<>"CASCABEL:TIME FOR THE M & A SPOTLIGHT."- Research note by...

<>"CASCABEL:TIME FOR THE M & A SPOTLIGHT."- Research note by Paradigm Capital 11.9.18
www.solgold.com.au/investors-center/#pres

Quote:
"Highlights:There is little question that the Cascabel project is one of the most valuable copper/gold projects for the mining industry now that the Timok project in Serbia and Kamoa/Kakula project are solidly in the hands of the Chinese."

"Is it copper or gold:The industry trend is now towards j o i n t development of large multi-billion mining projects, and Cascabel is certainly large enough to accomodate this trend."


<>"A DISCOVERY WORTH FIGHTING FOR"- JP Morgan note,20.1.19
Quote:

"Target price 90p. We believe the Cascabel project has an NPV of US$3.5 billion...."
"..but the cost could be close to $3.5bn."
Link: https://twitter.com/Solgold_plc/status/1087281936358428672

<>SOLGOLD MAR 2019 PRESENTATION
Same link as above in para 1 of this post.

Pg 7: "Two Intense years planned to achieve project delivery in 2020.
Shows PEA = Q1 2019
Then, Resource Expansion, Q1, 2 & 3 of 2019
Pre-feasibility, Q 2,3,4 of 2019
Permitting Q3 2019-Q3 2020
***Conditional FINANCE package Q1-4 2019 ***
Final Feasibility: QQ1-4 2020
Regional Exploration:Q1-4 2019 & Q1-4 2020

Pg 15-Map of of South America - Look at the top: "COBRE PANAMA 3.270 Billion tonnes @0.35% Cu.

Pg 17: Porphry Belts-Age, Tonnage & Contained Cu/Cu Grade
ALPALA and above that La ESCONDIDA 47.14Mt Cu

Pg 18: "USD $3 billion in Initial Capex."
Pg 23: "Logistics advantage deliver significant CAPEX savings."

Comment:
1)One will note that the Capex [Initial capital] has come down from JPM*s figure of US$3.5b to US$3b per Solgold*s Mar 2019 presentation.

2)Cobre Panama news: "First ore processed at Cobre Panama"- Mining Journal, 13.2.19
https://www.mining-journal.com/copper-news/1356439/first-ore-processed-at-cobre-panama
Quote: "Copper producer First Quantum has introduced first ore to the Cobre Panama plant, a major milestone in the delivery of the $6.3 billion project."

One will see that Cobre Panama in Panama cost $6.3 billion in capital costs vs $3b for Alpala, Cascabel. One will also notice the copper grade at Panama @0.35% cu. On one forum, there used to be discussions over grade but one can see that 0.35% cu has now transpired into a mine.

First Quantum is listed in Canada and has a share price of $14.04 with a mkt cap of C$9.68 billion.

3) From the Solgold Mar 2019 presentation, it sets out the TIMELINE which is useful.

4)Escondida & Escondida Norte
"Combined proven & probable: 2.018 Billion @1.24%cu copper,
1.701 Billion of low grade copper at 0.55%Cu total copper &
290Mt of copper oxide at 0.73% acid-soluable copper. As at mid-2004"

"Proven & Probable 3.9 Billion - last 34 years."
"Ownership: BHP 57.5%, Rio 30%, Jeco Corp 10% & International Finance Corp 2.5%."

https://www.mining-technology.com/projects/escondida/

Ref: to pg 17 of the Solgold Mar 2019 Presentation.

<><>2Luke*s link to the AFR article mentioning Solgold and Rio. Tribeca was keen in the article that they wanted Rio to takeover Solgold at some $1.5 billion [In US$. £1=US$1.3].

The last M & A was US$1.4 billion from recall.

US$1.5 billion = £1.1 billion.

**On Fri, 8 Mar 2019, Solgold*s share price was 37.3 British pence with a market cap of £688.68m.
52 wk high 45.05p and low 20.4p.
BHP last bought shares in Solgold at 45p.

5)Note that on pg 7 of the said Solgold Presentation, that AFTER PEA Q1, 2019, there is resource e x p a n s i o n Q1, Q2 & Q3, 2019.

6)Note that on pg 7 of he said Solgold Presentation re: Conditional Finance Package Q1,2,3,4 2019.

P.S. Please check as copying from notes which may carry typo errors etc.

**Awaiting Preliminary Economic Assessment" - Alpala, Cascabel [Solgold]
Q1, 2019


Sat, 9 Mar 2019