Member Info for Fortissimo

"I'm unable to put flesh on the bones, but it's what various people have been told"?

But what exactly have people been told then? 74% complete does not align with what people have been told which incidentally has not come via formal sources but instead via cosy chats to a few shareholders rather than all.

The suggestion that they are having to start from scratch suggests that the work done to date has failed. Which makes the MD&A update of being 74% complete rather misleading does it not? Addicknt... do you think SOLG management have been HIDING the TRUTH about operations from shareholders? Do you think this is illegal??

"We have also been told how little had be achieved since the announcement of the Franco deal and the new team are almost having to start from the beginning." END.

Can you clarify this statement addinckt? The MD&A as of March 31st said they had completed 74% of Franco requirements. Can you also tell me who is the 'NEW TEAM' apart from the Chairman who's there roughly once or twice a month?

The exploco is a minor sideshow... yes it's long overdue but that shouldn't form the bulk or impetus behind an end of H1 update. It's the elephant in the room that needs addressing. Where's the update on Alpala... our Tier1 mine?

Very easy to put out an update with intended plan for exploco and just say that it's ongoing and involved discussions with Ecuador gov etc etc etc. Very easy indeed.

Well.... that's the much heralded 'reset' debunked.

Rule number 1 for any new CEO... don't miss your first self marketed deadline.

Dan proving that he's just another cgp waste of time.

Doesn't bode well for the next 3 months.

"Scott Caldwell "??? Seriously PBOW... you are better off forgetting or dismissing anything that the bloke said. Clueless and Bob's puppet. The entire CGP management team are incapable of delivering anything apart from heavy cash burn and diector bonus shares. They excel at both.

You can't rely on anything SOLG says. END of. What you can rely on is 'metal prices' and 'resources'. The asset is world class. Franco know it. Chinese know it. BHP know it. But in incompetent management hands... it can be gained cheapily. And thus far, the chinese have proven to all that it 'pays to wait'.

5% to 6% of SOLG for just $18m.

It's a waiting game but not for SOLG derisking the asset. It's a waiting game for all the predators as they watch these bundling tools flail around.

I think they would batch the assays rather than gather the cores and store/hold them for 3 months. It could effect the drill plans on other areas so I would expect them to drill xx amount of holes in May/June and then send that lot off for assays. Then drill next batch of holes and by that time they'll start to get initial drills results etc. No point storing the lot up until you are finished especially considering their cash burn / pile dwindling to near zero by end of Sept is my guess if not earlier. I reckon they be burning cira $2.5m to $3m per month. They had $18m as of March 31st. So that's going to be around $9m now. Possibly less. They have about 3 months cash left is my guess. No problem though... Bob and his mates will stick another $10m in for ....300m shares. lol!

The fact that they decided to get TAM going so late in the game suggests that the 2 non related TAM targets were tested first and came up as failures. I guess this is why the emergency ambulance chasing 5%+ of shares got placed at 9p to the chinese as they knew they would not be able to meet Franco's conditions. They were 74% complete on Franco conditions as of March 31st.

So if they are now onto the other two targets and 'need' TAM to be a success, then I think it's fair to say in true SOLG style... no news is bad news. In othyer words... if they genuinely had good news to impart... they would. Lets face it, who can blame them. If they fessed up about running out of cash and fessed up about failing on the two primary geo targets then the sp would have got hammered. We'd be at 3p levels now possibly lower. Sometimes the truth (if my hunch is correct) is better hidden or masked as they say. The person with the 0.6% short looks well hedged for all eventualities. Lucky them. But how did they know ? That's the question?

So in summary... I think it's best to assume that SOLG have failed on the tailings and failed on Franco tranche 2. Unless SOLG say otherwise, that's the default. If TAM comes in good and solves the tailings issue as well... then happy days. But shareholders will be acutely aware that the cash pile is disappearing fast and by the time they know whether TAM is a success or not, the cash pile will be near zero. That's quite poor if true for management to sail so close to the rocks without making shareholders aware. It potentially goes against their director duties. But then again, perhaps that's what Dan is doing right now... seeking finance and back up plans ahead of the big looming cliff hanger Tam results?? Well... if he's not... he should be.

I think they started geotechnical drilling well before this May. They started drilling Tandy (apparently, although we have no confirmation drilling has started) in May of this year.

As I highlighted a while ago now, looks like Scott failed miserably on the earlier geotechnical drilling and since then g-mining haven't achieved a solution either, hence why out of the blue they are now targetting Tandy as a possible early producer but also solution to tailings.

If Tandy drilling doesn't work out as planned, they look xxcked. Although I suspect g-mining will be rescoping out new targets as I type.

There's a reason why none of the directors have been buying stock at such low prices.... and that's because the sp will be pretty mashed up if they fail on tandy and have still not fulfilled Franco's requirements to meet Tranche 2.

RodneyT,

Chairman roles are generally about balancing shareholder interests with insiders/board of directors etc amongst other things. The idea that Paul is delivering strategic insight or acting in tandem with Dan and actively beavering away on the business doesn't fit with chairman roles imho.

Liam Twigger did his bit but it's really a 2 or 3 days per MONTH job at best.

I wouldn't hang my hat on the chairman at all. He's there because SOLG needed a Chairman to tick the rules box. I don't think he's there to do much else.

Tsx is normally pretty strict and tidy with its index, so doubt it's loose trades that went unreported. Probabaly Irwin's short trades being tidied up lol!

If you're asking the bb for an overview then i suggest you best start with the question of how much do you want to invest... how much return do you want and are you prepared to lose everything.

then do some research into the company.... yourself.

"Dan has been in position over 3 months now."

True... he's been CEO for over 3 months. But remember, he's been with the business for over 2 years already and SOLG is most certainly not a one man band business... with Bob, Nick Mather et al running the show in the background.

The idea that Dan is apparently running aorund working his @rse off is a bit of a ruse. What exactly was he doing prior to being CEO?

Was he not running around working his @rse off then? Or did he need loads of cheap options placed into his sky rocket before he decided to do some proper work??

I'm still doubtful myself that moving Dan into Scott's chair and moving Scott into Dan's previous chair... the chair or sat where someone seems to sit and do farq all... really isn't going to do very much at all. The man running the show 'Bob' failed miserably and he's supposed to be good at what he does. Not sure Dan is going to do aything different. And to be fair... Scott's demise came from the lack of support he got (that's my understanding). He was asked to be CEO, and COO amongst other things (Bob's puppet) and moving ll over the world from quito to toronto to london far too many times doing CEO stuff when there was no COO on the ground. Bottom line... it was all the director fault... not Scott.

I've been hard on Scott and rightfully so as he should have stood up and said... guys... we need an ops team ... I can't do both ceo and ops at same time.

Now with Dan who has limited COO experience and more finance guy running the same show in same way but with help from g-mining and of course the chinese. Oh... that's perfect. So chinese can effectively xxck us up from inside the ops and ensure we don't ever get near that next Franco tranche and Danny boy won't no sheeeeet from sheeeeeeet.

What is concerning and perhaps more damaging is the hair brain nature of this ecuador exploration fee... it shows they are clueless, not doing pre consults and setting back their international reputation which was already weak. Very frustrating and a clear opportunistic 'grab'. That all said, I do think they have a right to 'push' licence block holders out or tax them if they 'sit' on licence blocks for a long period of time and do nothing with them. They need to find a system whereby xx amount of drilling is done in first 3 to 5 years or the licence block is handed back along with a fee. That would drive some urgency into the industry which is much needed as management live off these lifestyle companies based on owning promising licence blocks but do nothing with them. It's a ruse and no doubt very frustrating to the ecuadorians.

Addicnkt, are you suggesting that they've changed the reset startegy already?? It was only announced in March.

Quote from Dan the man... "to start unlocking the significant value in its current portfolio and to explore the merits of listing on the Australian Stock Exchange (ASX), a natural home for a copper and gold portfolio of this quality." END.

You might imagine it is on the agenda, but Dan the man certainly does unless he wrote the above while exploring the organic white stuff in Ecuador??

In fairness (and I'm no fan of Dan), I think he's simply pointing to ASX as 'new investors' and the sentiment behind that is the TSX investors whether old or new were well... pretty poor in volume terms. ASX is full of Aussie nutters... you only have to look at a few of their favs across the BB's to see the rather over excitable wallabies skipping about about nothing.

That said, any ASX listing will be 'by design' set up for Mather and his crew. What worries me is what Mather has agreed to give up on or give in on to gain that hold and ASX on the regionals? I guess we'll find out.

I thought Scotty boy stated that the regionals cost $6m per annum and that sum was paid in Q1 of this year??

I think it's fair to charge a rental fee but how was the previous $6m cost worked out?

Is the $6m per annum charged for last few years non refundable on relinquishment? What's the carried values for the regionals x 60 licences? The accounts will need to show a signficant write down if they've been quoted at a multi-million value on the books.

FWIIW, I think they fully intended to relinquish over 50% of the licence blocks. It now looks like they may just retain the high value targets.

Don't worry, Bob and his buddies will ride in to save SOLG on any short falls in cash via equity placing at 4 or 5p. The insiders that took the short out haven't closed and seem to know something we don't ... like they are getting the stock they shorted at 7.5p levels back but at 5p. Now how would they know that?

They'll be all hell breaking loose if any equity raises are done at sub 7p.

These boys won't get through the next AGM IMHO without pulling a major rabbit out of the hat.

Is that the TSX finale? All over now? No more trading on TSX?

RodneyT, I suspect management will find some way to devalue the asset whether that's through failing to deliver tailings or whatever. But it's clear that they have no intention of communicating to the market the NAV sensitivities to metal prices.

You only have to look at recent broker notes of which one was via the inhouse broker lol!

It's astonishing that they all seem to be lowering their broker estimates even though the metal price boom would dictate that they lift them lol!

The slow but depressing destruction of this company by current management is plain for all to see and all because a chose few want an out and don't care if the price is 30p... they just want their money because they are getting old and past it.

Remember, Bob sold bulk of his shares to BHP years ago for 25p before he then slide back in with a poorly valued merger and regained his position.

Depressing to see a company so actively trying to reduce shareholder expectation even though the asset supports the valuations. They all need sacking.

Cash-My-Giro, if tranche 2 had landed when it should have landed, then they wouldn't have had to chuck 5.5%+ of the entire business away to the chinese for just $18m. The $18m was required because they ran out of cash prior to March 31st quarter end. That's all backed up by the MD&A and the information declared within. Now they are delisting from TSX, the main benefit (apart from moving away from regs on chinese firms) is that they ony have to update financials twice a year and not 4 x a year.

So in my view the lack of news and operational updates points to the fact that they are heavily delayed through various failures. It's very possible that they have drilled all the tailings geo works and had assays back that are not good. As a back up, they are now looking at Tandy as a possible fall back. eg ... could deliver open pit early production but also resolve the tailings problem.

What is frustrating is that $3.2m (Tandy spend) is not much at all and would have been viable based on previous cash balances over the last tw years. If it was such a great idea and lets face it... it could tick off several important issues.... then why the xxxck didn't they do this minor $3.2m spend works yonks ago??

Unfortunatey, I think they've xxcked up big time (Scott, Dan and all of them) and are now hanging everything on Tandy. Meanwhile, I suspect G-mining and Jiangxi are scoping out different tailings options.

If the tailings works had all gone to plan, I think we'd have tranche 2 by now and also still own 5.5% (CGP) stock.

The annoying thing is that despite all of this, Scott retains his options and is still getting paid for doing zero. Dan has just trousered loads of cheap options and they seem to be moving ahead like it's some kind of reset. The best reset of all would be for them to fess up, strip the bonus awards away and apologise to shareholders for xxcking up!.

Of course the above is all spurious guess work nonsense... but someone has a 0.6% short open and seems to know something we don't. Not hard as management are very tight lipped. Mmm... I wonder why. They all need holding to account.

We haven't had an full operational update since Dec 2024. Does anyone else think this is unusual?

Last update said they had completed 74% of the required works for tranche 2. It was deliberately opaque and didn't say what had been done and what was still being done. Would the geo tailings works amount to the remaining 26% of unfinished business? Have all the geo tailings worked been done?

Even based on recent RNS's... we were told Tandy was being drilled (or planned to be drilled) in early May. No update since.

As a shareholder I an deeply concerned that I am not being informed of the crucial operational phases required to gain tranche 2. On that basis, management are effectively walking us to the edge of a cliff blind folded. That's not fair at all. They have a duty to update shareholders about the companies progress. So why haven't they?