Member Info for RodneyT

There are multiple targets SteveV. Patience is key.

I have it on good authority that the recording will be sent out by email later today. There is so much going on in the background, folks, and I ask for your understanding during this critical time. Be in no doubt at all that Mr Cotter is representing our interests with total integrity and dedication.

Red,

What's your opinion in relation to a possible sale of Porvenir (to the Chinese) in order to boost are coffers but, much more importantly, really put Solgold and Cascabel on the map to all potential buyers worldwide and the urgency to make a decision? Now or never?

Solgold is being managed by a well-seasoned and competent team of directors. The Company has achieved major milestones during 2024 to date with more news highly likely by the end of the year. Having conducted months of due diligence, FN and Osisko will both be confident in Solgold's overall position including Corporate Governance, otherwise, they would not have invested and would not have got the backing of their own shareholders. At present, there could be many discussions taking place. The more important they are, the less likely we are to know. Did we know about the $750 million package before it was announced? No we didn't. Patience and realism are key here. Nothing wrong with trading but that is not the same as investing just as volatility is not the same as risk.

Solgold is up 51% in the last 6 months. Goodnight all.

Hannam is the Company's broker. What about the other broker referred to on FT.com with a similar target? Presumably they are 'wrong' too accordingly to you?

Broker medium concensus is 62.36p within 12 months according to FT.com.No mention of Sirius Minerals in sight.

red, do you recall a recent period when communications from solgold were sp****? just before the funding was announced which coincided with sc not showing at the hannam meeting in july.

I don't see what you are trying to achieve when being so rude and disrespectful. Can you explain?

How do you know that Solgold does not have sufficient funding to start open pit mining at Tandy?

How do you know if this possibility could be being considered right now?

Based on the magnitude of the funding as well as the historic relationships between the parties, is it not likely that they speak regularly about Cascabel and all matters related to it?

Isn't 'derisking' important to FN and Osikso too?

I revert to the tangible achievements by Solgold under SC's leadership in 2024 and recommend that other investors do too. Do we know of any miners in this space that has managed to agree a funding package similar to Solgold's during 2024?

What was the cost of money back in 2020? The Fed's interest rate, for example? What is the rate now? Why is it so difficult for companies in this space to raise funds? SC had a job of work to do. He's completed that successfully and is now dealing with other things which will also benefit the Company and us. SC is not a shouty, flashy sociopath in a suit. He's a highly skilled and experienced mining engineer. He represents rational thought, tangible targets and consistency. The calibre of corporate governance in this space can be shocking to say the least. We are fortunate to have SC. Once again, the tangible achievements of 2024 (so far) represent a paradigm shift in Solgold's prospects.

$200k a year or thereabouts?

SC is certainly not being paid a King's Ransom for his time is he?

SC has a 40 year career in mining and was CEO at Guyana when latter was sold to BHP. He's a highly skilled and competent mining professional and we are fortunate to have the benefit of his services for such a modest salary. His options are of little use to him unless the Company and its share price advance. That's what we want too. Over and above this, I do not believe there is any question about SC's honesty and integrity.

Precisely. Hear, hear.

Does SC not get any credit at all for the Company's tangible achievements during 2024 (so far)?

The revised PFS saving over $1 bn capex? The $750 million funding package achieved in a space so difficult to raise funding let alone at a reasonable rate?

There is also the matter of NDAs signed and in force right now.

Did all these things happen even though SC is 'an incompetent twit'?

Patience is key. Patience along with objectivity.

How do we know that he isn't doing that right now?

Why wouldn't SC care about shareholders when he owns so many shares himself?

Patience please folks, patience. Many here were sceptical of what SC was doing earlier this year. Some even suggested that Solgold would 'go under'! And what actually happened? A revised and excellent PFS, a $750 million funding pacackage and, handily, a 20% increase in POG. Patience please folks, patience.

The Solgold share price has exceeded 40p 3 times since 2017 and there have therefore been several opportunities for folk to sell at those levels. Solgold in September 2024 is a well-funded business with a bright future. The latter is a function of the due dilligence undertaken by FN and Osisko which resulted in the USD 750 million funding package. The revised PFS published earlier in 2024 was also significant. Of course the volatility has not been pleasant to experience and of course we would all have preferred quicker progress and for the lockdown not to have happened. Having said this, today's situation at Solgold is excellent. In my view, further significant news could be forthcoming in 2024. In any event, we have a well-funded company with outstanding prospects. SC is a career engineer specialising in mining. Personally, I'm delighted that we have a mining engineer in charge; particularly as a man who owns over 17 million shares in the business. Under SC's watch, the Company has moved on significantly and has much more focus than before. He has also cut costs dramatically whilst being paid modestly himself.

Hear, hear Shouston. At no stage will we forget Stas20 despite him being cancelled. Let's ensure that we refer to him regularly. Whatever has happened here, Stas20 will be an important source of prime evidence for Mr Cotter and this reality cannot be cancelled.

But it is likely to be commensurate with other figures we have seen from COPL accounts and with his Nostrum remuneration.

COPL must have a new Chairman – one who will willingly align his/her prosperity with that of the Company rather than own few/no shares and be paid a hefty salary and bonus. It needs a new Corporate Broker too. Mr Krens, now of Tennyson Securities, remains in place. Why is that, dear reader?

You may wish to review this along with subsequent posts which you can do over on COPL. The only references are public records which are combined with questions. It is for you, dear reader, to come to your own conclusions and/or ask more questions. Why not ask them directly of Mr Richardson at Fenikso?

As we know, Thomas Richardson remains Chairman of COPL notwithstanding the shocking events during Q4 2023 overseen by Mr Richardson in this role which have continued into 2024.

What do we know about his past? Here’s an example drawn from public records.

He was appointed Chief Financial Officer of Nostrum Oil & Gas on 1 September 2016 NB: Mr Richardson had provided ‘Corporate Finance Services’ to Nostrum since 2011. He left Nostrum on 31 March 2020.

How much did he earn during his time at Nostrum? He was there for 43 months and over that time he earned £2,128,915 so just under £50,000 a month. (How much do you earn per month, dear reader?)

Part of Mr Richardson’s remuneration was a $100,000 bonus awarded in 2017 for ‘outstanding performance in connection with the refinancing of the Group’s outstanding debt’. That’s a good bonus so what was the basis of the refinancing?

It was a five year note for $725 million and 8% coupon. Give or take, Nostrum had to pay $58 million a year for 5 years then pay back the $725 million. Total payment: $1.015 billion. There would have been fees as well of course. How much were those fees? Who was the broker? Peter Krens of Mirabaud Securities.

Was 8% a year for 5 years a good deal? Bank of England Base Rate was between 0.25% and 0.75% per year over the whole 5-year period so not much on a cumulative basis. Surprisingly, the cumulative performance of median corporate bond returns over the period was about the same so not much there either.

Why was that refinancing deal so good then? So good that it was worthy of that bonus for Mr Richardson?

We could ask Atul Gupta who was Chairman of Nostrum at the time, the very same Atul Gupta who was appointed non-executive director by COPL under Chairman Tom Richardson’s watch on 2 November 2023 but resigned suddenly just over 2 months later on 18 January 2024.

Mr Richardson was paid almost £50,000 a month during his time at Nostrum acting as Chief Financial Officer (CFO)

How did the company’s shares do during that period?

Nostrum shares lost just under 98% of their value during Mr Richardson’s period of service as CFO.

What about COPL? He was appointed first on 20 April 2023 and then as Chairman on 9 Sept 2023. COPL’s share price since then is down just under 99% on both counts.

COPL and its shareholders deserve more. Mr Richardson should resign and resign now. To the best of our knowledge, he didn’t own shares in Nostrum and doesn’t own shares in COPL. We don’t know how much he earns at COPL (now that he has disclaimed any right to his bond!) continued...