Member Info for Fortissimo

DBW... I disagree. The market is voting them down already. I think if you vote them in, you'll see the sp crash further.

The market has no faith in ths management team. And lets face it... they did zero at CGP... they were just baby sitting that shell while waiting for their SOLG payday that didn't arrive.

I've seen nothing to change my mind on them. They have under 4 weeks now to show my something that suggests they know what they are doing. Fail to do that... and it's time they moved aside.

Perhaps the market will get excited that at last something might actually happen with SOLG? It's been a spiral downwards ever since they arrived.

I should add.... they have an opportunity to earn my vote. Show me something pre AGM that I can vote on.

Not hard is it?

In absence of presenting anything meaningful to shareholder pre Dec 13th... I'm voting them all down and I can tell .. I know alot of people who are doing the same. They had their chance. They failed to deliver. There are plenty of experienced people out there ready to come in and get the job done on selling this asset.

And what would you do Eloro? Faced with voting them in again? Would you vote them in next yar based on deliver zero and an sp of 3p?

That's the problem... too many pi's out there not willing to take their chances on a new team and that time is approaching.

What's the worst can happen? Remember... Maxit , Bob et all want the same thing. They need an exit. So faced with being pushed out of control... what do you think they'd do to save themselves? I think you'd soon see a deal materialise if you voted them all out. It's called self preservation. They'd have no choice... so force their hand. Vote against them.

The promise of a Q1 PFS 2024 is just the usual carrot fluff stuff which I think they expect shareholders to vote them in on. If I remember correctly, it took about 6 months to take all the data and then get it build it into the last PFS.

How abotu Scott puts a resolution forward at the AGM which says... if I don't get a PFS done in q1 24, then I'll lose all my 17p options?

Sounds fair doesn't it?

Bozi, I'm fairly balanced and have highlighted the rough with the smooth. The fat lady hasn't sung yet ... so I haven't got anything wrong thus far... the asset sale is the reason why I invested and I believe it will come as Tier1 assets do not remain on shelves.

You decided to turn bearish mid last year and you were right. Well done. I can't knock you for that. But the question is... why didn't you follow your own bearish outlook? What's worse... being bullish on a stock you think is a winner vs being invested in a stock that you think is a loser?

You got it right. But you massively got it wrong and wrong where it hurts.... in the pocket. Why oh why didn't you follow your own vision??

That's for you to deal with, but opposite might well play out for some pi's out there. They ight be sitting on hands at 9p today and then suddenly an offer comes in at 45p or something and they have missed a lifetime opportunity.

And that's SOLG for you. I'm not apologising for being bullish on SOLG as I fully expect to be proven correct. You on other hand, well... you've been the rabbit in the headlights.. not me. You saw it coming and you just sat there and got smashed.

Anyway... well done on EEE. Lets hope you are not too bullish on that one lol! Can't have that can we!!?

Bozi,

We've been here a 100 times now. The story was fine 12 months ago but they haven't delivered. Nothing needs amending in terms of views or opinions as it's a process of seeing what is delivered and then reviewing.

You seem to be implying that you've called it right and I've called it wrong??

I thought we closed this off when you admitted that you actually didn't believe or back your own outlook and were fearful of selling due to FOMO. That's why when you bashed the company and cited your fears, you held onto all your shares at the time. As I said, I would tip my hat to you without a second thought had you sold out at 25p or something and then bought back at 8p or 9p which is what you should have done based on your views.

Like I said... I have held waiting for sale and been positive along the way. You have held waiting for sale and been negative along the way. You should have backed up your bashing with some preservation of equity and folio worth. Instead, you apparently saw it all coming and just sat there like a rabbit in the headlights.

I'd say you got it very wrong.

It's not so much how or what they are spending it on as that's evidenced in the Q report to some extent. It's what are we gaining for that spend? What is their to show for it? And the answer is ZERO.

You must remember and I say this again to make the point... we are NOT doing any exploration. Yet the cash burn looks like previous years whereby we drilled about 100 holes.

That's my biggest beef with these CGP boys. They talk a game of reducing overheads blah blah blah and doing zero exploration blah blah blah and the end result is same if not worse than when we exploring and had huge head count.

And some folk think voting them back in is a good idea! Because they feel they have no other choice?? Well, there is another choice... vote them out and get some new faces in. Get Mather back in. These CGP boys are destroying this company not improving it. It's evidenced in the recent reports, moth ball ops and zero news and of course lowest sp in years.

If they don't deliver a good reason pre agm to vote them in... they are toast. They had their chance and they failed. Simple as that.

I did note that, but seems like some creative accounting to basically kitchen sink the majority of finance costs into that Quarter. Nothing wrong with that as companies do it all the time but it tends to be done to make sure you mask the real story.

Cash burn may well be less going forwards but that doesn't hide the fact that in the 12 months under merger/premerger control they've burned through $70mln to date.

On what??

Where are the apparent cost savings?? There's one entity doing very well out of this and that's Maxit. They are rakeing it in... oh and the legals...thye silks are doing well.

I'm bullish on a sale now simply because the rule book says when seeking to present shareholders a poor value deal first...

1. Hammer the share price down and let them know what the alternatve is

2. Run the cash pile down so they know the dilution story

3. Bore them to death so they want an ending

Then bang in a pony offer deal and pray someone esle comes in and gazumps it or kicks off a bid war.

That's it isn't it?

I'm struggling to see the cost savings that Scott has been championing?

Cash at Sept 30th $22.9m. Prior quarter £32m. So $11m burn in 12 weeks?

At this rate, they won't be able to sign off the next MD&A for Dec 31st on going concern basis as won't have sufficient cash to see out the forward looking Q1 period.

And Scott say's we have enough cash to see us through to June 2024?

With cash burn rate running at about $900k per week, we are now 6 weeks on from Sept 30th so cash balance likely around $17m now.

Drops to $10m around end of year.

Oh dear Scott... AGM looms, cash shortage looms... all the cost savings taked about... yet you've virtually spunked through $70m in a year. I think that's the largest amount I have seen spent when doing zero exploration and virtually zero work on ENSA.

Gob smacking incompetence.

You are spot on Anon3. Can't argue with that but traditionally it's always been safer to opt for the status quo rather than guessing a mega multi million takeover. It's easy to say... nothing will happen. And quite tough to call when a takeover comes. If it was easy... well.. we'd all be zillionaires.

As someone that has said a sale will come, I will say this to you... the naysayers can be right for 364 days of the year. I only have to be right for one day... I only have to be right once. They naysayers lose. I win. So it's not about the length of time... it's about whehn or IF it happens. So the default is (no sale) is always going to be correct until proven wrong.

"time is a healer' is not a phrase that belongs in this market!

Time (or prolongued .. stretched out etc) is a killer! If there is one thing the market hates most it is...

1. Being strung along with no timeframes or care in the world

2. Declaring an SR 12 months ago and keeping the market waiting

3. Burning through $50m in cash in under 12 months and having zero to show for it.

Time is not on SOLG's side at all.

The prospect of twiddling thumbs for another 5 months whiole cash pile reduces to zero is about as welcoming or 'healing' as a brick in the face.

Eish, it's frustrating and I can see you are struggling with the BS that seems to be coming from SOLG and the market is all over it in a disapproving way.

1. We are not a developer

2. We are an explorer... but we are not exploring

3. We are looking at new mine plan (which is something a developer does mmm)

4. We have enough cash till Jun 2024 (erm... does that mean more non exploring and more cash burn on development plans??)

5. We have 20+ interested parties many been in and out of the data room (erm.. has anyone bought any straw made artifacts or coffee bean gifts while in the SOLG tour gift shop... is this the same data room that has a tent up with some long core sample tubes? Haven't they heard of powerpoint of Fedex?

I could go on and take the pi55 further but lets face it, the real reason why we are struggling for logic and why management seem to have been found out is down to the simple fact that the process of sale is taking longer. We all know there is a number of ways the SOLG business could be diced up and sold to realise value. But you have to sound buyers out to get a feel which is best course forwards and get your ducks in order. My prefered strategy would have been to split the business into two. Exploration biz arm and then ENSA. Do some JV's or farm outs and make the exploration self funded or partner funded ... and get on with it while ENSA just ticks along with Chinese tyre kicking etc etc. The explo company could have been spinned out too inviting new investors in that don't want the ENSA element draining cash.

That's my frustration. I wanted to see the management team deliver on the SR... not leave it open ended. I wanted to see exploration underway again but not with dilution or funding, through partner deals.

Instead, hear we are we what seems like a one shot strategy and that's 'sale'. I'm ok with that... but it has to be done swiftly now. This mismanagement by CGP guys is just killing the stock. The idea of voting them in for another 12 months feels like pulling your own teeth out. If they haven't achieved anything in over 12 months, why would another 12 months make a difference?

The reality is... SOLG have spun many yarns over last few years... we can fund it BS... followed by... we can sell it... followed by... erm... we can stretch it out into 2024... it's painful. Embarrassing and someone needs to put it to bed fast.

Market has been poor this year so there would be some decline in sp with or without the CGP boys in control... that's about as fair as I can get. Recently a few in sctor have bounced and stayed well above lows. That bodes well but has yet to feed through to SOLG which lets face it is hardly surprising based on management delivering zilch over 12months apart from a $50m reduction in cash pile!

As I've said before, I'd like to think Bob, Maxit and Scott are all smart enough and experienced enough to know the consequences of going into an AGM empty handed after 12 months. They are not fools. So either they have something up their sleeves or they really don't and they are bigger fools than I thought possible.

The BerryStreet Capital fiasco was a classic example of Maxit asleep at the wheel. Any decent advisor would have got BSC matched with a buyer in no time. Instead Maxit and Bob did zero, let the sp crash and then the directors filled their boots with some nice cheap shares. That's about the rub of it.

At least Mather and past management exhibited some level of interest in keeping the sp supported. But without exploration - there's little to get excited about and there lies the problem. SOLG have become (under this management team) a company that is not a developer or pretending to develop, and now hailed as an outright explorer that is actually no longer exploring.

That's a pretty poor message to send to the market and heads need to roll. Scott being CEO has carry can for creating a zombie company that offers shareholders very little apart from some waffle of Q1 slimmed down phased PFS.

Poor very poor.

Eloro,

Where's the grass root deals? Where's the exploration? You've got likes of Barrick and others scrambling around to get a bit land in Ecuador and SOLG have a folio that costs a mint to just hold and yet they can't get a deal away to see some exploration underway which is paid for through JV structure or earn in's?

I expected some kind of grass root deal or regional plans/drills to be lined up now. They have been at it for over 2 years now!

Having 153m shares is one thing. Having the business accumen to get some deals underway is another.

Lasso leaves in 2 weeks and I though SOLG were expecting to get last of the red tap signed before Noboa begins?

The nearer we get to AGM with zero news the more bearish it looks for this current management team.

I'm certainly more bearish on Scott, Bob and Maxit et al as they've delivered zero and are offering zero going forwards. I was willing to give them 12months. I expected them to deliver 'something' in that time... they haven't. So yes bearish on those tools but not bearish on SOLG's assets at all.

Irwin said recently that he would be selling up if he heard an 'explorer' was suddenly trying to be a developer. The trouble is, what Irwin also failed to say was what he would do if an 'explorer' suddenly became a moth ball and no longer explored??

Mmm... and that's the issue here. At end of the day... cash burn important yet we still burn through $50m with ease. So isn't it about time Bob Maxit et all got some deals done that don't involve ENSA. If that's Q1 24 etc etc then that's fine. But to suggest nothing happening inbetween for 6months + is diabolical for an explorer! Just get soe regionals deal done, jv or farm out etc and get some reduced interests and some exciting drills underway. Then we all have something to chew on while Bob and Maxit tinker around with ENSA and 20 x interested parties.

I'm not bearish on SOLG at all. The asset are fab. I'm bearish on the failing management and see no reason to vote them in for another 12 months at all.

That's bottom line. They ahve had their chance. Lets gets some fresh faces in and get some exploration underway.

True, but only after 9 months thinking about it and blowing millions. in the process..

It doesn't take 14 months to sort out a stripped down pfs. It takes about 4 months at best.

Last para pretty much sums it up...

Phased Study Revision

In an effort to reduce the upfront capital requirements of the project, SOLG is completing an updated PFS to evaluate a “phased” approach to development. It is anticipated that the updated PFS will include early-stage sub-level caving targeting higher grade ore zones at beginning of mine life. This approach has the potential to reduce time to first production, lower the initial capital expenditure barrier and provide early positive cashflow to fund development of the higher tonnage block cave. This approach is similar to that executed by Oz Minerals for development of the Carapateena IOCG deposit in South Australia." END.

So Bob and Maxit eating humble pie it appears. The phased approach is of course the BHP approach on Oz Minerals.

It's beginning to look more and more like BHP made a decision in Mid 2022 to buy Oz Minerals rather than SOLG imho and when that bombshell landed... SOLG immediately went for the CGP merger. It cost BHP $6.4bln (US) to acquire OM.

I'm sure BHP are still interested in Alpala as it's a rare and great asset but I don't think they are as desperate for it as they were before OM purchase.

So we are after 12months of zilch apparently following BHP's lead and $50m cash burn down to decide that. That's poor management. If they had listened to BHP 2 years ago then maybe... just maybe... all would be doing better than the 8p share price today.

This is an example of SOLG management epic failure as following BHP's guide negates the $100m they spent to produce what will be 2 x useless PFS's. What a waste of $100m!

Carnage at the AGM and rightfully so.

And the special meeting.

21 days minimum notice required I believe in uk... not sure on TSX rules.

Tick tock scott soon to become tick tock boom if nothing is delivered to shareholders in next 4 weeks.

Toast.

For reference

https://www.boerse-frankfurt.de/bond/usg7052taf87-petrofac-ltd-9-75-21-26

Bonds pattern suggests a bounce at 57 which might align with a quity bounce around 43p. If bonds head for lows earlier in year then could see equity go sub 40p. Bonds at near half value is not a good sign at all so market either expects a big miss on the breakeven projected h2 or there's just broader weakness across main markets feeding into ftse 350 as trackers will just follow market trend.