Member Info for RodneyT

Add made an excellent point about the importance of PwC signing off the accounts. A good, strong foundation from which to move forward. As you know, I expect the CIPA by the end of Q4 2025. I also expect there will be other major news as a consequence of DV's full diary and effectiveness. DN is not interested in the potential of Cascabel. He needs performance. I expect a hastening of updates and agreements between Solgold and the Ecuadorian government.

Agree, Add. Solgold has a solid financial foundation from which to press on from here. That it does is extremely important. The financial discipline being shown is also to management's credit.

Haven't had chance to really check the AR but, from what I've read so far, it looks good to me - a reset - which is just what we expected (and wanted?).

I note that losses reduced significantly: net loss fell to US$36.2m (vs US$60.3m last year). Cash position strengthened: net cash outflows down 94% to US$2.2m; total assets up to US$493m.

I think the company has a sound financial footing so that DV and team can freely press on to achieve their objectives. Pleased that Mr Joseland is a Chartered Accountant.

Overall, good. I will add any further comments in due course once I have taken a closer look.

Needy,

Why would I lie? Have you been drinking this evening? SC told me what he told me. Whether you believe it or not is up to you.

SC confirmed to me on a Zoom call a couple of years ago that TAM was considered part of Cascabek as far as FN are concerned. ( I presume that meant Osisko too but he referred to FN). He also commented that FN funding therefore had scope to be used to develop TAM and that, in any event, the Company had an excellent working relationship with FN and Osikso so the Company could always 'pick up the 'phone' to them.

NMM,

I provided my opinion of what will happen in Q4 2025 and am sticking with that.

The second tranche was only released once certain conditions were waived. That shows the streamers are willing to be flexible if they see the overall direction of travel is positive. The same could happen again – and I think it will. If the CIPA is filed and looks solid, they might decide that is enough to release the funds early. A waiver would not be unprecedented – see above.

The third $33.3 million tranche isn’t unlocked by CIPA alone. The contract is pretty clear, SolGold is contractually required to deliver a feasibility study, file the final permit applications for Cascabel and the TSF, and show it has indicative terms from a power provider. There are a few other bits like updated budgets and consultation documents as well.

It’s not right to say CIPA has nothing to do with it , permit submission is one of the conditions. But it’s also not enough on its own, per se.

My opinion is that, in a similar way to for tranche 2, a waiver will be granted once the CIPA is filed in Q4 as I believe it will be and then the third tranche of $33.3 will be released to Solgold.

This company has strong momentum, a clear plan and an excellent relationship with the streamers. Things are looking good for Q4 2025 in my opinion.

Agree Matt and remember that this is not any old end of the month - end of Q3 - quarterly investment report publication time.

PS, I suspect the seller will be done by then. Nothing to do with prospects here - profit taking into the end of Q3 pure and simple. Looks good on the Q3 investment report. Prospects here remain outstanding in my opinion.

SolGold has ticked off the prerequisites, the financing deal is designed to reward that timing, and the company has said more than once that the end of Q4 is when it expects it to happen.

First, the Franco Nevada and Osisko stream agreed in July 2024 ties the third 33.3 million dollar tranche to submission of all final permit applications for Cascabel and the TSF. The company has said this would be by the end of Q4 2025.

Second, the key steps that needed to be done before then have now been achieved. The investment protection agreement was signed in April 2025, the project execution plan was published in July 2025, and the second tranche of funding was received once technical and permitting milestones were met.

Third, the RNS announcements through 2025 all show the staged approach with TAM as the starter pit and the TSF on site. The work programs are clearly leading towards filing the complete package rather than doing more early stage studies.

Fourth, the financing structure is staged in a way that makes it important to keep on schedule. If the CIPA is not filed in Q4 the company would risk pressure on liquidity, so there is every incentive to file on time.

Finally, the most recent presentation backed up this timetable. It set out TAM as the starter pit, an on concession TSF, and pointed to permitting and the CIPA as the next catalysts. This is consistent with submitting the full ESIA package in Q4 to unlock the third tranche.

It is worth remembering that the requirement is submission of the final applications, not approvals. If filing slips past December then the tranche would likely slip too.

President Noboa has made clear that he wants to deliver new revenues and jobs from responsible mining. His political needs are to stabilise the economy, show foreign investors that Ecuador is open for business, and build fiscal credibility. Advancing Cascabel is one of the clearest ways to do that. It is in his interest to see SolGold succeed quickly, because it demonstrates that Ecuador can host world class mines under a modern framework.

my opinion is that the cipa will be filed before the end of q4 and that this will be referred to by solgold to obtain the 3rd tranche from fn/osisko. this opinion might make me 'a clown', 'a moron', 'a ******' or whatever to some posters here who seem to enjoy using these words here but i will freely acknowledge on due course if i am wrong and i hope those concerned will apologise time shows i was right. the cipa takes precedence and will be filed in q4. moreover, it could easily be that solgold does not need the $33.3 million by then.

PBOW, Maybe if you stopped calling people all sorts of names when they disagree with you, life for all shareholders (including you) would be better? Of course you have a right to be see all glasses half empty at Solgold as you wish. That's a different matter.

Fair point in my view Mike. Can't argue with your rationale. Trading this always comes with the risk of out of the blue news hitting but I see your point and think it is correct.

Add, Very well said. Good morning to you.

As is the diesel subsidy PBOW. As a shareholder in Solgold, I am confident of Ecuador's trajectory to become a leading centre for mining. In order for this to occur, the country will need to have mines. In my view, it will have more mines which means it will have more jobs, more money and better prospects for the Ecuadorian people.

NMM, calm yourself and try and control that temper of yours. Dear oh dear..

The ones I have used before and have received emails from.

Noted NMM. You're becoming a little bit like PBOW mark II. No idea why ;-)

That's the beauty of debate NMM. Time will tell what transpires. I've said my opinion that the end Q4 deadline will be met. We'll know soon enough. The trigger is likely to be the filed CIPA...but other big things could happen before then.

You'll have to raise that matter with DV, Needy. His own graph refers to 164p in due course and we know for a fact that M& A deals for assets like these are agreed at 0.8 to 1.1 of NAV. So either DV is 'absurd' or.......?

NMM,

I've made my position clear and that is my opinion. I think the CIPA will be filed well before the end of 2025 and that the company will reference this to receive payment 3. Of course, this deadline might be missed. Also, copper streaming agreement, Southco, an offer for some or all of the company could all happen in the next three months or so. The company has an excellent relationship with FN and Osisko. SC referred to that and the use of funds at TAM. Solgold may well not need payment 3 but, if it does, please see above. Put another way, I think the company will achieve what it said it would achieve in the July 2024 RNS.