Member Info for Fortissimo

Addicknt,

Alpala is an outstanding Tier1 mine that is 100% owned. BHP own 10%. Of course we'll feature in their thinking! Whether that converts to an offer or bid situation who knows... but there's not a major miner out there right now that doesn't want or need a huge copper gold asset. We won't know how much BHP want the asset until someone else bids imho.

Tier1 mines that are 100% owned are very very rare these days. And rare as hens teeth when priced at £210m lol!

The RNS contained the 'intent' but it can't contain the deliverable result until... well.. they execute those plans and stick to timeframes. Pi55 poor management with endless delays and wasting of cash has led the market to 'not believe'.

The mantra going forward for the likes of Dan and SOLG from the market is.... we here you, but prove it. Deliver on the promises and we'll let the market do the rest.

The news that early signs of Tandy drilling are showing better than expected grades is very encourageing and perhaps the reason why Franco agreed to the $33.3m even though not all boxes had been ticked.

The chinese like to start with open pit low hanging fruit ops and then build cash flows into the more risky projects. That way... it almost pays for itself.

I think Tandy will be done and dusted by end of Sept, so leaves about 2 to 3 montsh to resubmit plans to Ecuador gov for EL1 amended/approvals cited for end of Dec 25.

Need to see the ecuador hectar fee case win for Hanrine and then hopefully get the timelines on the regionals plans. Need those to kick off from Dec at lastest otherwise there's not much to get excited about until end of 2026! Need some exploration to get the interest back and take note Dan... SOLG shareholders should not be gifting these away to new investors. SOLG current shareholders need to retain at least 70% of those licences for a $30m cash IPO injection and a listed $100m+ maerket cap.

I think they'd need to publish year end accounts before they could buy in open market. Y/e accounts due out around early Sept to mid sept. So likely they'll miss out on all the Assay news fuelled rises assuming they are good. Lets face it... they have so many cheap free options, why would they bother buying in open market?

I think the EL is crucial to the chinese or BHP or anyone developing the asset. As is the Franco royalty buyback deadline. Which makes the deadline target for the Environmental License 2 (TAM, TSF, Water) Early Q2 2027 look a bit tight. I think that's likely to arrive a tad earlier than that. Just a hunch!

Lets hope Noboa can see the impetus behind cascabel and use common sense on the new hectar fee.

Hanrine court hearing should be soon although might see a u-turn to avoid any negative headlines for Nobby and his crew.

I think we'll see a chunky block of shares sold as Global X continue to unwind their holding in SOLG. Not much buying this am but 'progress' should hopefully see more investors come in and soak up that Global X overhang. Shouldn't take too long to see them out. Prob about 23m shares left now. Then once they are out, we should be ready to move up into the 8p to 10p range again. Decent assays and good result on the legal Hanrine case could hasten the move.

I think 13p+ is attainable in August/September but it will need great Tandy results and competent management team who know how to write RNS's and market the business.

Addicknt, I think someone mentioned that Tenstar were or are Mather controlled although Mather will not admit that hence no insider regs required.

Tenstar did hold around 3% to 4% about 12 months ago and have since sold out I believe in FULL. My guess on this is that Tenstar will be taking a chunk in the IPO when it happens. Just a hunch. Might be under a different company name though lol!

JonnyLumac, I think you've confused me with PBOW. He mentioned electricty ... not me!

No need to apologise... I couldn't give a toot anyway. ATB.

"Only question unanswered for me is electricity supply presumably by 2026"

Pbow... there are a bucket load of questions that are unanswered in this update. Firstly... am I reading this correctly... it's been heralded as an acelerated plan but has advanced the key production dates by several months eg 3 months in some cases? That's not acelerated? It's playing catch up after the lost 2 years plundered by Bob and his team of Bob.

The biggest question and the one that teh market cares about most is the project funding timeline and cash burn forecast.

So how much does it cost Dan... and is the $750m package agreed by Franco/Osisko still sufficient and what is left to fund?

The key date which everything is being funnelled through to is the 'royalty' deadline. That can be bought back by 50% up to March 2027. After that... it's 100% embedded and likes of Chinese or BHP and others will not want that.

So we know where we are... and looks like key objectives (requested by chinese no doubt) are being priortised ahead of the march 2027 Osisko/Franco royalty buyback deadline.

Moving the 'locals' clearly essential.

Accelerated?? I can't see any acceleration... but I can see some 'catch up' going on and I guess that's the take home from this. They've spent last 2 years wasting time and have now found a way to get the project back on track. Mmm... and it's cost us $150m and two directors have pocketed nearly 50m options in the process. Fab stuff!

Addicknt, yes, pretty much standard float of the exploco but clearly with cornerstone investors at the front end. So my guess would be the likes of you and I will be holding less than 30% of that biz and will need to stump up some cash to buy more shares in it to get back to owning 50% of what we used to own 100% although it would likely be fully funded for 12 months thereafter.

cornerstone investors... sounds almost verbatim doesn't it lol! Likely NCM, Mather, Tenstar and possibly BHP. Personally I wouldn't give BHP a look in at all. They can go xxck themselves.

RodneyT, just ignore the twonk. Most spotted him a mile off and put him on ignore. Any investor worth his or her salt does not publically go spamming BB's with tips and portfolio updates for goodness sake.

The BB's are full of these plonkers. The irony is... they actually think folk pay attention to them ... like they have some kind of proven credibility lol!

Only a loser would follow redknight.

Stas20, there is nothing manipulative about it. Just because the mm's are matching seller buyers does not make it manipulative.

I'm not entirely disagreeing as believe that the broader (past 12 months trading) suggests a heavy dose of manipulation ... but recently it's fairly flippin obvious that Global X fund is dumoing their remaining 28m shares and a few smaller funds like SEI and Konwave are soaking those sells up but only at sub 7p levels. I expect the volume and selling (and the buying) to increase further as we head toward the end of month trading week. Funds always go for a tidy up as they head into month close.

The 'look' and feel out there on Dan and his ability as CEO and his ability to have contacts / sell the business or the business story in the competitive financial world is not good at all is it. Lets face it... Dan is hardly anything special. Bob was apparent the special one and he failed miserably and cost the business about $100m in his sales process not to mention the delays caused and damage done to the sp.

Since Dan was made CEO, we've seen a 0.6% short opened on SOLG, we've seen a number of large fund managers start dumping and head for the exits.

So far the impact that Dan has had on the business has been on a par or worse than Scott.

For what it is worth... once Global X exit, we really do have almost zero interested funds and fund managers. Pretty much all of them have gone. The days of having Blackrock, Pru, Capital and so on are over. None are interested and it's because of the management team in place not the asset. There's simply no one of any quality or proven experience there.

Next thing we'll hear is that Dan has stepped down and Stackhouse has taken over. And guess what... Dan keeps his 15 options and Stackhouse then gets awarded 20m at 5p. And after a while, he then steps down and another new recruit gets elevated from the lower ranks to CEO and the whole process just goes round and round and in doing so... SOLG manage to reward pretty much all the directors there with millions and millions of options. And then the business is sold lol!

Farquing joke!

When we were at 40p we didn't have 100% ENSA either did we! What's 15% ENSA worth? Apparently according to the merger doc and with increased metal prices and asset appreciation I'd say it's worth around £200m to 300m.

The previous pfs was double the current one. Metal prices were half. You seem keen to defend the 7p share price Pbow. ??

Don't you agree that 7p is diabolically cheap compared to where we were 5 years ago and where we are now.

Markets are at all time highs!

How has he shareholders down?? He let shareholders down the minute he thought it (and the chairman) was a good idea to award himself cheap options in 'our' company. We don't even know what his salary is!?? From that moment on, shareholders immediately expect exceptional work. You don't get 15million options at 7p, set a much heralded deadline of June 30th for a big strategy plan reveal, and then expect shareholders to be happy do you??

FWIIW, I fine with missing the June 30th deadline. I'm not fine with the options at all. They should have been awarded based on hitting various targets. And staged at higher price levels. The chairman is already let himself down with comments that he thought the $18m cash raise was a good result. There is plenty to take a pop at this management team and Dan has been there now for over 2 years+. He's been CEO for last 4 months and we still don't know how many holes they've drilled or had an ops update since Dec 11th 2024!!!!!!

So lets be clear here... shareholders are rightfully on managements back. They've xxced up big time. Yes it is hard to turning that sentiment around as it's so embedded. But it starts with building trust again. It starts with clear and accurate RNS's. It more importantly starts with clear progress. Take your time Dan... but when you deliver your news, it better be good ... blxxxdy good sunshine.

The irony is, the mine cost was estimated at $3.4bln I think back then lol!

Pbow,

nothing new in your below list so I'm afraid that won't fly. You're wrong there. The market priced the stock at 38p based on your below points in 2020. Today it prices the stock at 7p. You seem to have lost your way a bit lately. Still feeling poorly? Get yourself checked up.

"Share price is low because;

* Of a culture of missing self imposed deadlines,

* High Capital cost to build the mine.

* Long lead time to production.

* Political / Jurisdiction risk including imposition of new taxes and legal/ civil challenges against other mining developments in the country

* Recent events where we came close to running out of money.

* No TSF location clearly identified given the first two are clearly out of the running (for obvious reasons).

* No sign of electricity provision for the mine given the seemingly zero progress made in relation to the MoU in over a year - keeping in mind that they will need permits for the Hydro plant and a run of the river hydro plant will take circa thee years (probably more) to construct once the permit is in place .

Remember covid?? Remember the DOW falling from 30k+ to 18k in just a few days. Remember all stocks getting slaughtered? Remember SOLG falling from mid 20's down to lows of 9.8p?? Remember the fear and mentality then. The world was ending and spinning put of control.

And here we are today, metal prices at all time highs. Markets at all time highs. ENSA 100% own (not 85% owned as back then). A larger defined funding package of $750m outlined. Key advancements in permitting and investment protection. Yes we have some politics/ecuador issues now but they are nothing like they were when the green warriors were out in force in early 2020's.

We are a country mile better off now and far more advanced. Yet here we are priced 30% lower than when the world was about to end.

Something very disconnected here and the finger can only be pointed in one direction... and that's management. So Dan simply has to deliver shareholders the reset he promised and without dilution. Anyone can turn a business around by cash raises and heavy dilution. That's easy to do. The challenge is to turn the business around without dilution. The smart way is to do deals that deliver fast progress but on good terms that are beneficial to shareholders and not a a loss of value. Selling the CGP shares for $18m was a classic example of management delivery poor value. 5% of the biz gone for just $18m. Deliver anything remotely like that again and they need removing pronto.

We should be 50p+ in a market like we have today.

The stock was 41p pre covid (yes 5 years ago) and no where near as advanced. Metals prices were almost half what they are today. And... we only had 85% of ENSA.

So after 5 years, metal prices have as good as doubled, the asset is proven up further, funding package line up to tune of $750m committment subject to xy and z and you're ready to exit at 35p?

Classic pi mentality.

It will need to be double that before it wakes up many of the important investors that understand 'value' and how mining assets are priced and sold.

30m shares sold by Global X is the reason for the suppression as mm's find buyers unwilling at levels above 7p.

SEI investments bought 10m of them. SEI do not appear aligned with chinese as they are an american fund. So when it comes to buying shares in the open market... the chinese were doing it pre the 5% CGP share placement as they updated via TR1 at more than the combined CGP and their current holding ... hence they were buying last year. But since then and since the short was put in place, there has been no sign of chinese buying any stock in open market and that's despite Global X handing shares out at any price they can get right now.

My guess is that the 0.6% short was taken out by chinese after their man Mr Liu informaed them of the xxck ups at SOLG and the likely need for capital raise via CGP shares. Of course... I could be wrong! But with chinese advising on the 'on the ground operations' we can be all sure that they have insider knowledge so perhaps post that CGP placing they are indeed adhering to market rules and no longer able to buy shares now as are seen as an insider???

FTJNY, it certainly makes sense to await the final deadline on TSX transfer as some might be 'between worlds' when it comes to digging out share certs or other stuff. Not all would hold stock in broker accounts. That said... SOLG did drop the huge $33.3m funding news but with caveat of receiving it in 10 days time, so that would land after the 18th July.

Personally, if I were Dan, I wouldn't drop any news until Global X have completed their share dump. SEI investments have been mopping up a large chunk, but Global X still have or had around 27m shares and they've been selling large chunks since Dan took over (they were at 54m shares 3 months ago).

With low liquidity, the MM's will just get the bigger deals done at sub or around 7p. Any good news would simply be sold into. Although some might say that's a good thing as it would speed the recovery up.

All looks well poised for a decent August / September period. So if I were Dan... I'd just keep powder dry for as long as possible and then when it's time start dropping some nice Tandy candy RNS's.

I actually think the Aussie brigade will take the bulk of the regionals. By that I mean Mather and his buddy Gina R. Whether that's through Hanrine or via a deal that see's DGR listed in London as well as on ASX... who knows. But one thing is sure, the only way bob can get Mather to accept a low ball offer on ENSA is if he gives Mather bulk of regionals.

Hanrine contesting Ecuador fee/tax is no coincidence imho.

The insiders likely buying into DGR ahead of a deal announcement which is of course dependent on Hanrine legal case. We'll see... but don't get your hopes up as pretty sure Mather and or if Gina R gets involved... will leave very little in terms of freebies. New and old investors will have to dip itno their pockets to ironically fund what they already own is my guess or... put it this way... fund another easy no risk opportunity for Mather, Bob and his crew.