Member Info for RodneyT

I covered that previously NMM.

Concerning the third tranche, the contract shows that feasibility and power terms are also required. But because the streamers have discretion and have already granted waivers once, it is reasonable to think they might release the funds if CIPA is filed in Q4 2025. The company has referred to CIPA by end Q4 2025 frequently. My opinion is that this goal will be achieved during the next 3 months and very likely before then. DN in just as much as a hurry as DV and us to get things moving towards production and royalties. All excellent de-risking and defence from potential suitors too.

NMM,

2 points please.

1. People could have a different opinion to others but that is not the same as 'challenging' them.

2. There is unlikely to be anyone here who wants 'less clarity' from the company and to infer that there is doesn't make sense to me.

As shareholders, we can't expect to have everything we want when we want it and for there to be no errors ever. The momentum overall is excellent since DV has been in charge. He has done far more right than wrong. Remember, I was a critic during the initial period following his appointment. You can check my posts. I don't delete any.

Noted,Add. Let's see what happens in due course. Hope we get those assay results this week still.

Morning Add,

Don't interpret it that way myself and still expect the CIPA to be filed by the end of Q4. Here's the timeline to back up this opinion:

10 July 2025

SolGold confirmed it had received the second $33.3 million tranche under the Franco and Osisko stream.

This came after publishing the Project Execution Plan and advancing TSF design and geotechnical work.

The company said the next milestone would be the submission of final permit applications (in other words the CIPA package) targeted for late 2025.

17 July 2025

The plan set out the development path with TAM as the starter pit, an on concession TSF and a staged block cave.

It also confirmed that permitting is now the critical path item and tied this into the Q4 2025 schedule for the third tranche.

September 2025 – Beaver Creek presentation

The slides highlighted permitting and the CIPA submission as near term catalysts.

They also showed ExploreCo being wrapped up in Q4 2025, with CIPA filing expected around the same time.

DV is only human and doubtless makes errors from time to time but his direction of travel is excellent. As a small critique, I would like to see other members of the Board engage more and share some of the workload. DV is flat out but we haven't heard too much from the other Board members. Something from Paul Smith soon would be welcome.

I think you could be right Corry. 17.5% of the price payable in March 2026??? Pretty crazy what's happening today. Have we been finding holes??

Crystal Amber were under huge pressure from Saba Capital to liquidate as much cash as they could as soon as they could. SC were/are a major shareholder in CA. Albion Energy were really keen to buy HE and invest in it for the future. My understanding is that the vote went as it did due to the above. Now we have this, back then we had AM and RC and all along we had the insane HMG/NSTA rules to deal with.

We all invested in HE because it had excellent assets. I don't think we made a mistake making that decision but the rest of what's happened has been horrible and shocking.

This is not legal advice, my take only. A sad conclusion to things based on all we knew about Hurricane and its resources.

Summary

The Serica Energy deal to acquire Prax Upstream Ltd (Lancaster operator) effectively brings the DCU story to a close. One more payment is expected in September 2025, after which DCU holders are unlikely to see further distributions.

Payments so far

30 Sep 2023: 0.309p

2 Apr 2024: 0.617p

1 Oct 2024: 0.756p

31 Mar 2025: 0.742p

30 Sep 2025 (expected): ~0.300p

Total: ≈2.724p per DCU, equal to ~42% of the 6.48p maximum cap.

Why September 2025 is the end

Economic date: The Serica RNS states the effective date of the acquisition is 1 July 2025. From that date, Lancaster production revenues accrue to Serica, not Prax Exploration & Production Plc.

Who owes DCUs: The DCU Deed Poll was issued by Prax Exploration & Production Plc, the parent company. Once it sells Prax Upstream, it no longer owns a producing asset and so will have no further “Net Revenues” to share.

Sale proceeds excluded: The £14.5m Serica pays for Prax Upstream is a capital transaction, not “Net Revenues”. The DCU terms cover oil & gas sales, not disposals. There is no entitlement to a slice of the sale price.

March 2026 and beyond: With Lancaster revenues post-July 2025 flowing to Serica, the 31 Mar 2026 and later DCU payment dates will deliver zero.

Conclusion

DCU holders will likely receive their September 2025 payment (~0.3p).

After that, no further distributions are expected.

Total received will be ~2.72p, around 42% of the theoretical 6.48p maximum.

Needy,

From Lundin's Annual Report:

Income Tax expense recognised by Lundin Gold for its Ecuador operations was USD 208 million.

There are 900 long term jobs at FdN and indirect /contractors in addition.

Then there is Mirador. Tax figures harder to come by but estimated at USD 211 million by government sources early in the programme.

According to Trade.gov, the Ecuadorian mining sector as a whole now gives over USD 1 billion in taxes and royalties to Ecuador and supports around 55,000 direct jobs. It's big news for the country and its people Needy. It just is. And Solgold will make it much bigger still and maybe sooner than we think. TAM assay results are due soon and could easily be transformational.

Hi DK, Good to hear from you. My opinion has been that folk take to the streets and start playing up if the cost of essentials like diesel will suddenly go up significantly, much less so protesting against mining. With the latter, murky NGO involvement is always a distinct possibility. A new mining industry done right (and so not artisan mining which is invariably a disaster for all but a few) is good news for a region's economy, society and people. But it has to be done right. So far, Ecuador seems to be doing quite well in building a sustainable, legitimate mining industry. Plenty there for Noboa the politician to work with and get credit for. Still hopeful for assay results this week.

Wild West? A bit like A &E at our local hospital in London, then. At least 2 security guards at the door 24/7!

Agree, Fort. Henry has done a terrible job at BHP. New leader and new start needed. DV is not available! :-)

Good morning all,

I think the atmosphere on here has changed NMM. As the company under DV's leadership has done better so shareholders' views towards Solgold have become more positive to reflect that. I recall you came up with a good point about James Clare and his remuneration last week that needed clarification by the company. People gave you credit for discovering that so I don't think valid critique of the company/DV is frowned upon/shunned. I think there is day to day evidence of objectivity but that the overall tone is more positive here now which just reflects sentiment towards DV and the company and the progress made under the former's leadership.

DBW, the share price suggests shareholders are delighted with DV since he has been in charge. Shorters less so. ActusRay likely have a specific agenda which would explain their on-going short. Over 120% up in just over 6 months with a short in place throughout is sterling stuff by DV and team.

NMM, Because it was a typo.

What you ask for is more than likely ultra vires for Dan via that medium.

Good point JLS

Not highlighted in RNS but buried in the annual report. That suggests they’re flagging it for those who read carefully (like you!), but not yet ready to make it a headline until permits are granted. It’s a subtle way of saying “there’s more going on here.” Interesting.

Good call Fort. Today's 'trading' smelly.

DBW, yes, DV's comments about the EIA were interesting and it is certainly feasible that the CIPA is filed at any stage between now and end Q4 2025.

As I have stated previously, profit taking by a general investment manager who has made plenty for its clients from Solgold would be entirely sensible for that type if institutional investor. Q3 reports would show a handsome gain and clients rarely sack managers for taking profits. Who knows, it could even be the Norwegians taking some profit? They've done well out of Solgold sinve their TR1 last year.

Ohh Needy,

Investors don't seem as downbeat - the share price is up over 120% since DV took office. The company is on the way up. Of course I realise that longs are happy about this but shorts are not. All of us make mistakes and a clerical error (likely by a team member rather than DV) is hardly life changing! Motive is key and it is clear that DV is committed to shareholder value and closing the value gap. He is doing his duty and doing it well.

Impressed to see how swiftly our CEO steps up to the plate and rectifies issues when needed. DV's LinkedIn post confirms no slippage with ExploreCo (so by end Q4 2025 still) and also makes several other points supportive of strong progress at Solgold and a closing of the valuation gap DV frequently refers to. TAM assay results this week a reasonable possibility too.

Fort,

DV's been travelling constantly over the last few weeks as well as before then since his appointment in March. Whilst I accept he has overall responsibilty as CEO, I think members of the investor relations team should up their game a bit. In SC's time, recall there was a glaring error on an investor presentation where the total of II's did not add up to the total shown? I guess this sort of work is Chris Robinson who was also in her role back then? I agree the accuracy is vital and should be prioritised. I'm sure DV is just as frustrated with this typo as others are here.