Member Info for Fortissimo

Unfortunately where the CGP boys are concerned a 'proper monetizing event' could be 100m shares placed into Bob's hands for 6p a share. That's problem here. As I said before... they have effectively minimised dilution to their own holdings along the way while diluting the rest of us.

'proper monetizing event'... should be for ALL shareholders and thus far it's only been for the CGP main major shareholders. That said... the true pay day for them only comes with a 'proper monetizing event' but the latter becomes easier to execute when you've lowered your average holding prices. Like Bob has!

It's difficult to say what Scott's roll is as there is an operational story here as well as a corporate event story and both need alignment and assistance along the way.

The year long 'strategic review' and lack or urgency to report back to shareholders with the final plan is their own doing. I suspect they don't want to commit to defining the path until they've had the final deal talks with whoever they are discussing it all with and I assure you... they have someone cued up as there is no way the Ecuador Gov would approve the red tape events of late without firm promises from SOLG. And that includes who's paying the $25m when that lands which I'm guessing is as soon as Q1 or Q2 based on final red tape landing in Dec??

It may well all be as simple as the 'hands are tied' due to politics/elections etc and then there is a flood of updates that follow once new guy or gal is in place.

The lower share price just make shareholders more angry as some folk can buy in today and be on for an easy 50% profit and that's just based on getting back to the woeful 15p or 16p level. That's annoying for long term holders.

But even if the shareprice was 18p right now... most would be getting very short of patience after 12 months of near zero apart from a couple of red tape cutting events which are important but also a long time coming.

The market feels exactly like it did last year in October... seriously twitchy and liquidity low... the market looks and feels like most out there now... tired and bored as returns are had to find.

Eloro, just use the filter button like the rest of us. NAL?? NAL who?

I think again the sentiment from Bob is better suited to the follow teak on his text

""I don’t know any other team that could have turned around our diminishing ownership in SOLG as quickly and efficiently as we did."

Yes Bob... you certainly did turn that around quick. One moment you were staring down the barrel of being diluted further as you had no funds or cash left in CGP and the next moment... you've almost got double your stake in SOLG and you're running the show.

That was a quick turn-around.

Unfortunately, since you boys took over the share price is at multi year lows. The 100m shares we had in the kitty are now worth half or as good at 50m shares now.

Yes it's ugly out there across the mining minnow sector... lots of beaten up stocks but you've had 12 months already, burned through $50m and I'm trying to understand what exactly you have achieved or 'turned-around'?

The only thing you've turned ... is the share price and that's down!

Sort it out or shareholders will find a new bat to swing and you'll be on the end of it.

I should add that CGP have no intention to dilute themselves after recent nest feathering. So my guess is that this 'reconditioning' phase as I call it (eg sp in the low teens) is designed to play on shareholders minds so when a low ball offer drops like '30p' or even '25p', then looking up at that from 11p makes it look attractive. Don't think either will succeed but the psychological games have begun and that's the usual precurser to a low ball bid. Investors feel less picky and choosey once they've seen the ugly side. I think that's the idea anyway.

Scott needs major rabbit out of the bag or he is indeed toast in 10 weeks time and so are his options.

10 weeks flys by these days. I think they'll be going for the usual 22nd Dec AGM and hope everyone has turned off and packed up for xmas. I'm afraid ... quite the opposite Scott... most will have voted you out well before then.

HZM is a different kettle of fish entirely and deserves to be walloped down as they've tried to go it alone taking on huge levels of debt in the process. That said... Glencore did give it to them for $8m and whilst Glencore retain a 10% interest, they will likely take it back from HZM for a song. So a weird one indeed. Glencore could easily fund the 30% increase in costs but will likely do so from a position of strength. Force HZM into issuing bucket loads of shares to them or farm out a wedge of asset. Thank goodness SOLG are not in the same positon. Very different here as there's no way CGP boys will be going down the debt route. And the chinese and BHP et al need to be careful with letting sp slide as imho it will push SOLG toward further royalty deals. And that's going to dent the future asset more and pi55 off BHP et al so sometimes it's better for the big boys to play nicely with equity raises as alternative of royalty deals not pleasant although most have buy back terms that limit the greater damage on future asset worth.

HZM an example of why you don't want to self fund a very large asset.

Well in theory Scott should be gone on the basis that he knows SOLG need cash next year as it runs out in June. So if you know that, and you know you have sweet FA to say for 6 months, then you'd get them placed at 17p+ (weeks ago) and bank £17m or $20m in extra funding and buy the company an extra 5 months+. Instead, he delivered a market percieved 'weak' update and has since done nothing with those 100m shares. Which at today's prices will buy SOLG no more than 2 or 3 months at best. If or when they get placed and price is low... some will be out with knives if Maxit of anyone associated with Bob and co take up those cheap shares.

My biggest concern short term is the lack of volume and that's down to Scott and co with delivering zero forward plan to invest in. But that aside the most concerning thing is that the Chinese appear to have stopped buying in the open market. They were actively buying when the share price was 16p/17p/18p+. Based on low volumes of late, they are sitting on their hands now and I don't like that one bit.

Sub 16 now and I think that's the lowest RSI ever on SOLG. Last time SOLG hit this low on the RSI was Lehmans and the financial crisis in 2008/9.

Difference this time around is that it's been on minor volume. When we had the buyers involved around last year, we were seeing volume days nearer 10m to 12m. Now even down here in the sub teens we are seeing virtually no volume. I mean ... £100k value traded is nuts. Granted some lighter wedge trades might be the toe end of CFD's but the volume should be much higher at these levels. Like nearer 10m+ especially with 3bln in issue.

The question is... what's Scott going to offer BHP in exchange for their votes? Is the revised PFS in Q1 what they wanted? Lets face it... it follows their model (aka with OZ Minerals).

The Chinese have known all along they have 'competition' so not the most stupid thing to do cozy up to BHP again. At least that keeps everyone guessing.

Or is Scott going to chuck BHP some SOLG licence blocks under a JV deal? Who knows... but without their votes and quite a few pi votes, he'll be in same position as Mather was... and that's having to step down due to insufficient support among shareholders. To be blunt ... how can shareholders plan to vote on directors reappointment if we haven't had an outline on the plan forwards or a proper update?? So Scott has to deliver something pre AGM and fast as voting will open in 6 to 8 weeks or so I believe.

Anon3,

There's several key news events expected during or leading up to Q1 24 period so I don't think it's going to be silence from SOLG for 6 months. There's gov approvals, news on Tailings DAM site and then potentially a more exciting RNS telling us all about a exploration spin off or JV deal on a number of exploration targets... that's my assumption there.

Even a simple headline ststaing that we've farmed out or JV'd 6 licence blocks of high priority to FMG or Barrick would have many getting excited again and that's got sweet FA to do with ENSA.

At this juncture, I can only assume that Bob/Maxit as smart as they are must have foreseen this market drift on zero news. Therefore... for them to allow it means it serves a purpose. Quite frankly, I think it's absurd as tactics go but then I'm not Maxit or Bob and have not secure or dealt in multi-billion dollar deals.

Scott and co know the damage of 'over promising' and under delivering as they lambasted SOLG/Mather for it many moons ago.

But here we are with the CGP exactly in same position... promised fast and smart and instead we've got slow and stupid as some posters have assumed. Only time will tell and simply because the sp is 11p today and not 18p is not something that has to be definitive or suddenly an omen of the future. The share price has been 10p before and weeks or months later 42p. So opportunities beckon for some and squeezes for other more leveraged punters. The latter can force share prices lower than they should go through being forced sellers. The market takes no prisoners.

SharketMare, I think we crossed posts there but clearly thinking alike.

After 15th... no excuses though and to be honest... both ar epro mining so risk already reduced drastically from the Perez threat days.

That said... one of the candidates might want a toe in the water before deals get signe dover cough cough... he's already invested in Codelco's mine. Mmm.

Anon3, the only plausible excuse for potential delays and any buyers being a little hesitant may well be down to the recent Ecuadorian political debacles. Lets face it... buying SOLG or lining SOLG shareholders with loads of cash is just one transaction for any buyer that then commits them to much bigger transactions... 2 or 3 times the size. So buy SOLG for £2bln (just a conservative figure based on broker estimates - that ones for you DM)... and then it's another £2.5bln+ before production begins. Mmm! That's big money. But the bulk of it comes after the shareholder payout... hence whoever buys SOLG or ENSA becomes a long term partner to Ecuador. So in fairness, you wouldn't chuck £2bln down when you don't know much about your future Ecuador gov. Ironically what makes this a tad bit worse is that any newly elected president is going to have under 18months in power before the next election. So in theory... they have 16 months to prove themselves before voters go again. Hence it might be in 'political' interests to see a monster size (the biggest mine in Ecuador's history) approved and fully funded by Chinese or BHP etc announced by the new man or lady in power. 1000's of jobs created. Great PR and great result leading into the next elections etc etc etc. So lets all just take a breath and realise that there might be greater powers at work here. Post October 15th... the winner and new President might well be keen to sign the remaining red tape and bask in glory of biggest mining deal in Ecuador's history.

Scrat - I think the easiest way fowards would be to sidetrack the likes of Maxit and their hideous fees. Sack citi. Sack the entire board. Ditch all the useless hang ons like Twigger and co. Then stock ENSA or SOLG as a whole on EBAY... auction it with no reserve and lets see who's playing silly bu99ers then.

Job done!

Sometimes you just have to stop playing games and just get it done.

Get the auction ball rolling SOLG as those 100m CGP SOLG shares are not going to buy you more than 2 or 3 months of additional cash at this rate when you were intimating that you might get at least 7 months worth.

The only one saving grace is that the way the last Ecuador gov red tape deal was signed suggests there's $25m coming from someone else as first down payment to Gov is never going to come out of those 100m shares.

So just tell us who it is Scott? Coz you obviously told the Ecuador gov who it was.

Bozi, you've had industry professionals telling you it's Tier1 and that it's one of the greatest copper / gold discoveries in last decade. Yet you think you know more? You know more than Franco or Mitsui too don't you Bozi?? In fact, you are so smart and ahead of them all that you sold out a while ago and have been bashing the stock every since... oh wait a minute... actually according to do you didn't. So you knew it all, saw it all coming, disbelieved the Tier1 story and decided to happily hold you stock knowing to was going to be worth alot less.

What a great investor you are? Bob will be really worried about your prowess! You have to be the biggest idiot on here.

Life must be like pi55ing in the wind for you on a daily basis!

Ecuador Elections due October 15th and we know both candidates are pro mining but one of them is certainly more than pro mining... he's actually actively invested in the JV Codelco project. Talk about potential conflicts (politics and personal business etc etc) but anyway... suspect we might see a bounce soon as elections near and SOLG's RSI is on the floor... traditonally or hsitorically that doesn't linger down in the sub 20's (rsi) for very long at all.

Whether Scott feels he's done the right things or not, I think even he would be asking for Darryl's or (in past) Mather's head to be chopped if the so was sub 12p. So I think he knows he's toast unless he pulls something out of the bag. And that's 'toast' or 'goodbye' to those share options or grants as well. Bye bye to those Scott.

Eloro, you know my thoughts on CGP and those apparent 100m shares in kitty to issue when they like and to whom they like. Too much of a nice profit maker there for them to not issue them imho.

According to Ship... Bob thinks the sp is being manipulated. Mmm!

My view on that would be ... well Bob... surely you would know what the amrket would do to the sp when you decided to kick the can into Q1 24??? So perhaps it's your own doing that has manipulated the share price lower as someone familar with markets and trends would know that a signalled.... 6 months of diddly squat would result in a pretty poor share price.

Anyway... I guess it all fits with the CGP boys clear plan to 'realign' shareholders expectations to help them secure a low ball deal and exit no matter how poor the price.

As far as I'm concerned, the asset is the same if not better than it was when we were last at 42p+. And whilst we have more shares in issue, we also have 100% ENSA as opposed to 85%.

So unless any offer starts higher than that.... forget it.

Also, Scott and co must surely be out of the 'closed period' now results issued, so no excuse then Scott for buying in open market at these bargain prices unless of course you can't still do that because you are in talks with potential buyers??

Low volumes so no sign of the big boys moving out, just looks like some leverage traders and players getting zapped by the margin calls.

That said, if SOLG sp is sub 12p going into that AGM (or even sub 15p TBH) then Scott and co must be toast. They had their chance and they have failed to deliver any coherent message to the market for 12 months. The market punishes you when it thinks you've got nothing to say. An ironic situation which ultimately results in a call the markets bluff... and as yet... Scott or Bob have yet to deliver anything.

For some reason I just get the feeling that the lower sp and poorly communicated management message (plus poor market backdrop) might just see a low ball offer given. Lets face it... predators strike when they see weakness.

Tick tock Scott.. but looking like the market is giving you and Bob's bat the firm middle finger. Over to you then to prove them wrong.

It seems that every presentation Scott does is then followed by drip drip share price erosion.

I know exploration (eg getting permits) is no easy task in Ecuador right now but I think the most disappointing thing over the last 18months is that we were told that they were discussing potential partner deals on the exploration assets. The question that really needs firmly placing at Scott and Maxit's feet is WHY haven't you farmed or JV'd out some licence blocks, keep a % stake and let the JV partner do earn in agreement based deals that way we can continue with exploration but not worry about the cash burn.

So while the ENSA/ Alpala sale or PFS tweaks continue into Q1 2024... lets have some partner deals announced and get some exploration underway.

It's not acceptable to just say... we are conserving cash so have parked the exploration. What you need to do is find a way to deliver exploration (in that scenario) via JV deals. Can't be hard can it considering it nigh impossible to get new acreage in Ecuador that isn't in disputed territory.

So forget the prolongued ENSA stuff... what about the rest of the biz? Why haven't management converted some JV partner deals??

Too busy being glued to the Ryder cup coverage to care. 4-0... US boys hammered in morning session.