Member Info for Fortissimo

Lots of news to come and all before year end. This train looks like it's carriages are full and standing room only so make sure you give those on the sidelines a pleasant wave as you speed by.

1. CIPA is incoming

2. Updated PFS/modeling inc more recent metal prices on Cascabel top ten Tier1 mine

3. ExploreCo... slight delay on this due to Ecuador shift in taxation but it's coming. Porvenir (another of our licence blocks) was / is rated as a top 20 global discovery in last 10 years. It should form the main cornerstone of ExploreCo and underpin early investors/IPO plans.

4. More TAM upgrades to follow as NW and W targets have yet to be reported. More rigs being added as per RNS.

5. Dec 12th Ecuador close doors on Solaris 12 x licence blocks being auctioned. Unclear whether we'll hear of 'spend' or purchase prices but may give us a guide to names involved like Barrick, BHP, Anglo, Rio and so on.

6. SOLG AGM due in Dec along with resolutions. Notoriously a tricky event as BHP, NMM and Jiagnxi all major voters with sway and all seemingly in direct competition with one another as they certainly are not holding a combined 32% of SOLG for the fun of it. They invested with one thing in mind. No clues there.

7. Based on recent article posted by PBOW, it looks like we'll be drilling the pilot hole in 2026 which will be a significant step toward development stage (think lassonde curve).

Today's news confirms the open pit TAM strategy and backs it up with sizable resources. The market wasn't sure whether TAM would deliver (6 months ago) but now knows it's a goer which inturn greatly reduces the early finance risks associated with the Tier1mine plans.

Combine that with the mega metals market right now and it's a monumental game changer. Well done all long term holders and welcome all newbies.

Not sure why Solaris Resources are flying today (again) but they just hit $11 cad. Market cap of $1.85bln (cad) for their Ecuador mine Warintza. No where near as good as Cascabel and ironically looks about twice as good as just our little bolt on project....TAM lol!

There's too much activity around Solaris and SOLG right now imho. With Noboa in UAE and recent US trips, I can't help think that there's more going on right now... and it involves Ecuador. Remember... they recently inked a major TRADE deal with the US.

Ecuador miners are flying right now and we've only just got into first gear. Solaris are in 5th or 6th gear imho. (lets call it an 8 gear auto).

It may certainly help with some much needed liquidity and volume in the LSE market as the index is like a ghost town compared to DOW, NYSE and ASX etc. Likey the bulk of that cash will go into the fund managers pockets in fees! ETF's can help so win win. A re-entry into the MSCI looks nailed on if we are still around in 2026 and haven't been picked off.

That's going to really help the stock volume wise. Could add 5p to 10p to the stock if fund managers are forced buyers etc. Could happen in next MSCI shake up next year. I think we meet all criteria now.

They may have elected to keep TAM West and TAM North WEST out of the MRE for the time being as they wouldn't have sufficient drilled holes to have conclusive numbers. So they may well continue to report assays on those targets. They are decent step outs from the main TAM resources and might be something for further down the line rather than bolt into the mix right now.

Exciting times indeed. The market is waking up now. Would be great to do some inhouse remodel figures on Porvenir and then release that to market using higher metal prices and lower cut off's. Wouldn't cost much and could support/form part of the ExploreCo doc anyway. They probably have that done already.

CIPA RNS should see us into the 30's. From there, anything can happen as it's perfect launchpad for bidders without being too embarrasing for their shareholders should they start with a low ball at 45p range. As we know, Noront started at 48 cents I think and then ended up going to Wyloo for 110 cents with BHP losing out again.

Rumour is it's a chinese short loaned via Jiagnxi to a chinese outfit on behalf of Valuestone. So it it had an effect moons ago at capping the sp under 10p but now it's not really relevant anymore. I'm not sure what happens when you sell stock you already own and then buy it back at a price you can then agree yourself? I think that's called neutral! Highly illegal stuff of course but no one knows what these chinese investment firms are up to as they adhere to their own codes 99% of the time.

Jiagnxi at 12%+

BHP at 10%

NMM at 10%

Between them or whoever buys each others stock etc will be the favourite to own Cascabel in the future.

Perhaps Trump has told NMM (US based) to buy up precious metal mines? Trouble is NMM are Denver based and that's Demo land not Republican so not sure they'll be acting in MAGA interests... but they might be acting in their own interests. Cascabel could transform NMM into a 'proper' super major miner rather than being a bit of a minor middle tier player.

32p next up, but I do understand 27p is on the way to that level

!!!

Agree... wasn't expecting this RNS and would have liked the TAM West hole in full. This defo feels like an RNS that gives the combined picture while potentially keeping quiet the details on the extensions. Feels a bit like they are holding back and I wonder who that's for?

So quick glance (as still reading through)... TAM is currently about half the size of Solaris Resources Warintza but with better grades.

So if market rates Solaris at near £1bln market cap right now, it should rate SOLG's TAM at £500m. Based on today's sp, that Values our top 10 tier 1 mine and all our regional folio at just £130m.

Mr market needs a bit of a shoeing.

Heaven help the market if they update on Porvenir with new metal prices and cut off grades.

TA followers getting stuck in for the run up to 32p is my guess.

CIPA, ExploreCo, TAM Assays and updated PFS all to come in the next 3 to 4 weeks according to our CEO.

If you follow the lassonde curve, you'll see we are entering the break ground area (DEV) and above that it's pretty steep.

We were scratching the bottom for last few years, so 20p level is believe it or not... still at the base of that curve.

In terms of value vs early exit and there's always a discount involved as have to leave something for the next man and risk involved in development etc. So if shareholders want full lassonde curve and dividends etc etc... hang in there for 4 years+ and I think £3 or £4 is doable with metal prices likely strong/high. If you want someone to buy you out early and cut that 4 years of wait to around 6 months buyout due diligence etc, then you'll likely have to take £1 or poss a little lower if regionals not included.

Some on here said they would exit if it hit 20p again. I do hope they farq off now.

As I said the other day with Solaris Resources jumping 8% on no apparent news... interest in Ecuador miners seems to be surging.

Noboa in US and UAE. Trump saying he wants resources bank and wants everyone to keep chinese hands off it. In exchange... they get 'nice' Trump. mmm... we know there's a metal resources battle going on right now and it's almost laughable how the US has just woken up as chinese have been preparing for this for years. Moving from Fossil fuel to electric and green fuels is a double century shift... it takes time but when it's in motion there's no stopping it.

I just think the fact Solaris are doing well (almost £1 billion market cap) and the clear faith in Ecuador now seems to have been forgotten on SOLG or they've been able to control / suppress SOLG's sp easier... prob the latter.

Ecuador is one a a very few areas in South America which is 'untapped' for resources on metals. On a couple of mines are in play and there's huge potential there for the US as Nobby looks a US friend rather than lefty foe.

To align with Solaris, we need to be 33p at the very least. And our asset is top ten in globe. Their asset isn't even top 30. We should be 3 x their price.

32p next test, only question is will we need news to get us there or will the expectation of news do it alone?

Cipa time Dan.

Yes, but in the TSX filing a while ago they had clearly set Dec 11th. Anyway... lets face it... everything is usually late or at the 11th hour with SOLG and I'm afraid Dan hasn't 'reset' that at all with his recent guidance. At least he's hit some deadlines which makes a change!

More like squabbling about how many millions of bonus shares they can reward themselves with BHP saying... you gave 30m to Scott to drive the price down. You then gave 15m at 3rd of the price to Dan to drive the price up. The price hasn't gone anywhere higher for last 3 years since CGP boys arrived yet you've rewarded yourselves over 100m in bonus shares.

So no.... you can't have any more you bunch of useless twittowhoos.

21 clear days notice would be 18th Dec now at the earliest. That's diabolically late for the year and like you say... must be a good reason for it.

Perhaps a bun fight going on between BHP, NMM and Jiagnxi on who wants to vote Scott out lol!

Solaris jumped on TSX yesterday ... more than SOLG did ... they were up over 8%.

There used to be a theory that mining assets in Ecuador should be discounted to to the regional risk. There used to be a theory that small players were discounted for fear of them not being able to fund the huge capex required... like the $3.7bln Solaris Capex.

Those theories have been blwon out of the water recently. Yet SOLG still trading at levels last seen after the Covid crisis. We should be at the 46p Canaccord target. That's over double where we are today so not surprised to see the sp moving as it presents a cracking opportunity for investors of all sizes at these levels.

If we get back to mid 20's before Dan drops all the news, then we should be in the 30's before Santa comes down your chimneys.

Dan's got to release that news soon. He said before end of Nov for assays. And he said before end of the year for ExploreCo, Cipa and updated PFS.

Anything after Dec 19th is wasted as market already on hols.

So that's a serious amount of news coming in next 3 weeks. Of course... that goes out of the window if the next news is 'SOLG board of directors announce recommended all share offer...'

When the presentations got pulled at all the planned conferences it showed that something had changed... almost like someone had asked for a 'quiet' period to have discussions. Rather generous of SOLG to oblige considering they already did that for 2 years lol!

Anyway... the fact that they can't confirm a simple AGM date tells me all I need to know. Cosy chats are being had right now.

We may never know the updated PFS numbers ... or TAM's true worth if they announce an offer etc. All that detail goes unless of course the offer talks break down. That's often how M&A works... cut the head of the snake before it bites ... or strike before the real rerate happens is probably more apt.

Https://www.theguardian.com/world/2025/nov/23/uk-launches-critical-minerals-strategy-to-reduce-dependency-on-china

There's a serious bun fight going on across the globe right now. Thank goodness we have a Swiss domicile as UK might try and block any sale if it was london domicile. That said... being listed on LSE could be a concern although far less so than when we were on TSX. Chinese must be itching to get Cascabel signed over. Newmont are the obvious 'TRUMP' choice being US based and you never know.... he might just use them to acquire key assets that would otherwise go into chinese hands.

It's gone metal mentals out there. What a time to own a 100% Tier1 top ten global mine. What a time!!!

Flippin heck... Solaris closed at $10.51... on huge volume for them. Ecuador miners in demand and remember they have a $3.7bln capex!

That's just shy of £950m market cap for them.

Why is SOLG priced so cheapily??? Makes no sense at all. Dan needs to pull his finger out and get the valuation story going with II's as we are way way behind our peers which ironically have inferior assets.