Member Info for Fortissimo

Solaris broken $10 cad a share now. That's $1.66bln CAD market cap.

Market hasn't battered an eye lid at their PFS capex of $3.7bln.

SOLG's still 10p a share discounted compared to being aligned with a smaller inferior Ecudaor miner.

Mr market... are you not a bit embarassed?

Canaccord target for near term 46p with more upgrades to come based on derisking assets further.

The portal/pilot hole is the bigger as that will be the first time we break ground on a pure 'development' phase of the project. I can't see Dan or Franco doing commencing those kind of works until the Ecuador Gov cough up the CIPA. Investors and partner need 'protection' ... simple as that. So If Nobby and co want to see Ecuador as a global mining power, then they really need to get the relevant permits signed off.

I'm delighted with news today as it suggests we may well have an ongoing TAM drill programme lasting through to June next year. This offers potentially monthly updates on drill progress and helps with catalysts to push sp higher. We need 'action' and with large projects like Alpala, alot of the works are like watching paint dry.

The biggest news today is the promising visuals on NW hole 77. This could be the best hole yet and if it is... it will warrant another 10 or more holes to define it.

Ultimately, TAM becomes an operation that requires the same kind of planning as the blockcave... just not so capex intensive and faster to get moving. But much lower risk.

The company has so many options available right now it would be understandable to see some 'rethinking' as there's no way they would have envisaged TAM working out as well as this.

I'd go so far to say, that there's enough there to simply focus on for next 5 years+ and build cash flows... then get on with the main blockcave. No rush on that. Just do what Lundin did on Mirador... start off smallish and build toward medium size production and do it gradually. Fast track the low hanging fruit first (TAM) and just let the blockcave tick along. That will likely frustrate BHP et al and more likely see them make a bid as they can't wait much longer. They need the resources and they can see enough now to understand that SOLG are no longer in a 'corner'... no longer easy prey.

BHP had a chance to snaffle us a while back at 55p levels. Now they are looking at double that imho. And they know it.

Impressive near surface grades shown 'again'. Lets hope the market listens and reads what Dan is saying as it's very very bullish.

The magnetics on that hole 77 target look great and when accompanied by... "Hole 77 at Tandayama West, above a modelled magnetic intrusive source, is showing promising to strong visual mineralisation".... it's time to get excited indeed. That's potentially a serious size step out target and could become a 3rd Pit... 'PIT 3'.

They started this campaign with a decent idea on one pit. They now have above expectations results on TWO pits and a 3rd in the making.

This is a game changer for Dan and fellow shareholders. It's changes everything as path to funding becomes so much easier. Alot easier than Solaris's $3.7bln capex and the market already rates them at £890m market cap.

We need to be 29.6p just to align with them and based on todays results we should be way way past them.

PoG flying today too. Nice timing Dan.

Solaris flying on TSX. Up testing $9.8. $10 within reach and $1.65bln (CAD) market cap.

If only we were listed on TSX... a more conducive index to miners.... oh wait a minute... we used to be until we delisted....lol!

You couldn't make it up.

Ortherncopper, trouble is... we don't get any merit or value added for our conservative numbers... we just get heavily discounted. So why shouldn't we go ahead and bolster the resource with cut off adjustments and add in higher metal prices and then let market discount that as they see fit. The market is generally 'thick' when it comes to miners and projects of this size. It's more a case of 'wake us up' when you're producing.

It's time the world and markets knew just how big Cascabel is. It's time to aggressively sell the upside. The reason for that is that time is running out. We have royalty buy back schemes ending in Q3 next year and Q2 the following year. Gotta get deals done and dusted by July next year imho as they'll take 6months+ to finalise if involving a buyout or takeover.

Porvenir is huge and the numbers very juicey with metal prices where they are. We we're supposed to get an update on Porvenir but guess that's part of the ExploCo news. I can't see why they can't announce the news they have on Porvenir now and then that whets the appetite ahead of the regionals spin out news. Dan was apparently due to pull the trigger on the ExploCo as early as May... so we know they are advanced in that respect.

Agree, the capex will rise from the previous $1.5bln. I'd place that at $1.8bln based on inflation / dollar alone. Then you have TAM aspect to factor in. How much is that going to cost and how fast does that pay back eg... when do those funds get recycled into Cascabel Blockcave? It's that pathway that will determine the DFS or final development decision imho.

Agreed on the cut-off point. Feasible to drop that a smidge based on higher metal prices and yes... just a smidge makes a huge difference.

That all said, the latest presentations all focus on that 'smaller footprint' and concise mine build plan (eg reduced capex). Is that now too restrictive?

Dan has already said that he's not interested in 'resource' but interested in 'reserves'. That's fair enough, but that doesn't mean you have to play down or ignore the resources.

With metal prices where they are now, projects like Porvenir as an example become very attractive. Get that partnered up or as the core assets of the ExploreCo and the IPO price (if/when floated) should be $100m+. Retain 80% of that and it's 3p a share off the bat. And I suspect 10p a share upon decent PEA and any resource advancements.

Frustrating that we seem incapable right now of spinning more than one plate. Now is the time to accelerate... move fast.

We've been told what's coming or expected in Q4. CIPA, ExploreCO, TAM full results and then subsquent modelling and updated PFS/resource numbers.

That's all due in the next 6 weeks as anything after Dec 21st is a waste of time... no one is listening.

What I want to know is what are the things to looks forward to in Q1 Dan? SOLG has a history of dormant phases and especially under the CGP control... ike watching paint dry. Inactivity = poor planning. Poor planning = drifting and downward moving sp's. Effectively wilting. You need to offer up some baby bio if you want growth and the market to get excited about it. That's why it's crucial that the ExploreCo is up and running and fast.

We heard about it in April. The land tax isn't going away anytime soon until Gina has her way and even then it's only going to be repackaged into something else to save Noboa face... like the Chinese recently offered to fund x y and z. So time to get on with it. It's nearly 5 (FIVE) farqing years since SOLG drilled anything 'new' or outside of ENSA. Porvenir is a gem. Get on with it and stop playing funny bu99ers with trying to be cute on deal making. It's not happened, and it's cost $100m ponsing around. The rerate was supposed to be about NOT ponsing around. Getting on with the job and with speed.

Get a shift on. A market stall seller could get SOLG moving in this metals market. It's not hard.

There are quite a few 'strong' indicators in their PFS and many are surprises based on industry standards. The market didn't bat an eyelid yesterday and instead the sp firmed further to new 2025 highs. The fact that they've used $2800oz for first 3 years dropping to $2500oz for LOM is an interesting one. But the real surprise was the capex of $3.7bln. And if you take into consideration the $9/t milled figure, drop in lower metal prices and I suspect you'd find the IRR sub 20%. For a minnow like Solaris, the IRR is crucial as capex is $3.7bln... hence they will need multiple lines of funding/investment/partner deals.

It's their first MRE, so one would expect that to increase with more drilling. Aside from that, it just goes to show the cost of open pit mining vs Blockcave. Blockcave is the cheapest method but it requires more risk and greater front ended capex.

Going to be interesting to see how Dan updates his presentation based on this as currently his presentation is now out of date... or that peer comparison page is.

He was planned in to do the Precious Metals Summit next week November 10-11, 2025 | Park Hyatt Zurich.

That's the 3rd conference I think that he has pulled out of.

What the fark is going on?? Not impressed. He's supposed to marketing the company... with new impetus. Cancelling events is a missed opportunity.

The 121 mining event has been added for the following week, but that's pretty minor stuff.

He's got a lot to deliver before year end and if he misses on a few then he's undermining the work he's done to date and the market will just view us as oldstyle SOLG (P155 poor management ect) and reset... void.

You can just drill a few holes on TAM and sit back and say I've turned things around. There have been investors on this BB crying out for TAM to be drilled for the last 4 years!

Need to see a step up in activity, step up in news, step up in catalyst planning for 2026. Once all the news lands as promised this year.... what's next Dan? What catalysts do you have in place to keep the momentum going??? This is what a CEO has to do these days. He/She has to make sure the calendar is full of events.

Not farking cancelling them all the time.

Should get the AGM RNS notice of date at the very least but I'm expecting TAM update next week and looking forward to it as those last holes look like the sweet spot on TAM.

Not sure if they were going to drill the NW targets in this batch after identifying them or whether that was the plan for early 2026.

Crazy to think that's Solaris first MRE on Warintza and PFS and the market values them at £830m.

SOLG far more advanced, half the capex requirement, already has potential commitments for nearly 50% of that through PoG stream (caveat on DFS) and has the copper stream untouched / no draw down on that apart from the earlier Franco deal.

Solaris have said that they are financed through to an investment decision but have not given any indications how the $3.7bln might be funded.

So lets just run through the usual bashers points that we've indured on SOLG over the years.

1. Based in Ecuador so very risky... does that matter to Solaris investors/market as a whole... NOPE.

2. Market concerns over how a minnow funds a $3.7bln project in Ecuador.... does that matter to Solaris investors/market as a whole.... NOPE.

3. Risks to permit stage so heavily discounted to reflect the pending mining permits....does that matter to Solaris investors/market as a whole.... NOPE.

4. Using very high metal prices for long term predictions (some 50% higher than SOLG's PFS... some nearly 75% higher)... does that matter to Solaris investors/market as a whole.... NOPE.

Now I'm not saying that there shouldn't be a risk attached to blockcave mining vs open pit. That's fair. But SOLG has ability to derisk by reducing the exposure to funding partners (risk side) through early cash flows at open pit TAM. Early portal works also derisk.

So all this time we've been told to just suck it up and accept that the market doesn't believe or the market says you carry a heavy discount because you're early stage or your in a risky region etc etc.... is....

utter tosh. As proven by Solaris.

Time Mr market got us priced where we belong and that's 30's and 40's ranges based on the very basic view of where we are at. Post an updated PFS and TAM inclusion, we should be in the 50's or 60's.

Well the market seems to like it as they are up 6% already in early trading.

Capex of $3.7bln and the market loving it.

But the market not loving SOLG with half that capex?? But greater resources and greater returns assuming the same metal prices.

You must be doing something wrong Dan??? We should be 3 x the price we are today.

Production runway and life of mine roughly half of what Cascabel is.

Blockcave might be capital intensive and risky but it's the most economical way to mine on a decent scale.

Solaris SP responding well albeit early doors.

Perhaps Dan should draft up a new PFS lol! or just pick up Darryl's and add TAM to it! I am kidding but I do wonder what on earth Scott and co were on when they stripped it back to $1.5bln range. Might have made sense in high inflaton world... but in today's mega metal prices boom, Darryl's PFS makes far more sense. Any super major taking Cascabel over will surely change the PFS anyway. So apples and pears.

Exactly... when you make some quick comparisons, Cascabel looks awesome.

Come on Dan... lets get those updated numbers out please.

A proper rerate long over due as we should be in the 30's right now if Solaris are trading with a £800m market cap.

That said... their sp might correct when the market soaks up that CAPEX number. It's higher than Darryl's $3.4bln lol!

IRR is 26% based on those metal prices. Our IRR was 24% based on $1750oz and $3.85 copper.

Rough fab packet stuff but I think if we used the same metal prices we'd be nearer 30% IRR.

Hard to make some comparables when they've used $2800oz for first 3 years. Remember, our last PFS used $1750oz I believe!! and $3.75 on copper.

I think they are being bold with the first 3 years being based on $2800oz. I'm not disagreeing with it... as likely it will be $4000oz the way Trump and co are going about things. But that's quite hefty for a PFS and even dropping to $2500oz thereafter.

Can you imagine Cascabel numbers if we used $2800oz and $4.50 on copper!!!!!!!!!!!!!!!!!!!!!

Flippin heck...

That all said, I think they've been conservative on copper. I would ahve thought $5+ would have been more aligned with the bullish approach to PoG.

I think the idea that open pit is cheaper than Blockcave is simply not true these days. Yes it's less risky and faster to extract and less front ended on the capex, but open pit recovery is expensive when grades at lower end.

Remember their market cap is 50% higher than ours right now!

Yes, payback of 2.6 years pretty good too. I would expect Our payback time to reduce to sub 4 years when Dan updates our figures. Ideally nearer to 3 years with TAM involved.

They've used $2800oz for first 3 years production and $4.50 on Copper.

They then drop to $2500oz for life of the mine.

Economics analysis

Metal price assumptions for the economic analysis referenced long-term consensus forecasts and are presented below:

Metal Unit Price

Copper US$/lb 4.50

Gold US$/oz 2,500*

Silver US$/oz 28

Molybdenum US$/lb 20