Member Info for Fortissimo

I think it was in an interview or conference some weeks ago. But he defo said they would be looking to do it in November. Not getting into semantics on drilling and breaking ground etc etc... the point is.. he said we would be pushing ahead with the early development/pilot hole and suggested that it showed confidence as of course... we haven't made a final DFS/decision to develop yet. All part of the acceleration of the project.

SOLG bit sluggish of late. There does seem to eb some correlation or alignment with PoG recently as certainly pulls back on Pog's weakness yet not seeing the same strength when PoG bounce back. That said... it is up and down around 1% daily these days!

AGM notice along with resolutions has to land tomorrow if the date of Dec 11th is to be maintain. (21 days notice minimum).

If we are to drill the pilot hole this month as suggested by Dan a while ago, then I think we'll need the CIPA first, then the cash and I'm not sure that will cover the full bill either. So unless Dan has a Jiagnxi Copper stream deal lined up... I can't see how the Pilot hole can be drilled. Unless of course... we get the $33m tranche along with a commitment of a further draw down on the $650m remaining via Franco/Osisko. Could see $100m released from that but certainly not happening unless Noboa pulls his finger out and gets that CIPA sorted. Into the sharp end now and with best market/metals backdrop in years. Should be an easy job for Dan and co.

Oh yummy... the pump has begun.

I remember the mining article re BHP lining a bid up in 2022. It dodn't happen in the end but their intel was correct as BHP were looking at bidding but opted for Oz minerals instead.

CIPA due to drop soon... then are we in for bid time?

I think the decision process/referendum might have been holding up some stuff so now it's all done and dusted perhaps we can have our CIPA now and we can crack on. One thing fore sure is... the Chinese will be very happy. I doubt BHP are feeling as happy as Trumps aussie deal likely includes them in some way.

It's an odd one as I think Noboa's mandate or main reason for winning election was to fight crime. Ecuadorian people are fed up with the crime gangs in same way as recently shown by the Mexican riots or diruption over the weekend. Mexican's want it cleaned up. They want a safer place to live for their children. I think Noboa thought the people of Ecuador wanted a firm strong crack down and would vote yes. But what I think he overlooked or couldn't factor into this is the dislike globally of the Trump/American Maga brand. I think his treatment of spanish speaking south americans in the US (mainly mexicans/caribbeans) has not gone down well with Ecuador. I think this vote NO vote is more about saying no to America's influence. And who can blame them. So Noboa will need to find diffferent ways to fight the crime that doesn't involved American influences.

Certainly a blow for him but I don't think it's personal... more an 'anti-american' vote due to damage that Trump is doing to the American brand.

One know one beneficary of this vote... the Chinese. They'll be delighted by this and they are technical advisors to our main asset are they not?

Referendum voting right now and main impetus is to see clamp down on crime/gangs and drug trade ... hence US involvement / military influence to help etc etc.

The below is timely!

https://www.bbc.co.uk/news/articles/c93dz9zly83o

An offer pre christmas and one that is recommended by the board is certainly possible but 'sold' by end of year never going happen. It will take at least 6 months to finalise any purchase or JV deal... these things always take alot of time before being officially done and dusted. BHP made a non-binding indicative proposal to Oz Minerals in August 2022. The completion of that acquisition was pen'd in May 2023.

Personally I see the royalty buy back option deadlines as being the dates that any would be buyers want things compeleted by or before. So think that's around Q3 for the first one and then June 2027 for the other option.

So reckon offers will need to arrive early next year if they are to avoid the first royalty stream buy back option ending.

Also, in a bid war situation whereby several buyers go ping pong with offers... that can take 3 months+ alone. So in that context, an offer end of this year might take that into consideration and enable buy back of the first royalty stream.

SOLG have cancelled all conferences lately and seems odd especially as they were keen to get them pen'd in. So does make you think something has changed... which could be offer talks. At 20p levels, it wouldn't be embarrassing or hard for someone like chiense to make a 50% upside offer near early 30's knowing it might get rebuked but gets the ball rolling and seocnd offer can then be in 40's and so on.

Noront had first BHP offer at 55cents (when they had been around 22cents a few weeks before). BHP then upped it to 75 cents a few weeks after being knocked back. And the rest is histiry with Wyloo coming in with a knock out offer of 110 cents.

It's the royalty stream buy back options that any buyer will be desperate to buy back. They are worth a fortune now. Franco and Osisko will be praying that those 50% buy back dates lapse.

With the royalty stream that Franco have in place on SOLG, I think they would throw Scott under a bus if they had to ... anything to cling onto that royalty deal.

Remember, they haven't deployed the full $650m (inc Osisko) and there's a very solid chance that some one might buy the 50% buy back option on the stream too.

So don't worry about rocking any boats... if Scott is voted out at next AGM... it won't matter a jot to Franco. They are going no where.

What will be interesting is what resolutions get put forward and how NMM and BHP vote this time around. I think we all know how Jiagnxi will vote lol!

They seem tight lipped this year ... or slow to get the AGM notice out. It's usually been issued by now.

I think last year, NMM took their eye off the ball and either defaulted to yes vote or abstained. This year might be different. Then again, you never know with NMM...but one thing is sure... their 10% stake is highly valuable to any potential bidder. If jiagnxi snaffle them, they'll have 22%+.

As the sp continues to corrrect and rise, one does start to wonder what NMM would be happy with (no mtter how stupid or impatient they are etc) if they wanted to divest their holding. For now, thy seem to have done all their divestments so perhaps they know the worth of their 10% stake and are going no where?

It wouldn't feel like dilution as suspect that $25m to $30m in cash would deliver over $200m in mkt cap pretty quickly upon some decent assays and excitement returning on Porvenir or Blanca Nieves etc. I don't mind 1% or 2% dilution based on equity raise in the mid 20's to 30's. It's all about moving fast now.

25p to 30p well within reach based on excpected newsflow over next 4 weeks+.

ExploreCo plan/IPO JV... whatever transpires etc will then fund the exploration drilling thereafter and we'll retain a greater chunck/slice of it all.

My read on Scott's $370k pay for 9 months is that he looks he's been on same pay for first 6 months of 2025 eg...and now is on a reduced $21k per quarter.

That's a shocker. One thing is allowing him to 'keep' his options... another is to pay him the same salary for 6 months while he does xxck all and after he delivered the worst sp performance in companies history. He should have been sacked!

He must be sitting back laughing his head of at us shareholders.

Not happy.

I think Dan hinted they would look to shore up the balance sheet once the sp had got to levels much higher than the 17p area it was at when he mentioned it. I think he'll do this once the sp gets past 25p or nearer 30p levels. Assuming CIPA, TAM and resource upgrades are dleivered before year end, then imagine he should be able to get awat $25m or $30m equity raise with ii's or chinese. It's only 1% dilution. That would sort any land tax payments and should see works begin on Porvenir, BN and others etc but all this needs weaving into the overal plan of ExploreCo and suspect he's on top of this.

Personally, I'd really like to see the Exploreco and Porvenir moved on now. We were told about it in April or March and they need to get on with it. The land tax won't go away but my guess is that it may well turn into something else so it saves Noboa's face and gets out of legals. Eitherway... firms that have licence blocks in Ecuador are going to have to drill them rather than just sit on them and I think Noboa is right there... he wants things moving. SOLG have had over 90 concessions and something like 70 of them have been left untouched. Now, after relinquishing some blocks we have 60 licence blocks. That's still way way more than we need and I'm actually quite surprised we've not relinquished more! I thought we were cutting it right down to around 20 high priority targets/blocks.

That said... they are clearly worth something and I suspect our future partners on the ExploreCo might have said... we want those please. I guess we'll have to wait and see. Certainly alot of stuff due in the next 4 to 6 weeks.

Wtf??

We've paid Scott $370,415 in 2025????

unbelievable.

Thanks Pbow.

For anyone interested, the MD&A and financials are on the solgold website under financial reports. Reading through them now.

I'd say we're top 8... not top 10.

La Colosa and Pascua-Lama don't look like they are going anywhere. A few others on there are years behind us too.

Astonishing to think we are top 8 prospect and valued at £600m.

And sorry to bore you all on Solaris comparison... but they are valued at £870m right now and don't even feature in the top 20. Infact, I doubt they feature in the top 30!

Yes.... another 2.5m+ sneaked in after hours at 19.6p. Hence why they walked it back up into close to get those deals done.

As we already know, Market already rates Solaris at £870m+ and they are years behind us not to mention they have more than 'double' our planned capex at $3.7bln. Market doesn't seem concerned about how they'll fund it lol!

So remember that guys... SOLG still under £600m and we have $750m funding already pen'd in awaiting a final development decision.

If we were £1.2bln market cap right now, we'd still be well behind fellow peers. There is absolutely no reason for our hefty discount apart from the basic fact that markets are markets and they like to make money on the way up, so recovery from sub 10p lows takes time unfortunately.

But we're getting there and 30's to 40's insight upon the batch of news that Dan has promised before year end.

USA/Trump want military bases in Ecuador and as we know a bit more than that. Noboa wants their support and protection against drug cartel gangs. People of Ecuador want peace and rid of the cartels/killing that goes on. Sunday Referendum would be the first step to making that a reality... assuming the people vote to help clean Ecuador up once and for all. Thereafter... Ecuador becomes much much more viable to many miners and investment firms as they see safer haven for their cash.

I don't think Franco would call SOLG a casino share. I think there are risks with any investment these days but with SOLG, I see limited risk based on the value of the resources and the fact that the US and the globe needs those resources. It will come good... very good imho.

But issues like land tax, cash sums required and when payments are due is something that our management team will or should be on top off. I'm just keen to know via Dan on what's being relinquished... what's being retained and what's going on with the ExploreCo. As time ticks on... and if deadlines loom on land tax payments, it's going to be essential he gets the ExploreCo deal done and pronto.

We've not heard much from Dan and SOLG as a whole on the land tax. That might be a political thing, but when you run a publically listed firm, you have to make sure you clearly communicate any risks to shareholders on the months ahead etc. It's basic management.

So Dan... I'm guessing we'll hear from you on this 'after' Sunday is sorted.

One step at a time Pbow.

What's your view on the Ecuador land tax, how much SOLG owes and when it's due for payment... based on what they plan to retain. Making some assumptions of course... but is Dec end 2025 'pay up' deadline time?

I tend to agree, I think regionals likely to go to 'market' via IPO and indirectly will therefore be 'west' owned and that assumes a cornerstone investor being involved like Lundin or Barrick or another etc. The regionals will be stripped down due to land tax. The question is... if others do the same (small firms) then ineffect that forces or squeezes out many licence blocks that then become available for Noboa's preferred players. So in nut shell, Noboa is already in process of transferring hundreds of licence blocks into 'preferred' hands which happens for free via 'relinquishment' or ironically some licence blocks require a settlement payment I believe.

Post Sunday's referendum, the red tape landscape changes for the better assuming Noboa succeeds. Faster approvals = more drilling and more discoveries and eventually more production/revenue.

Ecuador is opening up and the majors are quite rightly just sitting back and watching it unfold. It's all going nicely for them. Soon... loads of licence blocks once held by early explorers will be handed back and pooled for auction or gifted to some players.

Against that kind of landscape, I think the Chinese might be chuffed to bag a Tier1 mine like Cascabel and be done. There's more than enough there to sort them out for decades and decades.

There are still many issues with many licence blocks when it comes to various eco warriors and rightfully so. Not all will be drill baby drill prospects. Some will be in regions that are more welcoming. Some in areas that are not so great.

But in summary... with the Cadestre closed for years and years now, getting blocks in Ecuador was nigh impossible. Now... we are heading to a point whereby blocks will be widely available and come at a cost (land tax) so likely only mid tier to Tier1 miners can hold them.

Unless of course... Gina R wins her cash and Noboa has to find another form of tax.

Out of interest, has Dan given shareholders a guide to the total land cost being demanded by the Ecuador Gov? Has he given a guide to what's been paid so far? Has he given a guide to what is due and when? These are risk events and I believe management have a duty to confirm these numbers.

More over... when is the final demand date? I read somewhere that some smaller explorers have until end of this year??

Perhaps someone could ask Dan whether the 'cash' numbers are material and if it's a risk whether he should be disclosing the total sum owed or falling on Dec 31st 2025?

Madpunter... you'll need to price in copper too!

SOLG Resource (PRE TAM): 18.2 Mt CuEq with 31.3 Moz Au.