Member Info for SharketMare

Perhaps sometimes the simplest explanations are best heeded. There are no games afoot. The company simply thinks that including Tandy and further exploring ways to ensure the PFS is well received by the market is the best way forward. As was pointed out on the Telegram group, Keith Marshall will be erring on the side of caution following his experience in Mongolia whilst at Rio Tinto.

The company continues to drill and prove up its other license areas as we all expect it to do so.

BHP probably know themselves that including Tandy makes sense, but are using the delays as an opportunity to sow discontent amongst other key investors.

Whether you agree with the above or not the current BoD are on borrowed time (as demonstrated by the sentiment on here).

I think we give them more time and remember that this is the company that uncovered Alpala at Cascabel. If they manage to do the same elsewhere in Ecuador who on earth are we to doubt them?

To add quickly for clarity - the mine being opposed is being built by Codelco and the state-owned Enami and is not in anyway related to SOLG and Cascabel.

https://www.theguardian.com/environment/2021/nov/23/frog-back-from-the-dead-helps-fight-mine-plans-in-ecuadors-cloud-forest-aoe

"Ecuadorian politician, indigenous leader and environmental lawyer Yaku Pérez, who ran for president this year, says: “The mining decree is a declaration of war on the defenders of water and nature. It’s harmful to the rights of indigenous and non-indigenous peoples alike.

“Mining leaves indelible traces wherever it goes: environmental pollution, poisoned water, violence, dispossession. And in order to open mines, they must deforest forests and ecosystems, which generates more greenhouse gases and global warming. That’s why the cry of the Earth is the cry of the poor who resist in order to live.”

Mario Ruiz Jácome, a member of the national assembly for Imbabura province, says: “We oppose Decree 151 because it clearly accelerates the extractivist process in our country.”"

A timely reminder that whilst the current incumbent is onside, the opposition is very much not. SOLG needs to prove during the rule of the Lasso government that it can make serious progress and will be beneficial to the long term future of Ecuador and its people. Ideally it needs to do this before we start getting into the next election cycle - which will be approx 18 months out from April 2025... so Q4 2023.

Copper “SOLG are doing a fantastic job in becoming a producer of red metal”

I find this sentiment hard to understand. SOLG have done a great exploration job. They’ve identified a Tier 1 copper gold deposit and may have one or two more substantial finds across their portfolio. Where they have fallen down is the transition from explorer to producer, as evidenced by the botched and now twice delayed PFS.

I would much rather the company stuck to what it was good at - exploring and proving up - and leaving the major players to do the building and actual mining of the stuff. This would give us shareholders the ‘multiple exit points’ that we were promised by Nick Mather what seems like an age ago.

It’s the second RNS in a row that hasn’t been proof read properly. Yesterday’s had a paragraph repeated almost verbatim, today has an unfinished bullet point.

The news is great and they’re obviously keen to get it out the door, but these things matter!

It’s hardly a surprise that this has been delayed yet again, but the lack of timeline for publication is at this point concerning for me. I had always assumed it would get pushed back to Q1 to include Tandy, but the absence of even this extension to their own deadline is worrying.

If there is one thing we can give SOLG credit for it’s the work they’ve done at the community and government level that has meant Lasso has cut them some slack.

The fact that over 50% of this $430m investment is already spent puts paid to the nonsense that we had financing for Alpala sorted.. how are we meant to have serious conversations with investors about building a mine we haven’t even fully scoped out ourselves? We’ve heard time and time again on here that Ingo is ‘the man’ and it’s in the bag - my bet is that we are barely 10% into completion of that process given today’s update.

On the plus side: this once again buys us more time to let the drill bit work and potentially find another top tier copper gold deposit. Such finding would be a total game changer here.

Poor Daryl. First big bit of news is going to hammer the SP. He’s more likely a Nick Mather stooge than a BHP man for my money!

SM

Major-Tom - I'm not surprised you didn't receive a reply to that ridiculous message. Who the hell do you think you are to message the CEO of a business you are a small time investor in to give him advice on what he should do? I'm thoroughly embarrassed on your behalf. And use a damned spellchecker before sending an email to a CEO next time.

Beyond amateur hour.

Thanks again ShearClass. For my understanding, when you say a 4 year LOM increase is that driven by the increased size of the resource? This is what I was anticipating when the revised scoping study is published.

It's a good post ShearClass and an interesting point you raise on the spudomene price. Personally I think the company will err on the side of caution here (you could argue that $1000 does that) as being too bullish leaves the SP exposed to greater risk should prices come down again (which they inevitably will).

I'm sure Vince is well aware that the game for us right now is to drill and prove up as much of the CCLP as possible while Li remains in a bull market.

Does anyone have any examples of scoping studies that have been released over the last few weeks (or since prices have boomed) to see what other companies are opting for? Appreciate it is very difficult to find like for like given varitions in quality.

Thanks and good luck to all here, some prosperous times ahead!

SM

Pls ignore final question - have just seen your detailed post.

Addicknt - I am reluctantly voting in support of the current board as my biggest fear with this investment is not a low ball offer (which I would probably take at this point if it was 55-75p tomorrow) but being diluted into oblivion by substantial capital raises, which I think current management will seek to avoid.

I have always thought the PFS would be delivered in January/Feb rather than Q4 (some self-expectation management) so am not fussed if this comes before or after the AGM. Some news on drilling would be welcome though.

My understanding from your posts is that your intentions are broadly the same, but perhaps for slightly differing reasons?

Not going to lie I thought as much. This is basically a commitment to good corporate responsibility, investing $40m a year into the Ecuadorian economy through employing local workers, likely training people to do high skilled jobs etc. It's not market sensitive - though the company might well have RNS'd something highlighting its closer ties with the Lasso Gov (which is the only real plus I see here).

The leap to concluding this means we have financing for Alpala sewn up is premature at best IMO.

Great find sire_f

From the BNAmericas piece:
“Initial Capex as part of the preliminary economic evaluation for Cascabel, in Imbabura province, is US$2.53bn”

Is this figure consistent with the original PFS and do we expect it to change in PFS 2? I would have thought that if we are including Tandy in the revised PFS then it would change somewhat, as initial capex would be lower and we could fund the trickier parts of the build with funds from earlier open pit production.

What I’m really getting at is does this news mean that the revised Alpala PFS is solid enough for us to not have to include Tandy, and therefore might actually be released this year?

Just for posterity that was meant to say ‘thick’ - goes for the two morons who have upticked your post too. This board is going totally batsh*t.

See my post dated November 4th 11.04am where I explicitly state I will be voting for the current board against BHP you think bogan c***

BBG - I and I’m sure many others would much rather you left this board than RK. Whilst I do not agree with his view on what is best for SOLG and my shareholding, he clearly knows more than most about governance and frequently highlights articles and issues that the rest of us miss.

Take off the foil hat and try reading, learning and some critical thinking.

It has been a long and testing slog at times.. I think back to the fundraise at 7p and the non existent market reaction to our MRE at Ewoyaa, the excitement around Dorothe.. the expectation around the Zaranou MRE (very much still in play).. but finally it is looking like IRR’s time has come, albeit the rewards will be paid out under the new entities ALL and Ricca.

Clearly there have been a flurry of new investors joining over the last few months (and probably the last few days, good PR Vincent and team). Welcome to all - I think we are in for an incredible few months as 1) we become a pure play lithium company under ALL 2) the US listing starts to bear fruit and 3) we update the market with revised Li tonnage at Ewoyaa

We are sitting on one of the world’s greenest and most profitable lithium mines and the market is - at long last - about to work that out.

Good post ToS. I would add that you can be damned sure that BHP will be doing all they can to backchannel the Lasso government to help advance their own interests here.

RK - 45*1.25 = ~56%. He said 25% more votes not 25pp more.

To be fair to Quady, he was pretty consistent in his view that Nick was still playing an active role in the company despite not being CEO, which recent events and commentary on here would suggest is pretty bang on the money...

Where he was wrong was on the nature of the ousting, which was clearly hostile.