Member Info for rcgl2

Exciting times!

Everyone saying 26p is insulting and asking why JCC would dream of bidding so low, it may well be that the final value is a lot higher but don't forget that until yesterday the SP hasn't been at 26p since July 2022. And it's been below 10p for most of the last 2 years and sub-7p for most of 2025 to date.

No company in their right mind is going to open the bidding at 500 - 1,000% premium to the recent average SP.

Also of course wryly laughing at myself for buying in at 21p average, sitting on a huge paper loss at 7p for months on end but not buying any more whilst continuing to hold expecting the SP to get back above my 21p average. Unfortunately my position size was already too large so wasn't keen to throw even more funds at it... typical PI that I am.

Evening all... been a while. I'm almost back to break even here.

I haven't really been following this closely lately as haven't had time. Does anyone know if Sangha and co are still pulling any strings in the background? Dan seems to have been a great success as CEO but I assume he was appointed by or with the support of Sangha and the CGP crew?

I've been too busy this year to keep up with Solg so only been vaguely paying attention lately, but starting to feel a bit like we've now gone full circle back to where we started. When Scott and Co came in the plan seemed clear, cut the bluster, cut the costs, work on permitting and get this thing sold as soon as possible. Fast and smart, mine finders not mine builders etc.

I know some people took fast and smart to mean within months and I was saying give it time, fast in this context means a year or two minimum. But now it feels like we have gone beyond fast and it's dragging on again, no sale or monetisation event and now the plans to start building the mine seem to be coming to the fore again.

Hiring block cave expertise, starting the infrastructure, refining the construction plan etc etc. I do realise this is all part of the Junior Mining CEO playbook, you have to have a plan B and you need to work as if you are going to mine it yourself even as you seek to sell it.

It's just a bit annoying finding ourselves back into the same old phase of having to show willingness to build it while hoping for a monetisation event to come along, but having changed all the personnel, sacked and now replaced a load of employees, spent yet more money... Except now they are doing this when costs have risen substantially, interest rates are much higher and the share price is about one third of what it was when we were in this position under Mather.

At this rate I feel like I'll be lucky if I get out above 20p considering how long the SP has been marooned down here. The days of 40p and dreams of £1 seem like a long time ago.

Well done add. Spot on. It was clear as day from the recitals that FNV were the lender. Some people trying to be too clever and not seeing what was written in black and white.

I guess the RNS today is necessary to also quell any speculation that Solg have already agreed a financing package with FNV and just not announced it.

Again, bizarre that they insisted on secrecy and yet the identity was publicly available the whole time.

Nice work add! In hindsight so obvious, can't believe no one thought of that before. Funny they didn't want it disclosed in the announcement when the information was already publicly available...

Add, sorry didn't express that very clearly. The SP is still lower now than it was 6 months or a year ago, when we didn't have various of these risk reducing items ticked off. I just meant hopefully the market will price this higher as it perceives the risk getting lower...

Add, yes I do. And I very much agree with your view on SC's progress over the last year and the success in ticking off all the milestones to make this saleable.

However I still think a high level of risk remains. But perhaps the market hasn't changed its pricing of that risk, and we hope it soon will.

"And my foundation for such thinking is proven by the last placing which saw Maxit and a few others help themsselves to the cheapest placing in SOLG shares for yonks."

An alternative view would be that Maxit and chums were willing to invest millions of dollars into a company that had already raised many millions from other investors who are now sitting on large losses as a result and were probably unwilling to throw yet more money at this. If management had been able to raise $20m at 25p a share then I'm sure they would have leapt at the chance but I expect a lot of investors didn't want to touch this with a bargepole. When your company is looking like a falling knife and you need investors to catch it, you are going to have to take their investment at a price they dictate.

For all the grumbling on here, which of us has several million dollars we'd be willing to invest to keep the Solg show on the road? I could throw another 2 or 3 times my investment at this today at these bargain bucket prices, but I choose not to because that original investment is now about 70% underwater. If this goes belly up the Sangha will have lots many many times more money than I have.

And it could go belly up. The reason we will get paid on this is for taking on the risk. If there are multi-bag returns on offer at this price, that's because the risk is equally very high.

Having a reasonable level of confidence that a mine will be constructed at Cascabel and that mine will be a major customer of the hydroelectric plant is not the same thing as having confidence that Solgold will build and operate that mine.

"I will be happy with 120p. I won't and don't need to sell for anything less."

Disagree. Either a court approved scheme of arrangement or the squeeze out rights under the Companies Act would force you to sell at the price agreed by the rest of the shareholders.

Tesla how are you saving £6k from having heat pumps? How big was your gas bill before you got them?! My house isn't that much smaller than yours although it's a lot newer... My estimate gas bill is £1200 a year.

By the way, I have a PV system with a battery. It has reduced my electricity consumption by about 1/4 over the year, but I'm still exporting about half what I generate. Unfortunately due to the height of my neighbours house I barely generate anything over the winter. Can generate more in a single day in June or July than in the entire month of Dec or Jan. Shows the limitations of solar in the UK.

Only needs to go up another 1000% for anyone who bought end of July 2021 to make their money back.

Eloro why did you think a reverse split could be a possibility and why do you think it would be such a bad thing for you as a holder?

Fair enough Quady, thanks for responding. Good luck with the rest of your PF too

Hi Quady, this is by no means intended as an attack on you and I realise I'm relying on a fair bit of hindsight here, but are you sure this will have been worth it even if what you hope for does play out?

You have been holding over 10 years now. I believe your average is around 4.5p, and you hold over a million shares. In that time the price has been to 40p a couple of times and into the 30p range a fair bit. You could have sold multiple times for a 7-10x return which would have been a very healthy return and large wedge of cash.

Are you really expecting that if you stick this for the long haul, say another 10 years, you will really see better total returns than if you'd sold at 40p five years ago and reinvested? I know you're a dividend investor and there have been some insane opportunities over the last few years in UK dividend payers. Even putting it in an index tracker between 2018 and 2030 would probably perform better than holding Solg until then.

Are you actually looking for the best investment returns now, or are you just trying to be proved right and trying to test your own patience in holding for so long? I do realise that patience is something many investors lack, that you have a lot of and has effectively been the bedrock of your successful investing strategy for the last 40 years.

A couple of months ago I filtered needalife and novicehunter, and the board is much better for it. Now could everyone else do the same and just ignore them and stop responding every time they post.

Every green box on here is followed by more messages from people baiting, responding and engaging with obvious trolls.

I don't like filtering anyone because even people I generally disagree with tend to post points that are worth considering, and I am very keen to avoid creating an echo chamber of views that only align with my own. However the two above post literally nothing of relevance whatsoever and seem to just be posting their rubbish here to amuse themselves. What's more embarrassing is that I believe both are grandfathers and should know much much better.

Thanks Darren, good to know. Hope you are safe and well 🙏

Red re your 12.08 post, in which case why are they even proposing the special resolutions just to have them voted down each year if they have no intention of using them to issue equity?

Hi NMM, I think if they want PIs to vote in favour of the special resolutions disapplying pre-emption rights, they should do a better job of explaining exactly what these resolutions mean, what they are for and why they are proposing them. I didn't bother to read this year's circular but from memory the board's explanation isn't particularly illuminating unless you already essentially grasp them in the first place.

The general feeling on here seems to be that the company is "up to something" and we should be fearful of these resolutions. And after all, we are being asked to vote away our own protection against dilution, so how about a much clearer explanation of how this is in our best interests.

They could also try explaining that these resolutions are fairly standard across all corporates, not Solg specific. Last time I looked they were also proposed by Aviva, BT and I expect every other UK listed company if you went through the alphabet.

Orthern, regarding the finances and viability, I do keep wondering if this is why a Chinese group like Jiangxi are the most likely buyers, because their focus is on securing future copper supply rather than delivering maximum shareholder returns.