Member Info for Pbow

Add it is kindof agreeing with NM on tax with this. "guarantee favourable treatment on any non-Ecuador tax,"

The point is to answer your earlier question would the Ecuador government mind - no as they get the same tax take if solgold sell the Ecuadorian holding company or the Swiss one. The only way they would get more would be if say Solgold sold Alpala and not ENSA - but who would do that?

The regional licenses are already owned offshore incidentally, they just dont have a middle company in Switzerland- though they do have a nominal share held by Mather...

Ive just spent the last 30 mins looking at it and asking questions on AI based on what i read...

"SolGold hasn’t done it to eliminate Ecuadorian tax (they can’t). They’ve done it to:

guarantee favourable treatment on any non-Ecuador tax,

make Cascabel more attractive to big-cap acquirers,

centralise treasury/governance in a stable jurisdiction, and

keep flexibility for future M&A or financing."

I think its to make it easier for a buyer - rather than for tax efficiency to be honest. Maybe there is a dual taxation treaty between Ecuador and Switzerland as well.

Does it make a difference Add? They still have to pay 10% tax dont they - which they would have to do if they sold ENSA. Ok of course the government would prefer us to sell the asset then I think they get 22% but who would do that? Maybe my understanding is wrong though.

Yeah its very close and I 100% think they will do what they said in the presentation (subject to good results from drilling). But I still think they will have to go through the licensing process so will need to apply for the Advanced exploration license next. Blanca Nieves and Chical are owned by carniege ridge right? Dont have my note book with me.

Sorry what do you mean it will change? They will move it into the Cascabel concession? Seems somewhat unlikely to me to be honest that they could legally do that (assuming im guessing correctly as to what you mean).

They say on slide 9 of the latest investor presentation that blanca Nieves and Chical will be part of a Northern District. But they are years away from production as they aren't part of the cascabel concession.

Andywest both Hamman and Partners and redcloud.

Redcloud you can find online. The other you have to pay for.

Aside from the fact it looks absolutely nothing like Luis Mario Sanchez.... its Eduardo Chang Dávila who is gerente general subrogante de ENAMI EP (Acting General Manager of ENAMI EP)

Not 100% sure what the difference is between this and what was signed 10 days ago....

https://x.com/RecNaturalesEC/status/1956106610385850465

But its encouraging that a major is signing agreements to explore - despite the ongoing issues relating to the mine tax / fee (depending on how you want to describe it).

I dont think its particularly surprising the share price has fallen out given on the 28th of July they said "Samples from 5 more holes have been shipped out for assaying" and we havent yet got the results. Hopefully they will be out in the next few days and will be at least as good as the last 3 and we will see blue days again.

Sorry typo I menat north west of Pit 1. If Pit 2 is the main one then it doesn't seem they link. Or there is nothing to suggets they do from what ive read (though I could of course have missed something).

Damers Ive just read my notes and the possible pertinent point linked to what you said is...

"The Tandayama-America deposit remains open for expansion both at depth and to the northwest. Additional mineralisation has been identified in some shallow drill holes to the northeast of the main deposit."

I assume Pit 1 is the main deposit? Pit 2 is to the North and slightly West of Pit 1. I suppose north and slightly East could link them?

The current drilling though is seemingly infill drilling to address this issue.

"The Tandayama-America deposit remains open for expansion both at depth and to the northwest. Additional mineralisation has been identified in some shallow drill holes to the northeast of the main deposit." The QP does however state - "Because the deposit is likely to be mined by open pit or underground block cave, the QP doesn’t believe that this is a significant material risk." - of course now though it is a minor risk as we want it to be open pit (at least to start with - if they can convert it into a block cave later all the better).

Heya RK - the substitution has already happened to an extent. Its the metal of choice for overhead lines all are basically aluminium now, the A380 used aluminium for its electrical wiring, I'm seeing it in busbars, transformer windings etc. I've also started coming across people doing calculations when doing estimations for buildings (particularly large industrial ones) to see if its better to make the building a bit bigger so it can accommodate aluminium wiring with its larger cross section, and if its more cost effective than using copper and smaller building. Of course copper will always be used in electricity (just as silver is) but people will look for alternatives. There are problems with aluminium but increasingly there are ways round them (or at least to significantly mitigate them

The higher the copper price rises the more people will look for alternatives. Its just how construction works. Don't get me wrong I think the price will certainly increase, but I just cant see prices like 10k anytime soon. For a start it will have to be demand destructive as the end user wont be able to pay it. I do accept I could well be wrong on this and maybe the price will explode, I just cant personally see it.

I agree Red that its most likely we will get a bid - my expectation is when we are far enough down the permitting path that the buyer is confident that nothing political can go wrong. That's prob at the end of the public consultation period.

I dont really see copper going to 10 USD - demand will be destroyed by then. People will just substitute copper for aluminum and deal with the additional cross section to get the conductivity thats required. Silver is a better transmitter of electricity but you dont see it used so much precisely because it is so expensive (well also scarcity, it tarnishes and is more dense).

Dont currently work for anyone Cash :-) Start the new gig shortly though.

Anyway bed for me buenos noche.

DBW - with all the respect in the world he is absolutely as mad as a hatter. He also makes incredibly wild statements - such as the one I was replying to.

The number of conspiracy theories he spouts are just absolutely mental there is no other way to describe it.

That thr company were apparently talking about taking legal action against him says it all to me.

Jack it really is funny to read your posts. You are both stupid and crazy.

You say "Pbow, I am talking about doing sufficient geotechnical work for the TSF per the Alpala PFS 24.

What we are doing now at TAM is outside of TSF plan. We are now trying to widen the resource which is not necessary. A DFS using the PFS 2024 as its base is totally financeable."

The Qualified Person (QP) in the PFS said

"The Tandayama Americana deposit outcrops at surface. The QP envisions that the TAM deposit could be exploited by open-pit mining methods. An initial assessment of TAM’s economic potential was performed by the QP, however, due to gaps in the technical data, the assessment does not meet the required standards of a PEA. Additional geotechnical, hydrologic work, waste rock characterisation, metallurgical testing and mine planning are required to accurately determine the viability of the TAM deposit at a PEA or PFS level.

The QP performed preliminary mine planning work, utilising Whittle pit optimisation shells and selected the TAM ultimate pit. Annual production schedules were developed and utilised to determine mine equipment requirements. Haulage profiles were developed on an annual basis to determine haulage fleet requirements. Equipment and fleet quotes were obtained to estimate capital requirements, and estimates were used for infrastructure requirements. The open pit at the TAM deposit may have the potential to provide ore to the mill as the underground block cave at Alpala is being developed. The QP recommends conducting the testwork required for a PEA to be completed."

Given the QP thinks we dont have enough drilling etc to complete a PEA, and gave an estimate of 5 million USD for the necessary works to be completed I find it somewhat funny that you can so confidently assert that this drilling isnt necessary to prove TAM is viable. Given no other work has been done on TAM since the PFS you are as per usual talking rubbish.

"All the current TAM program does is help our mgmt team buy time... buying time does what? more salary, more options.... etc etc

If the company was urgently accelerating the Alpala 2024 PFS, it would had announced the DFS for that program and funding can be easily sourced via the cu offtake."

The TAM works helps the company select the location of the TSF which is critical for the Franco deal. If they dont have a TFS location designed to certain standards then we dont get the construction deposit. We have clearly lost the coastal plains option so they are now looking at the two on site. I think they will do both. This has significant cost implications - esp if TAM isnt viable. This is why they are drilling (its also the CP we missed from the last Franco installment).

For Parambas the PFS says

"Embankment construction material would be sourced from borrow pits, spillway excavations, excavation for the process plant construction, excavation for the portals and from underground development waste. This option has poor embankment to storage efficiency (i.e., large embankment volumes) and therefore its economics are improved if the Tandayama Americana open pit is developed which would provide lower cost construction materials. Further design work is planned for this TSF option as the viability of the Tandayama Americana open pit Is assessed. "

Caracho

"Embankment construction material would be sourced from borrow pits and spillway excavations. This option has poor embankment to storage efficiency (i.e., large embankment volumes) and therefore its economics are improved if the Tandayama Americana open pit is developed which would provide lower cost construction materials. Further design work is planned for this TSF option as the viability of the Tandayama Americana open pit is assessed."

So while they can probably progress more with Parambas it still needs the drilling results from TAM to confirm that its viable before they can finalize the costing. If they have to use borrow pits it will have a material impact on the costing. Which is clearly why they were using the coastal plains in the PFS.

Jack how can the TFS plan be complete if they havent completed the drilling at TAM? You are barking mad.