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Well one would suggest Mr Wilson should have given Mr Stackhouse a call in the last year and a bit.

No im saying you are chatting out of your rear if you think we will get an update on NPV before the FS.... based on 2 things.

1) the CFO said we wont.

2) we haven't in the last year and a bit.

You saying blah blah about market regulations are exactly that blah blah. Ill further note if they use the Spot prices in the FS they will lose all credibility (well if they have any left).

One further point slide 13 of the May presentation still refers to higher commodity prices (though the ones presented are stupid - so maybe it is aimed at thickos).

Rodney you are saying they are not following the rules (or might not be) you have suggested the CFO should speak to the companies legal counsel. If thats not suggesting wrong doing what is it?

Any investor can read the research notes ive mentioned or use the details in the PFS. It seems that you are of the opinion that everyone is thick and cant do these simple actions. I imagine they took it out of the presentation as they didnt feel it added value to the presentation - given the latest ones are aimed at institutional investors (who clearly aren't thick).

Do you want to take me up on my bet?

If you think Solgold are breaking the rules then click on this link and fill in the details.

https://www.fca.org.uk/market-abuse-reporting-form

Will get exactly no where because they aren't.

DBW genuine question what do you think Solgold could realistically present next week? Othrr than that they have had to delay exploreco due to the recent government moves.

Just to be clear Hannam & Partners ascribe a NPV of 3,496 US million. With a deduction of 146 US million for thr stream funding. This is using their updated assumptions of long term metal prices (14th of March 2025). Red Cloud in their most recent report asign an NPV of 3.8 billion USD.

It already has in the PFS. Section 22.5 page 289. There is no insider knowledge here. The spot prices are freely available to anyone and everyone.

One simple question if Solgold was required to do this why have they not done so? Why did the CFO tell the former invester relations person that they would not do it? Its not like the prices of gold and copper have only just risen significantly higher than those used in the PFS is it? We will get the updated NPV in the FS which will be towards the end of the year.

If they had to do it they would have done it in the well over a year that they have had. It ain't happening. Ive asked AI why solgold haven't done this. Here is the answer.

SolGold doesn’t update its PFS with current spot metal prices for several strong reasons rooted in best practices and financial prudence:

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🔁 1. Long-Term Price Assumptions for Technical Studies

PFS (and DFS) are based on long-term consensus forecasts, not volatile daily spot prices. For example, Cascabel's 2024 PFS used copper at US $3.85/lb, gold at $1,750/oz, and silver at $22.50/oz .

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⚖️ 2. Stability and Credibility

Using long-term price assumptions:

Avoids bias or cherry-picking based on temporary market highs.

Aligns with industry standards and lender/investor expectations.

Supports reliable project financing, permitting, and stakeholder confidence.

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🌀 3. Price Sensitivity vs Spot Basis

Spot prices (e.g. $4.70–$5.00/lb Cu) would inflate the base case, risking significant drop if markets correct. To reflect upside, SolGold includes spot scenarios in sensitivity analysis rather than in the main PFS :

The 2022 PFS sensitivity shows NPV at various copper/gold price deviations.

In the 2023 report, they illustrated an “upside case” using spot prices (e.g. $4.74/lb Cu), separately from the base case .

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📌 4. Regulatory & Reporting Requirements

NI 43‑101 standards require using forward-looking forecasts, not spot prices. Additionally, SolGold states it has no obligation to revise base case assumptions—even if spot prices rise .

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✅ Conclusion

SolGold’s decision reflects sound financial practice:

Base case: stable, safeguarded long-term forecasts.

Upside captured: through sensitivity scenarios and supplemental case studies.

Spot prices: are used for illustrative upside—never as the primary assumptio

Ill bet you a 100 quid that we wont hear anything until the FS. If you win ill donate to the charity of your choice if I win you donate to the charity of my choice.

Its still in the investor presentation as an aside. Just not as obviously.

I just did it took all of 5 mins. Add in 0.8 billion for copper and 1.9 billion for Gold (using slightly less than spot. Total 5.9 billion.

If they were required to update this one would suggest they would have done it by now.

Anyone with Google can see the spot prices today and use the sensitivity analysis to update the NPV. You dont need a degree in Maths to do it, its simple. The impact of the higher spot prices is still partially detailed in the invester presentation as well. Given they issued the PFS on the 16th of Feb 2024 and prices have been much higher than those used since day 1 logically its unlikely they are going to update the PFS esp whilst they are busy with the FS. The cost of updating the PFS would be a stupid waste of money that the company doesnt have. It would also distract from the FS.

When Sean Tufford was working for the company I asked him the question why they didnt update the NPV. He said he spoke to Stakehouse and asked him the question - the answer was if they update any element of the PFS they have to update it all. We know for example that the tsf is now different. They will update the NPV in the FS which will probably be at the end of the year. Notwithstanding that you can work out an updated NPV easily enough using the chart in section 22.5 of the PFS and a spreadsheet.