Member Info for Fortissimo

Exploration is where growth comes from. Profits come from selling those discoveries. With a. folio of over 60 licence blocks, I find it impossible to think SOLG cannot make another Alpala size discovery.

All they need to do is a get a sizeable transaction completed on ENSA and then suddenly the market will believe and see the strategy of 'next cab off the rank' in full working order. Suddenly the market begins to look ahead and see's several cabs being pimped up ready for sale. Suddenly Porvenir looks valuable. Excitement and interest in the NewCo based on just 10 high growth exploration targets/licences (we don't need 60!)... would be massive.

You have to remember that if you fast forward to 2024 or 2025 and picture the copper shortage looming or 'arrived' alongside SOLG hitting some big holes on various drills with the market already knowing ENSA sale success... it's self propelling.

But first they have to prove that there is a rainbow at the end of that exploration success. Without it, the exploration becomes pointless.

I expect Scott and co to be wax lyrical in the coming weeks now they have their eggs in one basket.

yep - see page 11. Clearly mentioned.

I think it was mentioned in the prospectus

addicknt

shouldn't be a problem... I think they've got $4m+ missing down the back of the sofa apparently??

Block seller now turned block buyer lol!

Gotta love ARB

DM, if you recall post merger news SOLG exhibited a very high level of volume for days, weeks, months. Lots of ARB traders involved too -see earlier post.

Now, come Monday (when they get their shares) they might just close out the loan. Or some might have over indulged to keep price low so they had some breathing space to get more shorts closed than shares coming to them.

I'm expecting decent volume next week as some books get balanced.

It's all market mechanics and is what t is.

What bodes well now is that CGP (main holders) are now SOLG holders and the management ramp fest... presentations, PDAC next week etc can all kick off. They will want to make sure SOLG is looking very strong and attractive and surely have some ammo in back pocket after all these dry months to do just that.

Lets see what happens, but my guess is the mm's stand to make more coin if they take the stock up rather than down especially if the door for shorters is a popular one.

Watch out for the usual BB disruption ... you know... the personal insult sort as normally a good sign that some are unhappy and feeling the pressure.

Saddle up... we are now 100% ready for interested parties as ENSA becomes one nice single chunk. Just how they like it.

Any CGP holders that wanted out would have forward sold a fair amount when the price was 18p+.

Small risk if the deal not completing so relatively risk free although it certainly took longer than expected.

Just checking on Maxit's 5.1%. Didi they flog the 23m shares they took last year then? Tricky to read as can't see their CGP trades with ease.

Gives you a glimpse of how some like to trade these events

https://www.specialsituationinvestments.com/2022/10/cornerstone-capital-resources-cgp-v-merger-arb-and-company-sale-upside-tbd/

Certainly some Institutional action going on and has been since Dec period. Could be for a plethora of reasons as you have the added complication of TSX, currency and potential tax situations. I would have thought that Blackrock would be already set in term of tax efficiency but I've seen other funds selling before across various stocks when the exit one country / stock and enter another. For tax purposes, they prefer to sell low and book the losses and then buy back at same price (or thereabouts) in offshore funds that are safe from the profits/tax should a large bid be presented etc.

Blackrock selling from one fund to another is not unusual. Unfortunately that type of action often suppresses the share price and squeezes some over leveraged out including retail. Perfect storm for II's pre bid situations.

Ugly business isn't it!?

There are some CEO's out there across some listed companies (who are actually making money) that are on less than $400k salary.

IR?? Would be nice to know what BHP are paying their IR representative! I bet it's not $400k+ either!

Whose head is next to roll? I'd like to see Twigger booted pronto. Useless! And paid how much!!?

Well that's pleasing to hear. Fawzi was never worth $450k salary for that role. I guess if he was on a better aligned salary like $100k for that role then he might still be there.

Still cannot believe that $450k. Bonkers. Bon voyage Fawzi.

Don't start me off on Blackrock! I've been saying for months/years now that they are no friends of ours.

If they've sold down 50m+ shares...it's been done with maximum vengeance or impact imho as they are big enough and wise enough to find a buyer and get a 25m volume block trade agreed at a set price. They could have got 2 of them away within a week or month. Instead, it's deliberate share price suppression imho and there can only be one major beneficiary of that... and that's BHP which they happen to own a large slice of.

What's wit the 30k blocks? Can't they even go for 100k and save the mm's some printing!

Bit off topic but one ofmy stocks of interest.

Was trading like a dog at 130's (had been as low as 100p) and today confirms rumours that 'a month ago' they were approached for a cash offer at 230p.

So anyone that says the sp is a sign of action ahead is way off the mark. Often action goes on when the sp looks unwanted and down and out (like Noront at 23 cents too).

Have a look at wood group and see if you can see any signs of rumour speculation building over last 6 weeks?

Often it happens when you least expect it. And WG are not minnow. This is billion dollar stuff.

Any ideas on rough numbers on Tandy? $300m spend ...mine life of around 6 to 7 years with 150 to 200koz equivalent?? That's much easier for SOLG to finance. Doesn't resolve the Tier 1 asset financing but may help reduce or attract a partner or counter bid scenario if or when announced. Generates decent profits in years 2 to 3.

I should add, that if the Chinese do get involved (deeply involved) then I fancy they might repeat what they have done in the south and go for a smaller start up mine like Tandy offer... open pit and cheap to extract, generate some profits and then make the block cave works and second phase of mine build out (or down) relatively easy to finance.

So Tandy kicks off in 2024/2025. Block cave deep shaft developments follow in 2025/26 and then mine plan build plans for greater exports kick off in 2027/28 as currently guided.

Tandy potentially holds the key to reducing the overall build costs albeit on a separate satellite project basis. Far better to get some income coming in while bigger pipeline/infrastructure plans and deals go on for the bigger Alpala mine.

Agree, Lasso and mining ministry are 'trying' their very best to attract business and get billion dollar projects off the ground. Lasso is under the cosh at the moment as inflation hurting (not his fault) and people growing angry with lack of business opportunities etc etc etc. Lasso will fall over backwards and lay out the red carpet (not red tape) for SOLG .... anything to get the headline of 'multi billion dollar mining deal agreed'. So anyone that thinks the Ecuador gov will be obstructive or play hardball is living in la la land.

Ecuador need to send a firm message to all potential miners / majors out there that they are OPEN for Business.

But what Lasso et al are not keen on is this lethargy or limbo position of having mines that cost billions in the hands of minnows when they should be in the handoff deep pocketed companies. So Lasso will want to push and press SOLG into agreeing some kind of deal with a finance partner or full sale. The sooner the better. So all in all...everyone seems aligned to the common interest imho and that's why we look in good shape to get this done in 2023.

BHP and NCM inc Blackrock didn't even bother to update via TR1's after Chinese equity issue dilution. That was poor by market standards. So this time around they might do the honourable thing.

Agree, BHP would never block the consolidation of the ENSA into 100% SOLG owned ENSA. Like shooting themselves in the foot! They own 12.5% (currently) of SOLG shares... not CGP shares. Hence, they like all of us are gaining the 15% ENSA stake for our 500m+ share issue. I don't think the 6% equity placing to the Chinese was all about gaining a modest $36m! I think message was clear. The last thing BHP would want to do is get into a bidding competition with the chinese over the 15% ENSA stake which was the likely outcome should anything get blocked. Remember... nothing to stop CGP selling that stake to whoever they liked (assuming SOLG in agreement etc).

Bob smashed up NCM and BHP pretty well with the recent deals. But BHP (if still interested) will not be too fussed especially if it's ENSA they are after as it's days away from being reduced from two complicated messy bites to one nice large bite.

Red,

Based on my calls, when the new shares get issued BHP and NCM are virtually bang on 10% levels. So no major issue there. Of course if they are a minor 0.3% off that level then I guess they can top up but highly doubt they'd bother. It's minor.