Member Info for Fortissimo

I think it easier to skip to the point here ... there is no engaging with super majors. They don't engage... they just tell the minnow what they want and then expect it. That's why Bob and his bat exists... as mining industry is rife with likes of BHP and co riding all over the minnows and creeping their way to maxmium ownership aka GGP and Newcrest... the former ended up with just 30% of the total asset. Since then, they've been diluted down to nearer 15% (in real terms) due to Wyloo dilution. Eg,..they still have 30% but bulk of shareholders own less of that 30%.

This is the way... when you have zero cash generation then what do you expect... the super majors to make it easy for you to make it had for them? Of course not. But when you have options such as royalty streams... well.. that changes the game plan entirely and really niggles these big guys.

So hats off to NM and team for the year long due diligence that it took for Franco to sign up. Osisko is another story but the idea of engaging with super majors at this time or in the past is pointless unless you want to go the GGP route and just hive off 70% of the asset for peanuts.

Been pretty evident for all to see that there is still a sizable seller dropping stock into the market like bombs. Who is it?? It's not BSC as they are done.

When price was around 8.5p, they were dropping 500k blocks or 250k blocks at 7.5p. They really don't care what price they gain and in same way to BSC seem intent on doing damage.

Fortunately, we seem to have some interested buyers (at last) appearing to mop this stock up or the MM's are simply doing a better job at matching the larger blocks.

We have a number of large holders on board and some are sub 3% (just) so tracing their activity not easy to do.

Clearly some large holders that have lost faith in SOLG management but buyers appearing now share price is down near multi lows.

Looks like potential large order print after hours today. Remember, we had the 13m huge block printed a few days ago.

If the pure selling weight is capping the stock or lack of buyes, then in theory, when selling in weight stops, and sp catches some wind, then we might see a recovery.

Doesn't point two apply to the CGP merger?? Because that's what has happened!

You've already had the 'loss of control' and someone else making huge coinage out of SOLG. It's called Bob and Maxit.

Just another 157m shares to go and they'll be done... or will they?

For the last time... get it into your head... BHP or another cannot dilute all shareholders in the way you are saying simply because they don't have the voting power. Also, there are rules to prevent them from using their shareholding to exert undue influence. The list goes on. It's nonsense... just boot these guys out and you'll soon see a deal tabled.

From there... it's not a firesale at all... it becomes a 'who wants it' scenario and if we are all believers in Alpala ... then the list shoud be large... but someone has to kick start it coz these clowns certainly can't.

Yes, a creeping takeover after a creepy takeover.

So we are set up now for the predictable...

1. AGM.. hope and pray (Twigger thrown under the bus has done nothing to please BHP by looks of things lol!)

2. PFS release before Feb 14th (anything later becomes 'mid' and not 'early'). Better get on and appoint an outside firm to approve it then!

3. Then we'll see the greed in full play with a nice little 157m share issue to ... mmm Bob and Maxit know someone interested already wink wink

4. Then after the usual regulators tick box period of not taking the pi55... we'll have around 6 weeks before an offer is dropped into our mai boxes.

That the gist of it or am I being too blunt?

Chinese clearly can't buy in open market as knee deep in NDA's and due diligence. That's an assumption by the way.

I think they mean that they ultimately have to offer BHP and the large shareholders first dibs on large amount of share issues. Hence... this give BHP opportunity to gain more equity.

But lets face it... if the BoD's did their jobs, then there wouldn't be any need for issuing equity.

There's no threat of a creeping takeover at all based on the book and CGP's near 30% stakes along with Mather.

Well, they have nailed that to the mast which is I wasn't expecting as makes no sense at all unless of course PFS4 (the real one) will be released in Q2 or Q3 based on US interest rate falls and lower inflation.

They could add as much as 1% to 2% to the IRR is they waited a few months.

But I guess they think early Q1 is fine so lets see what they come up with.

DBW... I'm surprised but well done for keeping the faith on that one.

Only question now is whether Scott will be around to present it or they'll just have to RNS it along with the sale deal?

Looks like the Fed have finally given up the cat and mouse game of whether they should be cutting rates or raising them

Looks like rates are coming down sooner and by more... which bodes well for risk on stocks like SOLG and mining sector in general as finance for projects drops, build costs drop yet metal prices expected to firm on higher demand vs weak supply.

Time for SOLG to bottom out and start recovery north...

Lots of green lines just appeared so think you are right

On a side note... a good friend of mine has suggested that there might a good reason why the Chinese have not bought more shares in open market at these low prices... have you guess what that reason is yet??

It's coming...

Addicknt,

Giving the SR a decent 6months+ is fine but by that time the market, you and I all knew what the likely scenario's were. So to then leave it in the background like an unanswered question just undermines the process and makes management look like they are clueless of options are limited. Conversely, had they announced the outcome of the SR and they stated they were opening the doors to discussions with possible buyers and partners etc etc 6 months ago... then we'd likely be in similar position whereby shareprice under pressure based on no offers made. Condor Gold did a similar thing a while back... launched an SR... decided full sale was right move and have been trying to conclude it or get an offer tabled ever since. It feels weak once you've laid your cards down and then not much happens. But same could be said of the SR as every cat and dog knows it doesn't take 12 months to do an SR.

Swings and roundabouts... but the weakness with Bob's plan of late is lack of catalysts. He should have had a few regionals being drilled alongside ENSA sale process. Minor cash burn but maximum interest and always a chance of hitting something large!

On a side note, it's worthy of a mention but politics does come into it and we know that Ecuador does not like hearing about 'their' rocks and soil being sold without their say so. If as an article suggested sometime ago, there has been a pledge made by some high up individuals to the chinese in exchange for xy and z... then you can understand why SOLG's hands might be tied. But there comes a time when action is required and even Ecuadorian gov must see that a monetisation event is best for all involved as it will get Alpala on path to production.

They could announce a conclusion to the SR and that is... Alpala is for sale and they are in extended talks with a number of parties.

What you reckon that would do for 'supporting the share price'??

Only trouble is... I think a few of them want some of those 157m CGP shares in their back pocket on the cheap before they go releasing any SR outcome news. But that's just my cynical view.

Will they deliver SR outcome before AGM to save their bacon?

DBW, don't under estimate the pi vote and the smaller fund holders as the article in AFR shows, lots of disgruntled investors about. But what I do agree with is that the register has certainly swung in favour of CGP gang post merger. BHP and Newmont dropped from combined 27% to 20.6% combined. CGP and Mather et al nearing the 33% mark.

On that basis, the pi's hold the swing vote. Of course other players like Chinese, Norges and Bank of Singapore (who's that then??) will make a difference.

The key difference between this year and last year is the swing on super majors holdings vs CGP/Mather et all. It used to be more like 27% super majors and about 15% CGP and Mather et al.

Ultimately, for a CEO or any director... the votes for need to be up near the 60% to 70% level. Anything less and they are usually toast. Scott can't continue as CEO if he loses his director role. Simply can't happen as it's against shareholders wishes. But he could go back to doing the day to day on the ground stuff which lets face it... is all he's doing now. He's not doing any CEO stuff... he's just a puppet in there for Bob and Maxit. I think we all know that now.

So we have all the makings of the classic playbook on selling a company...

1. Majority of directros have been booted.

2. Company looks helpless and vulnerable

3. Cash pile running out

4. Shareholders spitting bullets

5. AGM beckons

6. Sentiment rock bottom

7. Share price on the floor

8. Months and months of due dliligence already done so buyers primed

9. Future copper prices and gold prices looking strong here and on forecasts

10. Market about to turn from bears to bulls on future interest rate cuts and inflation falling

Time for a bid then!

Any entity buying SOLG will simply rip the PFS up and start over based on their own affordability/profit plans. Ecuador gov will sign anything it takes to see multi billion investment and names like BHP, Rio or FMG involved.

So now is the time to bid... management are deluded when they say things like SOLG are in best shape they have ever been. Quite the opposite, thanks to them, SOLG is in the worst position it has been for over 7 years. That's a fact.

Addicknt.... have you ever wondered what Bob and his Bat would do if he felt he was slipping from power or grip on his SOLG payday?? Like if the AGM didn't go well... what do you think Bob would do? Just sit there and take it on the chin... or turn aroujd to the chinese or whoever he's talking to and say... erm guys... now or never as we are soon gonna lose conrol. So deal with us now or deal with someone in the future whi may not be interested in dealing with you at all??

Sometimes you see action when choices are reduced. You idea that chaos would unfold is simply wrong. In fact, voting them down will bring a swift end to this imho and believe me... no matter how poor the first bid... more will follow as history shows never has a Tier1 asset of this class ever sold for under market value.

You need to see past this fear of AGM failure and see it as a positive as it will bring an end... an end we all want.

Vote them down and this story ends faster than if you vote them in... I'm sure of that.

There's no trap... just timelines are SOLG's biggest trap. The longer it takes the more dilutive it becomes. A buyer knows that. Chinese can just sit it out another year and get another 5% or 10% slice for next to nothing. Chinese probably stringing it out as they want another 5% for $20m. That's almost 10% holding for just $40m spend or thereabouts.

Why pay up $2bln for 100% when you can just play this management team along and just chip away 5% here and there for peanuts.

All Bob has to do is stick it on ebay and let natural forces take their hold... those who want it... will bid for it. Simple as that. But suspect Bob is after some cheap shares before he does that... some of those 157m CGP shares for instance or perhaps another royalty deal and another $10m in the coffers. Nice gravy train this SOLG biz for those like Bob and Scott... 30m bonus shares to the latter was nothing but a poor joke.

Yes, the AGM... I do hope Bob brings his bat with him as I know a few out there ready to chuck some serious curve balls at him so he better practice his swinging arm.

So it looks like our CEO at the time .. DC.. simply enquired around to find better deals or at the very least make sure the one that Bob was offering was the best and in ALL shareholders interests and that's what brought his early dismissal but lets face it... it was coming with the merger anyway.

Now, for transparency, I really would like to know whether Franco Nevada were offering better terms than Osisko? If they were then that places Bob and Maxit in very hot water.

Shouldn't be too hard to find out as sure Franco will be happy to have a chat.

How much in fees did Maxit /BoB rake in from doing the Osisko royalty and fund raise?? I thought it was $10m but will have to look into it further to be absolutely sure.

And some here think voting the CGP boys back in is a good idea!!??

It's time to get rid of these guys. Bob's unprofessional and causing SOLG shareholders all kinds of problems with his mouth and funding expertise. Both paint an ugly picture corporately. It's become personal and that doesn't bode well as the super majors that Bob has pi55ed off are not likely to play ball and instead seek to push his face and us fellow shareholders into the ground. Even the Chinese seem to have gone cold as they aren't even buying stock at these cheap levels.

Addicknt,

Everyone wants it sold as it's a burden to us... we can't handle Tier1 assets. Not many out there can. That's the key problem. But these CGP guys are poor. My tone and stance has changed because I was willing to give them a go for 6 to 9 months to see what they could deliver. I genuinely thought Bob and co would get the job done in under 12 months. But they just look out of their depth and incapable of even getting a simple story out to the market like... SR outcome.

We all want the sae thing ... but sometimes you need to change the strikers or midfield players if you want to win matches. Bob is like a Maguire... lacks finnesse, bit clumbsy but capable of nutting it when needed ... sometimes.

DC's unfair dismissal case has been known for 12 months now, it's not going to effect the share price at all. What is effecting the share price is the poor management of Solg and lack of catalysts.

Certainly looks like or looked like Franco were interested in more royalties. Bodes well assuming Bob hasn't upset them.

$2.3 million is not exactly going to concern anyone but the public dirty washing is fun to watch and hear.

Way to go DC... taking a bat to Bob and looking like Bob is coming out of this looking far worse. Quite embarrassing for him really.

Would have been nice to know the Franco deal terms as if they were better than Osisko... well... Bob you're in trouble.

Yes poor journalism there as wouldn't have taken them long to see Blackrock are no longer influential holders in SOLG. Some blackrock funds do still hold SOLG stock but it's minor circa 15m shares or so. They used to hold about 160m shares.

The point on remuneration doesn't surprise me at all... the bonus awards/options were excessive for Scott and based on his performance and the share price ...clearly not justified at all. That said.. they were issued at 17p lol! Perhaps he could pay shareholders back the 10p he's lost on them?