Member Info for Fortissimo

Consulta y Participación Ambiental is completely different and there's no chance of that arriving anytime soon. I think I recall Dan or some SOLG person saying they expected the Environmental licence/permit to be granted on late 2026.

A buyer doesn't or partner doesn't have to wait for that to land but in Ecuador.... it's a different matter and the EP is of extreme importance and likely the last permit to be granted.

CIPA is important for someone like Franco as it will unlock or contribute to unlocking tranche 3 and subsequent draw downs. If the Portal and Decline works are roughly $400m+ then based on SOLG's presentation timeframes, I'd say early works through to mid 2026 likely to cost more than tranche 3 ($33m). So would be odd to see SOLG gain chunks of the $650m put aside for after DFS/investment decision.

Hence my point about what Dan is 'marketing' or 'spinning' at present with regard to 'starting' works on the Portal such as camp, roads etc etc. I don't think tranche 3 included that in the budget... so what's the cost Dan? Or... if Dan is simply saying they are doing some early works for the portal and decline and it's costing $10m.... then lets face it... it's not exactly a huge start or commitment that I think he was intimating in presentations of late.

It's all about the planned 'spend'... not about the 'words' Dan. You can only do what you can do with the cash you have mate. The market knows this. What the market doesn't know is whether more cash is coming in from somewhere else... like a JV or some kind of finance deal or an add on stream deal involving just the copper.

MathersFinger, who are you talking to? Who's NAL? Some of us on here prefer to just use the filter button. I suggest you do the same. I only get to hear about some NAL entity when folk like you rant and rave. General rule in the zoo....is 'do not feed the animals'.

Crazy to think SOLG are 14p+ today with PoG at $3850oz. Yes... we're not producing right now but it certainly helps with project finance talks when you have metal prices at all time highs. The 'silver' aspect is one often overlooked. That's a sizable jump on that metal and SOLG have loads of it!

I don't think 'momentum' is slowing Rich3r... I'm bullish and like Dan the valuation gap compared to peers is something that is quite remarkable considering the stage we are at. That said, closing that valuation gap likely involves more 'detailed' presentations, you know the kind that get presented to II's rather than retail pi's. There is still a large whiff of the old SOLG hanging in there for me... it's not gone but Dan's early work as CEO and subsequent more modern social media friendly comms has been a breath of fresh air.

But here's the problem... 'detail'. This is something SOLG have historically avoided. It's been a continuous frustration of blah blah blah stuff camp site preparations, geo works, roads blah blah blah. So starting the 'portal works' and 'breaking ground' all sounds very good as does the Access decline plans. But here we are faced with reality... we don't know how much it costs. We don't know the exact schedule of works. For instance... are they doing road and camp works for next 4 months ... when are they actually going to 'drill' the portal... or is this the 'pilot hole' before the proper hole lol! What's involved with the access decline?

Anyway... look... if I asked Dan any of the above, I would expect he'll say... hold your horses... we're still doing TAM and haven't confirmed the TSF outcome yet. Still need to sort updated MRE on TAM... still need to sort CIPA... still need to sort updated NAV/PFS numbers based on TAM modelled in etc etc.

So important to look at the here and now... they are a small team and comms not perfect still. But to be taken seriously, they need to put more meat on the bone when it comes to outlining the 2026 works. All looks very fluffy to me right now.

As a shareholder in SOLG, I find myself asking some simple questions and often I don't have the answer. It still feels a bit cloak and dagger and the presentations don't actually have much substance to them.

The work on highlighting the valuation gap is great, but perhaps there's a reason for that Dan.... folk need more of the meat on the bone and there's too much 'talk' going on and not enough nailed down detail.

Damers, I think if you ask Dan a direct question, you'll get a politicians reply.

Communication is key and at present, we've had alot of 'words' but not supported by much meat on the bone. Typical SOLG unfortunately.

For instance; we don't know how much TAM is costing to date, but we know we are now drilling double if not treble the original metres planned.

We don't know the cost of the 'portal works'. We don't know the cost of the 'Access decline' works. We no longer seem to know what are the conditions of Tranche 3 or when should we expect it to come??

The 'break ground' comment by Dan in recent presentations is also an interesting one. Is that with a 'shovel' Dan or with a 'drill rig'?

Note on the most recent presentation, there seems to be some fluff introduced around what was supposed to be a 'portal drill' but now has become "Early-Works Execution"

....Strategic mobilization phase including portal preparation, camp establishment, road construction, comprehensive geotechnical programs, and key contract awards to accelerate development timeline.

All the above needs sorting... no problem with that, but come one...they've been using the old geo programs bit and camp establishment tosh for years now. Makes it sound like they are doing something! The truth is, 'portal preparation' is not 'portal drilling'.

We only get 2 updates on financials now MD&A has gone. So there's more emphasis now on budgets and costs/cash burn via shareholders as we don't like being kept in the dark.

So how much is the Early works Execution plans going to cost Dan? And how much does the Alpala Access decline cost? When is tranche 3 met or needed?

These are things you'll need to tell II's if you want them to buy in. These are the things that are missing (amongst a bucket load of other detail) in your presentations.

The 'reset' should be all about clearer communication and the lack of MD&A updates now certainly has my tail up on 'detail'. So lets hope you have the answers Dan otherwise the market will see this as the old style SOLG whereby there's alot of talk but not much meat on the bones.

My view is that the 'break ground' portal hole drill cited for November commencement is the 'carrot' to the Ecuador mining ministry to sign off the CIPA before then. I don't think we'll be 'breaking ground' or moving officially into 'development' phase until the mining ministry sort the CIPA. The mining ministry keep talking up these great big mining assets in the country and what the income is going to do for the regions etc so would be foolish for them to delay things. So my guess is CIPA first... then as a reward...to mining ministry... we start portal hole. Incidentally, has Dan given shareholders a guide to the expected cost of that portal hole drill???

I've looked across previous comms and can see budgte cash spedn being allocated to TAM but can't see the budget being allocated to the portal hole.

Anyone think that odd? Clarity is what the market needs and lately Dan has gone a bit quiet on the 'spend' details after being quite detailed from the beginning. For instance... how much is now being allocated to the TAM drilling as last update we had the budget was $3.2m. How much is it costing now Dan?

I don't think that's the plan at all Pbow. Quite the opposite. Important to NOT blur the lines between Exploration investment and cash burn and development investment and cash burn otherwise you'll have big problems with investors on both. The whole point is to separate them. Independent management etc.

Next cab off rank strategy. Clear split in business so investors KNOW what they are investing in. Not some hybrid mishmash with cash burn being allocated by whoevers decides some exploration is needed etc. Also, you'll have partners involved in ExploreCo and no way they are funding ENSA with same cash.

BHP's Henry is next for the chop. I said a while ago that shareholders were getting fed up with poor acquisitions and poor performance and Henry has done some poor deals since he took over in 2020. The Anglo attempt was embarrassing as was the attempt to undermine SOLG's board of directors and achieve an unfair price purchase of SOLG. Something our old chairman had to bring to the media's attention as it was so bad.

Just wait and and see... Henry to get the boot next.

As for others, I think Glencore simply have to buy something copper focused and soon otherwise they are gonna get taken out. They were in Ecuador recently meeting Noboa, they have Swiss domcile and they could buy SOLG quite easily and have a huge resource and folio of licence blocks to exploit over coming years. They could be the number 1 miner in Ecuador. £1.80 a share and it's yours Gary.

IP, maybe... or it shows where we'll end up once we break ourselves free from the weight or burden of being mothballed for last 2 years. No doubt about it... we've lagged peers but we've also done nothing to warrant a correct pricing/valuation.... until more recently with TAM drilling.

There is another pointer to consider. Solaris Resources has just 166m shares in issue. That's very low for a small miner. Lower liquidity / available stock can also drive prices higher especially ahead of a much anticipated PFS. Another example with some stunning moves over last few months is EEE.L. 15p to 80p in a few months and back down to 35p for a few days before back to 60p... now 50p. About as volatile as an out of date bottle of ale ... shaken up. Shares in issue 695m but large amount of those held by insiders and key investors. So similar liquidity issue for mm's.

SOLG by contrast ahve 3bln shares in issue and 55% of those apparently in tight hands and out of general market trading. 45% (1.4bln ish) out there available to trade... perhaps not, but certainly a larger amount and as we've seen of late, there never seems to be a shortage of supply... there's always some seller somewhere supplying stock. How does that work then? Mmm... I guess the point is, Dan and co need to work hard to make sure investors 'hold' rather than trade the stock. The shares in issue not likely to change unless they do a share consolidation and not sure that will help that much but you never know.

In past years prior to CGP merger, we had just over 2bln shares in issue. Many in tight hands. Yes, we have 100% ENSA now so the extra 1 bln shares offset that dilution somewhat, but there's now only oneplace to trade... LSE as TSX has gone. So that leaves all the canadian investors trading on LSE now ... more retail but also quite a few funds one imagines which were not trading on LSE before.

Bottom line... we'll recover but it's alot harder due to shares in issue, TSX delist and the 'reset' base from Dan set at 7p.

Just my tuppence.

That's $1.5bln CAD market cap for little old ecuador miner Solaris Resources.

The market sees value in Ecuador mining and guess what.... they haven't even sorted their PFS yet.

If anyone needs confirmation that Ecuador mining is rerating (regardless of land tax plans etc etc) then there's your example.

On Benchmark basis, SOLG should be at least 3 x Solaris Market cap right now.

Wouldn't they go for an updated MRE (2nd for TAM) before PEA?

I wonder whether we'll get a large trade in the auction as the way it opened up suggested the mm's new what orders had been placed.

End of month stuff usually a bit frisky as funds tidy up but this feels a bit more controlled and very much like the 'hand' that controlled the suppression in the 7p days.

I think the fact they have set their sights on the west and north west TAM areas suggests they are making sure they cover off all potential producing areas. Bodes well as the original scoping was a much smaller footprint. Long way to go on TAM but it's looking to have more potential than I think Dan or the team first thought possible.

I would have thought it required more than that (over 20k metres) but it has had drilling done before and this current campaign looks like 5000m's +.

I can't remember which presentation it was now but recall Dan saying TAM would need alot more drilling and that will run into 2026.

It's already looking very promising on TAM. Personally I can't see how it cannot be a commercial open pit based on metal prices being considerably higher than few years back. The cut off grade lowers with the higher metal proce as end product worth more than cost of extraction compare to previous calcs. What's not clear is exactly 'how much drilling' is required on TAM before they can produce a PEA and subsequent MRE. One thing is saying it's a goer... another is proving it up.

I think Dan has already suggested that TAM drilling will continue into 2026. He seems pretty confident already on the holes drilled.

The new areas 'west' could be the bigger surprises and addsa new dimension compared to where we were just a few weeks ago.

Solaris punching higher near $8.55 and showing no issues at all. Weird that SOLG seems to be 5% down when you'd expect it to be doing well today.

Perhaps Irwin's selling out a chunk or what of the Canadian lot as can't see any signs that ii's or funds are the seller.

Anyone else have any ideas on who the seller is or has been over last couple of weeks?

I think the charity gave Mather something last year lol as he needed it more and the share price was too low for him to give them anything.

He certainly is or was a generous guy although I imagine there are some tax savings in there too. Nothing wrong with that.

Quite a few typo's appearing. Dan needs to get a grip on his comms as it's becoming embarrassing.

Some poor buggers got rinsed this morning...

the spread bettors like IG love the stop losses

Derrikk, where are you getting your data from? Sounds odd unless it's spoofing as trades of size not showing on book. We did have 7.5m block and 2.5m block a week back that that's typical of end of month fund tidy up stuff. 29m and 64m sizes are much different and not II's or funds as none own that much in one block apart from Global X and they are buyers right now with 32m+