SOLG ALPALA MRE3 Available, page-37

+The following post was made by TheRouge on London South East discussion forum at 15.11hrs UK time:

"Here are my noddy notes from the webinar for those that couldn't make. Apologies if I misunderstood anything:

- Repeated info on financing. Spoke about the initial 150m required. Some drilling and geo-technical work needs to be done. Planning for it to be state-of-the-art underground block cave mine.
- The finance packages are in line with the value of the resource not the undervalued share price
- Expects a re-rate of the company value (SP)
- Early stage discussions with Ecuadorian government for what is required in terms of permits and infrastructure for Alpala development
- Will focus on the other sites once to build the company once Alpala plan is sorted
- Seemed quite relaxed on COVID-19 in Ecuador and where our sites are. Had no cases within employees. It has obviously stopped fieldwork though on sites. Their teams are ready to hit the ground as soon as the social environment allows and they will be taking to the authorities as soon as viable.
- In terms of funding, the worst way they could do it is through straight equity. There will be further equity issues in Solgold in the future but they want to limit them, especially as the market cap is so low in comparison to the value of the project/s. They are considering all the proposals. We wouldn’t have announced it unless they thought there was a great chance of agreeing something.
- Ingo: These conversations started in the second half of last year. Very encouraging to have 10 qualifying bids. There is a lot more demand for our product than there is supply. This has been helped by the high-quality concentrate of Alpala. Some bids have logistical advantages. They want to select and close the agreement within the next couple of weeks. (Then some geeky stuff about the advantages of smelters vs traders)
- Conversation about the other elements within the copper deposit etc. Lots of long words about different things contained within the deposit. Exploring all the options for extraction. Nick did say we can’t give details about unannounced findings yet.
- There is a need within Ecuador to push forward with its GDP as soon as they can. The govt is on board and they know mining is crucial to the economic safety of the country.
- There is still a lot of drilling to be done but its infill and not core. Alpala is so closely drilled now they don’t believe there will be any significant change to grade numbers. The confidence that we have in those figures in that will show through in the finance deal and the discount rate. A 4 year payback is fantastic for something that has a 55 year mine life and the feedback we are getting from financiers backs this up.
- The interest that Solgold are getting from smelters, traders and off-takers just shows that they have so much more value to add in taking this to production. They can’t always defend themselves from an aggressive bid but they have appointed Citi to help secure themselves against this. The best defence against this will be a higher share p" ............................................