Member Info for SharketMare

Copper - hope you bagged a few fish, nothing better than fresh mackerel grilled with olive oil, salt and lemon.

Dbw - thank you, I am about to play another 18 holes so will miss the presentation. Hope we get an answer.

This has been done to death, but if you really dont believe we failed to raise funds in the way we wanted to copperpot, can you explain why:

1. Our CFO resigned
2. The AFR wrote about our fundraising attempt that we had to pull
3. Berry St publicly criticised the attempt
4. Our SP is now around 30% lower since that RNS was published

I will be asking Darryl directly next time we have the opportunity whether the resignation of Ayten Saridas was in any way related to the fundraising attempt. Let's see DC try and play that with a straight bat.

Shipright, firstly thank you for onward sharing.

Second, "This RNS was announced at the time to clarify to the market that the Company had engaged with investors about potential funding but did not proceed as we didn’t think it was in the best interests of the company compared to other funding options available. " is open to much interpretation. I have never doubted SOLG's ability to raise cash, what I am struggling with is raising cash in a way that placates the interests of all major shareholders.

Over to you DC to deliver.

https://www.lse.co.uk/rns/ALL/tr1-notification-of-significant-shareholding-gmj6xvatoq0w3zq.html

3.07% of the company.

Electrification and Decarbonization AIE LP Fund is a 100 per cent owned subsidiary of Toronto based Waratah Capital Advisers.

As a comparison, GGP announced on August 19th that NCM wouldn't be taking up the option to purchase 5% of Havieron for $60m, meaning the business needed cash, and fast. 6 days later, it had raised $35m.

smickster, we had a preferred method of raising funds, and had to pull it after our majors kicked up a fuss. I'd suggest it's them currently keeping us on our toes, rather than the other way around.

I can fully understand why BHP and NCM would not have been happy with another cashbox style raise. What I cannot understand is why we haven't gone down the usual equity raise route as soon as it became apparent that the preferred option wasn't a goer.

It's been approx 2 months since SOLG attempted and failed to raise funds (Berry St letter was published July 28th, we can assume it fell apart in the week(s) before that), and a month since the AFR started writing articles about how things are not good at the company (to which the company has offered absolutely nothing in terms of a response). In that time we've also lost Ingo, our CFO and Keith and Jason are on their ways out.

I think frustration and anxiety are the right responses to the current state of affairs.

Cheers, well the feeling is mutual Fawzi.

From where OrthernC?

If you really are so desperate to post on this board, why don't you create an account an abide by the rules. Play the game.

Share your views on race, covid and anything else likely to cause debate on other forums where that type of thing is welcome and wanted. Don't overtly abuse other posters.

Your knowledge of trading, the order book etc is better than the vast majority of contributors and genuinely welcomed.

The daily trashing of the BB and abuse of Quady is tiresome and childish. If you really want to p*ss him off and that other little rat that infests this board, create an account and contribute like everyone else.

Just a suggestion. Signing off from the nuthouse.

Nicely done, Olderandwiser, my heart skipped a beat this morning when I saw us sub-38p just after open. Glad you were there to mop them up!

Colonel, Orthern didn't ask about publicly listed and well established Fortescue, he asked about Wyloo. I simply lifted shared their first investment principle from their website, which talks specifically about jurisdictions and political instability. So don't accuse me of posting 'nonsense' and then start rambling on about something else altogether.

Ortherncopper, it would be nice, but the #1 principle for Wyloo's investment strategy is:

"Country: We operate in regions of past experience and avoid areas of political instability."

From: wyloometals.com/investments/

I don't see them expanding their footprint into Ecuador any time soon, sadly.

Agreed addicknt, and I don't think the current management team have the credibility with money markets in order to secure it. My preference would be to recognize that Cascabel is simply too big for a company of our size to go-it-alone, and to sell it to one or both of our major shareholders. Use the funds to continue exploration across the rest of the portfolio. Rinse and repeat. Perhaps find a smaller project (e.g. Porvenir) and look to develop a mine there to generate regular income over time.

Well done on GGP!

Hi Novice, GGP was considerably overvalued (in my opinion) throughout 2021. Shaun Day inherited a business with a dwindling supply of cash, and a complex, unfavourable agreement with its JV partner to resolve. The business is now fully cashed up to production, has somehow managed to avoid having to give away a further 5% of its world class asset, and has appointed 3 highly experienced mining executives to its board. I mistimed my entry and bought in first at 15p, but followed a strategy of buying in tranches. My average is now just shy of 10p, so I'm underwater, but fairly confident of a positive outcome over the next 18-24 months of holding. The path to production is clear and the GGP position vs NCM has been strengthened considerably with the addition of Wyloo as a strategic investor. I think the future is bright.

Comparing that with the progress of SOLG, who appointed DC in Nov '21. We have delivered a PFS that saw a decline in SP post publication (people buying the rumour and selling the news I imagine). We have as good as halted all new exploration activity. We have attempted to raise funds in a way that was so offensive to our two major shareholders we had to withdraw it. We have sacked/lost the person responsible for raising funds to supposedly develop and build a mine at Cascabel. We have lost our CFO after 6 weeks or so, and we have made several 'key executive' appointments, from whom we have heard very little/next to nothing (a genuine question - what are they currently doing?). Not to mention the fact that we are going to need to raise funds at some point fairly soon.

Objectively, it's not been great, and the short term outlook isn't good either.

On the plus side, we have managed to retain 85% ownership of one of the biggest copper gold finds of a generation. It's now up to the BoD to work out how we can effectively monetize that asset and deliver some long overdue returns to shareholders who have stuck with the company throughout all of the above. The problem is, we're all left scratching our heads as to how the BoD intend to do this whilst keeping BHP, NCM, CGP, and Nick Mather all happy (I personally don't think this is possible).

Thanks for sharing Stocky. I think the glaring omission from the comparison between SOLG and GGP is the former holding on to almost all of its Tier 1 asset, while the latter gave away 70% of it in order to move at pace towards production, and share the cost of funding the project.

It remains to be seen which of the two approaches will prove to be more successful. At the moment, I think it's fair to say that the GGP approach has delivered a better outcome and rosier looking future for shareholders.

Thanks Woody, appreciate you taking the time to respond. FWIW, I emailed Mather directly at his DGR address and got nothing back. Maybe I'll try again.

If nothing of note happens pre-AGM I will be selling my remaining shares here and moving on from SOLG. Too much second guessing, not enough action.

Woody, thanks for sharing. A couple of clarifications if you can be bothered:

1) Which employees did you ask about? Assuming Ayten? That departure has obviously been acrimonious - we might not ever know the story behind it. The response you got was indeed frosty.
2) Did you specifically ask whether the PEA and PFS would be released before the AGM?

On funding, that's the line that's been trotted out for the last few months, as you rightly point out.

Hmm. Concerning price action here. Maybe we are pulling back to the 34p mark which is what we will list at on ASX at the end of the month. But we are around 15% down from where we were at 4pm yesterday, and very unclear why that is, given the good news ahead.

It's hard to know RK, what exactly Ingo was referring to. I'm guessing he hasn't thrown you any tidbits of information? We also lost our metallurgy manager at the same time, which is completely at odds with a company that has a stated aim of developing an asset.

I was always under the impression that a DFS and BFS were the same thing, just with slightly different nomenclature. Both offer a greater level of detail and accuracy vs the PFS, giving bankers a level of certainty to commit finance to a project. I am happy to be wrong though and would appreciate someone articulating the difference.