Member Info for Pbow

Fully recovered thanks fort.

The introduction of new taxes is a new thing. The ongoing court cases a new thing.

When the PFS was published it was clear we were intending to have the TFS is Esmeraldas- clearly thats now changed which is a new thing.

The world is also different. There are different pressures. Some of the points raised were relevant when we were at 40p and people were saying we should be at a pound.

It was only what 6 months ago that mines were banned from using state electricity - this is clearly a new and substantial risk. The MoU for the electricity supply has massively grown in importance from that event - and very different to 5 years ago.

When we were at 40p a share we didnt have 3 billion shares so its not a fair comparison.

How has he let down? The only thing I can think that he has failed on is exploreco - which is completely understandable given the new tax. You say you refuse to assume there has been no ommission which is presumably accusing them of breaking the law... I would say its a more reasonable assumption that they have Complied with the law and not ommitted to publish important information. In England they used to have a concept called innocent until proven guilty. So the assumption is supposed to be innocence.

The delay on tranche 2 is a result of previous management clearly. In fact he should be commended for getting a CP waived by Franco.

He has also got the porvenir license - prob his good luck on timing. He got the AIPA executed. Possibly more luck again and as a result of previous management's efforts.

I honestly dont get why you are moaning so much other than the fact you are clearly emotional about being in the red to a large amount. Im down a large amount but it is what it is.

You seem to want the company to do well. I dont see how you think your continual attacks on the management will help matters? Do you want yet another CEO? Would be a great sign to the market for stability at the company.

Yeah but as I said the main issue is political. What community is going to want a TSF in its vicinity to allow another community in a different province to get the benefits. Unless the Government changes the system Esmeraldas doesn't work as a location for TSF.

But issuing an RNS saying they have no idea why the share price is so low would be a lie both my commission and omission. Its bloody obvious why the share price is this low.

Just a note as to why TAM became critical for the TSF.

In the DSF 4 locations were identified 2 are in the same location but different sizes and distal to the processing plant. These are the coastal Plains and located in Esmeraldas. In the DFS one of these were used as the basis of it and clearly was the preferred option.

The other two were proximal to the processing plant (ie on site or close to). These both become more economical if TAM is a goer as they can use the spoil generated from TAM for construction, rather than using borrow pits on site.

Why the change in plan, and now the need to drill TAM (other than it was stated in the DSF that they should do it primarily for other reasons - so another self inflicted delay.

Reason 1 - safety. Esmeraldas is one of the most dangerous provinces in Ecuador (though the violence is more common nearer to the City of Esmeraldas itself, narcos still operate throughout etc.) Imbabura on the other hand is one of the safest provinces

Reason 2, and more important in my eyes. Politically. Under the 2009 Mining Law and subsequent decrees 60% of the royalties are to be allocated to the local and provincial governments where the mine is located - the money is basically distributed to the Gobiernos Autónomos Descentralizados (GADs) to support local development projects. In effect this is a bribe to the local community to encourage them to accept a mine. But imagine you live in Esmeraldas how would you feel about a huge TSF being built and yet all (/most) of the benefits go to the neighboring province? One would suggest the most difficult thing to get approval for is the TSF so having it in a neighboring province wont fly.

Are they allowed to tell lies in RNS's?

Share price is low because;

* Of a culture of missing self imposed deadlines,

* High Capital cost to build the mine.

* Long lead time to production.

* Political / Jurisdiction risk including imposition of new taxes and legal/ civil challenges against other mining developments in the country

* Recent events where we came close to running out of money.

* No TSF location clearly identified given the first two are clearly out of the running (for obvious reasons).

* No sign of electricity provision for the mine given the seemingly zero progress made in relation to the MoU in over a year - keeping in mind that they will need permits for the Hydro plant and a run of the river hydro plant will take circa thee years (probably more) to construct once the permit is in place .

To rectify the price they need to do the following;

* Get the CIPA signed off to reduce the jurisdiction risk adding to the IPA and AIPA which have already been fully executed.

* Hope TAM comes good and finalise the starter TSF. Alternatively revert to borrow pits and finalise the design on that basis.

* Once the above is done finalise the DFS and the Permit application. At least once the permit is in it will become clear, relatively quickly if there will be legal/ civil problems. Im expecting there wont be but who knows with those nutters in Australia campaigning against it.

Any bid to buy soon will be someone trying to take advantage of our position of weakness - IMO.

From a seemingly high level Ecuadorian Legal person who says the tax is not legal.

https://www.eluniverso.com/opinion/columnistas/tasa-inconstitucional-nota/

He is on the loopy juice again Stas. you will get used to it if you stay long enough.

Hi Stas is that confirmation that the meet the shareholder event is happening soon? On the 17th of June PS said Dan was going to do a call in the next couple of weeks but that's clearly slipped.

Qaudy I dont doubt that people in Christian Churches have abused children , though with the safe guarding in place its very unusual now (at least in the UK). That's not the issue I took offence with its your denial that this is not more common in ethnic minority communities who are typically not Christian.

I know exactly what p/NAV is and the calculation only works if the NAV is the some of the NPV of the component parts. Price to Net Asset Value. If they use the NAV on here which you say is right then the share price wouldnt be anything like 0.1x

Quandy... He’d argue with himself if there were no one else around, just to prove he’s still the smartest person in the room — at least in his own estimation. Stubborn beyond reason, he clings to his opinions like a drowning man to a rock, oblivious to the fact that he’s often spectacularly wrong. He mistakes his relentless contrariness for intelligence and seems genuinely baffled when others don’t appreciate his self-appointed brilliance. To watch him is to witness someone who values winning an argument far more than being right, and who would rather talk himself in circles than admit he’s ever been mistaken.

Given your clear brain injury I am filtering you again.

FYI from July last year (dunno why but it came to mind this morning so I looked it up).

https://wp-solgold-2023.s3.ca-central-1.amazonaws.com/media/2024/07/July-Corporate-Presentation.pdf slide 21. We we a bit above 10 pence back then.

Kind of Proves that the company thinks Quady is wrong quelle surprise.

Jack if we are being sold why would they go to the effort of having Franco waive at least 1 CP for the second installment? Especially keeping in mind if we were bought the purchaser would most likely execute the buy back of the Franco Agreements (s)

Yes Damers and at TAM - although they were described as artisanal miners at TAM (not quite sure what the distinction is to be honest.)

From the nearest place named in the article to where Solgold Ensa is marked on google maps is 13.13km as the crow flies. So they are neighboring concessions.

hanrine (subsidiary of han**** prospecting (the company owned by gina rinehart)) was moaning in their legal case that their concessions are not under their control because of illegal mining. they are now.https://www.elcomercio.com/actualidad/seguridad/ejercito-retoma-control-buenos-aires-que-significa-mineria-ilegal/?source=internal&ref=latest%20news%20widget%20-%20front

this is very close to cascabel (to the south west of the concession).

Orthern its prob because they won the appeal against the cost order in the supreme court.

I agree Add. For me Ai is a great search engine and not much else. Its also useful for translation purposes to be fair.

In terms of changing the price - what we need is good results from TAM. The DFS complete and license applied for.

Separately we need some news on the electricity situation as that is becoming an issue in my opinion and surely approaching the critical path of the project. It will be very frustrating if TAM is a go but we have no electricity supply!!!

Under the Sandstorm deal, Royal Gold will issue 0.0625 shares for each Sandstorm share, representing a 21% premium based on the 20-day volume-weighted average price. Horizon shareholders will receive C$2.00 in cash per share, an 85% premium.

21% premium would be 8.5 pence and 85% would be 12.95 pence ish.......

So thinking out loud who are potential targets for M&A in Ecuador.

Solgold possible but difficult with Newmont, Jiangxi and BHP.

Solaris - Zijin would be a blocker?

My gut feel though is they will be looking to buy out the Chileans on Llurimagua which would make sense for them to meet with the government.

Juan Pablo Garrido was present. Just to get Jack excited this is what he says on his linkedin

I am glad to share that I’ve completed my Executive MBA at the University of Chicago Booth School of Business. It’s an honor to be now part of Booth’s outstanding alumni community in Chile and around the world.

"Starting at the Hong Kong campus while based in Singapore, and then finishing in the Chicago campus after relocating to the U.S. for a new M&A role at Rio Tinto, made this a truly enriching experience, but also one of the most demanding times in my career. Over the course of nearly two years, I was away from home for many weeks. Juggling work, business travel, and on-campus classes would have been impossible without the amazing support, patience, and love of my amazing wife, Macarena Toledo Moya, and the boys, Maty and Pedro."

Note his role in the Americas haha "Business Development / Mergers and Acquisitions with a focus on the Americas" Senior Manager - Business Development Copper.

Sorry if its been posted. Rio Tinto met with the Minister of Mining and the deputy minister. At the meeting the existing mining potential of Ecuador was analysed along with the exploration of mining opportunities by Rio Tinto for the development of projects and the strengthening of the Ecuadorian mining industry.