Member Info for Fortissimo

Bozi, we playing a bit with hindsight here so keeping it in context... yes I would have been happy with 100m shares issued to xyz for a return of $20m (16p equity raise) if it meant we have a strong exploration phase during the ENSA sale period. I'm not saying it would have been another Porvenir hole 1 scenario ... I'm just saying that you can't mothball a company like SOLG and expect the sp to remain solid. Not in these markets.

Value vs equity vs dilution etc is all about shareholder return. If 100m shares (3% dilution) delivered an sp of mid 20's off back of positive exploration drilling vs today's 7p... I think that answers your question easily enough.

But we are playing a game of ifs and buts.

The problem is... Scott has telegraphed to the market that we are light years away from anything remotely meaningful (light years being 8 to 9 months off - and that was June 23).

They chose the wrong path and it's hurting now.

I think the bulk of shareholders would like to see ENSA sold off (or entire business) for a fair value price and all move on to pastures news. My gripe isn't with the timelines on selling ENSA... as these things can take a long time especially when market backdrop and politics less than dandy. My gripe is with the miscommunication by Scott and mothballing of exploration drilling. Lets be perfectly honest here, the plan to conserve cash through basically halting everything and sacking staff left right and centre has not worked at all. That's backfired big time. They've spunked close to $70m in a year and despite all these apparent cost cutting exercises, the sp is on the floor, reflecting a business that has nothing to excite the market about. When they decided to kick the can into 2024 on ENSA, they should have kicked off a regional drilling plan and delivered some exploration to shareholders. It would only take one or two holes like Porvenir or Alpala acorss oother blocks to get folk excited and buyers pouring in at these levels. An exploration company needs exploration. That's where growth comes from.

If Bob thinks it's a good idea to just throw the sp to the wolves, then that's up to him but it comes with serious consequences especially with AGM's coming up.

The directors have a duty to PROTECT shareholders interests and deliver VALUE. The current management team have failed miserably.

If we had 2 or 3 regional drills underway (6 months ago) then we could be in the 20's right now and none of us would be bored or overly concerned with the lengthy ENSA sale process. It would be in the background... ticking along. Meanwhile, any buyer with eyes on the full business would have to watch anxiously as SOLG knocks out some new high grade holes thus boosting the company value.

Instead, the CGP noobs have left the market nothing other to focus on apart from complete and utter failure... in that nothing newsworthy looks likely until Q2 at best. That's why the sp is 7p and destined for 6p or 5p or 4p without news catalysts.

There is no excuse what-so-ever for turning SOLG into a 'nothing' company with zero activity. Even a pony $5m to $10m raise would have seen 6 months+ of exploration!!!

Instead, didn't we hand that amount to Maxit in finance fees?? Mmm.

About £300k in equity worth traded and that it equates to £12m+ knocked off market cap.

This thin volume with top heavy sellers certainly hvaing a disproportionate effect on sp.

That's the problem when management do absolutely zero to invite buyers in.

We are explorers that are not exploring. We are developers that are not developing. What are we Scott? Because the messages and comms you have sent the market have caused this plummet and no else to blame apart from yourself.

Rock chip samples don't make us an explorer i'm afraid. There are artisinal miners out there have have collected more rock chips than SOLG in the last 12 months and they didn't have $70m to blow either.

Bob will know lol!

I disn't think the 157m shares were held in treasury?? They are held under CGP sub (or renamed sub) are they not?

So assuming Newmont and BHP vote him down that's 20%. Chuck in Norges and a few angry Fundmanagers and that's got to be nearer 10%. Then just throw in 10% for a retail base which likely is around 30%+ and you have your 40%.

So 40% CGP vs 40% non CGP.

Mmm... that would mean toast for him for sure.

Chucking twigger under the bus won't save him his job and hide the woeful last 12 months. But guess he's desperate.

I can't remember the exact ownership swings but assuming CGP, buddies, Mather et all have near 40% now, Scott should be safe. But if 40% or more vote him down then that's going to look more like a 50:50 scenario and that would mean he needs to step down.

Incidentally, can anyone tell me whether the old CGP shares ... all 157m of them... which are owned by shareholders are available to vote on?? We all own a stake in those shares. So if not, I presume they are not allowed to vote as they have no direct owner unless of course, it means management vote on behalf of those 157m shares?

Anyone know?

DBW,

Sorry for the apparent arrogance, but just say it how I see these days.

Here's a question for you... lets say you got the PFS ready for Q1 and in that PFS, you have to factor in build costs and finance costs which relate directly to inflation numbers and interest rates. Lets say your goal or ambition is to get the IRR up to 25% or better as that's a good read for most financiers/partners/buyers on a phased stage 1 plan.

So here's the question DBW... are you ready... here goes... would you issue that PFS in Q1 with an IRR of say 22% or 24%.... or would you wait until H2 (early Q3 24) and with interest rates falling and inflation falling, you can deliver a PFS that's looking fab with 26%+ IRR or even 27%?

And there's the dilemma? Trouble is, if Scott said revised PFS in Q3 24... (back in Q3 2) then we'd be down at 7p levels wouldn't we? Oh hang on a minute.... that's where we are now. Mmm... I wonder if the market is telling you that common sense will prevail over management promises which historically (especially with current management) are missed as a matter of routine.

That all said... there is a halfway house... they could do a DC special and release a PFS in Q1 with an appendum (updated PFS forecast for Q3 lol!) I think that's guise for... erm... we've delivered it but we haven't really really really delivered it coz we can't do that until the numbers look better.

Still think you'll get Scott's PFS in Q1?

Hi knew about Berry Street though?

Someone call the fuzz and tell them we've been robbed... we got mugged for $4.5m last year and this year we've been cleaned out for $70m!!!!!

Someone best tell bob that XIB are just a few doors down from him lol!

I think there's a few out there that are beginning to think there might be a link between XIB and Maxit. So for Bob to say he knows nothing about it or them just about confirms it for me lol as of course he'd know about them.

Oh dear... this pantomine really is a festive special. Ho ho ho.

SOLGOLD are not a dud. The assets are world class. The problem is they are in the hands of an inept management team. It's not unexpected as these guys are not Tier1 asset calibre professionals. They are minnows. They basically know zilch about how to manage a Tier1 asset.

Current slump speed on sp is roughy 1.5p per month. So no news until feb or March means around 4p a share is the predicted level of £120m market cap. At this point, the auditors will be asking Scott (if he's still around) whether the business has 6 months cash left to meet all requirements. The auditors cannot sign off the accounts unless Scott can deliver a solid answer. And as well know, right now he has no answers.

The only news expected in Q1 is a watered own PFS which lets face it, it's not exactly going to blow the doors off... but it might move the IRR up a notch. But that's minor stuff and not going to move sp much at all.

The market has no interest in a company that apparently is an explorer but is not exploring and does not have any cash to explore as well as a company that is not a developer but has a Tier1 world class asset that it is trying to water down.

Based on what I have seen so far, I wish we'd just left the CGP guys to rot with their 15% ENSA that they couldn't sell or finance. They've had a free ride on the £200m spent thus far on ENSA yet for some reason are back where they began holding more stock. It's a joke on shareholders. A seriously poor one at that.

I should add that if you vote now, SOLG will see your votes. They will be keeping a close eye on things. Some brokers allow you to change your votes within 4 or 5 days of the AGM but you best check if you plan or see anything from these twonks that demands a turn around in voting.

Shooting yourself in the foot is by voting for them not against them. No one can get away with a low ball or cheap offer here as the shareholdingss are in favour of CGP and Mather et al. So voting them down will just bring a swift end to this debacle. We only need a starting bid... can be 12p for all I care... because no one on sidelines will let this go for less than market asset value.

If a mint condition ferrari was on ebay right now for £1... do you think it would sell for that?

It's time to force their hands, and that includes the buyers involved. If the chinese are tyre kicking... then they'll soon bang in a bid if they see their main discussion partners booted... we need to upset the apple cart here or else we'll be here for another 12 months with an sp of 3p. It's going to be hard to see the SP above 4p by Q1 next year if these CGP boys breeze through this AGM. The market has zero faith in them. They are out of the depth and flagging. They are running our cash pile down to zero faster than anyone thought likely. It's unbelievable to watch.

Vote Maria and Mather back in but the rest of the CGP boys who think this is now their business ... just vote them down.

The arrogrance of these guys is one of the main reasons I have turned bearish on management... but I'm bullish on the assets. Trouble is, the former can damage and devalue the latter and that's why I'm furious at these useless t055pots.

No management team would expect to be voted back in after spunking $70m when apparently they were supposed to be reducing costs and what's worse is that they have delivered zero for that cash.

Now, many will remember Scott and CGP boys mantra of years of woeful poor under performing management and that was pointed at Mather and his old team. Now they come in and deliver worst share price in 7 years, more cash spend, zero exploration... it's an utter shambles and folk on here think their only option is to vote them back in??? It's not. Vote them out and you'll see them deliver something faster than you though possible.

Isn't it illegal to prevent shareholders from access to AGM?? These guys are destroying this company through poor management and ignorance. They all need the boot.

berry street trashed the share price? more complete and utter carp...oop from redknight.

berry street decided to exit when the sp has already been trased by cgp management team that thought it wise to tell the market that solg are neither a developer nor an explorer. solg are ... ermmm... well... nothing but a clueless bunch of directors that don't know how to offski a tier1 asset that sells itself.

now as we head into the agm... it's all about the apparent exciting rock chips that show what a great exploration folio we have. mmmm... or does it actually tell us that we have the wrong management team in control?? what we shoudl have is a pro exploration team involved. not one that mothballs it. one that discovers it.

so here we are and the muppets at solg are now telling the markets about exciting rock chips and the markets are saying yeah but yeay but yeay but you said you wunt dunt doin any exploration and anyways if ya woz... you got no money cos your previous plan of doing no exploration was to conserve money .... so excuse me if i ask (i'm mr market right now) just wot the xxck are do guys smokin??

move aside and let the grown ups take over for xxcks sake and lets get this business back on track as these cgp guys are either deliberately xxcking up the share price or they really are seriously out of their depth and floundering. eveen warren irwin seems to be distancing himself and apparently not watching things closely anymore. not surprised... it's an absolute joke.

vote the xxckers out for goodness sake. or next rns will be about us developing alpala next?

strategic review?? these guys couldn't organise a **** up in a brewery. i don't think they even know what a strategic review is if it doesn't involved issuing bonus awards.

Much depends on whether throwing Twigger unde rthe bus has pleased BHP or Newmont?

Sacrificial lambs to save Scott's job might not work with super majors which apparently don't like minnows having tier1 assets.

BHP and Newmont will likely vote all SOLG resolutions down. As will a bucket load of pi's who can see past the CGP boys fluff.

$70m spunked on zero tells you all you need to know.

Bozi, Bob or Maxit sold a large chunk of the their SOLG shares many moons ago to BHP for 25p.

That valued SOLG nearer £400m at the time. You're argument is nonsense. It's about lining their pockets at the end of the day... they won't care much about reputations being tarnished by a 5p placing if they then rack up a nice £1.5bln asset sale. It's the latter that they will be known for.

Cut the head of the snake off an there's still time for the tail to waggle... that's why if you vote them down , you'll see a monetisation event faster than you think. That's the strategy... out them now rather than leave them to their cosy plans over the next 9 months+.

If the chinese are close to signing then they'll soon sign fast on the line if they think the deal is going to collapse and BHP are about to gain more influence.

Sometimes you just have to force issues. And if you have that power via a vote... then use it.

Greed will always win here and these CGP boys need a kick up the jack....sie

DBW, yes ... they want a decent return. But as I said moons ago, if they can bag those 157m shares at 10p then that makes an offer price of 25p more than palatable to them due to the lowering of averages. It doesn't make it nice for you or I.

The stink has been around for a while now ... evidenced by the huge finance costs which Maxit have pocketed over the last 12 months. Not to mention the stock options and equity placing at 16p.

They are so aligned and greedy that I know pretty much nailed on that the way to extract an offer and see them act fast is to vote them down at the AGM. They will scramble around to save their own bacon... and a deal will be announced. If you believe that a low ball will be countered... then who cares what the offer is... it's about what follows. So why wait till Q2 or leave these numpties in control when you can force events by voting them down.

It's a gun ho policy but it's based on the knowledge of these guys greed. Vote them down and then you'll see them act. Simple as that. I know you prefer the wait and see policy but it only srves them greater and you less. There is no chance of a PFS update in q1... that's just a ruse. They'll go for H2 or string it out again as why not? What are you going to do about it? Once you vote them back in... they have 12 months and even then you'll be voting them back in next year lol!

A more cynical point of view would be that these RNS's are being rolled out to remind shareholders of the amazing exploration potential we have before they...... drop the inevitable one.... which is ... we need to raise cash to fund it and have placed the 157m shares with our buddies at 10p. Lol!!

The cycnical view would be...

1. Someone in the know takes out a 0.5% short in Dec after equity raise and CGP boys get on board tut tut

2. Plan is to reduce shareholder expectations over next 12 months, reduce shareprice.

3. Once share price is on the floor, issue 157m shares under some ruse like... exploration required.

4. Then when all ready, drop the biggin... ENSA deal done albeit cheap and see if anyone comes out of the shadows

That the gist of it Bob?

Oh... and if AGM does not go to plan... then action point 3 and 4 earlier lol!

Yes, but reality is if a super major takes on ENSA then they will simply buy back 50% of the NSR, rip up the reduced mine plan and do something that fits with their purse and intended IRR.

So not really worth discussing royalty vs equity raise in terms of value to shareholders as the latter wins hands down and more so now with so sub 8p.

What frustrates me most is that Bob, Scott and maxit et all have been around the block. They know how markets work. So to effectively head into Q3, Q4 and probably Q1 24 with zero news or stimulus for the share price.... they must have known we'd be sub 10p by now?

They have done zero to protect the share price and damaged the entire business through trying to reduce capex and admin costs.

Ironically, they may as well have done a $30m raise early in year and cracked on with exploration.

This is why they need booting out as they seem asleep at the wheel. What the xxck have they been doing to spunk $70m in a year and return share price to multi year lows???

Un -- be--- lievable. And some think it a smart idea to vote them in again!

Bozi, you mean.... just hope and pray?

Mmm... like your strategy and seems to be aligned with SOLG BoD's. You should be CEO.