Member Info for Fortissimo

Not really relevant to SOLG as we've just cleared both FSA and TSX in governance terms not to mention a forensic accounts session pre merger.

Wasn't Bozi heavily invested in ALL?? And a few other SOLG past holders or slimmed down holders? Looks like a nasty short attack on that stock for sure.

Whether allegations true or not on ALL, irreparable damage occurs when over leveraged holders get squeezed out.

I think NCM are a bit busy fighting off the likes of Newmont to be worrying about TR1's but agree bit shoddy of them. Bit like Blackrock too... they couldn't be bothered updating when they went through 4%. Good companies normally update right way through to 3% level.

I remember CONTINENTAL GOLD (TSX: CNL) as was going to buy the stock in early 2019 when it was $1.75 CAD. 10 months later Bob and team delivered a chinese takeaway deal for $5.50 ( cad) as you say. Thought that was cheap at the timeout then covid struck and I think all involved were delighted to be paid in cash. If you swap the CAD reference for pence, then not that dissimilar to the potential moves here eg 17.5p to 55p??

I guess we'll see what Bob comes up with but interesting to remember that Newmont had 21% stake in CONTINENTAL GOLD and supported the $5.50 offer. At the time, I think Newmont looked favourites... not too dissimilar to the NCM/BHP combined holding is it!

Getting bids or selling an asset is easy. That's not what takes the time or is debated over. It's the PRICE that takes time to agree. Getting all parties to align behind the same valuation belief is the hardest part with compromises expected around. That's business.

It's clear that Bob doesn't want BHP anywhere near this so any deal needs to make sure BHP can't counter it. That's counterproductive from a shareholder point of view as we want a bid war. But I genuinely believe Bob and co are out to make sure BHP do not get a look in at all. How they do it but still gain great value is the big question.

Then again... Bob might just be happy to see BHP pay well over what they wanted to. So scratch the above!

Several large ones. 3.9m block in 3 trades and the UT of 1.7m.

Total volume edging past 12m.

Consolidation/correction over last 2 days healthy as RSI running hot and next leg up tends to need a decent 2 to 3 days RSI move without being too toppy.

Not sue Zak Mirs 27p by end of the month is doable but I would expect it would need an RNS along lines of ... SR complete, outcome, asset sale or part sale ENSA with spin out for rest and already in advanced talks etc etc. That should see 27p+ imho.

"we always drift on no news... its as true as night follows day"

quite true but we also seem to rise on no news too as exampled by the recent 50% rise from 12.9p to 19.5p.

SOLG is one of those stocks that is most certainly not as predictable as night following day.

Just look at the charts. Can't rewrite that history.

Whilst the presentation at 'pre PDAC' was deliberately thin on the ground, I though the references to Porvenir was very positive which (sorry to break the mould from the plethora of negative views on here or traders playing their trades) but some thought that delaying the Porvenir MRE update suggested a negative with that asset when in fact it looks like they are still very much excited about it. I wonder if we might hear something soon on Porvenir as they begin to set the stall out for a case or value case for spin out? Sometimes keeping some eggs in the basket is wise until other issues are dealt with.

As per recent presentation, Porvenir is already well up there in the discovery charts over last decade and looking just as good as one of Rio Tinto's finds among others. A decent wedge of cash has gone into Porvenir already and we know the chinese were keen on it as it's in their area of mining being south to south east Ecuador.

They've outline the priority targets and when weather improves they start drilling? You know this already.

As for the SR, it's ongoing and there is no timeframe on it and likely involved various caveats within the party talks which may mean they need to stretch things out to their advantage. But I agree, an update or 'reveal' on the SR should be expected soon and certainly before H2 begins for sure.

Ortherncopper

The presentation was supposed to be a PRE PDAC quick overview not a detailed long presentation which I believe was yesterday.

May I ask, what exactly would you like him to have said? What exactly do you want SOLG team to present to you?

Kohaku01

You can see the full presentation for today on the SOLG website. It's slightly different to the pre PDAC with emphasis fully on Ecuador as you'd expect for PDAC Ecuador day.

SharketMare

He didn't have to say he had limited contact with chinese, but he did. I took that as sending a message that he's currently not the one doing the negotiations which we know is down to Maxit and Bob et al. It also smartly negates the need to update the market that we are in extended talks etc etc etc. Just an observation but I think he was trying to make sure that SOLG do not break any rules. Remember, BoD's have a duty to inform the market on many issues of shareholder importance.

And lest face it... he's hardly going to say .... I've built a strong relationship with chinese and they are very keen .... is he??

Thought Scott was great and nice tip of the hat to Mather. Happy families.

Would potentially negate the need for any new equity finance too as 5% sits within Cornerstone sub. I'm not saying that there would not be future placings or cash raises but the idea that they could pursue an aggressive exploration phase with the NewCo would surely see a typical flighty share price as hit a few nice holes and we would be off to the races again ... Part Deux!

Let's see what they rock up with but I would certainly be happy with keeping a stake in the newco for future events rather than exiting completely. But much depends on the ENSA sale and what is handed back to me for the my SOLG shares.

I think the recent presentation might well shed more light on the SR outcome than first thought especially if you buy into the spin out and ENSA sale theory.

I think we might not have heard the last or the Cornerstone name... as reckon that might be the subsidiary that they use for the spin out assets due to the 5% SOLG holding being held within that sub.

Makes perfect sense as after spin out, SOLG will be left with just ENSA and possible a few regionally strategic licence blocks inc Rio (eg in north). Sell SOLG for 60p (just an example) and return cash that way with SOLG ceasing to exist as listed company. Then issue shares to shareholders in cornerstone sub which based on 60p ENSA/SOLG sale will have £90m in cash already on the balance sheet.

Fully funded for another run at discovering a Tier1 asset and essentially a return to the original format under Cornerstone Brand. Literally full circle..!

Assuming Porvenir and others all included in new company, you could see a market cap of around $300m with $130m being cash from SOLG 5% asset sale (as above). That might help part fund Porvenir through to PFS/DFS before partnering for full finance.

The recent presentation shows focus on

– Porvenir (greenrock sub) in south near chinese assets
– Rio Amarillo (Carnegie Ridge sub) in north near ENSA assets
– Helipuerto (cruz del sol sub) in south east near chinese assets

So basically they've picked one priority from each sub with 1 possibly to be bundled in with ENSA (Rio) and the other two to be in south suggesting the new spin out might well focus South only.

All conjecture and joint pieces up etc but the above scenario works well from value realisation to building a company focus in the south where bulk of infrastructure is already in place and JV's more likely inc Bramados, Warintza with Solaris, Sunstone, Lundin Codelco and so on.

Jerry... ditto
With regards to SOLG, don’t worry, it’s all in hand.

Jerry... if NM get NCM, they might get shot of Haverion stake too. Not sure whether NM want to acquire copper assets but most miners seem keen on what should be the hottest metal around in a few years as shortage looms. They might prefer to retain some copper exposure and reduce on small mines like Haverion.

Also got to remember that the extra year or two on Alpala studies were essentially based on Tandy - bolt on exploration. That will add significant value and options going forward and help with selling or jv's or IPO's of the asset. But we've also had some dilution along the way which has offset that value accretion which is not ideal but par for course when you stretch things out.

I think they want to avoid updating market on Tandy progression along with other Alpala works as do not think it adds any value with inflation backdrop right now... hence why there is no PFS2 on the table. But when inflation drops back, all the numbers look much much better. I guess that's the potential loaded gun to any buyers head who thinks sitting on their hands is a good strategy. The reality is, Alpala is not likely to get any cheaper going forwards as right now. Most asset sales tend to look forward but there is a great deal of strong arm tactics placed on near tern debt costs as well as metal prices and inflation etc. Mad really as none of these elements are a factor until mine development commences in 2024/25.

DarrenKeery

Go to the SOLG website, look at latest presentation, page 5. Just look how massive Alpala is. Even Porvenir features on that list among discoveries from Rio Tinto and others.

Agree - SOLG are fundamentally an explorer and you've got another great asset there building in Porvenir. But all these exploration projects require derisking before you can flog it. To get best price you need to get a couple MRE's out and a PEA. PFS would be nice but not always required for early stage sale.

So being an outright explorer also includes some project development/planning stages. They take time and money.

But no one should underestimate the size of SOLG's prize asset. Not many like it on this planet.

Fawzi was being paid $400k+ for an IR role. Scot and team soon put an end to that (so says the rumour).

Money saved. And I don't think he'll end there. Few more heads to roll yet is my guess. Twigger no longer needed as far as I can see - plenty of individuals on the pay role that could step into the chairman role and save us all a few quid.

I think the reality is a simple one... BnC... what was the alternative? Backs against the wall with NCM/Blackrock/BHP et al and monster size inflation period with cash pile near zero and AGM looming.

The alternative clearly wasn't palatable ? Eghuge dilution via BHP and NCM astray would never have agreed to royalty deal. Slow bleed over next few years and you might be lucky to walk away with you string vest still on.

Seriously... you need to get over it and the best way to do that is realise that there is nothing to get over! The best deal for all was done and we are now back in the driving seat with BHP and other back in their box and from Blackrock's recent holding update, it looks like their dreams of building a cheap equity holding disappeared along with BHP's.

There are loads of whispers out there at present but the one I keep hearing is Rio Tinto. Personally I can't believe they would go for Ecuador block cave project after Mongolian debacle but you never k ow they might have cracked the block cave formula and know exactly what they can get out of Alpala.

At end of the day... get the right super majors in the right place at the right time and you don't need to worry about being shafted by lows balls. The highest bidder wins and that's usually just above fair value.