Member Info for Fortissimo

The plot thickens or rather the curtain is raised a little bit for a change. BHP and NMM won't like this one bit at all.

So the Mr Liu, is the man that advised Valuestone on the $5mln investment into SOLG at 32p a share for Porvenir.

Well, jibbly hibbly dibbly doo! Can't say anymore.

Remember folks, Alpala is a smelters dream. With the mix of metals in place, it serves someone like the chinese very very well. They want the Gold & Copper foremost but the silver should notnbe forgotten. It's worth a tidy sum. Not all Tier1 mines offer such a unique basket of metals. Some are gold heavy or copper heavy. Alpala has heavy amounts of both key metals. That's why you have the likes of Franco and Osisko chucking $150m at it 0.6% or 1.6% (combined) royalties.

When the starter gun finally gets fired, just watch this go... Alpala is a rare find... top class and will see multiple parties involved in bidding imho.

Lest go Bob... time to trigger the inevitable. Global markets signalling a turn around so buyers opportunity window about to close and bias weight leans to the seller

Shaketmare, I agree... it would be too early for NMM to decide to sell off their 10% SOLG stake. If it was meaningless... then then they would have as it would be a binary decision. The fact that they still haven't decide suggests there is some merit in their view on Ecuador as we know NCM were quite big in Ecuador which means NMM are now quite big in Ecuador. Whether they have bigger plans for Ecuador... I guess we'll find out when they've decided what they are doing with growing assets.

I don't believe NMM were in Ecuador before they bought NCM... so it's interesting to see that they are happy for now to retain Ecuador as part of their folio. Bodes well.

Big chunks of volume going through price doesn't blink. 855k block and then 750k block and so on.

Of course... there's always a seller and always a buyer... but as some have noticed over the last few months it seems to be the same outfit and US market time based or access via canadian timelines.

I wonder what happens when a chinese firm like Jingxi sell their stake to another chinese firm like CRCC Tonguan? Like selling to the same person really.

mmm

Yes agree SharketMare but do you know the worth of the other assets being divested?? If some of those are around $30m or so then you know that SOLG was retained for a reason. If they are all over $100m+ etc then you know that you original guess work 'might' be right.

Well, they've included Tanday in that presentation so makes you wonder why Tanday wasn't included in the PFS? Guess it comes down to proven resources and holes drilled.

Not sure there is much more technical or derisking to do on ENSA now. But guess they have to say that otherwise we'll all be wondering what the feck they are going to do now after the PFS has now been sorted. What they really mean to say... is.. we need to spunk away another $50m on sommat so it appeases the ecuador gov on our earlier commitments. We'll call it derisking Cascabel and 'technical work' lol!

Seriously... they are just wasting time and money now as any future partner or buyer investing $4bln+ into Ecuador is going to do their OWN technical works.. their own derisking and certainly not be relying on SOLG's work. They've done all they can on ENSA now. Infact, they did bulk of it 2 years ago.

Just put ENSA up for sale... and get on with some meaningful and growth generating EXPLORATION. ENSA is a cash drain here on and as everyday passes... it's money wasted.

Any mention in the presentation of a 'strategic review' underway.

Here's an idea... announce that the strategic review has ended and they are now going to review the results, do some technical work and derisking now before reviewing again and launching a strategic appraisal of the review process using an outside body to verify that all has been reviewed properly in shareholders interests.... I'm going to sleep writing this...

Just announce intention to sell ENSA and get on with it! What's your problem Bob... lost your bat?

I guess it depends on the worthiness of the asset in first place. Are all the assets they are intending to divest worth more than $30m? A 10% holding in SOLG with net worth of around $25m right now might not even make their list of assets to review.

It's peanuts at that level. But when you use Franco's 1% royalty for $100m... suddenly in the world of valuations... you get $1bln lol! Of course royalty perpetual streams are a different kettle of fish compared to equity stakes but lets face it... NNM were never going to be sellers with SOLG sub 40p. It makes no sense for them at all. Even if they are not interested... they may as well wait a bid and then look to exit with $200m rather than $20m.

The weird thing is, the bot is selling smaller weights to edge the book down but then with no problem at all, gets away an 800k and 400k block with near zero premiu to the smaller block pricing. Are the mm's asleep at the wheel here as someone's having a field day here and has been for weeks.

Where is all this stock coming from?

The question that arises this time around (unlike other occasions or past years) is what exactly is the cash raise for? When you go cap in cap for funds you need a really good clear outlined 'strategy' other wise investors will just say... what's the point of it and when's the next one lol!?

Many of us know the reasons for keeping the lights on, but here's a few questions to ponder on...

1. So you want to raise more cash... ok... what's it exactly for??

2. Is it to keep the lights on while you seek a sale?

3. Is it for exploration work?

4. Is it for Licence block fees eg or relinquish them as they cost about $6m per year

5. If the involves the above point 5... can't you farm some out... find partners ... fund it that way?

6. If it's for optimisation on ENSA... how much more optimisation do you need to do?

7. What's happening about the $170m committed spend to Ecuador gov? I know you are chatting about it... but what's the point of me injecting more cash if you can't answer that elephant in the room?

8. If doing a royalty again... I expect the royalty business will want shareholders to stump up a similar amount like last time?? I presume one is conditional upon the other?

9. If Ecuador gov agree to shuffle the $170m into pre production spend... what happens to the $75m you've committed to on the deal struck last year??

10. If constantly raising cash... wouldn't waving future bonus shares to directors be the right thing to do as we're not keen investing more funds into SOLG if management keep issuing binus awards for things like strategic reviews that never seem to materialise.

So yes... cash is required to keep the lights on, but as you can see, the truth comes ever closer and that truth is... SOLG needs bucket loads of cash going forwards... unless they plan a JV or sale. And IMHO... they'll need to confirm the latter to any future funding partner or royalty stream deal before anyone agrees to anything. Otherwise... it's just an empty hole with 101 unanswered SOLG questions left dangling in the air.

I don't mind 63p but the target has been slipping. It was 78p not long ago.

They are gently massaging our expectations and reducing to their intended price. I guess that's bodes well as we know the house broker is the mouth piece for the company when it comes to value expectations.

I don't think they would auction the CGP shares to the 'highest bidder'. They've worked hard to keep BHP and NCM in their box at 10% level. No way on this planet that SOLG would be about to give BHP another 5% stake especially with NCM/NMM 10% holding seemingly up in the air. Sell BHP 5% and if they acquired NMM's stake they would be just 4.9% short of making a conditional bid.

What would light the fire imho is if they gave CRCC Tonguan the 5% stake for 16.5p. That would pitch two chinese heavy weights against each other but at end of the day, it's still a 11% stake combined based on chinese state ownership. That's more than BHP and NMM individual holdings.

NMM's stake is potentially a crucial piece in the jigsaw... I'm not sure they are buddies with BHP... so if like Bob... they don't like BHP... well... then it get's very worrying for BHP as Chinese could have 21% soon. mmm.

Be interesting to watch and see if our US based seller or manipulator (my assumption) comes back top play today.

At the moment, the stock is showing a bit of spit for a change... nice to see. It actually feels like it's strong enough to fight the ceilings that seem to be constantly placed on it.

If it turns blue today (poor day for mining stocks as dollar stronger) then that's going get some on the sidelines feeling a bit left out after missing the high 5's. Market backdrop set to improve for risk assets as rates drop in Q2 (and they will). ITV doing a cracking job of late and sticking the boot into the already mortally wounded Conservatives. Tax cust coming soon then lol!

The irony i, SOLG has two (yep TWO) top ranked discoveries in the world. Not just Alpala. But Porvenir. The chinese invested funds purposely into that asset at 32p a share not long ago.

Shareprice valued on 'sentiment' at the moment and nothing to do with asset value.

That's why you can see big rerates and sp swings from here as the valuation is in the billions.

So when sentiment swings ... it happens fast.

Be interesting to see what happens tomorrow as undoubtedly the 'controlling hand' is missing today almost reminscient of the way way direction seen in late Dec when the manipulator/seller was absent.

There is of course a common denominator... and that's US markets/Canadian Markets. Ironically, they are both on their Hols today.

If the manipulation of sp continues tomorrow (and it will be quite visible) then I think we can be pretty sure they are US/Canadian markets based. What that reveals is entirely upto the individual.

How's canadian based Irwin doing these days?

Well done Fruitbat. I thought you originally checked out when price was 16p+?

Buying at 6p/7p ranges looks a no brainer but ironically most on sidelines will probably be re-entering when price is in the teens. Weird mindsake but happens all the time.

The story here is gathering fast toward a close at long last. How it will end ... who knows?

Plenty of buyers about and has been for a while but it's the manipulative seller which is the one that has suppressed the stock seemingly with that intent and not well disguised either especially when lobbing in 200k block sales whenever there is some buying interest. The price jumped from 7p to 11.75p during late december when the controlling hand got caught napping with their Turkey pies.

Funding or no need for funding (royalty etc)... it's that kind of news that will place a rocket up the sp.

Equally, if there are parties out there that want a 5% slice of SOLG, then an agreed placing price at 13p/14p level would need 'someone' with some control on the sp to walk it back up to 11p levels.

Lets face it... anything sub 17p (last placing price) and it's looking cheap.

Are you back in now Fruitbat?

Jezzoo, I think we are at the stage whereby it's the chinese vs anyone else. As mentioned over the weeked, The Chinese railway construction group already have many infrastructue projects underway in Ecuador and have been there for donkeys years. Hence it's no surprise to see the early producing mines in Ecuador all owned or run by Chinese.

In Ecuador, if you need a road made, mountain cut through... bridge... dam ... whatever.. it's contracted out the chinese.

So lets just assume that BHP get ENSA and the chinese lose out. Assuming BHP use their own staff and Ecuador locals etc or multi nationals, then not only do the chinese lose out on the resources, but they ALSO lose out on the infrastructure spend. So that $1.55bln capex is in effect a contract LOSS for the chinese. So look at this way... Tonguan... may already have some 'rights' or ownership of the railways or over that potential route to export for Alpala. SOLG mentioned using an unsued railway line and putting the pipe under it. But what if the chinese have the licence or rights to that railway based on past contracts or legacy agreements??

There's loads of stuff that is important and essential to this Tier1 project happening. There will always be ways around things and alternatives but these may come at increased costs. Sometimes, it just makes sense for someone like the chinese to take ENSA on as they make money from production but also from the construction. They can do it cheaper than BHP... that's the simple reality. Wouldn't surprise me if BHP actually use or have to use chinese firms in Ecuador anyway due to past Chinese/Ecuador agreements on infrastructure. In summary... there is $1.55bln (and lets get real here... it will be more than that) and much of that spend is not on equipment but on man hours.

So bottom line... there's much more in this for the chinese than there is for BHP and I genuinely think the Chinese and Bob are trying to find a way of making this monetisation event happen without BHP being able to interfere. Goes against the bidding war scenario... but I think Ecuador and Chinese are very close and Noboa will have been told by high up powers (inc chinese contacts) about who wants what.

But there's haggling involved like all things that involve billions of dollars. The chinese need to be sure Noboa is 'their' man before they potentially get a deal done which could seal his presidential campaign set to begin in 6 months (the election campaign has really already started etc).

"We were blind-sided by Friday's announcement "

Not sure I follow on that one. The pessimists were blind sided. Scott said 'early Q1' 2024 and he delivered a day late. So his guidance was pretty much spot on albeit right up to and a tickle over the wire. Hardly blind sided??

But I know what you mean... any news that comes from SOLG is a surprise these days. Although we all expect a sale deal RNS... I suspect when it comes it will indeed surprise all in a good way.

Some late ones added to Friday's total so 19.8m traded on Friday.

Be interesting to see how volume goes next week.

Can't remember if this was posted from last year, but we know that SOLG mentioned recently that they were looking at the unused railway as a pipeline export route. Wonder if CRCC are behind the planned railways/pipeline works?

"UNCOOKED ALERT:

SolGold, a London and Toronto-listed copper and gold mining development group, is at the centre of takeover rumours.

People following the situation have heard SolGold, which is developing copper and gold projects in Ecuador, has attracted takeover interest from a company backed by a Chinese group.

Some people following the situation suggested that bidder is CRCC-Tongguan, a joint venture between the Tongling Nonferrous Metals Group Holdings Co. Ltd and China Railway Construction Corporation Limited.

CRCC-Tongguan already has copper and gold mining projects in Ecuador.

People following the situation said several other parties may also be pursuing SolGold.

These people following the situation have heard talk Vale, the Brazilian mining giant, and another China-backed firm, possibly Jiangxi Copper, are the suitors involved a strategic review process.

There is also talk of mystery north American bidder eyeing SolGold, said these people following the situation.

Last year SolGold announced a merger with Cornerstone Capital Resources to get 100pc of control of the Cascabel project in Ecuador." END.