Member Info for RodneyT

Morning all, someone just told me they'd seen Stack next to Bank Tube this morning asking passers-by if they had any Solgold shares to sell at 6p. Hope he's got factor 50 on. Think it will be a long day for him. Enjoy your day all. NAV estimate 164p

PBOW, As a critic of DV at the start, I have to say that I find your views of the current situation unusual for you in that, on balance DV has got much more right than wrong so far. The only thing I can think of is that you just got back to the UK and that would make anyone feel a bit cheesed off! News still expected this month. Anything decent on ExploreCo and/or TAM drill results will see us motoring.

NMM. quite happy to read that. Bit different to my view but why not? Let's hope for a little boost from good news next week. Anything supportive on drilling results or ExploreCo? I'd say we could be back into the 20's. We'll see. In relation to the perceived lower cash burn, I'd be interested to learn how that has been achieved. Personally, I'd be delighted if the GG-related folk have left the business. I suppose we will learn more from the Annual Report in due course.

Fair enough so let's see what happens.

Wish list:

1. Company employees decide to respond to emails even if just to say that 'we don't respond to emails'! Courtesy.

2. An up-to-date and clear corporate presentation on the company's website.

Of course I am aware this is a low market cap business but the ramshackle way things like this are handled at GLR is simply not good enough. Why not just do a decent job, deal with things like this and starve folk like me of any oxygen to spout on like this?

Quady, You know of course that we are all entitled to an opinion. I recall that you referred to the LSE site a while ago in estimating a NAV of 5p. Again, Needagain, Stas20, sensitivity analysis and all the way through with wordings to get to a 164p estimate based on spot and company broker notes. A sound footing and an estimate. That's it. I'm happy with it, an estimated NAV of 164p. A FACT that deals go through on this type of asset at 0.8 to 1.1 of NAV.

Agree, K. I happen to believe they are not just looking busy, they are, in fact, busy. Further, their plans for actual production are plausible, feasible and delivered in a clear and crisp matter-of-fact way. I think this is tremendous by DV and team. They really doing a great job for shareholders. In summary, 'we are going to production and are excited about that - here's how we're going to do it and our world class financial backers are happy with that. If anyone wants to buy some/all of the company, forget about low ball offers and please don't waste our time making those. Only fair offers relating to NAV will be considered.' My estimate of NAV remains 164p per share. We know that deals are done at between 0.8 and 1.1 of NAV. DV and team playing a blinder. I've been proved wrong and am happy that I have been.

Red, 'shine has come off'? What does that actually mean? We are investors in a company whose executives are doing so well now as are the underlying fundamentals. Why then are you making such comments and framing things as such? Want to buy a few more cheaper? I guess you won't reply because you wouldn't have seen my question now I'm filtered! By the way, I learned yesterday afternoon after my reply to you that there is someone here with 16 million shares. I suspected as much and I reckon there could well be several others between that number all the way down to yours.

JS, that made me chuckle! :-) :-) I reckon you're getting into the Bank Holiday spirit! Keep it up please.

Good morning all

I don't really know but it is my sense that RK has filtered many folk and now I have joined the group. Quady says it's not very select so perhaps there are so many filtered by RK that, when he logs onto LSE, he sees a screen showing only his posts so that he is effectively talking to himself! :-) :-)

Red, Did you ever consider that there could be posters here holding many more shares than you but don't disclose that? I suspect there could be. In your long career as a 'stockbroker', Red, did anyone ever tell you that money talks but wealth whispers? You'll excuse me please Red if I never refer to you as 'daddy' a la Mark Rutte. My dad passed away years ago and was a real man.

Just an update and NOT legal advice. Please do not rely on this in any way - my opinion only.

Hurricane DCU Update

• 15 Aug 2025 – Bluewater expressed confidence in redeployment of the Aoka Mizu FPSO after Lancaster; earlier (21 May) terms were agreed for a charter extension.

• 20 Aug 2025 – The Guardian reported the Official Receiver is probing related-party dealings around State Oil/Prax, but no insolvency of Prax E&P itself.

• 29 May 2025 – Bluewater’s annual report confirms: (i) 180‑day mutual termination right in the Aoka Mizu charter; (ii) expectation of economically viable production until at least H1 2026, subject to licence; (iii) FEED underway for redeployment.

• 2 Jul 2025 – Press coverage notes Prax upstream operations continued outside insolvency; administrators considering a sale as a going concern.

2. September 30, 2025 DCU Payment

• Covers Net Revenues from Jan–Jun 2025.

• No public evidence that Lancaster stopped producing in H1 2025 or that Prax E&P is insolvent.

• On balance, payment appears more-likely-than-not to be made on schedule.

• Key risks: deliberate deferral/dispute by Prax E&P or sudden insolvency event.

3. Future DCU Payments and the FPSO

• FPSO (Aoka Mizu): contract contains a 180‑day break; current expectation is viable production through H1 2026.

• Bluewater negotiating extensions; August statements suggest strong likelihood of continued uptime into H2 2025 and early 2026.

• DCUs accrue semi‑annually until 31 Dec 2026 (subject to 6.48p cap). Further payments depend on production continuing or an intervening asset sale.

4. Sale of Prax Upstream – Effect on DCUs

A) Share sale (buyer acquires the shares of Prax E&P):

– DCU obligation remains with the company under new ownership (liability continues).

B) Asset sale (Lancaster sold out of Prax E&P):

– DCU holders receive 17.5% of net sale proceeds via the deed poll mechanism.

– Buyer does not assume DCU obligations unless expressly novated.

5. Bottom Line

• The 30 Sept 2025 DCU payment appears secure on current evidence.

• Further payments into 2026 depend on continued production or a sale event.

• Share sale → DCU obligations persist.

• Asset sale → DCU holders receive share of sale proceeds.

• Risk remains from parent-level instability, but upstream operations currently ring‑fenced.

Red, That could be right in the context of day trading. Based on the direction of travel at Solgold, 'the shine' has not come off at all- on the contrary in my view. 3.8 million? My goodness, that's a lot! :-)

PS, you are right as was Stas20 when he explained this to Quady weeks ago. Oh well!

Quady, Stas20 cross-referenced to industry standards and frameworks. It was great work by Stas. 164p is your fair NAV estimate. 0.8 to 1.1 but you are at risk at not getting there by keeping digging! Please don't go the wrong way again. We all want to see you win and win big.

Trust Stas20 - 164p is your number. Plenty of space between here and there. Enjoy the journey!

Good for you Quady! Happy for you. Stas20? He nailed his estimate, gave his workings, paid due credit to Needagain, corrected you as you went the wrong way, explained that an pressed on. You were 'right' but in the wrong arena and Stas20 went through that and even explained that he understood why you'd gone down the wrong foxhole then presented the right approach to an explorer like Solgold. NAV164p is the thought to have Quady. Blimey, you'll make a better percentage than DV!

164p Quady. Keep that figure in your head. Bit like a target weight when trying to lose weight! Stas20's estimate was bang on. 164p NAV. Look up the posts if you like along with his addressing NPV and NAV. Spot on by Stas20. You must be happy about this as a LTSH Quady?

Don't agree Quady. Stas20 and Needagain had it right. Stas20 even provided his workings and explained why your approach is not applicable here - misplaced if you like. NAV estimate 164p is about right as Stas20 said. Likely a bit more now due to spot prices. Deals are done between 0.8 and 1.1 of NAV. Tier 1 assets of this size command upper end values. Doesn't matter really. No sign of any deal at this point. All that matters is what a cracking company Solgold now is. Management are pressing on with the company's own plausible and realistic plan to production. The price to buy us therefore goes up as time goes by. Nobody wants us? (highly doubtful) no problem, we'll go it alone. Want to buy us? Nice, see the starting bid based on the above. A beautiful hedged position. Tremendous job by DV and the Board. Really exciting times.

Don't agree with that Quady.

There's been a paradigm shift at the company so that there is a renewed focus on actual value of what we own rather than share price.

Markets know that significant news is due here. Being out of this share at the wrong moment after so long in the doldrums - nobody wants to be that person. Well, a shorter or someone wanting to hold the share price back would. But that's not us, right? :-)

Well, DV's made a notional £1 million or so on his options already. Can we all agree here that we hope he makes £15 million in due course?! :-)

Meantime, he's running a business and doing it well. Nice one.

Needy, If you check, Add and I have often had different opinions. I don't think we have ever shown disrespect to one another, though. Needy, I wouldn't dream of wishing you any harm and I mean that. You have a right to your views and I respect that.