visual structure

Noticed a lot of guys who are new to the thread are a little confused at the structure of SOC and how the relationship between themselves, PMR, Jiangsu etc is structured.

Managed to track down some visual interpretations and added some notes as a quick reference. Have just used end of day prices for the figures. *These are just my personal notes so punters should DYOR.

Firstly see below for an overview.

Jiangsu JV
The Jiangsu $21M JV is shown in Blue. Note that they are currently conducting 2,500m of drilling at EL7491. I believe they are also in the field at PMR.

PMR Farm-in
The recent PMR farm-in is shown in Green. These are the non-core assets from the Gossan Hill acquisition whereby SOC acquired Mt Adrah + Peel Fault. They have farmed the Peel Fault tenements out to PMR.

81% Holding in PMR
At today's closing price this is valued at $33M. Whilst some punters argue this is not a reasonable value to attribute to their holdings, SOC recently announced 1.5M shares placed at 35c. At that price, it is still worth $23M to SOC.

EL6483
IMO SOC's other main asset aside from Mt Adrah that the market should take notice of is their EL6483 which has had some fantastic previous drilling. An image of the previous drilling is depicted below.

EL4474
PMR has had some very impressive results at their Gibsons Lode which is held in EL4474. The previous drilling and results are pictured below.

Mt Adrah
SOC's premier asset that has been the catalyst to the market waking up to SOC is Mt Adrah. Currently if you combine the 2 holes of results we have, it works out at a rough 0-770m @ 1.3g/t with further assays pending from 0 - 292m and 770 - 1030m. Current drilling depicted below.

Overall
Understandable that the wider market when reading this morning's news immediately assume that Mt Adrah is SOC's only asset. However, if you take the time to dig through the reports and past announcements you see they have some very prospective tenements.

It is a lot easier to understand when presented as above however so hope this helps a few people understand the structure and potential a bit better.

Valuation
When valuing SOC then, even if you very coarsely discount PMR to a value add of $15-20M (remember they have $10M farm-in for 30%) and a potential sedex deposit with plenty of data to support the theory - i.e those outstanding grades at Gibsons Lode, you are left with $12M of value left attributed to SOC.

Contained in that $12M of value you then have an $11M farm in with the chinese for 30% of those tenements, EL6483 depicted above, the rest of the tenement suite and Mt Adrah with it's so far estimated 770m @ 1.3g/t with further assays pending.

Hope this helps punters better understand the structure and tenement suite. The tenements not mentioned here have some pretty interesting grades as well, so would recommend having a look at the annual report for more information on them also.

*These are just my notes and valuations thoughts for SOC. Everyone should DYOR