Member Info for Pbow

Https://www.elcomercio.com/actualidad/seguridad/bloque-seguridad-decomisa-sacos-zona-minera-imbabura/

Again quite close to Cascabel.

Yes NMM the really frustrating thing is this is all going to push out the DFS and the permit application. Im starting to doubt we will see it Q1 2026 now - nevermind this year.

Mathersfingers the main concern from the RNS is that we are in July. They said the TAM drilling would be completed in 3 months which would be early August (if they started in early May as they said) here we are on the 28th of July and less than half the drilling has been completed. It doesnt fill me with confidence that the board is moving away from over promising and under delivering. I mean surely they should know the output of a drill ie it will do x meters an hour.... then take the number of meters to be drilled and divide it by the output. I can accept they might not get it 100% correct, break downs happen etc. But they were massively wrong!!! Its taking double the amount of time they said.

I dont blame the current board for the failure to drill TAM previously and I note it was basically the first thing they did but it remains frustrating.

A mostly positive RNS. Looks increasingly likely that TAM is viable with positive implications for Parambas or Cachaco.

It will be interesting to see in the DFS on the initial capital cost when the TAM aspect is incorporated into the cash flow. As it stands the initial capital cost is 1.554 billion (plus inflation and escalation with a plus or minus of 25%). Subsequently they allowed 2.655 billion for expansion, sustaining and closure. How will this impact on the initial capital cost. Given the two years it takes to build the tunnel to the block cave one can only assume it will be markedly improved by TAM.

We know that Solgold have received material offers of funding in exchange for offtake. It will be interesting as to when we will get more details of these. One assumes that TAM being viable will bring this to a head.

The negative from the RNS is they are again behind target - also it defies logic that this drilling wasnt done years ago.

There is absolutely no chance the DFS will be August.

Https://www.actualidadambiental.pe/ecuador-gobierno-de-daniel-noboa-elimina-el-ministerio-del-ambiente/

The above has implications for Cascabel. Not sure if positive or negative though.

Fort I think the key difference is their mine is open pit and ours is currently Block cave. This could of course change with TAM.

Personally I think their stream is better than ours as well (albeit smaller).

Hi Damers

A DFS requires a class 3 estimate (AACE). That requires a certain level of design say 30 to 40% level. So whilst they could have completed everything else in the estimate the critical path of the estimate will be dependent on the design being completed for the last part(s) which in this case will be the TSF and the TAM part. They could I suppose over engineer by making assumptions to do it quickly (though that will mean additional cost is included in the estimate). Maybe they will do that and it will be this year. Ultimately though I dont really see the point. They need the full design of the TSF for the license. If you give me the level of design I need ill do the estimate in less than a month (not for a mine but in the fields I work - so basically infrastructure). They work to a different plus or minus than I do in my field based on the PFS (class 4 estimate) which was 25% up or down. But a DFS is supposed to be more accurate. I doubt G-mining will want to rush it. But they will have their own processes and systems.

Fort they said it would start drilling early May and take 3 months so thats early August. They said results a month later so thats early September. I have no idea how long it takes to design a TSF to the level required to do an estimate for a DFS or how long it takes to do an update on TAM both in terms of cost and revenue ..... but my gut feel is more than 3 to 4 months. Though maybe they have started it and used assumptions which they will subsequently update to make it quicker.

The reason I think if will be early 2026 cor the DFS is basically we get the assay results for TAM in Sept. They are needed to incorporate TAM into the DFS (which seems to be the intent) and to finalise the TSF. The PFS was based on the TSF being in one ot the coastal plain sites. Add in the new surface infra and I think its probably pushing it to be ready this year - but could be wrong.

Yeah the comment was meant as a humorous one rather than a criticism. The changes the the PFS did raise questions in my mind (there was an element of smole and mirrors) which im hoping will be suitably addressed in the DFS - lets see.

Rodney I dont think its been mentioned in an RNS but was in plenty of presentations. There was an RNS saying it would be issued in H2 2023 though 😉

My expectation is it will be early 2026 now due to the delays to TSF.

I think its a ploy to try and get a bit of money out of the miners before the court gives the injunction. Prob why the rate is so high as well.

Heya fort it actually came into effect before that but first payment end of this month - just one month's worth. I dont see the court kicking it out that quick. It will prob take years and then will end up in the too difficult box.

You know that two of the Guyana Gold people have been let go. Well 1 100% has, one I would say is 95% sure?

Fort Gina's company and three others have taken it to the courta de Constitucional. Im expecting an injunction soon to stop the tax.

True Rich.

Rodney tou know Scott stated previously that the company was undervalued right?

A know its just my opinion... which im sharing on an opinion board.... I also am aware a bid can drop anytime but if its now my opinion is it will be a low, opportunistic one.

Https://www.eldiario.ec/construccion-de-warintza-uno-de-los-proyectos-mineros-mas-grandes-de-ecuador-iniciara-en-2027-20250722/

https://www.bnamericas.com/es/reportajes/ecuador-proyecta-8-nuevas-minas-con-inversiones-por-us10700-millones