Member Info for SharketMare

Excellent work Eish. There we have it, the strongest evidence to date that the plan is to sell the company. He speaks like a man who is highly confident of getting a return on his investment.

Some good posts on this thread - agree that a NewCo with our portfolio ex Cascabel would be an attractive junior explorer play.

Thinking back to the financing for next year to be announced in H1 in connection with the SR.. I wonder if the sale of ENSA is what is being alluded to here, e.g. some of the proceeds returned to shareholders and some used for exploration.

1981Investor
Stackhigh
ArAgCu

All the same poster.

addicknt, any chance we can coax you out of retirement to take the reins and whip them in to shape?

Interesting read and good summary, thanks for sharing Fort.

Must admit I'm at a loss trying to get my head around yesterday's and today's trading.

Quady, in April '22 we were told H2 2023 for the DFS. We have since been told it has been delayed indefinitely. So I would suggest not very close.

Dbw, I did wonder whether yesterday's rise (think we were 8% up at one point) might have been down to the shorters closing out their position. Might see a similar bounce when North America wakes up.

That was specifically related to financing though, and "in connection" with the ongoing strategic review. I thought it was a pretty vague statement (vintage SOLG).

"The Board expects to recommend its future funding strategy in H1 2023 in connection with the Company’s ongoing strategic review."

Orthern, you are clearly not happy invested here and at times I share you cynicism. But there was no way they were going to announce the outcome of the strategic review before completing the merger. Where have you got end of June from?

You are the master of the straw man argument if nothing else Quady.

You also note below that the strategic review is about advancing Cascabel and can't result in a sale. Here is what it actually says:

As previously disclosed, the Strategic Review includes, among other things, evaluating and pursuing value-enhancing opportunities for the Company, such as:

· evaluating financing alternatives for the Company;

· a spin-out of assets, other than the Cascabel project, to all shareholders;

· the direct or indirect sale of an interest in the Cascabel project howsoever effected; or

· any other transaction or series of related transactions.

Quady, the longer I spend invested here and on this BB, the more it becomes apparent you have absolutely no idea what you're talking about.

Honestly, were you as an investor to sit down with our current BoD and say "well chaps, after reading everything you've published and put out there in the press it looks like we're going to start with an open cut mine to self finance the full block cave operation", they'd **** themselves laughing before having the men in white coats come and take you home.

I do wonder whether you continue to post this nonsense just for the laughs, in which case fair play, because you've got me hook, line and sinker.

I would have found the impasse of the last few years much more bearable if I was being 100k pa for the privilege.

He's not Ray, he's that poster that has been on here under a couple of aliases that has a bizarre obsession with redknight. He was the one who kept trying to insist that the company wouldn't be sold by this year's AGM, and under his alias before that signed off all of his posts with a ":)".

I am 95% sure of this.

Addicknt, I think I said less attractive rather than uneconomic. From the prospectus:

"In light of the evolving capital cost environment, numerous value enhancing aspects currently being studied and the potential positive impact of these aspects on both capital and operating costs, it is expected that the Cascabel DFS and the Porvenir PEA will be delayed. The Company is proceeding with the Cascabel DFS as the next stage."

I wouldn't be surprised if they've run numbers on the 21% PFS with revised costs and taken pause. The market shrugged its shoulders at the PFS from April '22, with higher capex I can't imagine the result would be much better, though we were told we were looking at various factors to improve the project economics which would mitigate some of the higher cost.

It's all moot anyway as we're hopefully heading towards a sale of sorts. Finally the market might be thinking so too!

Add, which part of what I said would mean SOLG are misleading investors? Thanks for the 21% - I did glance over the PFS but it wasn't clearly signposted.

Eish, I think we shot ourselves in the foot somewhat when we produced the revised PFS under Cuzzubbo's leadership, which took a much more cautious approach (I can't remember what % of the orebody it accounted for). The project economics were viable but not great. Solgold told us they were going to produce an amended PFS in H2 2022 and then a DFS in H2 2023. This was back in April 2022. The PFS addendum has been canned, and we are allegedly pushing ahead with the DFS - and to be fair to SOLG if they do produce that study this year, they will have stuck to a timeline.

I think the main reason the studies have been either canned or delayed, are because of the macroeconomic environment has deteriorated substantially since April '22. Inflation has meant costs have rocketed, and the economics of the project (particularly given how conservative we were) are now far less attractive.

add, it'll be miraculous if we have produced a DFS by 2024, let alone started construction.

I wrote this to another poster on this BB privately a couple of weeks back, think it is relevant to the above article shared by DBW:

We have to remember that these guys are politicians and probably shouldn't be held in much higher regard than the ones on our own shores. They are thinking about the next 2 years and might not even be in position much after that. Not saying they are empty words, and acknowledge that mining is a core part of the (current!) gov't's economic plan for the country, but the scale of the mine and what is required to build it (particularly the upfront finance) means that ultimately the gov't are going to be working towards the timelines of whoever is paying for it.

In short - I take these statements with a large pinch of salt, unless the Ecuadorians plan on requisitioning Cascabel and paying for it themselves (ha!).

I don't know addicknt. This sentence stood out in the prospectus: "The Board expects to recommend its future funding strategy in H1 2023 in connection with the Company’s ongoing strategic review". With the merger completing next week, I'm hoping we get some news on rough timeline for completion of the review and exploration activity.

Thanks addicknt. I wonder if Bob Sangha knew this was a risk before he did that interview with the AFR. Reckless IMO.