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Actually looking at the register again AG was incorporated in September 2020, so a year ago. The transfer of the local holdings to AG looks like it happened as soon as it was incorporated.

IIRC one of the other very interesting comments from your detailed feedback from the company a month or two ago was they said something like the way forward here is not as binary as some PIs think. It's not just takeover or production. That made me think they could well be planning some sort of spin off or IPO of one of the subsidiaries as you suggest. Hopefully we will be in for a good few years as the endgame unfolds.

Hi Red. NM is on the board of AG. The three directors are Nick, Ingo and Paul Bushell.

No one seems to have discussed why Solg has put this new Swiss holding company in between the Plc and the Ecuadorean subsidiaries. Solgold Finance AG now holds the ENSA and Solgold Ecuador holdings. What could be the reasons for this?

My first thought was tax. It was stated by Mather that selling Cascabel/Alpala would not be tax efficient. In practice this would mean Solg selling its ENSA shares. As a non-resident entity, I assume that Solgold Plc would be hit with a substantial WHT on the proceeds. The UK currently has no tax treaties in place with Ecuador. However, Switzerland does have a tax treaty in place with Ecuador so could lessen any WHT burden on funds sent back up to the parent... Not necessarily from an outright sale but also future profits from production?

Looking into Solgold Finance AG a little on the Cantonal Register for Zug, Switzerland the directors of this entity are Ingo, Nick Mather and the president of the board is someone called Paul Bushell. According to LinkedIn, Paul Bushell is a commercial consultant and trader at Bluequest Resources AG, with a background in copper and metals trading. Bluequest are a commodity trading house and advisor specialising in industrial metals, concentrate marketing and generally all things copper. They were appointed by Solg back in 2019 as "specialist advisor on commercial and logistical matters for concentrate marketing." So quite interesting that Solgold have brought in someone from their commercial advisor to sit on the board of this new subsidiary. Seems like they really are putting together the financing package, offtake agreements etc with a view to producing.

I just don't get the impression that the production line is all a giant ruse as some on here would like. I think they are genuinely getting on with it. They may well be fully aware that an offer may come in and take the whole thing off their hands in the meantime. But I do think in the absence of that happening they fully intend to start producing and generating profits here.

What's the difference between end of 2025 and start of 2026 anyway? A few weeks... It's not like they gave any precise dates, they are just estimates. 2025, 2026, whatever. It's seriously not worth arguing about.

Aren't they technically short a CFO as well? Ingo is interim CFO isn't he? That role has been vacant even longer than the CEO and I wouldn't have thought it was that hard to fill.

The SP feels quite perky to me all things considered. It's holding up around 29p, there have been a few nice rises after it has fallen back a bit, doesn't feel like the usual steady downward march that we've come to expect in the last few years when Solg keeps not releasing the news everyone expects day after day... and as you said, against a background of some nasty weakness in PMs, copper and miners the last week or so.

How do you know? Source?

How else do you expect an exploration company with no revenues to carry on exploring if they don't tap investors for funds? It costs millions of dollars to drill these targets and prove up the resources. I mean, they could just not do the placing, run out of money and enter insolvency if you want. Then your shares would be worth the square root of FA.

Well yes exactly this is what I'm wondering... Where is this $430mm coming from and how does it fit into the overall funding package for Alpala? As we know the total capex is multiple billions so is this comment implying that Solg itself is contributing this as its own part? How will it get the money?

The quite apparently comes from the deputy mining minister so you would assume he knows what he's talking about.

I can't read the whole article cos you have to sign up. This is what I can see:

Canada’s Dundee Precious Metals is set to sign this month a US$340mn investment contract with Ecuador for the construction of the Loma Larga gold mine.

Government sources, requesting anonymity, told BNamericas the contract is in the final stage of review at the economy and finance ministry.

Deputy minister of mines, Xavier Vera, told radio station La Única that SolGold also committed to invest US$430mn in its Cascabel mine and Lumina Gold US$37mn in the Cangrejos project.

The investments will generate “a boom” of large-scale mines starting in 2023, he said.

Loma Larga, in Azuay province, has production potential of around 200,000oz/y of gold in the first five years, but faces local opposition.

The Cascabel copper-gold-silver project is in Imbabura province. The preliminary economic evaluation defines an initial capital expenditure of US$2.54bn, processing of 40Mt/y, and production of 142,000t/y of copper and 340,000oz/y of gold, during a useful life of 66 years.

And Lumina considers Cangrejos, in El Oro province, one of the 15 most promising independently-owned gold projects globally.

The Mirador copper and the Fruta del Norte gold mine are currently the only large-scale ones in the country.

Since you mention the Sunday roast, what's the deal there? Useful market feedback or just a giant pump and dump operation for Zak, Phil and Kevin?

DBW yes the mining ministry seems to be telling anyone who will listen that this is getting built.

Credit to Sam on telegram for the link.

https://www.bnamericas.com/en/news/dundee-to-sign-us340mn-investment-contract-for-ecuador-mine

How about we discuss this instead of identity politics? Thanks to Sam N for the link.

"Deputy minister of mines, Xavier Vera, told radio station La Única that SolGold also committed to invest US$430mn in its Cascabel mine"

Thoughts?

After going up 16% in a few days and nearly 25% in a month I think a breather here is to be expected and quite healthy, but it would be great to see 30p hold here. My pretty limited technical analysis ability tells me this might re-test 29p here and maybe down around 28p though. What would be even better is if they could blow away the TA by launching a volley of red hot news items in quick succession to launch the SP up to a higher level.

Cheers Q

Btw did anyone catch Ingo's presentation at the Denver gold forum yesterday? If so was anything interesting said? Did he drop any nuggets of information? Or was it just a straight up repeat of the one he did last week?

Thanks in advance

RS5 - exactly, so why people are desperate to part with their shares for 55p I do not know.

He said they'd been negotiating an investment protection agreement with the govt. Sounds like a good thing and sure that kept Ingo busy too during his visit.

Haha addickt!

Let's just hope Solg doesn't suffer a "rapid unplanned disassembly" as they call it in the aviation business.