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Jack and as always you will be wrong.

Also be definition "condition precedent" there cant be a main one. They are all conditions for payment so hold equal importance in terms of releasing the money.

Cash the RNS said the drilling would start early May and went on to say "The program is expected to take approximately three months with assay results available a month later." That means realistically results September.

Https://www.primicias.ec/economia/gobierno-noboa-reversion-concesiones-grandes-mineras-exploracion-99443/

Won't need to hand back concessions at this rate

Cash as per companies house he is an Aussie.

Jack you are hilarious. You should take a job as a comedian.

Jack why would I be worried. Firstly im not a paid deramper and second even if I was what would I care if some no mark Australian who looks like a leprechaun had evidence of it?

Just because I posts based on fact, and logic rather than my latest wet dream (like you) does not make me a deramper.

They should have started drilling TAM when the PFS was released as it clearly stated it was required and had a budget of 5 million.

Fort with the cost of the rigs I dont see them changing the drilling plan from the one they have set out. They certainly wont want to have them sat their not drilling.

If it starts in early May and it takes three months that means its finished in early August. A month for assay results means results in early September. Say a month to interpret them and model and do paperwork with Franco suggests to me tranche 2 in October. Unless franco give a pass.

Why on earth Jack would they raise 12 billion being the total capex and opex for over 30 years... thats what the cash flow is for.

How do you think they will hit the requirement in July if the drilling takes three months and started in May and results take a month?

I think there is a good chance they will relax the requirement by the way. Its in Francos interest to an extent.

Red if you look at the Franco Contract on SEDAR + there are a series of Condition Precendents that Solgold have to achieve to get the second installment. You can read all of them but one which is redacted so obviously have no idea if they have met that or not.

Of the rest there is one that in my view we have not achieved yet, and wont until the Tandayama-Ameríca drilling is completed as this directly impacts on the TFS.

Here is that CP.

"the Seller shall have delivered to the Purchasers evidence of completion of all geotechnical drilling and, as applicable, other studies (including indigenous studies, hydrogeological studies, acid rock drainage studies and biodiversity studies) required for the finalization of the location of, and plans with respect to, the plant and the tailing storage facilities for the Project sufficient for a minimum of 10 years of operation, prepared by a “Qualified Person” for purposes of NI 43-101 or a “Competent Person” for purposes of the JORC Code, in each case to the satisfaction of the Purchasers’ Agent, acting reasonably;"

Red would you agree though that it seems unlikely they have met the CP i copied and pasted earlier? Read the RNS dated 14th April which says

"The Tandayama drilling plan is part of SolGold's intention of improving the Cascabel development plan. The ability to bring forward production greatly enhances the financeability and thereby value of the project, especially in the new metal price environment. SolGold is working closely with study manager G Mining Services on various trade off studies to potentially expedite the Cascabel project, particularly in the areas of tails and waste rock management, power supply and improving underground access, mining and milling efficiencies and metallurgical recoveries."

No Jack just a realist. We need to get the Tam results hope they are good. Then we need to finalise the FS and submit the application for the license. Get installment 2 and 3 from Franco. Hopefully come to a deal to spin off exploreco in the next months.

These are the things which might change the share price. Not changing the NPV on the PFS which is already out of date.

From the Cangrejos PFS.

Project after-tax NPV of US$2,238 million at US$1,650/oz gold and US$3.75/lb copper

So 2.238 billion sold for 421 million so 18% of NPV/NAV. Mine in similar development stage as cascabel and in the same country. Doesnt look very appealing compared to Rodney and Stas scenarios.....

Apologies yesterday I made a comment about Cangrejos. It was actually sold by Lundin to a Chinese company in April for 421 million USD.

https://www.primicias.ec/economia/empresas/minera-china-compra-mina-oro-cobre-cangrejos-94491/

It will be granted its exploitation license in the coming days amd is expected to spend 1.3 billion on mine construction (the figures from the PFS and the presidents video).

https://www.primicias.ec/economia/firma-contrato-explotacion-mega-mina-oro-cangrejos-javier-subia-99304/

I would suggest this is convulsive proof that Jack was as usual wrong and the more than 12 billion investment in Cascabel is the numbers from the PFS.

I

So yes whilst we have previously done Geotech drilling we haven't done whats required for the CP in the contract...

Or yes Jack is right and the Chinese bought us months ago for 12 billion and despite in his opinion the Ecuadorian government being aware of it it hasnt leaked to the market. Which of course is about as likely me becoming the next King of England and Pope at the same time!!!

Fort in the pfs there were 4 locations identified for the TSF. 2 were onsite and 2 were offsite (actually the same location). The 2 onsite required TAM to be viable and if memory serves were starter facilities which all matches into the announcements. The announcement of the TAM drilling actually mentions about the TSF.

I believe drilling has started at TAM and there is a high prospect of it being viable... they keep having artisanal miners there so there must be minerals. Fingers crossed or yes we have a problem. Someone else pointed out a while ago (and I agree) that the fact that TAM is required for the TSF will change the investment case for it meaning its more likely to be viable than it already was.

Copied and pasted from the Franco Contract.

"the Seller shall have delivered to the Purchasers evidence of completion of all geotechnical drilling and, as applicable, other studies (including indigenous studies, hydrogeological studies, acid rock drainage studies and biodiversity studies) required for the finalization of the location of, and plans with respect to, the plant and the tailing storage facilities for the Project sufficient for a minimum of 10 years of operation, prepared by a “Qualified Person” for purposes of NI 43-101 or a “Competent Person” for purposes of the JORC Code, in each case to the satisfaction of the Purchasers’ Agent, acting reasonably;"

We started (in theory) geotechnical drilling in May that will take 3 months and then the results will come a month later.... thats when we hit the CP and get the second installment. Unless of course Franco let us off.

Jack we haven't received tranche 2 because we haven't met at least one of the CPs detailed in the contract. If you read the contract it is easy to identify which one.

Exploreco hasnt been announced because of the new levy which to be fair was unexpected. The whole business case will have changed.

The next announcement will be either tranche 2 due to Franco giving a dispensation (or it will be in September/ October) or them giving away x number of concessions.