Member Info for Fortissimo

Yes, she does seem to be a volatile one! I'm nor sure her CV will get her very far from now on. Unfortunately mining is still very much a 'mans' world and although that is changing, women are still finding it tough. We don't know the ins and outs but if she discovered that equity dilution was a no no ... then that's poor research on her behalf as the Franco deal a year or so ago would have told her that.

That said, I do think that she was brought in to look at doing an IPO of ENSA and then recently (poss last few weeks) the strategy changed and the IPO idea got binned. No doubt BHP and NCM involved again I would guess.

So if she was there to get an ENSA IPO off and then that was binned by the board... why stick around? She may as well go. She wasn't on for any major bonus awards as she wasn't a director and wasn't on the board.

Yes fully understand Sean.

I guess it's to be expected. Positivity and negativity does tend to swing on whether you are invested or not. Have you thought of shorting SOLG?? If you are convinced of the impending doom (really convinced) then take out 'trade' that rewards you should it go to your single digit price.

My guess is that the likes of Norges and co will burn your short for sure. But would be good to see some put some money behind their negativity rather than just posting the stuff on BB's.

Signed a cooperation agreement didn't they? I guess that's them gagged until a deal is done as no way CGP would sign up to an agreement to work together with SOLG if they didn't see a monetisation on the way.

Irwin's not had a word to say since that RNS dropped.

Sean, give it a rest...and what's with the 'we'. You are not an investor here. That's blatantly apparent by your negative campaign posting of late.

It's a pony ten penny article. What's wrong??? SP not going to your single digits fast enough for you??

"SolGold overhauls management suite as Cascabel focus ramps up"

Can't access the full article but gather some in the city think it's a good thing to see the management overhaul.

Mmmm... like I said... who are we trying to please? Most of the old director and management crew are now gone. Just Mather and Twigger left I believe?

It does annoy me greatly that the company cannot seemingly execute on the royalty deal option because the two major shareholders object. They represent just 27%. The majority represent 73%. So why don't SOLG put it to an EGM??

Like I said a while ago, if NCM and BHP want to avoid royalty deal then stump up the $100m (if it is that amount) at 35p a share and that's fair. Trying to force a company to do a very dilutive cash raise is tantamount to an underhand takeover using undue influence.

If these two are the main issue then lets go out to Rio or Barrick and offer them a JV stake in ENSA for XXXX and then see what BHP and NCM do.

Knowing what Mather is like, he's going to have something like that up his sleeve I'm sure. There's no way he's going to allow a easy dilutive share placing to BHP and NCM. No way at all! He may as well put the business up for sale.... which is probably why you'll see a 'change in strategy very soon'!

yes but there has been some dilution since then, that said, adding what could be 150mmboe light crude (NET to eco) would be worth well over a £1bln.

By the time the release discovery or duster news in October, I would expect the oil price to be nearer $120's again so the also bots will be all over the oil sector.

Perfect storm ahead for ECO. We are only about 6 weeks away now from spud.

Excellent, all on track nd with major oil companies flocking to Namibia due to Russian issues, it's looking good for those 4 x sought after blocks as farm in and iv's look a shoe in.

ECO really is in a very good place right now. Going to be an exciting October and I would expect the sp to be into the 40's or even 50's within the next 2 months. If they hit light oil and achieve successful sidetrack then could be looking at 200p a share here.

"You're guessing again Fort and way off the mark..."

I think you forgot to add... "in your opinion."

You really do need to stop this apparent inside knowledge stuff redknight. One mans guess is another mans guess. That's all we can do as no one knows what went on with the 'testing the market' situation.

If you go back to the last AGM where BHP and NCM were known to try and influence the BoD's and were actively seeking many to be removed, the likes of Mather, Jason and others survived by a minor amount of votes.

Here we are today and all those that were close to being voted off the board have indeed resigned or walked away or been booted. One remains.... Nick Mather.

Liam survived but was also under fire.

I wonder whether the funding deal planned or that tested the market met with some requirements like ... Ward has to go... Marshal has to go... eg we need to see the board refreshed (as per the BHP and NCM age attempt).

Now that's done, are we about to see the same 'test the market' approach but with certain requirements ticked off?

I must admit I had assumed Ayten was a board director as CFO's normally are (but not always).

Just for clarification, Ayten was part of the management team along with the likes of Botts, Taunton and Fawzi.

Therefore, there was clearly no major 'director' awards to come Ayten's way. Furthermore, Jason Ward resigned as a 'director' on 13th May so was already moving away from SOLG.

On 14th July, Botts, loyer and Ghandi were appointed to the management team.

7 directors remain and the swing voter or 7th person is Liam Twigger the chairman.

So in summary, there have been some significant moves across the BoD's and management and technical teams over last 4 months.

So hopefully that answers some posters concerns on why Ayten might walk away. She was never inline for any major rewards. She was not a director. She was not on the board. Perhaps that annoyed her? The exclusion from the top tier?

Based on cash burn rates of past and assuming they don't do a raise or royalty deal before Dec AGM, I forecast a cash balance of $4m around first week in Dec. So based on that, if all and sundry sit on their hands until the AGM, then we'll likely see a number of BoD's voting onto the board or and being voted off. And then post Dec AGM the new looking style Bod's might be able to get through any equity raise they like. New directors being put forward to the board at the upcoming AGM might well come from NCM and BHP. You can see where this is heading. So I feel assured that Mather and co also know where this is headed and will take action (what that will be is anyones guess) in the next few weeks or couple of months at best. The noose tightens as we head into October imho.

It's possible that they might be able to deliver the PFS2 prior to November and even Porvenir PEA. In theory both would be required prior to a fund raise as they would be key catalysts and within 4 weeks of a rise is disliked by the regulators.

One last point.... if we have lost some directors from the Board... what could this mean if a 'deal' is tabled and requires the BoD's to vote on it?????

Sometimes having fewer BoD's helps some folk more than others. Ponder that one.

Please be good enough to tell us how many shares you hold and what your strategy is...?

I hold more than you. And my strategy is to hand them over at a significant profit upon an event which I am assuming will involve a bid/offer or auction process.

I've been very consistent with that and open that I want monetisation rather than some rather courageous attempt at self finance but understand the plan A sort of assists with the Plan B. Wouldn't want to be a sitting duck would we... or then again... perhaps we've always been a sitting duck but things keep getting in the way of the sharp shooter!

Well done on your trade. No problem with that. Certainly better than one hindsight trade on here!

redknight1, I'm not the one who keeps selling 200k blocks or 300k blocks when apparently they 'hear' something only then to suddenly do a u-turn a few pence later and say they are all happy to be invested again.

Seriously... no one believes you these days. You've been a a CEO of everything haven't you?? I can't remember the last time you told us you were an astronaught on space station or something or was that me?

I wouldn't get too stressed, but I guess you need to learn that if you hint or suggest that you have 'knowledge' and then openly inform the BB that you have sold the lot - then that could be construed as manipulating markets. A day later, you buy the lot back. Mmm.

Sorry but you recent actions have let you down a bit and it's those actions that have defamed you yourself ... no point having a pop at other posters like me.

sharkmarket

1. The PFS was underwhelming. The market reaction to it told us this. (SO NOT WATERED DOWN THEN??
2. The plan was certainly not for Ingo to leave when Ayten started. You are spinning this into something it isn't. WHY KEEP OLD ACTING CFO ON IF NEW CFO APPOINTED. WE DON'T NEED ADDED WAGE BILLS!
3. If you believe Ayten resigned I have a bridge to sell you. READ THE RNS... IT SAYS RESIGNED!
4. Lisa Parks was SOLG's metallurgy manager. WHO!
5. A failed fundraise is a red flag, no matter how you spin it or what when on behind the scenes. WHY DID IT FAIL? BECAUSE MAIN SHAREHOLDERS COULD NOT AGREE ON THE RIGHT STRUCTURE OR BALANCE?? NOTHING TO DO WITH APPETITE OF MARKET.
6. There has been a change in corporate strategy according to Ingo, and indicated by the recent disposals of staff. None of us know what it is. ACCORDING TO INGO? IS THIS INSIDE INFORMATION? CHANGE IN CORP STRATEGY... YOU MEAN NO LONGER SEEKING TO FUND ALPALA THEMSELVES??

BnC- thank you, I will write him an email. AS WILL WE ALL. HIS INBOX WILL BE FULL.

If red knights has been chatting to Ingo then that might not go down well with the FCA. That's the trouble when you 'trade' a lot and also have dialogue with current or ex company staff. When I was at a world leading investment bank, anyone remotely connected to me had to declare every trade that they made. My uncle was furious but thems the rules these days. Very easy for the FCA to track trades against BBposting history and many have been banged up for acting on privileged information. If the red knights clean as a whisker then perhaps he won't mind an enquiry from the FCA?

Seems to me that there are a few who have privy information and are part of private group chats. All should be very careful with trading based on information not in public domain.

Sharketmare, what nonsense.

Lets just look at it in more detail... My points in CAPS.

Since Darryl has taken over, he has:

- delivered a watered down PFS to which the market reaction was to shrug its shoulders (PFS WASN'T WATERED DOWN, THE CAPEX WAS REDUCED AND THE REST FOLLOWED. THAT'S WHAT A PFS IS ALL ABOUT. IRR!
- awarded himself stock options (STANDARD STUFF FOR CEO EXECS)
- sacked our interim CFO and the person responsible for raising finance for Cascabel, with no explanation to shareholders NEW CFO APPOINTED SO OLD INTERIM CFO NO LONGER NEEDED - WHAT'S THE BIG DEAL?
- sacked our new CFO, 6 weeks in to her new job (SHE RESIGNED AND MAY NOT BE DOWN TO DARRYL)
- sacked the metallurgy manager on SOLG's books (WHO?)
- gone through a failed fundraising exercise, spooking the market (TESTED THE MARKET AND NOT ALL SHAREHOLDERS WERE ALIGNED EG LIKELY MATHER WAS NOT UP FOR THE DILUTION)
- appointed an ex BHP chum as yet another interim CFO (HE'S INTERIM AND KIETH WAS EX BHP AS WELL BUT YOU LIKE DHIM
- left shareholders in the dark about what the revised company strategy is (clue, it certainly isn't taking Cascabel to production) COMPANY STRATEGY CLEARLY COMMUNICATED VIA RNS AND RECENT PRESENTATIONS - HAVE YOU READ THEM?

This is absolutely no way to run a listed company. We are now in a very precarious position, with around 4 months to go before what will be another testing AGM, and our funds dwindling by the day. PRECARIOUS POSITION??? WHY?

Time for Darryl and team to get on an investor call and be held to account for the utter mess that has been created over the last few months. ALL THAT'S HAPPENED IS THE CFO HAS GONE. WHY DOES THAT WARRANT AN INVESTOR CALL?

Nick Mather - a penny for your thoughts please. What the hell is going on here. MATHER AND IRWIN VERY QUIET. THAT TELLS YOU ALOT. PATIENCE!!!

Norges 3.96%. Blackrock were at 4.3% now at 5.6% I believe. While the pi's seemingly wet themselves, the big money is gradually building with interest.

Volume at just over 1m today suggests perceptions of 'dire straights' lives in the minds of the people that just don't understand how these things work out. The big money understands very well and I don't think they are ready to sell out for anything less than double their money.

SOLG's assets are world class. BHP have been scrabbling around trying to gain some copper and gold assets after their Coal exit. They haven't done too well recently on that front and their investors are wondering what on earth is going on and whether the first move advantage is disappearing.

If a bid comes tomorrow, it really wouldn't surprise me at all.

FOMO lives here and the likes of Sean et al, wake up each morning fearing that bid RNS. Don't beat yourself up when it does land and you miss out. Life goes on and all that.

Ayten's background or major achievement was getting an IPO sorted on a large multi billion asset eg like Alpala. I think that's why she was drafted in. I always thought the best way forwards for SOLG would be to spin off ENSA like RIO did with Turquoise hill. However, over the last few weeks or couple of months there does seem to be some discussions going on behind closed doors which are around the forward strategy which may or may not lead to a full asset sale imho.

As slug said a few weeks ago... why bother diluting and raising cash (gifting BUP and NCM another cheap slice) when in 6 months or 12 months time, all you've done is virtually replace the diluted value with some accretive asset value which ultimately goes to the buyer and likely at a discount. Don't get me wrong, it makes sense to get PFS2 sorted and Porvenir PEA but everything else (regional exploration) is pointless as it's never going to see enough holes drilled in 6 to 12 months time to even begin to be a discovery that commands a higher share price.

I've said for sometime now that Mather has until November to see something happen or else he's going to get booted from the Board. And when that happens, it's really out of his control. NCM and BHP tried to achieve this last year or the year before that and failed. This time around I think they'll succeed.

Keith had already taken a step back and was only pushed to forefront to carry the CEO role when Mather was forced out of that role (in title only!!). Ingo was no longer needed due to new CFO. Jason no longer needed as exploration now grinding to a halt and Lasso et al want full time workers on Ecuador turf... that's clear now. So all in all... we are now effectively back to where we started some 12 months ago with no CFO and awaiting a PFS update cited for Q3 or Q4 (albeit PFS2).

I think the "reality" that Keith alluded in his resignation note says it all. It doesn't do the companies position any good by suggesting they don't have a cat in hells chance of financing Alpala but BHP and the market are not fools. They know the immense task involved and "reality" (as I said over the week end) comes in doses.

Be smart, signal to the market that after various partner discussions and finance options the company has had a number of attractive approaches and has appointed Citi group to review them etc etc.

That would have the sp back into the 40's in no time at all.

Get on with it. This game has run its course and even Mather looks like he's ready to sell now imho.

I just get a feeling that Mather is standing firm and perhaps Darryl is a BHP man afterall and Mather is not having any of it. Liam did say a while back that BHP were trying to destabilise the BoD's. Well... pretty much all the old board have gone now and come AGM Mather will be gone too?

Mather will know what is going on and he's on the little shareholders side.

The only really news today of note is the CFO going and the media might attribute that to the recent failed funding round? Heads roll when errors or mistakes happen, but for balance that might not have been the case at all.

Keith and Jason moving on has more to do with Ecuador commitments and the fact that new staff have come in to do very similar jobs.

Keith was the block cave expert or the man with most knowledge so perhaps we are about to see a NCM block cave NED appointed lol!

Just launch a strategic review and let the market join the dots.