im saying that your attacks were illogical then, just as your justification of failure is now.

My view is Dan is better than Scott and im prepared to give him the benefit of the doubt for now. (Noting I voted against Scott in both of the last two AGMs).

My posts are still there in May. My line remains consistent.

Ive had a very nice weekend with my family as it happens. Given I dont see them very often given as I live on a different continent I can only describe my mood as being very good. City losing was a bit rubbish mind.

Some direct quotes from you

"Thank you Add. My opinion is that DV's first move was to feather his own nest. Nasty. "

"We are reliant on candour from management. Good or bad news. Clarity and accuracy are key. Our voting rights were diluted as a result of the JCC sale. Management projecting away from this fact and not referring to it is not a 'conspiracy theory'. They have to take responsibility for their own actions just as we all have to. "

Now you arent bothered about clarity and accuracy.... and the Chinese investment is a good thing.

"My personal opinion ( and of course it is just that and could easily be wrong) is that I currently intend to vote against any reappointment of current board members as and when I get the chance to do so. I think some of the things that have happened during the last few weeks and back to 2022 are horrible. "

In May you were going to vote against Dan...

Just illogical that you can change your view so much. Clearly you arent actually bothered about the actual performance of Dan - and are happy with him being a lucky CEO (which is of course a positive thing). The problem is when that luck runs out which it invariably does.