Member Info for SharketMare

ToS, red has 12 trading days left before his T20 settles, so we can expect daily updates on metal prices until then.

FWIW I'm optimistic that the revised PFS lands before that. How it lands in this market, who knows.

10 posters, 3k a month. I make that £360,000 per annum BHP are spending on the LSE chat board. Quite remarkable for a listed company, really.

Bought a few more last Friday at around 7.6p - apologies for doing so, as the price has inevitably fallen.

BBG, given that a few weeks ago it became apparent on the Telegram group that you had no idea we were even renegotiating the IPA, forgive me if I take your words of reassurance based upon a vaguity in the latest presentation with a large pinch of salt.

NMM I don't recall this being announced. In fact I noted in the last MD&A that they planned to do so but had not yet.

Add agree they're not going to be signing the document, but they're also not going to be signing anything regarding ownership of Cascabel unless they're happy that their investment will be safe. We have to ensure they are aligned.

I don't think it's totally implausible that we hear news of the IPA alongside and update on how this thing will be built, otherwise the document will be relatively meaningless as no one thinks we can go this alone anymore (and the company have essentially said as much).

Aquinaga - on your point on price and the majority willing to sell - Mather has bet the farm on this now and the clock is ticking. He simply has to get some sort of deal done here and soon. This will focus minds on price/valuation.

Add, agree. The article was discussed on here and opinions were mixed on who "the investor" referred to. You could imagine that Chinese press might not be totally au fait with (or give a damn) regards releasing MNPI in local media (over at ALL the Ghanaians have been awful for this) but it's not something we have commented on publicly or clarified.

The Chinese have had issues in the south with the government and indigenous populations, and I've long held that they will want water tight protections in place before making a move here to avoid a (much more costly) repeat.

If Jiangxi are a serious suitor, you'd think they'd want to be privy to the terms before anything is signed, if not negotiating them themselves.

Despite the political changes, it seems implausible that it is taking us this long to revise an important yet relatively simple document.

Last September, Middlekoop highlighted a translated Chinese article which claimed that the government had signed a preliminary agreement on Cascabel with "the investor". It was unclear whether this referred to Jiangxi or Solg. The translated piece is here:

https://www.econotimes.com/Solaris-Resources-Warintza-Project-in-Ecuador-Attracts-Global-Attention-Chinese-Investors-in-the-Lead-1667077

Given the thrust of the article is Chinese investors and Jiangxi, I am increasingly leaning towards it being about Jiangxi. What preliminary agreement have we signed? None to my knowledge.

In which case, when negotiating this IPA, why would Solg be doing the heavy lifting, when the terms of the IPA are going to be relevant to the company actually building the mine? Jiangxi probably fancy themselves to negotiate their own terms as they have much more clout than little old Solg.

Moreover, given the 200m odd shortfall in our spending exploring Cascabel, and current cash balance and Mcap, the people on the other side of the table will be asking Solg where are you planning on finding the billions required to build this?

I think the radio silence on how this process is going (we have had meaningless soundbites saying it's going well but absolutely no detail) points towards it being out of our control as the terms are going to be relevant for the entity that develops, builds and mines Cascabel.

We have mothballed the company, we are in an endless strategic review, we have been prioritising drilling targets for nearly a full year now. There is no way I see us owning this project for much longer.

Morning addicknt, given that when the CGP crew took over they sanctioned that Sangha article (there is absolutely no way a hired advisor goes out and says that without the CEO's blessing) in which he trash talked BHP and NCM, even getting BHP to abstain is pretty good going.

FWIW, given their public statements I think it more likely that Newmont abstained if one of the big 2 did so.

"and the current chair warmer of a ceo we have has so far failed to repair the relationship with BHP"

The same BHP that voted to reelect him as a Director at last month's AGM?

Give it a rest, Eloro, you're sounding more ridiculous by the day.

Mathersfinger, the article is from October 2022. BBG lost the plot some time ago and is massively overweight here. Hence the multiple threads and delusion.

Stackhigh, in fairness Sumitomo did visit Cascabel last year (or perhaps the year before).

Anon3, I am expecting a much more conservative PFS, possibly even more conservative than PFS2 which was based on 21% of measured resource and 38% of contained metal. This is because I don't think the market believes we can finance PFS2 (why are we producing another one if we can?) and in absence of a bid or JV, it is critical we produce something that is credible should SOLG be forced to go it alone.

It will also be interesting to see the metal prices we use. PFS2 was $3.60/lb for copper and $1,700/oz for gold. The latter has jumped significantly, the former is roughly around that price today.

Secure*

The only thing of relevance in this update is the confirmation that the government is still supportive. All meaningless until they put pen to paper and sign the revised terms of the IPA and thus securing our long term future in country.

Not a bad shout Bozi. We need the interest rate environment to come down a bit and stabilise before we start seeing serious M&A activity again, whether that be in mining or anywhere else.

WI's no comment on the IPA isn't ideal but he might just be as in the dark as the rest of us.

When is the next MD&A due? Should hopefully contain some material progress on the IPA and the PFS3 if we haven't already seen it by then.

Why are they bottom feeders? They're a small outfit based out of HK set up by 3 ex-Macquarie traders. They're probably all very bright and have a much better handle on how to make money from this game than any holders on this board. The short is disappointing news and I'd love to know/understand the rationale behind it.

So Sean Tufford was hired to improve communication with retail investors / the broader investor base, but when asked questions that we're keen to have answered, e.g. where is the revised IPA we had hoped to have signed before year end and what is the current relationship like with the new government, he goes silent?

Evening snowman, we are updating the MRE to produce MRE4, which I imagine will form the basis of PFS3.

The existing Telegram group is just fine, and all the better now that BBG has left it and we don't have to put up with his r*cist bile.

Fully agree with your post copperpot. The admins/mods gave up on this BB a long time ago. HNY to you.