Member Info for Fortissimo

That's a great idea Jerry but all royalty deals are ring fenced to ENSA so a non starter.

Nice thought though.

Yes but he's doing a great job and everyone voted for him at the AGM apparently.

Bob also said there will be no equity raises according to Addicknt.

So everythings just fine, in fact the company is in the best shape it's ever been in according to Scott.

Obviously there's something about the above that the market thinks is porkies.

Madpunter,

Or... Scott missed his deadline and minsinformed the market pre-agm. Tut tut. The RNS's are checked by advisors as to whether they are clear or not. It should have said Early in 2024, in Q1. Not hard to be exact is it?

Looks like Scott's much heralded cash burn savings are doing wonders for our SP.

Anyone think Scott or managment should get more bonus awards in the upcoming remuneration meeting which they basically chair themselves??? My answer would be NO... and you can hand back the ones you got last year.

If the PFS is due before March 31st end, then not sure why you can switch off for 6 weeks unless of course you are saying that the PFS will come on the last day of that Q1 guidance lol!

Anytime from today till March 31st... so you best keep on your toes BBG.

Well, I won the cash balance prediction then although must say Scott exceeded my expectations by burning through an extra $900k.

So $12.8m cash left. All I can say is that THEY must be confident in getting cash from some sale or some royalty deal as I do not believe they have enough to see them through to June 30th. The cost of the 60 odd licence blocks is $6m per year. When do these costs fall due and are they in the Accounts defined as licence costs? Cash will be sub $10m right now as we are 6 weeks in.

Scott has until later today to meet his pre AGM guidance to the market of 'early Q1'.

I think the merger was exceptional especially the delays involved so probably the exception. The MD&A should be for the period only as that's the purpose of it. No point blending MD&A's Q together. One thing is sure though, SOLG seem to nearly always leave it to the very last minute. They don't have to report on the 45th day do they!!! Why not do it in a more organised fashion. It just looks all a bit lastminute . com

Is it just me or did the autobot trade the stock today like it had already arrived at the station... eg job done before news comes out. Unusually quiet today based on previous trading action. Calm before the storm?

I doubt the MD&A will give much insight into the PFS as the MD&A is for the last quarter past eg through to Dec 31st. Scott gave an update on Dec 14th pre AGM so no way there could be anything in those last 2 weeks of the year of which are seasonal holiday periods. So MD&A not likely to shed light on PFS beyond what we already know. That said, it should cover off the water disposal test areas which are crucial as according to Scott... there's only one place possible so that news should be in there.

If the MD&A says anything like ... PFS expected end of Q1 or even something daft like end of Q2... then Scott's going to be under fire bigtime.. as that Dec 14th guidance of early Q1 2024 (eg before Feb 16th) would be seen as candy/carrot stuff before important AGM vote.

Of course, can't rule out Bob throwing someone else under the bus like he did with Twigger, so we could get news of PFS delayed... Scott's been fired and Osisko funding agreed for $50m and 10% of the business lol!

Only kidding... but these guys can do whatever they like, lets face it... it's their show and no one is holding them to account. Scott probably get £10m severance package lol!

Ok... weds afternoon game... guess the cash balance at Dec 31st 2023 due to be confirmed in MD&A later today or tom morning.

Sept 30th balance was $22.9m

I'm going for $9m burn and balance of $13.9m. On like for like basis, that would put cash pile about sub $10m right now.

Bit ironic considering the so was 26p prior to him arriving so that would be a reward for doing what exactly??

It's all based on 3 years which is ridiculous as SOLG won't be here in 3 years and the entire strategy has always been to sell the business as Scott made clear... 'we are not developers, we are explorers'. mmm.

So let me guess... he gets 100% if the business is sold for 25p or more?

Yes, FWIIW, I think any revised IPA will come once Noboa has assurances that it's sold or a deal has been done etc as I think they are both likely to be linked and there's not much to gain by agreeing a new IPA when sp is 7p as it may attract or upset the planned behind scenes talks. It's probably already been agreed and has been parked while they finalise deal/sale discussions.

Chinese new year at mo but that ends next week.

Feb 14th represents exactly the half way mark in any normal year but this year is a leap year so he's still true to his word if he delivers PFS tomorrow morning but it's by the skin of his teeth.

MD&A due by close of play or Aussie time, so could get two RNS's tomorrow or actually a few if they include a royalty deal $50m announcement. I don't mind if the latter is delayed a little as it might suggest 'interested parties' are close to agreeing a monetisation event and thus further funding not required. It's all going to kick off here ... imminently.

If an offer of 25p landed, I can't see BHP agreeing to it. Or NMM for that matter. Not to mention a bucket load of investors out there that know it's worth much more.

But there will be some newbies in at 7p levels that bite the hand off and a few other weary ones. So that helps with giving any 25p bid some credibility. Ultimately it goes on Asset value and industry benchmarks minus the risk discount. So the sp will need to reflect this. 25p would not succeed, but it might draw a few out.

Jezzo,

I think Bob is going through the current phase first... which is what is it going to take to make a crap bid look good and grind shareholders into the ground so they feel like they have to accept it.

Of course... it comes down to BHP and NMM as to what they want to do... if they don't want to counter offer the rubbish bid... then that's Bob's worst fear.

Any bid will do but it has to look like it's a credible one and a threat to BHP and co. Otherwise... shareholders will just vote it down. So bit of moth balling followed by weak share price usually conditions shareholders to the new reality.

Remember, BOB sold a large wedge of his SOLG holdings to BHP for 25p a share about 5 years ago.

"another useless conference"... makes you wonder why the rest of the mining industry are there then Addicknt?

Perhaps they have something of value to say. Perhaps they see it as an opportunity to 'promote' the business.

I think you've mixed your words up... should read... perhaps they didn't want to look like 'useless time waster' at the conference.

More important things to do lol! Like sort his next bonus share award out??

More like they have absolutely zero to say because they have done absolutely zero since the last time they were at PDAC. I can't remember the last presentation Scott did at a mining conference but I do remember the compere looking at him in a way that said... is that it? Is that all you have to say? It was embarrassing for everyone in the hall watching Scott tell them all about the exciting year he had ahead which was based on zero exploration and progressing a new PFS.

The reason they are not doing any more conferences is because they are only for management teams that want to promote the business and Scott and co just want to demote it to zero at present.

We don't produce either but have already flogged off 1.6% for $150m.

Perhaps we should just continue to flog off (what the markets thinks we haven't got a chance of monetising) another 0.6% for $50m. Never known of a business with a market cap of just $240m that is capable of forward selling resources based on equivalent of mkt cap being just 2.5% of total asset.

Not sure your last sentence makes sense as surely another Osisko royalty is most likely. Bob benefits of course as he's related party to Osisko so perhaps that's why the sp has been allowed to sag on zero news? Suits Bob near term doesn't it?

Remember, if a major takes this on, they can buy the royalty back or a wedge of it which translates into nice profit. It's like a loan in some ways.

They can't issue shares at sub 15p, as it makes no sense compared to royalty deal. Nice one Bob.

"if it's not signed off in time i suppose there's little they can do??" well, they could go back in time using bob's time machine and make sure they get all the pfs material to the independents on time so they can hit the deadline they set on dec 14th (just 8 weeks ago). of course, if you were playing safe... you'd know there was a 100% chance of that pfs being signed off well before the feb 14th/15th date. it's called being a ceo. that's what ceo's do. they communicate a firm and reliable and reassured message to the markets and they know the damage to reputations should timelines slip.

this is a new management team. one that ****ged off the old crew and as such they need to deliver without fail or else they look weaker than weak and bonuses should be pulled and future bonuses avoided.

no point in rewarding poor management and lets face it, the share price is a shambles largely due to the way this management have elected to moth ball the business and save cash when ironically, all they have done is reduce the ability of the company to raise cash through zero catalysts. i made my judgements on them about 4 months ago when the 12 months i had given was passed with zero delivered and cash burn the same as the year before.

it's time they delivered and delivered fast. and that includes results of the strategic review. moth ball the business for another 6 months and it will be sub 4p. why? because the market hates inaction. hates dead money.