Member Info for Fortissimo

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.

Addicknt, if you look at the last two video presentation that Scott has done he has said on both occasions that they have shares they can issue and then stated the $ worth being $25m I believe last time. That suggest 20p+ for a 3% placing. Each time he has said this is has been against a share price that is around 14p. So my only guess is that the 100m shares have been pre agreed with someone (prob chinese) at a set price. They took a wedge at 16.5p last time around so not sure why Scott would be using 20p+ as an indicator. But in simple terms, the $25m would in theory see them through for a full 12 months and please the auditors.

So Scott needs to clarify that $25m statement imho as I think it's misleading unless he can back it up.

Addicknt,

I found the MD&A more relevant and interesting than the fluffed up annual report which Bozi and co will be happy to hear ....made even me want to puke. It's a glossy read but lacking in any real context.

Unless Scott has made a deal with the devil (that's BHP) then I think he's toast. The CGP boys had their chance. They have had 12months. And in that time, they've basically spent $5m either sacking or letting staff go... $5m for Maxit the lsit goes on. The loss for the year is down but Scott's much heralded cost savings make little sense to me as a shareholder if the benefits are set to come 12 months later in a period when I'm expecting the company not to exist!

He'll be lucky to make that $5m saving back next year.

So we might be slimmed down... but boy oh boy has it cost us. Is that the price of Scott feeling more comfortable with the TV remote in his hand? No else around to bicker about what channel we should be on??

I should correct that $ with a £ so probaby 2 to 3 months extra at £12m raise. Hardly seems worth it. But that won't stop Maxit placing some cheap shares into someones pockets lol!

Cash at $32m so I think enough to see them through to July 24 as described but that simply means a cash raise required in Q1 or early Q2. They have 100m shares on tap but not sure if they will seek further access to confetti shares through the AGM resolutions. Eitherway, at 12p or 13p levels, the 100m shares in kitty would onl;y raise $13m which would buy just 2 months of added operations. So unless they have a JV deal or another royalty lined up... it's going to need more than 100m shares to see this past H2 24. All looks to me like a PFS and deal announcement combined in Q1 2024. Anything later and they are walking into a gun to head situation.

Yes a few bits in there that seem to hint at what might be coming. As I said yesterday, Tailings/DAM findings important and might be linked or tied to the end of year expected Ecuador government approval.

Maxit coined in a nice $5m last year from us wee shareholders. Nice gravy chain for them. Not to mention the bucket load of shares they gained.

Solgold Canada inc 157m shares? Name change on that one then? Mmm.

Tesla1 is Quady... i'm sure of that. They both have the same identical green line on my screen!

Bozi, the 'market' can disagree all it likes. It disagreed on Noront at 21 cents and had it's pants pulled down when 110 cents was offered. Same could be said for Wood Group... market disgreed... 100p price was the markets view until Apollo came bowling in and offered 240p a share. That deal didn't complete but the point of you suggesting the market is right and the investor is wrong simply isn't true. Surprised you're still posting on here after that embarrassment over Bob and Maxit.

How's your investments going these days, the ones that you don't spend all day bashing?

SOLG does seem to attract alot posters who on a weirdly regular basis (almost like they are besotted) keep telling us all how stupid or overly optimistic we all are.

Now why would they do that?

I know why. So do most investors. Which is why BBG you just need to filter them.

Don't engage. Utterly pointless discussing SOLG with posters that are NOT invested. Simple as that.

DM, I have no doubts that an extra 3 months will help the PFS but I was suggesting that any improvements will be minor in grande scheme of things to the stage that they are currently at or in. The PFS is a downscaled version of what's already been factored into the last one. Kicking the can down the road or into Q1 24 might have more to do with benchmark numbers like inflations/metals/dollar/interest rates etc etc. All have an impact on the IRR calcs. I'm just suggesting that Scott can issue a 'pre-PFS' update to shareholders citing further enhancements or optimisation blah blah blah to come in Q1. Remember where we last heard that bit?? Aka DC reign.

From the last presentation Scott said they were test drilling a site for Tailings/Dam. He seemed to suggest that there was only one site out of a few ear marked that could be used. Hence... very important that they confirm that Tailings / DAM is viable. So another example of stuff going on in the background that is crucial to buyers or interested parties. The Chinese have already been given some serious issues due to their mismanagement of Tailings at Mirador. Hence that can't be repeated again. Without going into too much detail or teaching you to suck eggs... btu there are 2 or 3 ways they can do the Tailings / DAM. Upstream or downstream... and then central line. Each one is different and each one costs less or more dependent on terrain. So if they are to save on costs.. could be another $30m to $40m saved by simply gaining the best but also cheapest Tailings /Dam site.

Anyway... in summary... all I am saying is that they must be very very advanced on the new PFS as of NOW to be citing Q1 24 as when they plan to publish it. So why not tell the shareholders pre-agm what the scoop is and follow up in Q1 with the final doc??? Tailings / DAM updated included?? Some will say... you don't want to give the buyers or predators any insights or make life easier for them blah blah blah... but I think that excuse is well and truly burned. Time to be upfront and honest and after 12 months of zero... make Shareholders feel more confident about gaining a good price for the asset next year.

And don't forget the mysterious 'short' taken out on SOLG albeit 0.5% but still accounts for 15m shares. I say mysterious because it arrived around the same time as Maxit taking on a wedge / SOLG placing. No harm in hedging your bets lol if it was them. But that short was taken out around 18p/19p levels I believe but interesting to see it hasn't been closed out even with sp in the 12's.

At present it looks like a planned sale in Q1 24 with one last nest feathering event before the grand reveal.

Unfortunately all very legal.

Bonds didn't move at all yesterday and are down today. So yesterday's equity moves more likely to do with some financial instrument (dodge no doubt) used by some hedge fund somewhere that needed closing or rolling over due to end of quarter trading. You sometimes get events like this with Triple witching hour trading.

Bottom line is... LSE has become a casino and a bit of a joke hence why many of the bigger firms now listing in US or Canada or EU indices. London markets very poor at valuaing companies properly and too lenient imho. Too easy for some out there to make money through algo's that know how to manipulate order book.

Look, the reality is the CGP boys want out and due to the size of holdings like Bob's/Maxit's etc they need a monetisation event as they can't sell into the market as demand not there. Same applies to Mather and other larger shareholders. The only way they get value is to exit via a deal. That's why all believe a 'sale' of some sort the best course of action. Scott is not interested in generating spikes in the sp so Redknight or a few others who like trading the stock benefit or have opportunities. It's not Scott's job to deliver traders opportunities. It's Scott's job to get the business in the right shape to deliver an asset sale. End of.

What I don't like is the fact that the CGP have actually increased their stake in SOLG through the merger and subsequent placings. They've effectively made it more rewarding to the to accept a lower share price offer. Should they issue 100m shares to their buddies in the future at 13p or 14p etc then they further benefit and can accept an even lower offer and still be much better off than before. Meanwhile... other shareholders are diluted. Granted... all can buy more stock at these prices in the open market but not in a large quantity. Likely 1m shares max before the order book moves up a few pennies and so on.

I mentioned a while ago that I though the CGP guys thought of those 100m shares as theirs still. I genuinely think they do. So there's another 3% holding there waiting to be pocketed but under the guise of 'we need more cash' which of course becomes more valid when we hit Q1 24 (surprise surprise) as our cash pile is set to diminish to near zero by the time we hit July 24.

So everything looking just sweet as a nut for the CGP boys. That's why the AGM is an event of importance where shareholders can take control and vote accordingly. Send a message.

They don't need more opions... the insiders have 100m shares they can place when it suits them and to who they like

Bottom line is... Scott can update the market with the 'plan' and prove to shareholders that waiting to Q1 24 will be worth it. That's easy to do. Let shareholders judge him on what he tables. As I said... not much will be gained or delivered to a PFS in the period from Jan to March. Those 12 weeks will not make a jot of difference. They might fine tune things but not in a massive way. So lets have your plan outline before the AGM please Scott and then we can judge whether it's worth voting for you. I'm more than happy to vote against Scott on basis that Mather steps back in as he achieved more thah Scott... that's for sure and that includes with the drill bit. Exploration is much needed and I can't believe there isn't a partner out there willing to fund the exploration costs for a % interest in very hard to get ecuadorian turf.

Both ... but I was implying that at the very top of tree... we had Boris leading the country and we know what prokies and missed targets he delivered.

So little old Scott living in Ecuador and trying to sort out the SOLG mess should be dragged across the coals if he says MD&A for 26th and it turns out the 29th! But before the knives come out thick and fast... Scott needs to show investors that after 12 months in charge... he is the one that is capable of delivering and I'm afraid to say... unless he delivers a clear update and plan before the AGM in December, then he's likely toast. Every CEO has to be accountable but on a 1 year anniversary... he really needs to unveil the new plan and outline of the PFS and then by all means fine tune and beef numbers up or stress test for 3 months+ before delivering the final printed document to the market. But there's absolutely no need at all to go quiet and just say... plan is for update in Q1 24. He's either a bit thick or is indeed looking to get the boot so he can move out of Ecuador and back to Canada or Oz. Without his bonus shares one should add!

There's absolutely no way he or Bob or Maxit can go into that AGM without giving a sizable and 'good' update. They know that. And if they don't, they will find out the hard way.

Quite a bit has changed and I think you are being a tad childish about you mission to hammer into Scott. One example is that the IR director paid a whopping £400k or something got rightfully booted along with a load of other time wasters and nice little salary takers along the way.

Scott is a mixed bag as far as I'm concerned. He's done some things right and I am pleased with those and he's also done somethings wrong. But hey... we are not all perfect are we?? Lets face it... the country had an utter baffoon leading the country for years telling porkies and lies every other day but looks of it.

Anyway... you are right to hold Scott to account for every missed deadline but as I said... I don't think the MD&A deadline has been missed yet. It's end of the month.