Member Info for Pbow

Https://m.soundcloud.com/user-596578261/vsa-capital-morning-miner-150825

Solgold is the last stock to be discussed. Not sure if what they are saying is accurate though

Jet lag? I flew business class and its a 2 hour time difference between KSA and the UK.

I used to love king Street. Seems to have died a death though (as seemingly have many places) - even Revolution has shut! Ibiza bar one night a week now.

Damers I have a visa medical on Tuesday so unfortunately wasnt on the lash on King Street.... if you mean the one in Wigan im not sure its even a thing for a night out anymore. I actually went to Wolverhampton after the football to visit family which was actually very pleasant.

Aside from the above the statement you provide doesnt contradict the RNS I quoted. We could agree got initial results in July and the complete ones in August (as per the RNS) but either G-Mining or our board cant do simple maths.

Eloro I did forget the 2nd tranche! Apologies for the omission. As I said im happy with the general direction - however with the possible exception of the Franco funding please tell me what he has done other than have a bit of good luck? For me i will reserve judgement until I see them break the culture of not hitting deadlines frankly missing 2 put of 2 doesnt do that.

Damers its going to be more like 5 months. Its less meters and its clearly going to blow the budget. Im not particularly having a go - im just saying that as of now ive not seen anything from the CEO that I would describe as spectacular other than good luck! I remain with an open mind in relation to him though and if it was the AGM tomorrow I would vote for his reelection (something I never did with Scott).

Im speaking very specifically about one aspect of Disney. If you go to one of their parks and the sign says 1 hour queue from this point (barring a break down) you will queue much less - making you happier.

FTJNY - i dont disagree. But shallower holes should be quicker as the productivity should be higher. That they have taken longer than planned is poor.

Yes FTJNY but also they were planning to do 5,400m now they are doing less than that. Ok a rig will take a couple of days to shift after each hole. But they are doing fewer meters, have more resources and its taking longer.

I subscribe to the Disney way of doing things. Under promise then over deliver. I wish Solgold would.

Damers unless landing in England has somehow impacted upon my ability to read English I am not wrong thanks.

April 15th RNS.

"As a first step in the plan, the Company has resolved to conduct a targeted drill program of 5,400 metres over 11 priority holes and up to 15 holes in total, which is budgeted at US$3.25m on the Tandayama resource area.

The program is expected to commence in early May 2025, utilising three drilling rigs to establish resources in the measured and indicated categories, define limits to near surface mineralisation, and test for open pittable at or near surface resources on which expedited open pit mining activities may be commenced.  The program is expected to take approximately three months with assay results available a month later."

It clearly defines program and says the program should be finished in 3 months (with results a month later) the original program is now taking longer than 3 months and has required an extra drill.

FTJNY the first RNS said...

"As a first step in the plan, the Company has resolved to conduct a targeted drill program of 5,400 metres over 11 priority holes and up to 15 holes in total, which is budgeted at US$3.25m on the Tandayama resource area."

Drilling was supposed to be completed by end of July. It wont be completed by end of September (excluding any additional holes they do). Thats 66% longer than planned.

Add - im struggling on the supposed missed deadline. They said drilling would be completed in 3 months which would be end of July / beginning of August. We will still be drilling in September (before any additional holes - thats a missed deadline) - its also clearly going to blow the allocated budget. They also missed the explore co one though i accept the probable reason for that is outside of their control. I work in construction - if a PMC got something wrong like the drilling period they would be ripped to shreds so im certainly not going to say its a good sign.

Rodney - as I said in my first post im happy with the general direction we are going. They are doing a semi competent job but im sorry im not seeing them as having done anything that justifies the proclamation of the second coming of Jesus Christ with them walking along on water on the Rio Mira. As I say maybe I have higher expectations than others - as othern suggested im looking for more than basic competence. When they address the electricity issue, when they start meeting any of their self imposed deadlines (they are currently scoring two missed deadlines out of two) ill be a much happier chap.

Mathersfingers - as I say im happy with the way that the company is going. I just cant be @rsed with people saying the sun shines out of his rear when in reality he hasnt done anything spectacular now - or even anything beyond the minimum you would expect someone broadly competent would have done. Maybe I have higher expectations than others of a CEO.

NMM - for me with TAM the reason im not doing summersaults is this from the RNS on the 15th April....

"As a first step in the plan, the Company has resolved to conduct a targeted drill program of 5,400 metres over 11 priority holes and up to 15 holes in total, which is budgeted at US$3.25m on the Tandayama resource area.

The program is expected to commence in early May 2025, utilising three drilling rigs to establish resources in the measured and indicated categories, define limits to near surface mineralisation, and test for open pittable at or near surface resources on which expedited open pit mining activities may be commenced.  The program is expected to take approximately three months with assay results available a month later."

This has been massively missed and frankly its poor. You know the rough output of a drill per hour. You know the number of drills you have. You know the number of meters being drilled. It shouldn't take a brain surgeon to work out how long it will take.... I get in counstruction (in this case mining) things can go wrong but this is very wrong.

Anyway here is hoping things get better.

Whilst Im very happy with the general direction the company seems to be going im really struggling to see what Dan has done thats amazing.... for me its more just showing how dire Scott was (noting at this point I voted against him in the last two AGMs).

Whats happened since he took over.

* Chinese investment (apparently this was driven by PS)

* Environmental license for Porvenir - dont see how he can take credit for this.

* AIPA signed off - again dont see how he can take credit.

* Explore- co announced and deadline missed (i dont blame him for this as the tax was out of the blue)

* Started to drill at TAM (which should have happened ages ago) is delivering it later than he said and presumably over budget.

* Good results at TAM so far - again he cant take credit for this its just luck.

As I say im very happy with the general direction - but lets not be blinded to the fact that Dan hasnt done anything particularly special yet - unless im missing something!!!

NMM in very confident that they can incorporate TAM into the cascabel DFS without going through PFS etc. Outside of the infill drilling they are doing they will just need a bit more Geotech and Metallurgy work.

NMN your numbers are very similar to mine. The only bit that muddies the water is what the impact TAM will have (assuming it happens which is increasingly looking likely), what impact moving the TSF will have (and probably having to build two rather than one) and what impact the new infrastructure will have on costing. Also have to now model the earlier cash flow. Anyway we should get an update this year with the DFS.

Https://www.lahora.com.ec/economia/Mineria-en-Ecuador-460.000-empleos-y-17.800-millones-en-juego-hasta-2030-20250821-0010.html

https://www.bnamericas.com/es/noticias/minas-industriales-de-ecuador-se-encaminan-a-cumplir-metas-de-inversion-para-2025

Haven't really been many mining articles recently (or at least my bot hasnt been picking them up if there have been) - but two today.

Well I hope you are right RK but I cant see it personally.

Someone told you that?

Why do you think that RK?

Im still leaning towards it being delayed until the court rules (which is apparently soon but not this month). Im more looking forward to the next drilling results and some sort of guidance as to the license application and the DFS.

Puzzled Pete if you read the PFS they give the NPV with multiple discount rates allowing people / companies to see how utilising different discount rates impacts the NPV.

The NPV takes into account the CAPEX cost....

Both the NAV used in the red cloud research note and the PFS NPV state a discount rate.

I think Rodney is wildly off what a buyer would pay as a % of NAV at this stage of the project mind. Red Cloud say peers are valued at 30% from memory. Anyway bed for me busy day before flying home to the UK.

Rodney there is no point arguing with Quady you are best just filtering him. He would argue the sky is green and grass is blue.

From your post it seems he is again saying that you dont value mines using NAV. This must be news to Red Cloud who include in their research note statements such as "Trading at just 0.11x NAV amid a resurgent copper and gold market, we believe SolGold offers a compelling value proposition and stands out as a prime acquisition target."

"Our NAV is most sensitive to the copper price and CAD:USD exchange rate. SolGold’s NAV is most sensitive to Cu prices, given Cu is the primary metal. We would note that at current prices of ~$5.00/lb Cu and $3,000/oz Au, our NAV increases by >50% (our model is based on $4.00/lb Cu and $2,500/oz Au). The FX rate also strongly impacts our NAV. A 10% strengthening of USD against CAD could potentially drive our NAV by >10%"

It would be funny if it wasnt so sad.