Member Info for Fortissimo

As mentioned a while ago there are few funds with about 10m or so shares who may be sellers. Doesn't take more than a heavy hand in a weak market to cause disruption pre AGM.

Blackrock had about 5.5% last year or thereabouts. They sold the lot and caused or were party to the sp slide from high 20's to 17's. I don't have a problem with that... they can exit when they like etc. However... according to morningstar data Blackrock still held onto 16m shares. Question... why hold on to them ? We know they have holdings in BHP and Chinese firms interested or associated with SOLG. Not unusual for one of the world's largest market players.

But what if they held those 16m shares with the intent purpose on selling the 'heavy handed' ahead of the AGM to cause disruption and bad feeling / poor sentiment etc etc??

At en dof the day... no fund manager chucks stock into a weak market without knowing they will crash the price. Most play by the rules and do not abuse their 'weights' or power to move shareprice. MM's try and match buyer and seller and provide an orderly market for stocks.

So whoever the seller is... and don't get me wrong... they may well be close to being fully cleared and as such as just dumping the tail of their holding befor month end. But it's been done late October... when it could have been done earlier. It's being done in a way that drops the sp when most would try and do it gradually and gain a higher price.

We'll find out new morningstar data next Tuesday so will be interesting to see who's been selling and who's been buying that stock... because someone is soaking up those large blocks albeit at a cheaper than cheap price.

I've said for a while that I think Maxit are behind the IXB short as it coincided with their fund raise and royalty deal timing wise. At end of the day, nothing wrong with some arbitrage as everyone has right to manage risk. Might be unrelated but lets face it... out of all the shorters or arbitrage players in the world of global markets, we just happen to have one that is Canadian based... same as Maxit and ironically just a few doors down. Mmm.

Bozi... scrap my comment on GGP re production nearing. I think SOLG look more likely to be producing before GGP by looks of it. Ouch!

More late trades reported. So we had the intraday 2.5m block go through. Then after hours we get 2.5m block (looks like the matching trade eg buyer or seller on the earlier 2.5m block. Then we get a juicy 3m block put through after hours.

Total of 14.8m traded today and at least 8m of that in just 3 deals.

Blackrock had about 16m shares left, so might be them. Or could be a handful of fund managers with holdings in the 10m to 15m level. All other large holders appear unmoved. What on earth must the chinese or norges be thinking right now? 8p?? They were buying in the high teens. Norges we buying heavily when price was early 30's.

Bozi. agree in that GGP are heading towards production but that's always been the case and over the last couple of years or so SOLG has tended to have the superior market cap as Tier 1 mines tend to command a high value vs a minor 30% (or 35%???) of 160koz producing mine etc etc etc.

It's good to see the interest return to GGP as think it shows that investors value 30%+ stakes in 160koz mines as £400m+. Not sure what that means for SOLG's 26moz of gold... nevermind the silver and Copper but guess it's all about the orphan period and production period in mining.

There are some signs of bottoming out there amongst some miners. GGP has jumped from 5.7p levels to 7.7p today and that's over just a few days. SOLG tends to lag GGP but historically tends to have higher market cap due to Tier 1 asset as you'd expect.

GGP Market cap now £380m. SOLG market cap just over £260m. If SOLG was around 12.5p right now then that would be level pegging cap wise with GGP.

So SOLG way oversold or GGP overbought.

SOLG will bounce but management thus far have done zilch to stem the fall - director buys welcome but shareholders need good news and perhaps management are keen to release that after the seller is cleared rather than let them benefit? Mmm. Short term pain for longer term gain.

Orpherncopper,

What fund raising is required in the 'near future'?

According to Scott and BoD's, SOLG have enough cash through to June 24.

That's not 'near future' so on that basis, I'd say your fears are justified.. but at pesent is is NOT a 'real concern'.

Alot can happen in the next 1 to 9 months that material change the course of SOLG's financial demands.

But come March 24... if nothing has happened and share price is still in the sub 10's, then yes... forward thought on funding ahead of June 30th would become a concern.

We have a seller at the moment and they are selling at whatever price they can get by looks of it. Heavy handed stuff and possibly a fund or player out there with liquidity issues. Shanta Gold had a similar issue when they had Odey / Brook as a forced seller due to Crispen's personal issues.

What is odd is why Maxit haven't found a buyer for this loose stock as mm's don't look like they are that confident holding stock in SOLG at the moment. XIB still haven't closed their short either and you'd think now is the best time for them.

Whoever our seller is, they really are going for price destruction. This looks hostile to me. That's 2.5m sold at 8.55 when in more careful hands could have been sold at 10p+

Look at the volume. 1 million traded at under 9's.

It's £90k in cash for goodness sake. Yet it knocks off close to £12m in value.

Someone having a laugh. If the mm's can't take more than £30k worth without dropping price then they are struggling.

Looks like another fishing expedition as they really don't like when buyers come nibbling. They soon move the offer up.

In theory, it could take just £100k in cash to manipulate SOLG's share down to 7's and knock over another £45m.

Something got to be wrong with that?

The illegal artisanal miners are making more out of Alpala right now than SOLG shareholders. The irony is... if SOLG released a smaller PFS that was more weighted to Gold recovery (higher grade areas) than copper, I think the market would wake up. It's very easy to dismiss SOLG as a copper only player but the reality is the Gold and Silver ratio's would put some Gold miners to shame.

26.7moz of gold!!! 92.2moz of silver. If they mined just 1moz gold on a small scale mine (tandy open pit 150koz) that would justify a market cap 3 x today's level with ease assuming average industry AISC's and 100% interest.

Chuck in the same Silver and moderate level of copper and off we go!

The trouble is... the market is not aligning SOLG to Gold price moves because we are no where near being a producer. By the time we produce, Gold could be back at $1300oz.

If Scott and co can get a PFS out that shows a small scale mine but large scale profits, then perhaps the market will wake up.

The mirador model looks the most obvious and is proven to be liked by Newcrest, Chinese and Codelco.

How much is Mirador producing? How much capex was required? How much profits are being generated?? This is the benchmark in Ecuador as only meaningful sized mine producing right now. SOLG can easily better that.

Bozi,

At these pony levels, you might find Osisko or Franco buying SOLG themselves and watch them farm it out to a major for $1bln.

The way the order book operated today suggests there is a seller. There is also a buyer and the latter is playing hardball and the former doesn't seem to give a t0ss.

Could be Fiera Capital (Europe) LTD or Magna New Frontiers N Acc ... look like same outfit. They dumped 8m shares a while back and had about 7m shares left.

Might be Blackrock, they still had about 16m shares left I think.

Doesn't look like any of the bigger boys are selling like Norges, Chinese... as TR1's required.

The 3 larger funds such as below have about 85mln shares between them but neither have sold any for months and if anything have added.

Konwave AG

Franklin Advisers, Inc.

Global X Management Company LLC

Not sure about our vocal BerryStreetCapital boys but think they had minor holding anyway.

Now we are post elections and risk reduced somewhat... I'm very surprised Chinese have not stepped up and loaded up with some cheap stock. Is that them just being savvy ahead of a bid, eg not really wanting to support the price as doesn't suit them and can't really get enough volume in open market to make it worth their while.

Volume is pony, lets face it... 2m traded at 9p which equates to just £180k for goodness sake.

This is a £275m market cap company at the moment... was £600m market cap just a few months ago.

If someone wanted a 10% stake in SOLG... how much do you think they would have to pay for 300m shares?

9p a share or would it be more like 18p a share?

This is irony here... the sp doesn't really hurt anyone apart from those that are leveraged or on margin trading.

For long termers... it could be 18p now and not much would change to most intentions. Certainly feels doom and gloom in the low 9's or 8's but felt the same when covid hit and the sp managed to take a poke at 41p not long later.

MM's fishing for stop losses and weak holders imho and nothing more as the big holders are not selling ... well based on the absence of TR1's.

So what was 'special' or got presented at the 2019 AGM then?

Anyway... it's special alright... just won't be very special for Scott and co lol!

Tick tock Scott

Depends on whether BHP want to add a director to the board?

Is this how Scott buys their votes? Mmm.

The last 'special meeting' was 2019 I believe so unless there was anything meaningful raised in the 2019 meeting then yes... just standard stuff but clearly 'special' added for a reason.

So what was special about 2019's AGM?

It's not necessarily 'special resolutions' but 'special meeting' but could be the same. If someone like BHP wanted to table something then they could based on having a 10% holding. That would require SOLG add a 'special meeting' to the standard Annual General Meeting.

Perhaps Scott could come clean on this and send us all out a AGM notification along with all the resolutions being proposed?? Nahhh.. that would be far too helpful. Can't have that can we?

AGM kicks off in UNDER 8 weeks.

Just a hunch but I think we'll get news next week.

Scott as the CEO ultimately has to carry the can but it's really Bob and Maxit that have failed to deliver anything. If they had achieved something then Scott could announce it. Trouble is... when you have very little to say, you look a bit of a tool.

Shareholders tend to looks for someone to blame but all I can say is that in this market (today) it's tough to gain any traction or credibility as no one is listening. It's the kind of market whereby Maxit could say... we are in advanced discussions and likely offer will be significant premium to current sp blah blah blah and the sp would probably nudge up 20% lol and then fall back.

Remember... it is of no interest for Scott or Bob or Maxit to line 'traders' pockets. So they have no interest in creating near term spikes in the sp that simply allows a few to exit or some newbies to cash in.

The only way they get their pay day is they do a monetisation event that involves a significant buyer. They have 800million shares to offload (including Mather and his crew).

They need an exit ... not a few share price spikes. They can't sell into any spikes as volume demand not there. Only reason Chinese were able to pick up 1&+ in open market was largely down to mopping up Blackrock's stock.

Seems odd how all is working fine with FTSE100 and FTSE250 stocks but looks like the FTSE350 and AIM index is down.

Weird one as system wise, it's usually widespread when they have events like this.

I bet PFC shorters are annoyed as think they were looking to close out some today.

Historically, today is the anniversary of Black Monday 1987 crash. Lets hope there's not another whale out there!

As I said before Orpherncopper, the market thinks Chinese will kick off Stimulus package soon. And that bodes well for risk assets and commods.

Furthermore, surely it makes it all more important that China lands a nice cheap gold/copper tier 1 mine so that when the rest of the world is paying double the metal prices due to short supply and high demand, they'll be laughing their heads off.

And when I say cheap... anything sub 75p for Alpala is cheap based on future metal prices/forecast demand.

China are not in a fight economically at all. They are just going through readjustment to lower growth rates. They were growing at a diabolical 12% at one point. They are now down to nearer 5% to 6% levels. The UK can only dream about 5%... we are lucky to do 1% right now. The US with their fabricated disney land economics whereby they print confetti dollars are apparently growing at 2%.

Without China... most high end brands woul wobble. Just look at Apple recently? China slap a small ban on some uses and Apple share price falls. The fact that they are communist as opposed to the west, also helps in terms of maintaining economic controls. In the US, the play roulette with politics, let the country almost default on debt at 11th hour. They can't even elect a house speaker. They had donald trump as President for goodness sake and then followed it up with Biden who looks like he can barely walk or talk... why can't the US find a young vibrandt smart president???? Someone that isn't over 70?

The downsized PFS due in Q1 24 (apparently) is designed to bring in the likes of Wyloo, Endeavour and other sub $10bln market cap players or even sub $5bln players. Addicknt, I think they may have ad a few of these interested already months ago but the stumbling blokc was the $3bln capex. I think the only way to draw BHP out is to do a deal with one of these NON Super Majors or with the Chinese. Then and only then will BHP show whether they are interested or not and counter offer.

The good news is that ENSA is owned 100% and that makes it very easy to get JV's away small or big.

Many of us on here have said super major try underhand tactics and screw the little guy. Most of us got shot down for saying it. Would not surprise me one bit if BHP have loaned some stock out to some spiv outfit to mess wityh SOLG's share price pre AGM. It's certainly working as investors are frustrated and many looking to show that through voting.

I can't believe Maxit wasn't or isn't prepared for this scenario whereby the share price gets squeezed on no news and shareholders get heated pre AGM. Surely they saw that coming?? Or as I said a while.. does it help them them when delivering the first low ball offer deal?? Lets face it, if a deal got offered at 25p months ago... most would laugh it off incuding BHP. At 10p... to folk not familiar with SOLG, 25p will look like a handsome offer. Very credible.