Member Info for Fortissimo

The only indicator that really matters is IRR.

Without a decent IRR you simply cannot fund large projects. You won't get the investment. The metal values remain in the ground and the project goes no where.

In this day and age, it's all about annualised % return for a buyer or investor.

The options to that waste of space should be zero. Options should be removed and he should be booted. Why is he still at SOLG and how much is he getting paid for doing fark all?

Stas20,

I think the company split the PFS into 3 areas based on the crucial IRR indicator. One of those IRR's did factor in higher metal prices but I might be wrong as haven't looked at Scott's pony pfs for months and the fact they booted him clears the way for yes you guessed it.... another pfs lol! This time they may use higher metal prices to justify it. Or use Tandy results. But all looks geared toward a Sept/October update which results in working on another PFS.

This will bring more delays and continue the lifestyle business suits directors for another few years.

We all hope not of course... but it's happend 3 x now already.

One point to remember is that higher metal prices are appealing but you also have to balance with higher build costs/inflation rises. I think the $1.5bln ish build cost will likely be around $2bln now. Any new PFS will need to factor in loan costs (interest rates have doubled) and inflation etc.

Also, PoG has done really well as well as Silver. There's no real provision for silver that I can see and that might initself be helpful. Copper prices are not that advanced from the PFS model. One assumes they will be double today's levels 'soon' but global issues (inflation) right now really don't need high copper prices... quite the opposite. So maybe next year for a new PFS and based on Tandy being done by Sept... I'd say a new PFS would be Jan or Feb at the earliest. So much depends on Tandy... and I can see no point in doing anything on rising metal prices until that's done.

The reason for the low sp is that it suits management right now. You can speculate all you like on how that works or why they would do it, but the facts are facts and if you look at how they have NON actively marketed the company. Frozen all exploration. Awarded themselves cheap options... the list goes on. It suits them. But it doesn't suit shareholders as a whole. Seasoned brokers and investors know how to generate interest in a stock. They know how to tier the news releases. They know how to pump the stock. Just look around AIM... there are loads examples of management whipping up excitement but note... they don't tend to whip up excitement until they or their insiders are fully invested. The ruse on AIM is to get drilling plans underway... raise capital at discount to the insiders/mates and then start dropping excitable RNS's that in all context are good news but don't really cover off the future burden and threats... but no need to worry about what's ahead... kust pump away and then the insiders start selling into the pi frenzy and bank their profits. You'll see warrants exercised... and so on and all is a process of handing money to the insiders. SOLG management could do the same and some might say issuing options at 7p is the start of such a plan. But the truth is... SOLG insiders need more than a bit of pump and dump. The likes of Bob and co have 15%+ of the company... they need a proper exit.

So here we are like a millpond with not much for traders, not much pump and dump crew around and not much seemingly going on at all.

Tandy and regionals plans will change that and yes they will start AFTER Danny boy got his options at 7p.

If SOLG wanted the sp back to 16p levels, it would be easy to do. But likely short lived and damaging in long term so one for the traders is not one for the company etc.

There will be a large correction back to asset value circa 40p+ or 50p+ levels but only after they've announced a monetisation event which is based on typical industry metal prices/ averages for a Tier1 mine in South America.

It depends what 'project' you are describing. Raising cash for the regionals would have been common sense back when the sp was 22p+. Raising capital for Cascabel at expense of shareholders when it can be done via royalty agreement would be stupidity. The speed of the permitting process has nothing to do with cash or available cash. There's a process to derisking the asset and that's how the $100m royalty deal was struck based on 3 milestone payments. There's no gain or advantage or etc speed required and no matter how much cash you have... it's not going tick boxes until work is done in the correct order.

Drilling Tandy for just $3m is a no brainer and should have been done 2 years ago. If it ticks early pit production and ticks the tailings boxes then boom boom time.

So all in all...raising capital in markets can make sense when you have limited options but SOLG has royalty options so not required. The final nail in the coffin for any equity raises at shareholders expense is the current share price. There's no value what-so-ever at raising cash around the 7p level. That's just sure madness. The CGP 5%+ stake sold to chinese at 9p was a firesale and all because 'management' failed to deliver on the basic requirements set out by Franco/Osisko. And that's a fact. It should never have happened at that price and management should hang their heads in shame. Instead... they decided to move some folk around and grant them more cheap options lol! Fecking bunch of useless t@....%^ts.

Addicknt, the company hasn't outlined the 'financial costs' associated with a TSX listing. So it's hard to understnd what financial savings are being made. However, the company did go further and state that could not longer justify "administrative requirements associated with maintaining its TSX listing". To the seasoned investor, this can be writtedn as follows: "the company no longer wants to provide MD&A updates quartely, as it presents management with less wriggle room and the last update we did revealed that we were forced to sell 5% of company on the cheap yet with this knowledge still thought it prudent to reward directors of the business."

Sound about right?

The next financial update comes in around end of Sept which would be coming anyway regardless of TSX listing. It's the MD&A update around November and then around February which will no longer be required etc. So now, they have a 'black out' on financials in place from End of Sept through to mid or end of Feb 2026. Just full year and half yearly reports now.

Of course , there is the other big benefit to the 'chinese'. TSX doesn't like chinese takeovers or creeping ownership tactics etc. It's strict and holds all listed companies to account. LSE is still like some cowboy outfit which quite frankly is probabaly why SOLG are still listed here. ASX looks a bit excitable and perfect for the likes of Mather to go doing some regional exploration with his new stake in the exploco (cough cough).

News certainly due. The last update from Dan said they were drilling Tandy in early May. Not had any confirmation of this at all.

Some entity or collection of entities are HOLDING the sp where it is. That's become blatantly obvious as time has ticked by. A stock like SOLG with lowish volumes rarely trades in such a tight channel for such a long time. A 0.6% short was added after Dan took over or pre Ecuador elections. That short was increased when the sp looked like it was about to break out after Ecuador election victory for Noboa. Another clear sign someone wants it kept low.

Now here's the fun part. Based on volumes traded, it does not suit the mm's to have such a tight trading range. They like swings... they like to see volume and they like to squeeze traders. We've see the mm's operate in a collusive manner. Large block trades are facilitated and agreed off book and then printed later. All designed to create a millpond looking dust gathering SOLG.

The truth is, during this dull time the sp has provided one large investor with an opportunity to double their holding. And they did so. Not only that, but the same chinese entity also has direct technical imput and knowledge of SOLG operations. The chinese also have a NED on the board. It's scary to see that in this modern day with regs galore (apparently) that such collusion can be allowed to happen.

If the Chinese do indeed end up making an offer or walking away with SOLG on the cheap, then the market regulators need to take a serious look into SOLG management and perhaps look to ban chinese companies doing similar things in the future. Alot of people are watching this one and if it proves to be underhand, then I expect some serious investigations to follow.

If news comes, then I suspect it will only come once the TSX delist has occured. So this time next week is possible for news to drop but imagine they would wait until dust settles and go for end of June circa 26th or 30th.

Potty mouth panda!

Sort it out or I'll tell your granma and she'll slap you with a piece of haddock.

Better volume and some new faces suggests 'traders' think there's something to come here near term.

Be typical for Scotty boy to sell at the low only to see it rise fast thereafter.

They also have an extra month to make the transfer so although the stock is delisted on June 18th, they can still seek their crest/computashare transfers through to July 18th.

Not sure how it works with CFD's and spreads etc so might be a few 'traders' out there that are forced to close.

Not a peep from Irwin?? I wonder whether the bulk of CGP holders also have their holdings in accounts that relate directly to TSX? There's no doubt about, having one exchange should in theory drive the liquidity /volume. Might see a few exit due to currency and fees and might see a few offload into LSE market after June 18th. Always a bit choppy when delisting from exchanges especially when dual traded.

Aquinaga, I've had to stick you on ignore. Sorry but your constant responses to some already flitered entity just makes it all that more boring for me.

Best practice is not to engage at all. Do not feed the animals as they say.

All the best.

Was the 'delist' news the corporate update then?

I think they will need to wait for the delist on June 18th before they issue any major updates.

Also, they usually require a few weeks to pass 'after' a director has just flogged some shares otherwise it looks a bit 'insidery'. Eg.. flogged shares before bad news hits.

I very much doubt Scotty boy would be selling 2m shares at a cheap price if he knew he could wait a few weeks and flog them for more. But then again, we are talking about Scott here and he's not exactly the sharpest tool in the box as we've all painfully found out.

The damage done by that man is never ending. He could have easily paid that tax liability via his own cash after trousering a fortune.

The fact he flogged 10% of them suggests he doesn't think it's worth holding on to them lol!

If there was a chance the sp would be 14p in near future.... he would have just waited to double his money.

Director sales also suggest the company is not in a closed period either... so looking about as bad as it gets here!

Someone please show that flake the door!!

NMM,

TSX delist wasn't done to save pennies or pounds. Nothing to do with saving funds what-so-ever. It was done because it suited management.

1. Helps with any chinese discussions re full or part participation in ENSA (free from TSX protection regs etc)

2. Removed the requirement to update the market every 3 months on cash balance amongst other things (allows them to conceal financial numbers and report twice yearly. Remember, it was only because of the last MD&A that we found out the placing to the chinese was due to them having almost zero in the bank and unable to complete Franco phase 1 requirements. We wouldn't have known that if they were on a 6 monthly report basis.

So win win for management and insiders and potentially part win for rest of shareholders and part big loss due to now being kept MORE in the dark.

Slippery bunch this lot. The type that grant large option awards even though they know they failed on phase 1, ran out of cash and then sold shareholders a poor equity raise at 9p when it should have been 18p+ as per book value.

Dan said that they were expecting to start drilling Tandy in early May.

It's now early June. Can anyone confirm whether drilling has actually commenced or are SOLG 'late' again?

No update from Dan on this crucial work since he announced it a few months ago.

A necessary evil but when dual listed share prices tend to move in tandem give or take some currency swaps factored in.

net result is... if forced sellers over the pond drive TSX price down, then LSE tends to follow. Yet again management seem to be intent on reducing the share price. If another heavy day of forced sellers on TSX occurs then could be back to 5's here.

I think it's a combination but remember, if they go down the IPO route for the regionals / exploco biz, then that would need to be offered to TSX holders too. This then becomes more complicated if doing the exploco dual listed on LSE and ASX. So I suspect it streamlines a few processes and gets them off the hook for quarterly updates... and opens door to chinese... not that the door isn't wide open already.

I suspect it also pleases Irwin et al as they have a more liquid market to trade in, although LSE is hardly 'liquid' when it comes to SOLG.

I'm guessing but I think a ASX listing is nailed on for regionals as believe the latter is all a sweetner to see Mather nicely feathered in there in exchange for his acceptance of a lower offer for ENSA.

Too many insiders involved with SOLG (BOB, Mather, Osisko, Tenstar, IRWIN and so on). Can't wait to see the major holders in the exploco when it emerges and how much they leave to the rest of shareholders. Any guesses?? 70% to new investors and 30% to SOLG investors? How would that feel? Pretty ugly if that happened without giving current shareholders a chance to partake at the 'no doubt' discounted rate.

Just wondering what happens to anyone that has a 'short' open specifically on SOLG TSX?

Would they need to close before delist?

Or can they roll over into trading on LSE?

Tiger100

morningstar just covers the funds and II's. Updated monthly unless you subscribe to higher fee level access. It's useful for seeing which funds are adding or reducing and tends to offer a decent insight into teh sub 3% holders which you don't normally see as no TR1's.

Screen grab the holdings and then compare July 1st and you'll see the changes more easily.

I think the chairman and Dan need to confirm that they will continue to provide quarterly updates. If they won't commit to that, then one begins to question their motives.

I'm supportive of binning the TSX listing but not at the expense of being kept in the dark over quarterly cash flows and operational/management updates.

As I said... pro's and con's with this and certainly WIN WIN from managements point of view. Yet another example of 'things' being done in the interest of insiders and not all shareholders.

Unless of course they stick to doing quarterly updates. But you know they won't!