Member Info for RichyRich1

This is a link to the prospectus....

https://w32.3eb.myftpupload.com/wp-content/uploads/2020/10/c117157CCL.pdf

For arguments sake and ease of calculations if 1m oz in ground was valued at £20m (maybe a bit conservative but anyway) with 200m shares in issue SP would be 10p. With 400m shares in issue SP would be 5p!

I really hope that the drilling results are positive and the IOCG targets come up trumps to handle the dilution!

Page 70 of the most recent prospectus gives a break down of all warrants and options.

Fully diluted roughly 440m shares in issue with £4.3m in the bank.

If we were already fully funded for next 12-18 months the £4.3m would accelerate exploration/drilling across the tenements. As long as this adds considerable value to the company we should be able to handle the massive dilution from the warrants and options.

I can’t find the announcement made back in 2018 for the warrants that have been accelerated. I’m guessing it’s the remaining 95m or so warrants at 2p?

I can see by the end of the year all outstanding warrants will either be cashed in or forfeited. If they are all cashed in then we’ll have around £4m in the kitty for exploration and around 400m shares in issue.

I wonder if the funds will be used for the IOCG targets!?

Getting their house in order before drilling results announced some time in November?

I asked Craig about the IOCG targets. This was his reply.....

“Hi Richard,
Thanks for your e-mail and we share your excitement for these IOCG targets. I would refer you to our September 2020 presentation which outlines our proposed approach (slide 14):

https://cobraplc.com/company-update-presentation-september-2020/

In regards to timing, we will update the market via RNS once our plans for these targets are finalised.

Kind Regards“

Are the new shares not the convertible loan notes at 2.3p? The last raise was for £1.5m!

Worth a read. It’s very unusual for a junior explorer to claim they’ve got not one but four IOCG targets!

https://investingnews.com/daily/resource-investing/base-metals-investing/copper-investing/iron-oxide-copper-gold-iocg-deposits-profitable-mines/

Thanks Shelly but that’s not what I was asking. I was asking specifically about IOCG potential. If they prove up 1m oz not including any IOCG’s in ground value will be anywhere between £20m - £40m (or 10p - 20p) but there will be considerable dilution.

What I was wondering is if there’s a hint of an IOCG potential market cap?

I know this question is very very speculative but would anyone like to hazard a guess at potential market cap if an IOCG deposit was hinted at with early drilling?

I’d love to hear an update on what the board plan to do with the 4 IOCG targets. Interestingly there’s around 3000m of the accelerated drilling programme still to be accounted for which is being used in 2021.

The question is are the board going to be sensible and use those metres to further prove up the resource towards 1m oz after getting the assay results back from the first round of drilling or are they going to take a little gamble and stick a pin or two into each IOCG target!?

Surely they should be doing their pathfinder analysis on the best IOCG target in preparation for drilling whilst the drills currently spin in other areas?

Sharetalk if you’re reading maybe you could try gather some info about the IOCG strategy from Craig as you have a good relationship with him?

94.5m warrants still to go.

Hope you don’t mind me asking but how many on here hold 1m or more shares?

I’ve got a smidgeon over 1m and I’ll bet there’s a few more here that have more than that.

Crazy to think we only need 186 people to be holding 1m or more shares then there’s no free float at all!

Hopefully the drilling has been successful!

IOCG targets still to come. If there’s a sniff Cobra have struck one of the 4 IOCG targets it will be impossible to buy any shares.

Whilst any legal battle gets drawn out there’s nothing stopping SolGold from cracking on with Rio/la Hueca/Porvenir and any other of their 100% owned tenements. The only losers will be Cornerstone!

Get the BFS completed ASAP then put Alpala on the back burner and go all guns blazing with producing at Porvenir and Rio! Cake and eating springs to mind with Cornerstone. On their latest tear sheet they state Alpala is endorsed by BHP, Newcrest and Franco then go on to say that the agreement with Franco is terrible. So happy to use Franco’s endorsement but slate the deal SolGold came up with!?

Incompetence!? The “big wigs” at Cornerstone are doing my head in! Yeah Nick Mather and the SolGold board are so incompetent they’ve only managed to prove up a tier 1 resource at Alpala with potentially another 2 tier 1’s in the making. Meanwhile the Cornerstone board face legal action for mining without a licence in Ecuador and have done absolutely hee haw with Alpala other than ***** and complain that they’re not getting their own way because NM won’t sell it to keep their lights on! I really really hope NM can pull this off where they lose their 15% of Ensa for $3.5m! ****holes!

That’s what I was asking a couple of days ago Scrat. Is it an all or nothing deal or can some Cornerstone shareholders jump ship even though the majority don’t take up the offer?

Colonel....according to Craig Moulton we are fully funded until well into next year having just raised £1.5m with convertible loan notes. There’s also 97.5m options at 2p which should be cashed in as we add value to the company minimising any fund raising in the near future.

Is the offer an all or nothing deal? For example can a small shareholder tender their shares for SolGold shares or do all shareholders have to accept the offer to be able to tender their shares?

Then buy the lot for £10B!!!

Your argument for the original standstill was so SolGold can do what they do best and explore. So what’s stopping them from doing a similar deal where we can then prove up Blanca/Nieves/Porvenir/Rio/La Hueca and any other of the priority targets AND compete the BFS on Alpala?