Member Info for Fortissimo

The stream deal is on Cascabel and I think it would be weird to try and isolate TAM from Cascabel, so yes it will surely form part of the stream deal but clearly this adds 'value' to the entire project and that can't just be a 'bonus' for Franco/Osisko... it has to involve some kind of recognition toward financing the project. That might end up forming a restructure of the stream deal (not massively) but some add on agreement.

As I said, Franco and Osisko are laughing their heads off right now at the double whammy of gaining almost double the gold price which the stream deal was peged to and gaining a bucket load of early royalties on TAM. That said, I suspect the first one to 2 years of TAM production will cover off Dev / capex costs.

I agree on the fluid point and that's one I think the market might question as Dan initially outlined a very clear budget plan for TAM and since then we've had some excitement, large grins and then a near doubling of m's to be drilled coupled with the apparent start of Portal hole drilling in Q4 2025.

Money doesn't grow on trees... so Dan must be very confident he has the cash to do all this. TAM alone must be costing at least double the original budget. That's still minor in grande scheme of things but we've not had updated capex plans for Q3 or Q4 so might see these in Annual report although might be cut off due to June/July accounts.

The portal was cited for Q1 2026, so if they are now starting that in Q4 2025, I'd hazard a guess that funds are available or else.... they wouldn't start it as below timeframes were agreed with Franco some months ago.

Milestone / Key Activity

Optimised Schedule (Start - Finish or Milestone)

Santa Cecilia Community Relocation - New town completed

Timeframe Q2 2024 - Q2 2026

Amendment to Environmental License 1 (Concession Infrastructure)

Timefame End of Q4 2025

Alpala Portal Development - Surface preparation and access setup

Timeframe Q1 2026 - Q3 2026

Franco/Osisko 'approved' the PEP.

My view is that the conditions that were set out in the earlier stream doc have been 'added' to with the new PEP.. eg updated Project Schedule.

Franco/Osisko would gave been fully aware of the implications on drilling TAM and extended timeframes. It was built into the second tranche agreement imho.

My guess is that the formal or finalisation of Santa Cecilia community relocation is key and tranche 3 won't arrive for sure until that is put to bed. I think Dan said there was 'ONE' last man standing (not his exact words) and everyone else was in agreement. So I would expect that to be ticked off very soon.

The PEP agreement involving G-mining as below.... and approved by Franco/Osisko as part of Tranche 2 conditions.

"A key component of the PEP is the updated Project Schedule, which outlines a streamlined and accelerated path to production. By sequencing workstreams such as portal development, underground access, and surface infrastructure, the Company anticipates initiating ore processing in Q4 2028."

NMM, as you know, SOLG plans to drill the pilot hole/portal starting in November 2025.

Do you know how much that will cost? I don't believe that was included in the Franco doc. It's development phase stuff. It's well ahead of what was agreed by Franco $100m 3 phase tranche. It's not part of the criteria for the 3rd tranche.

See where I am going with this? Have you worked it out?

Look at Anglo American go...

we've had the PoG pop and that continues but we've not really had a sustained pop in copper prices. Pre Trump Tariffs if was above $5+ but that was based on the crazy orange baby baffoons tariff shenanigans.

Supply shortage has been looming for sometime in copper but biggest concern is that reserves haven't been replaced due to the dormant investment period during Covid and subsequent high inflation/cost periods that followed. Perfect storm brewing for SOLG.

Copper up 2.4% today.

Just hit year high at above $8 cad.

Nothing wrong at all with Ecuador focused miners. Solaris now valued by market at £720m market cap!!!!

SOLG's assets way better and more advanced. Dan must be scratching his head right now.

SOLG need to be 24p just to match Solaris Resources cap.

No, the PEA hasn't been done on Porvenir hence my point... they need to crack on with it as can't see the spin out happening until that PEA is sorted.

A few months ago in H1 they received an environmental licence for 'an advanced exploration phase at the Porvenir project'.... so no barriers to commencement of works apart from cash and whatever else they are doing behind the scenes with regionals/discussions etc.

What I don't want to see is the old style SOLG 'feet dragging' stuff going on whereby they talk up a good game but then don't deliver in timely manner.

For instance, Solaris Resources announced they were doing a non core asset spin out in 2021. In 2024, they updated the market and said it would be anticipated in 2025. Thus far... nothing has dropped to the market. mmm... Also of note, Solaris moved to Switzerland last year.

Spot a pattern?? Is Dan and team just following Solaris lead? Or is this just the 'pattern' for Ecuador focused miners?

I think we need to get drilling again on Porvenir. I'm not getting impatient but just seeing a really attractive market at present for any company that is doing meaningful drilling and exploration.

TAM is great but we need more drilling catalysts and Porvenir needs more drilling before we can sort a full spin out on regionals. So come on Dan... lets get Porvenir moving and add some more excitement to the stock.

Why do you need two id's?

Or shouldn't I ask!

Agree... weird innit!?

In 2022 SOLG were priced by the 'market' at 36p a share. PoG was around $1700oz but did test $2000oz that year.

In 2025 SOLG priced at 15p by the 'market' and PoG pushing for $3800oz.

Ok... so in 2022 when SOLG was 36p, if someone said to you that PoG would double and some to $3700oz+ and aksed what price would SOLG be... the answer would be??? A)... 15p or B)...72p??

Yes it would help if were producing as more immediately relevant etc etc but the fact is... PoG looks more likely to be $5000oz+ by the time we are producing from TAM and that's being conservative.

Crazy markets. Clueless and disinterested in anything that is 'real value'. Instead it's about the monetisation of the 'unreal'... like bitcoin et al. You just need the 'herd' to bet on something ... anything and it can be worth billions.

Just some technicals in play. Chart has traded almost perfectly to the usual TA so pattern healthy. Ideally want to be back into the 16's by the time next news arrives and as we know... news is coming within next 4 weeks. Could be staggered like last time or assay could be released as batches.

There will be plenty of traders licking their lips at sub 15p entry points imho as upside presents 30% to 50% on decent news wave.

The 'market' hasn't got a clue as proven by the massive valuation gap which Dan keeps hammering home. Thought you knew that Pbow?

You have to remember that when Franco/Osisko agreed to the $750m stream deal, PoG was around the $2000oz level.

Goldman's is forecasting PoG near $4000oz and touting $5000oz in year or two ahead.

So that stream deal which was conceptualised way back with due diligence galore... is now looking at being double bubble for Franco and co.

Hence... any early production from TAM is even more of a bonus. I would suggest that Franco/Osisko are over the moon with their stream deal and will be very helpful toward SOLG going forwards.

I think the increase in PoG makes the buyback option on 50% of the stream a very attractive proposition for any buyer or JV partner. That deadline will be arriving in late 2026 for some parts of the stream and mid 2027 for the rest of it. Tick tick.

'jurisdiction risk'? Noboa was entertaining a number of miners from Rio to Glecnore to Barrick recently. I don't think jurisdiction risk is what is used to be with Ecuador. Perhaps Rick Rule can explain why a fellow Ecuadorian miner like Solaris Resources is trading at $1.25bln Cad market cap right now???

SOLG would be need to be around 23p now just to align with where Solaris are and our assets are way way better.

I think it has more to do with the poor london trading exchange, it's not what it used to be and that's the reason why so many companies are moving away from it and onto US markets or dual listings with ASX etc.

Dan needs to get a jog on with regard to sorting the dual listing as all the good news is just getting soaked up and then being wringed out by the bored mm's.

There's no reason for SOLG to be priced where it is now when markets are happy to price Solaris at £675m+

Global X fund bought another 250k yesterday. I suspect they'll be doing the same today, possibly more. Certainly building back a decent stake in SOLG so well done Dan for getting them back on board.

Just need to get a few more II's and funds building stakes and we'll really get a motor on. As some have highlighted... CIPA might be the greenlight for a few on sidelines.

I wouldn't call 4m shares traded in first 3 hours as 'low volume'. We used to do less on a daily basis.

PoG flying and Goldman Sach's et al citing $5000oz as possibilities for future targets.

Take it to production Dan!!

Not sure but if they are, then perhaps Dan should think about 'reversing' into Sunstone lol! Get instant ASX listing, adds bramaderos, porvenir and few other blocks into the mix.

Of course... the SOLG shareholders would be majority holders but Sunstone shareholders would have a different animal on their hands. Instant imparcial management team and knowledge of Ecuador. Mmm!