Member Info for Fortissimo

All price sensitive news has to be released before they can do any finance / funding otherwise it assists the insiders and that's not allowed. I think Scott knew very well that by the time SOLG hit Mid Feb, the auditors looking at the accounts from Dec 31st onwards would want clarity on going concern statement. So Scott knew he had to have the PFS out well before March 31st. Hence why he updated the market in early Dec about the early Q1 expectation. We know Franco were prepared to do another $50m but I think that was through to Sept 2023. If Osisko got 0.6%, then Franco would want the same now. If they do another round with Bob's Osisko outfit, then it would give Osisko 1.2% and Franco 1% royalty streams.

If SOLG were to do an equity raise at these low levels then it would send a message to the market that the Royalty stream option was no longer on the table as no management tam in their right mind would do 157m shares at sub 10p or even sub 15p when they could do a $50m royalty and buy themselves another 18 months+.

So they need news out first (for legal reasons) and then they can announce royalty deal or any funding they like. They might announce everything at the same time which would make sense to be honest... no point announcing PFS and then seeing the stock sag on known funding requirements.

That's why we're looking at a pretty heavy news month imho and long time overdue. It's been 18 months of utter zero from the CGP boys thus far. Absolutey zero. And don't forget... they'll want to justify their next rounds of bonuses lol! So just watch what happens over the next few days.

BBG,

I'm sure you're right as addicknt stated yesterday... Bob has already said no more equity raises. So any funding has to come from his Osisko buddies if ENSA related or Franco or Mitsui or???. Remember, funds need to be ring fenced for ENSA vs exploration spend. The latter is the same (in my opinion) so any sale of Porvenir needs to go back into exploration and not toward ENSA. So Royalty deal looks the only way forwards on Alpala.

What surprises me is the lack of buying by the chinese. I would have thought they would have nicked another 1%+ from open market with sp sub 8p levels (half of what they paid eg 16p). But I guess one reason is that they might be licked into NDA's and hence trading ban as in negotiations to take Alpala on.

You'd hope they have a plan for the 'flow' of news as ultimately one can effect the other. The MD&A will show cash balance to Dec 31st which could be as low as $12m. So that raises questions right away about how they are going to fund next 6 months or 12. When PFS lands... questions will be asked about what's next? And there's 'exploration' which is much needed but we have no money for. Basically it all comes down to money... without it... we can't progress PFS to DFS. We can't explore. And we can barely cover the $6m due for the 60 odd licence blocks within the folio.

So yes... Scot and co better have some answers lined up or else Mr market is going to get the vasaline out and out on the surgical gloves for a more detailed inspection and that's gonna hurt!

Subby77,

it certainly is a puzzle as fund manager data via morningstar also confirms that there have been limited sellers over last few quarters and infact more buyers. We did loose fidelity and blackrock a while ago along with some smaller players like Berry Street Capital which capitulated due to waning retail interest across their folios (as mentioned by Addicknt.)

Since the sp hit 42p a while ago, SOLG now owns an extra 15% of the Tier1 asset so 100% owned. Has numerous red tape and early development studies concluded. Shareholder register bolstered with Chinese state interest. Gold prices near all time highs, Copper up around 20% on average over last 5 years. Copper shortage looming. The list goes on. Yet here we are rock bottom at near multi year lows. We even have an additional asset in Porvenir proven up to a level that is comparable to some other ecuador mines which are seeing cash injections from chinese to the tune of $130m+. So basically we are priced on Porvenir value only at present and the Tier1 asset which Franco, osisko invested $150m cash combined based on royalty deals ... apparently valued at zero. It's a world that makes no sense. It's a world where Putin can invade Ukraine and Nato, US and UK arm them to defend themselves yet when Israel invades Palestine and commiting war crimes, the US, UK and Nato just stand by and watch and do zilch! It's a world where the US has a president that can barely stand up straight, has poor memory and can't string a sentence together and on top of that, the best replacement they can find is Donald trump, who seems to be in court more times than a mexican immigrant who incidentally the formaer has tried to build a wall around which makes the Israeli's efforts look like a ha ha.

How's that all sound.... wonky weird... lacking in humanity and common sense.

None of the large holders have broken thresholds and even the likes of Norges (Norway State Fund) who were active buyers at 30p+ ranges a while ago are still holding onto all their shares. Dec 23 update showed that they had not sold any shares at all but had dropped sub 3% due to CGP merger.

Blackrock exited in 2022 although have a few dreggs left in numerous funds but minor.

Like I said a few days ago, the major shareholders register has actually grown with addition of Chinese State to the tune of 6%+.

It's hardly a sign of a company in distress is it? Chinese ave price paid circa 18p. BHP average price paid nearer 28p I believe along with NMM which might have lower ave near 21p.

Busterhogdog, just use the filter button like everyone else. Then the green squiggly lines just end up posting to themselves. It's well documented on here that there's one green squiggly line that has about 5 aliases and discusses nonsense all day long with himself, herself or non binary.. themselves.. it's sad but it appears that mental asyslum's do indeed allow internet access. As do HMP.

We know Noboa has 12 months to impress as his early presidential career is a catwalk for next years elections. So he's got to get things moving and fast. We also know he's invested in Mining himself so bit of self interest there too. He's already set to do well out of the recent chinese trade deal which will see his and others banana exports rise by 50%.

Getting Ecuador's biggest ever mine deal away under his presidency generating huge revenue for ecuador and jobs for the people will do wonders for his election plans for 2025.

Every cat and dog is incentivised to get Alpala into development from Franco, to chinese to SOLG shareholders to Noboa to Ecuador people to the green economy... so it will come. Franco's $100m and Osisko's $50m investments are a sign of that coupled with the fact that BHP and NNM have not sold a share and appear to be going no where fast.

Almost back to unchanged. Amazing. Som many AT's on this stock at the moment and almost zero o trades. It's bonkers. Something afoot for sure.

Usual stateside or post 1.30pm seller arrives again in an apparent flap and sets the bots off.

The shareprice has been showing keenness to break out of the 7p ranges yet the 'magic manipulative hand' appears and slaps it back down. It's become so obvious now it has to be a full on buy signal for many!

Well, I hope you're right but when you have a CEO telling the market that we have 157m shares available should we need them, vs our financial advisor in Maxit (Bob) saying (according to you) that we 'will not be raising any more money'... I'm wondering who to believe? Should I believe Scott? Or Bob? Or assume you've got it wrong?

He's already done it addicknt. What do think the Osisko deal was? How many other companies do you know that has a major shareholder who is also the corp advisor or responsible for funding arrangements? Maxit and bob are the same and his ex maxit buddy is at Osisko.

You're not dim but you're low on wattage this morning.

Erm... what you mean like shafting Franco and going with his own lined pockets mates in Osisko?? You do know that Franco agreed to upscale and deliver $50m to SOLG shareholders at a cost of 0.5% royalty. Instead... Bob went with his mates at Osisko and shareholders got hammered on a fee and worse terms with 0.6% royalty.

You like that one did you Addicknt? You need to wake up. Bob is in this for himself and if that means diluting you while he lowers his average holding price... then he'll do it. He's done it already. Why wouldn't he do it again?

That's my point... he shouldn't be in a position to award himself anything. But just look at the cash he trousered after the last fund raise and Osisko deal. Remember, Bob is well in with Osisko.

The point is... the CGP shares is issued at all should not go to current shareholders as in effect they are already owned by all shareholders. If 'we' choose to sell some shares, then they should go to someone that is not an insider. Remember, the CGP shares were previously owned by bob and co. He's already got SOLG shares in exchange for that deal. So he's already sold his share.

I return back to 16p levels would be a relief for many and very rewarding for newbies in at 7p. For the Chinese... and Scott.. it would just be the same as the last level they did an equity raise circa 16.5p.

Dec rise from 7p to 12p happend in two days which suggests that all it really needs is some buyers and the manipulative 'hand' whoever they are to ease up a bit.

At end of the day, the lower the sp the more likely future finance comes from a royalty deal. So ironically the big boys seeking to pressure SOLG in to dilutive rounds have infact invited Franco, Mitsui and Osisko to the table. They hate it... when royalties are done as it's normally impossible for the minnow to achieve unless the asset is world class of course.

So equity placing at 16p levels acceptable based on last deal (not great though and most would grumble) or sub 16p and it's another royalty. Franco are up for another 0.5% from what I'm told but sounds like Bob is greedy and wanting more for his osisko mates. That and the fee he seems to bank for the troubles. Of course, he might elect to self award himself the CGP shares which he used to own but gave to shareholders when doing the merger only then to give them back to himself at half the price?? Nah... that would be a real shocker and well out of order if he did that.

This is the week. Time to deliver Scott.

PFS and then the ... what we are doing next story please. What growth plans / news catalysts are lined up for after PFS? After almost 18months of zero news... expectation are high. Very high. The markets and investors need clarity on where SOLG are supposed to be headed. What are the results of the Strategic review?

Osisko stumped up $50m on a 0.6% royalty. Franco chucked in a huge $100m for 1%. So that's 1.6% royalty for $150m which is ironically worth more than 50% OF OUR ENTIRE MARKET CAP.

So using the same metric, a 3% royalty is worth our full market cap lol! That leaves 97% untouched.

Last time we were at 42p levels, SOLG had just 85% of ENSA/Alpala. Now we have 100%. Yes, ownership is different in % terms to perpetual royalty but lets get real here... Franco are seasoned experts. Osisko big players with chinse.

These guys KNOW they will make money ye the market thinks for some reason that equity holders/shareholders will not do the same. Madness.

But see through the sp manipulation... look at that $150m cash injection. Just think about it. Would those guys chuck $150m away or risk it? No way ... so be assured Alpala will be mined and it will be happening soon.

'The proposed release of the revised PFS date being 'early q1 24' has come and gone"

Nope... it hasn't gone anywhere and is still firmly in place. Scott has up until Wednesday of next week to meet his promise.

Miss that early q1 target and then it becomes vague and the market yet again losses confidence in the CEO's ability to forecast anything... apart from his future bonus awards of course.

You could also say that if the Early Q1 promise is missed then it looks a bit like he deliberately hoodwinked investors BEFORE an upcoming AGM to win votes. Only then to knowingly kick the can down the road. Mmm... Scott has a lot rising on that PFS and missing deadlines not great. Lets hope the PFS is not like his much heralded website update.

Seller still prevalent today and looks a bit more destructive with careless dumping of stock. Nothing sophisticated about it all. It's designed to drop the sp. They've been at it now for months. Who are they?

Ortherncopper, can you point me to who exactly has 'walked away'?? Or are you just making that up?

Orpherncopper, who's walked away?? Last time I looked BHP were still holders and hadn't sold a share. NMM via NCM still holders. And of course we have new holders in the Chinese state circa 6%+.

So not sure what your are on about with last bit of your post?

We have more key investors involved now than we did 2 years ago. They are not walking away... they are building stakes and that applies to royalty deals too. Not just Franco, but Osisko and probably soon to be Mitsui.