Member Info for Fortissimo

Like I said a week ago, oh the irony... Gold falls heavily and SOLG gets autobotted down with it. That would be entirely fair and appropriate had we actually risen with PoG from $2k to $4.3k. PoG had popped from $2k to $3.4k and we were not moving at all.

Not much Dan can do, but expected Canaccord to balance things a bit better as essentially the two great news updates on TAM are almost washed out... wasted.

Ultimately, it's not about where the sp is today or tomorrow, it more about where it is after CIPA, ExplorCo and updated PFS post TAM phase 2 completion etc etc. If we are still 16p levels then, well... it's time to move from LSE to another exchange as London is not the place for miners with great assets.

Crazy stuff. Up $100 per oz one day and then down $100oz another.

JPM and Citi both citing firm and higher Gold pricing to continue through to H1 2026.

Perfect backdrop for Dan and team. Lets get those Assays in Dan. CIPA signed and ExploreCo moving.

Is that stock with the big II seller called "RAB Capital Holdings Limited"?

They seem to be in a rush to offload considering how great things apparently are. I wonder if they know something you don't?

Addicknt, you're talking to an autobot if you look at past postings. Not human I'm afraid. Looks designed to generate postings on BB to help LSE guys get some ad rev click revenue is the guess. They are appear all over the LSE BB these days.

Can't blame them... these sites do cost funds to keep operational.

Probably there for the Big Photo. Remember Caulderwell doing the same with one of the other permits.

These days, a flight of several thousand miles has been replaced with video calls. No point in making that kind of journey unless it's something big.

Gina R's courtcase will dictate how and when Mining ministry backtrack or reneg or restyle the land tax. It looks like it goes against the contracts signed so major legals involved.

Considering the 8% fall today, I would have expected higher volumes. We had 12m or so yesterday and finished flat. We have 7m and we fall 8%. I think the mm's being a bit opportunistic there.

All in all, another good week for SOLG although would have been nice to finish in the 19's... but it's much better than 15's seen the week before.

Fiat currencies are doomed... Goldman Sach's now targeting $4900oz to $5000oz levels in 2026.

Stars are fully aligning for SOLG. There's no way the dollar can regain trust when their debt level just keeps on increasing. Now testing $38 trillion!

The futures very bright for miners.

Nothing out of the blue going on with the SOLG book... it's all par for the course these days.

What I will say is that I think we have a 'new' sizable buyer.

The reason I say this is that the sp has been strong over the last few days (3 days) and during all those days our usual buyer 'Global X - COPX fund' took a breather after gobbling up almost 10m shares in just a few weeks.

So the aggressive buying yesterday and the day before wasn't by them... so who was it?

Same trade size printed at 2.13pm. Spread incorrect on the 12.13pm. Spread was 19.0/19.08 so mid price trade.

Bit odd printing 2 x 892,727 (2.13 and 12.13) as certainly not a rollover trade.

Orpherncopper,

Bit hard to take profits when the t00l told us he sold at 15p 3 weeks ago lol!

Looks like he missed the big rise. What a wally.

VictoriaA

Posted in: SOLG

Posts: 400

Price: 15.30

No Opinion

Glad I sold recently25 Sep 2025 07:36

red day imo

Of course... and Franco/Osisko currently on the hook for around $300m combined in streams so they want that CIPA signed and delivered. And goes without saying that's crucial on the remaining $650m.

Well, Noboa certainly needs it after the Loma debacle. Cascabel is the 'big one' in Ecuador and he should be rolling out the red carpet. This isn't an environmental permit ... it's an investment protection agreement. So it's not sensitive in terms of eco issues etc.

I don't think we can or should start the Portal hole works UNTIL we get that CIPA. And as we know... Dan wants to start the portal in November.

He's clocking up some serious air miles. Looks like another conference / presentation has been pulled from the SOLG website. This time it's "The International Mining and Resources Conference + Expo" (IMARC) in Sydney. Oct 21st to 23rd.

Somethings cooking for sure or someone is just easing off on the work schedule for Dan. Wise if the latter as we don't want he burned out.

Exhausting flying around the world on an ongoing basis. He's doing a fine job and working very hard. Great to see.

Hope he has a good session with Noboa.

InvestorPanda, I haven't got the foggiest on what you are on about. To be blunt... I like your enthusiam but you lack some some common sense and.... a decent dose of politeness.

Drop the abbrassiveness and abuse and the BB would be a happier place. You're like a bulldog chewing on a wasp or a chihuahua.

Just try and chill a bit.

I know what you mean... spinning plates and all that... but with such a conducive market backdrop right now, assets like Porvenir could be valued at £500m alone!

I have no doubts that PM's will top off and consolidate in future but the trend and forecasts for 26 onwards still support robust metal prices which make assets like Porvenir extremely attractive especially as they are already in the South of Ecuador and close to existing infrastructure.

Ironically, SOLG went into mothball status when covid high inflation / poor metals market etc etc was in play but now is not the time to sit on regionals/Porvenir. Now is the time to push ahead with it. Porvenir was ranked in top 10 or 20 discoveries I believe and it's just sitting there... waiting for a spin out or IPO.

The market has woken up to TAM but more so because the potential to unlock the 'going it alone' story. Porvenir is actually way way better than TAM yet the market doesn't really know what's going on with it. Get a PEA sorted and hey presto the market really will be in a spin on valuations.

I agree with Dan's strategy and Porvenir would be best spun out... I'm just keen to see it happening 'now' rather than in 6 or 12 months time.

Canaccord doing a fab job. Sometimes you need to hold it back a bit to build some strength which inturn delivers more sustainable rises. The fundamentals of significant rerates.

They issued an opening speculative target of 45p a couple of months ago. And that was before the robust and highly significant TAM assay results.

BHP bought a large wedge of SOLG stock at 45p some years ago. And that was when we had just 85% of ENSA and were years away from being where we are today.

When the next assays arrive I think they'll blow the doors off. Canaccord might need to (or certainly should) increase their near term 45p target to something alot higher.

CIPA news to come soon one hopes and the long awaited ExploreCo news.

Great run up to Christmas coming and possibly best SOLG AGM ever for Dan and team.

I think you have to remember to deduct the 'royalty stream' aspect too as if SOLG go it alone, then Franco and Osisko retain their full royalty.

Don't forget though... the main bulk of the copper stream is not included in that $750m deal. It was only the gold that was included.

So you may get a partner involved that is 'copper focused' and not too worried about the Gold aspect and that could see the royalty streams retained as they are.

In theory, the capex of $1.5bln now possibly $2bln ish if we included TAM and some inflation etc etc, could be sorted via royalty deals with $1.5bln coming from copper and gold streams and then the last $500m coming from Bank finance and obviously early cash flows from TAM thereafter.

SOLG just have to prove they can finance the blockcave themselves with close to zero dilution in asset or equity and bingo... you have a proper rerate and gap closes on market cap vs NAV.

Trouble is... historically M&A always tends to pick off the minnows before they get a chance to flourish. That's the name of the game.

So as an investor you have the choice of the 'rocky, risky and long road' to production and bumper dividends / rerate on market cap... but that's 4 years away at least. Significant risk ahead in capex and block cave issues etc etc. Prob worth £2+ or veen £3 or £4.

Or... someone like BHP or Chinese comes in and says... we'll take it off you hands 'now'... and give you a derisked offer price as we need to cover ourselves on all future risk issues etc etc. No need to wait 4 years+ we'll give you £1 a share here and now.

Personally, if the ExploreCo is up and running and already bearing early fruits (in 2026) I'd be drawn to accepting the early Cascabel exit offer as I know I've got more chances ahead with the Exploration folio and I don't have to carry the risk of building a block cave mine.

This dilemma for investors will arrive soon imho. Buyers or partners simply have to make a move before the Royalty buy back deadlines. The 50% royalty that can be bought back is already worth double now... so it's a no brainer. First royalty deadline is in Q3 or Q4 2026 I believe. M&A can take 6 to 8 months to complete... so anyone planning ahead will need to make a move 8 months before end of 2026... change of control takes time etc. So April next year should be the latest that someone makes an offer which might explain why SOLG have suddenly gone gang busters on the TAM drilling and are in a rush to get that sp rerated.

And before you shoot me down... it's just an opinion!

Just think.... all those licence blocks... some with advanced drilling and some with basic rock chip samples are all waiting to be explored further.

It doesn't cost a great deal to drill a few holes on a few blocks. $5m could get you a pretty decent 30 holes drilled.

With the markets the way they are, with PM prices where they are...reactions to early discoveries are now very strong.

The game used to be about 'next cab off rank' in terms of finding more Tier1 mines across our portfolio. But due to metal prices, I think the new game is to find open pit/shallow discoveries. Stuff that can be sorted with low capex but quickly with turn-around on ops/production within 2 years... not 10 years like blockcave.

Dan... TAM and Cascabel look sorted. Plenty to do ..yes. But it's time to get that exploreCo moving and the drill bit turning. The market/investors are gagging for new discoveries right now especially in copper and gold. Time to get a motor on now ... just $5m spend could see $200m or $300m added here fast.

Yes, clearly a buy as the spread was 18.1p/18.2p at 2.42pm.

2m block bought at time of spread put through at 18.426p.

Cheeky s0ds tried to disguise the trade with false spread print on reporting.

News out today (or yesterday on ASX)

ASX ANNOUNCEMENT

14 OCTOBER 2025

Bramaderos Gold-Copper Project, Southern Ecuador Sunstone targeting an updated Mineral Resource following successful completion of surface sampling program.

Program is aimed at enhancing the already-substantial 2.7Moz AuEq 1,2 resource ahead of a scoping study.

SOLG own 12.5% and have free carry to production.

Could be worth around $20m to $30m post MRE. That would be useful amount of cash to see some exploration across regionals... or pay for the land tax lol!