Member Info for Fortissimo

Dan will be looking to get as much new data into his new presentations due in just over 2 weeks. Bulk of assays should be in this week as outlined already. But I guess the question is... does Dan plan to launch the ExploreCo news at these conferences?? The first one is a big one and attended by most super majors / large mining investors. Perfect platform to get the 'new' SOLG on centre stage.

Dates below:

Upcoming Events in September

09 Sep 2025 – 12 Sep 2025 The 2025 Precious Metals Summit Beaver Creek September 9-12, 2025 | Beaver Creek Resort

and...

14 Sep 2025 – 17 Sep 2025 Mining Forum Americas 2025 September 14-17, 2025 Broadmoor Hotel & Resort, Colorado Springs, USA

that said... if ASX involved for the planned IPO, then the last one in October might be the best platform for ExploreCo...launch news.

Dan's gonna be busy boy over next 2 months.

Upcoming Events in October

08 Oct 2025 – 09 Oct 2025 Nordic Funds & Mines 2025 Oct 8th to 9th, 2025 • Hotel At Six

21 Oct 2025 – 23 Oct 2025 2025 Mines and Money @ IMARC | 21 – 23 October 2025 | Sydney Australia’s largest mining investment forum

Certainly many miners have re-rated after being shelved in the high inflation high cost of capital periods.

Gold, silver and copper all way way higher.

SOLG chart looking a bit like Empire Metals (EEE) lol! 5.75p not long ago... but now 40p in under 10 months. That's quite a move. Well done 'Bozi' on that one. I wish I had followed you in.

They are already burning ... their short was opened at around 8p.

Of course if it's Valuestone stock being lent to Jiagnxi or vice versa then it doesn't mean much lol! I reckon those two have been playing SOLG share tennis for the last 2 years and in the process successfully weighed it down. Peter to paul and all that jazz.

Anyway, looks like SOLG / Dan have agreed that a fair fight deserves a very good promoter and Canaccord are certainly not going to let that kind of ping pong go on.

Does feel like a friendly deal but with gloves off etc so SOLG have period of time to get sp back to best level they can before chinese make bid. In process, chinese get a much greater derisked asset so win win for all.

Remember... market already rating Ecuador miner (much smaller than SOLG) at £660m+ market cap.

NGEX with South America assets but not as great as Alpala currently priced at £2.4bln

As Dan said very clearly we are 'grossly undervalued'. Canaccord appear to have put a quality seal on SOLG and alerted some serious investors that have been asleep at the wheel.

The train has left the station... destination X....

1m on th ask at 23p+ is not going to anything when you have volume like we have recently.

They'll need to stick 15m on the ask just to try and contain it during one day's trading.

Canaccord haven't even got properly up and running yet but they are off to a nice start. They have muscle and they know how to market SOLG to investors.

When the sp gets back to 19p / 21p level range, that's when you are starting to get back into the potential bidders zone. Bit of rumourville stuff and early 30's arrive and thereafter anyone bidding 50p+ does not have a hard sell to their investors as the premium is likely to be the norm circa 30% to 40% for miners with great assets etc. Think the end bid will be much higher than 50's but that requires 'bid war' and if the chinese end up being the only guys bidding then could see it go in the 50's assuming BHP capitulate. I think NMM would take 50's.

Canaccord have major strength in reaching varius HNWI's and investment banks and funds.

They'll all be reading that note and thinking that even 46p looks cheap.

At 14p levels, it's one of the mining industry gifts to many investors and all thanks to a poor ageing London stock market that doesn seem capable fo valuing anything properly. No wonder liquidity is low and new IPO's are shunning LSE.

London is fast becoming a dead end financial centre of the world - such a shame.

I would personally like to see the Exploco listed on ASX and dual listed would be perfect. That way the dumb xxxcks on LSE can have their hands held and they can just follow.

Traditionally Brokers like to open coverage with a lowish price target so that they can then issue 'upgrade' broker notes when news justifies it.

Starting at 46p seems fair but surely TAM isn't modelled into that just yet... how could it be.. it's not concluded.

But they know mining... they know the investment world/ industry and they plenty will know that their 46p is just the starting gun.

Quite happy with that pre TAM / Exploco news. It value us at around double what Solaris are valued today and I would say that's about right. We are twice the size of Solaris in asset terms and folio.

So it's not just Franco and Osisko that believe... it's Canaccord too.

If a football manager had oversen the same turn around (in footy terms) he'd be manager of the month.

Sometimes it's luck and timing and sometimes it's a little 'word' here and there that makes a world of difference.

When Dan said SOLG was 'grossly undervalued' it said more than anything else Scott said or did in his 2 to 3 years as ceo.

Yes, the drill bit has done the talking but it's the comms coming from the 'believeable' CEO that has made a big difference.

Don't forget the company has also made it clear that it will spin out the regionals into an Exploco and keep ENSA as one easily saleable swiss registered business.

Simple things are often said to be the purest and smartest thing out there.

Where Dan will be tested and judged is where we are in the next year. I also think he'll be tested on what he can muster up on the exploco in terms of shareholder value/stake. And then there's the conference season kicking off in Sept. We have a CEO at last that doesn't look or sound like he's going to send everyone to sleep. Scott and Mather were both terribly dull when it came to public selling / presenting of the company.

Roll on next week... more news coming.

Gold spiked on tariff (canucks) and FED talk.

Gone bat sheeeht crazy in US with Trump attempting to silence another critic through FBI and sack key FED person.

Like the old gestapo. Embarrassing stuff for US. Shameful.

I think Canaccord would be better off waiting until the TAM results are confirmed and all in as they'll be able to write a more convincing story new investors.

Broker notes not received by markets like they were years ago. There used to be a time when broker notes really moved stocks. Ironically... in this world, reddit has more influence lol!

Says it all really!

A few more TAM assays due in before end of August.

And Dan has 2 key conferences due in next 2 to 3 weeks. I expect he'll want to firm up his presentations with new data and possibly Exploco news. Great opportunity to get SOLG back on the map at the biggest mining conferences of the year. FY accounts/AR due last week of Sept.

09 Sep 2025

– 12 Sep 2025 The 2025 Precious Metals Summit Beaver Creek September 9-12, 2025 | Beaver Creek Resort

14 Sep 2025

– 17 Sep 2025 Mining Forum Americas 2025 September 14-17, 2025 Broadmoor Hotel & Resort, Colorado Springs, USA

Agree... just where does this stock come from. That's about the 9th 500k block that has either been posted after hours or dropped into market trade list hours after deal done during normal hours (delayed trade).

Seems like the mm's are back to their old tricks again... getting sizable stock moved yet afraid to show it in normal hours.

Shorter hasn't updated, so can't be them.

I think the timelines for assays are fairly straight forward and look like the norm which is about 5 business days from receipt of assays although this can become 10 business days (2 weeks) if they are very busy.

I suspect Dan may have the assays in on the holes outlined 6 days ago. But there's bit of work to do to get the visuals drawn up and RNS written before publication.

I have to say... the details in RNS's along with the imagery / data given out is very good and vast improvement from Scott's days. I think Dan is doing his best to give investors the full picture... literally... not just the hole assay 'text'.

Woudl not surprise me one bit if he announces in the next RNS that they've committed to doing another 7 holes or something like that. The time is right to get TAM mapped out (beyond the 18 holes) especially with rig and g-mining staff already there. Can't cost more than another $1m or so.

Drill results due in August. I wouldn't be too upset if Dan released them on Sept 1st but he did say 'by end of August'.

Probably start to see a few trader enter the fray in the hope of a nice 15% to 25% spike up from 14p levels on more cracking news.

Tick tock.

On EV/M&I resource basis (as of 2024)

Filo were a whopping 32.4 cent (cad)

NGEX were a 7.7 cent (cad)

Solaris Resources were a 5.1 cent (cad)

SOLG were just 1 cent (cad)

Whilst there is some discount for complex block cave projects vs open pit, the discount is disproportionate on SOLG.

Solaris Resources are in Ecuador too... so some discount for regional but open pit so less so than SOLG. You'd expect SOLG to be above Solaris on a market cap basis and that would require a move to 21p+.

At that juncture, it's still 4 or 5 times under valued compared to NGEX/Filo.

The market can do what it likes and does, but acquisitions tend to arrive based on resources and that can come at a premium as exemplfied by the huge price paid for FILO by BHP.

Well, Canaccord will be aware of it... so very easy for them to get it removed via having a word with the market regulators.

I thought this was one of the reasons Dan brought them in. Clear up any manipulative market action and ensure that good news = good sp progress.

Not only were we out of cash, but we were also about 3months behind schedule. Scott the rocks certainly sailed us close to the shore... almost into the rocks.

Anyway, we move on... there was no dilution involved but certainly a loss of shareholder value to the tune of about $20m would be my guess as the CGP shares were valued near double of what they flogged them for.

But... highflyigman... remember we got the chinese 'technical expertise and assistance' thrown for free apparently. Of course, what we don't know is whether Tandy / TAM is a request and choice of the chinese which we have now pursued and post results may well end up giving the chinese all they need in the derisking ranks to make a firm offer or do a JV deal. So perhaps some loss in value short term but potentially bigger gains down the line. We shall have to wait and see.

Interesting one DBW... and another canuck connection?? Perhaps Canaccord (also canadian) are smoothing the final details.

Like it. They certainly have the purse and the staff.

while we wait for dan's grande reveal, i thought we may as well try some basic logic on who might be our partners in the south folio.

as some will recall from dan's recent interview he mentioned that we need 'boots on the ground' and was referring to our scaled down business during scott's mothballing years. the inference was not to 'staff up' for exploration but to partner with someone that has the capability to not ony co fund it, but also to staff it.

so based on that scenario... it's likely to be someone already in the south or in ecuador with means to staff the exploration plans.

mini list below.. (add if you can think of anyone else)

1. barrick

2. chinese (take your pick... valuestone to jiangxi to ecuacorriente and so on)

3. solaris

4. lundin

5. dundee precious metals

6. nmm (not sure about boots on ground but they could assemble a team)

7. bhp (can't see it myself)

8. hanrine/han**** (think she's busy in the north??)

anyone else?

When did that appear?