Member Info for Fortissimo

In a world with projected copper shortages and metal prices looking like they'll be sky high, you have to trust the mining industry in terms of valuation. Simple as that. If an asset has a seriously hefty discount... then it has to be benchmarked with other assets with hefty discounts in regions that demand it etc.

If there was a copper glut and very low demand and if PoG was $1300oz, then I think it's fair to expect lower end valuations as the demand for the asset would be limited. But as we know, the demand is high.

We are in a time/period where super majors and nationals like China are deperate for large sized metal resources.

As analogies go... we are in a property boom period, so low ball offers are pointless... but properties that need alot of work and spend on them naturally carry a discount.

15p to 20p would be a non starter and show the BoD's are desperate and as such would not score well with the market. It has to start in the 30's to carry any serious weight imho. The market will anything sub 20p as a hoax or joke.

You can't sell a tier1 mine like Alpala for £600m. The house brokers note is your best guide of where this will likely end up and that's 50's to 70's. That's still mega cheap for any buyer.

And yes... John Turner does make Bob look like he's past his sell by date... quite literally. What a waste of time, money and life the canadians were.

John Turner certainly knows how to achieve industry standard pricing for mining assets. He is an expert. So if they have appointed him that bodes weill indeed.

But you don't appoint someone like that and then end up accepting 15p to 20p. You may as well appoint Bozi to do the deal if you want 15p-20p.

Never in mining history has a tier 1 asset gone for £600m nevermind £450m that is as advanced as cascabel.

As for BHP not being interested... well, they are still a major shareholder and lets face it... if you asked them whetehr they we're interested they can answer that question 3 ways.

1. No... we're not interested

2. Yes... we are interested and want the asset

3. We're not answering that question (which basically means a 'yes' in business parlour.

They are hardly going to say 'yes' are they!!?

At £600m... BHP would certainly be interested as it would certainly represent a huge discount that would more than ease any fears over ecuador or block cave.

It doesn't matter where the first bid is pitched...what matters is that a bid is tabled and then the bidding war can begin.

First domino has to fall, otherwise we are all just waiting and waiting and waiting and that suits no one.

In summary, you don't need John Turner if you're selling a £500m+ asset. He's a man that you get in if dealing with $2bln dollar + deals.

I see... for a moment I thought you knew something that we all didn't or news had been dropped and I had missed it.

Just Bozi in his echo chamber listening to himself by sounds of things. How's that work then... something like... erm... Bozi you are so very very right about Bozi being right. So right ... that you didn't flog a share and let your stock drop in value by 1000's. Some might say you didn't believe yourself bozi?

Tell you what... why don't you apologise to yourself for not selling out when you should have done? Now don't be hard on yourself, not many on hear can claim to predicting a share price collapse but holding all their shares through the ugly downturn.

Evening.

"I won't expect any apologies from Fort and others who did nothing but villify me over it."

Sorry Bozi, what exactly are you on about ? You'll have to bring me up to speed? What should I be apologising to you for?

Interesting that they clearly say that jiangxi are offering technical services.

mmm! Previously it was about jiangxi 'may' provide technical services and advice.

I think it certainly gets interesting when the largest shareholder in the company starts advising on the asset. Anyone would think they own it lol!

Of course it is tight, we knew this from the first round. But lately, Noboa has snuggled up with Trump and supported his Tariff plans by also putting pressure on Mexico. As below from as/coa...

"Noboa was one of the few international leaders to make it inside the rotunda for the January 20 inauguration ceremony of U.S. President Donald Trump. On March 29, just two weeks out from the runoff vote, Noboa paid a visit to Trump in Florida for a meeting the Ecuadoran president’s press office characterized as “friendly and private.”

On February 3, a couple of days after the Trump administration first announced tariffs on Mexico and Canada, Noboa declared that Ecuador would also impose a 27 percent tariff on Mexican goods, suggesting that the trade relationship was “an abuse.”

This is not the first fight Noboa has picked with Mexico. In April 2024, on the command of the president, Ecuadoran police stormed the Mexican embassy in Quito to arrest Jorge Glas, a former vice president who served with Correa and had taken refuge in the embassy to avoid imprisonment on corruption charges. This sparked an outcry in the diplomatic community and prompted then-President Andrés Manuel López Obrador of Mexico to suspend relations with Ecuador.

The current Mexican head of state, Claudia Sheinbaum, has openly supported Luisa González. In one of Sheinbaum’s daily press conferences, she expressed “hope that Ecuador could soon shout ‘presidenta’ with ‘a’.” Both have stated a desire to repair bilateral relations." END.

So what exactly has TRUMP promised Noboa in exchange for his help with mexico?? It's crystal clear Gonzalez is a backer of Mexico and as such not someone TRUMP wants to win.

So I reckon Trump will help Noboa win election through same tactics that helped him win US elections. False information that os PRO Noboa via social media and other channels. There's an army if US social media teams that makes Putin's lot look tiny. It's all about how it looks and sounds.

Noboa will win imho and Trump will make sure of it.

InvestorPanda, I'm interested to know just how much of that $18m raised is available for 'exploration'. I've jotted down a rough guide to where I think it's going.

1. $2m on Darryl's exit/court case settlement

2. $6m on licences

3. $10m on cost overruns and cover Scott's xxck ups.

So that leaves about erm... $0m for exploration (outside of Tandy/ENSA).

The regionals are going to need some kind of deal/funding package and guess we'll hear soon on how Dan the man plans to do it.

The canadian listing is costing a few bob to maintain and it's pointless... volume is near non existent.

Close the canadian listing down and move to ASX. Not that much work involved or expense as dump one and open another.

I guess we'll find out in couple of weeks as my guess is the flood gates on news will be opened once ecuador elections completed.

It's Q2 now, so just 3 months away from beng an entire year since they got the Franco funds and we've had one operatioal update ans that had 3 holes drilled.

Feckin shambles.

Bit of an end of quarter slaughter ... across markets today.

Shanta was completely different. They didn't have chinese, bhp and NMM holding over 32%.

Nor did they have a Tier 1 mine or a large $750m royalty package line up.

I wouldn't worry about it... it's a good thing. The more the chinese get at these levels (assuming it is them) the higher the price they can pay to rest of shareholders.

Lets say they bag another 6%+ at sub 10p and BHP do zilch. Well... when it comes to making an offer, they'll only have to acquire 80% of the biz. Would enbale them to make an offer 20% higher than BHP based recent purchases/average prices.

I've said it before and I'll say it again... the chinese were buying in open market with the knowledge that they were bagging another 5.2% at a much higher price (8.9p). So if they haven proven to be buyers at sub 8.9p and proven to be buyers at 8.9p...then 7.3p must look like another early pressie for them.

They know what's coming. They know the value of Alpala. They know ecuador well.

And best bit, they can simply trade between their entities (Jiangxi and valuestone) and control the book easily enough. Valuestone chuck 20m of stock into the market and jiangxi buy them up and then they do the opposite, jiangxi chuck 20m into market and valuestone buy it up. You can lower the price or raise the price when you have control of 20m on both sides of the book. Highly illegal of course. But that's ok in this Trump era where laws mean nothing. I mean you can leak security intel and be patted on the back now. In the old days... you'd be sacked and banged up. Oh how the mighty USA have crumbled. They've gone back to the wild wild west days when they were all scratching around for a nugget or two.

Stop it Pinot... we can't have relevant news on this BB... it's just for bickering and finger in the air price estimates. You know that!

Only kidding... thanks for the on topic news.

I'd be happy with an offer for SOLG... price would need to be realistic based on the prize and then I'm pretty confident natural forces will take over. Stick a rare $1m Ferrari on ebay (a new one) at $500k ... I very much doubt it would go for that. Considering the apparent rare models go for more than the asking price ... I'd say half price Ferrari's are a thing for the fairies. Bit like Tier1 mines in a metal boom.

Some on here live life in fairy land.

FWIIW, I think they have 'things' lined up to RNS's post the elections, so April 14th onwards will likely see the updates unfold. That doesn't mean they are good updates... just news will follow the elections. It's an odd one as both candidates are PRO mining by I guess theirs some 'transitional' risk involved when a new person comes in. So If Noboa wins, one assumes there would be a decent kick to the sp whereas if the Lady wins, then might see a muted response but can't see a sell off as it's not overtly negative.

All I can say is that they better have a well thought out and 'accretive' plan for the regionals that represents shareholder value as if they deliver something as pony as chucking 5%+ of the business away for $18m... then they all need to be permantley banned from any remuneration that extends beyond their usual salary.

It's time they delivered. The clock is ticking for Mather, that's for sure.

So lets take these points...

- JCC transaction has been satisfied expeditiously.

(Odd one has they clearly had thumbs up from chinese state when they bought an extra 0.9%) So what's different this time... is it setting the tone/process for the next RNS which might involve a JV or sale subject to "approvals from chinese state lol".

- Strengthens balance sheet (This is an obvious one. £1 would strengthen the balance sheet. Why not be a bit more honest Dan and tell everyone that the funds have secured the ongoing $6m licence costs??)

- Bring forward production at Cascabel (Not sure I understand this one. $18m or what's left of it will not 'bring forward production at Cascabel. What would bring forward production would be sacking of every single board member and bring in some folk that know what they are doing rather than wasting $100m and 3 years of shareholders money and time).

- Formulate a plan for our vast and valuable exploration portfolio. (Feck me... this costs nothing. It's called using your brains. Formulate is an interesting term. Moving things around perhaps costs legals does it Dan? So the silks need some money to arrive at a subsidery / structure that enables a listing or JV?)

- Technical input from JCC, at their cost, will also contribute significantly in terms of savings and timing of assessments of Cascabel. (This one is being laughed at by the market. Why the foook would a potential predator help it's prey? Perhaps their technical advice will be ... erm.. guys we have some ideas but it is going to be in our interests... not yours. Seriously... if BHP offered advice right now, would SOLG follow it?)

- Unlocking value for our shareholders and for Ecuador. (Nope, you've done the opposite thus far and based on ZERO project updates on Alpala, I'm guessing you still have ZERO to report which is a bit of a stress Dan as you have milestones to meet and shareholders want to know where you are on them. Going silent on ops for almost 4 months+ is unacceptable.)

How that sound?

If Scott holds around 30m options ( I thought it was 19m??) then that's 1% of total share in issues (approx) and as such is material so if the options are set to be cancelled in around 70 days time, then an announcement should certainly be made. Some might say this should have been covered in the CEO sacking (or lets say stand down lol!) RNS. Perhaps the NEW CHAIRMAN would be kind enough to let shareholders know whether they have 1% of their company back which quite frankly shoud never have been given away in first place.

Valuestone only hold 11.9m shares and paid £3.8m for them.

The irony is, Jiangxi bagged well over 13 x that amount of shares for just £13.9m in a market where metal prices have almost doubled from the period Valuestone took that holding. Not to mentioned the asset has grown and been derisked over last 5 years and has 100% ENSA.

Bottom line is and remains... the placing to jiangxi at 8.9p was either in exchange for HELP with other things which easily covers the loss in value or Scott, Dan, Bob et all were forced to raise cash in ambulance chasing fashion because they had run out of cash due to Scott's poor controls and or Franco decided not to commit to a bridge loan for SOLG. And the last one is of course the regionals which we know needed $6m to retain them. Then there's Darryls payout/settlement which I'm guessing was $1.5m+. The list goes on. Franco certainly wouldn't be paying for our BoD's xxck ups nor the regionals.

The BoD's knew 12 months ago that they would need to find cash for the regionals. They knew Franco funds wouldn't cover it. So what did they do to prepare for that event?? Farq all!!!

The placing to Jiangxi may well prove to be a great move as draws BHP out.... but until then, it is a shocker of value destruction by BoD's at SOLG and all of them should hand back their bonus shares for under performance. Failures should not be rewarded. The fact they are keeping Scott on as a non exec tells you all you need to know. They seem quite happy rewarding pi55 poor performance.

Very useful PBOW, thank you for info. Quite refreshing to see a few 'wanting jobs'. And why not... beats banana picking or trucking coke!

Mining has so much to offer Ecuador but I think we all agree has to be done properly with minimal impact to the region/plant. Best practices and ESG etc the way forwards and I think the SOLG 'BRAND' is liked in ecuador. Bodes well.

Not long before Noboa goes to the polls. He's business savvy and young enough to identify with a broad spectrum across ecuador so I'm fairly bullish on him winning.

I think we'll see some shareprice rerating once we are through April 13th especially with ISA buying season kicking off for some from April 6th onwards.

Looking forward to SOLG's big news release on regionals and Franco funding which I believe will come in April too.

I think the Environmental licence is a way off for Porvenir. Still loads of work to do before they gain that unless you are refering to a different licence? Alpala has various permits granted but not the environmental licence as that's likely nearer to PF and funding not an issue there.

The way things are shaping up, I think they might want Porvenir IN the regional folio as that's the most advanced and underpins that New EXPLOCO to some degree. That said... bit ironic as Porvenir could be pushed along further and then almost become another development decision in waiting. We've not heard much on Porvenir for sometime now which makes me think it's already spoken for lol!

Agree - would be wiser to factor into the FS and with better of luck they might be able to build in Tandy subject to further work.

Tandy must be looking extremely attractive right now with metal pricesd where they are. And lets face it, Porvenir is looking pretty tasty too right now!!!!

Such a shame they had to issue 5% of the business for 8.5p levels. That's what happens when you have pi55 poor management.

PBOW, from March 4th RNS.."SolGold continues to advance de-risking programs, permitting and financing discussions and to reevaluate the project at recent consensus prices for copper and gold." END.

I think they've moved on from 6months go and are looking at 'reevaluation' which makes sense as the asset has grown massively since the last PFS based on metal prices. The market concensus is that there will be a copper shortage so although the PoG has moved earlier than copper, the latter expected to really get a job on.

To put it into context, we are moving toward a metal market whereby the value of metals would be DOUBLE what we have modelled on.

We're not talking 30% or 40% misalignment here. We are talking 100% increase in metals price.

It's massive. Especially for a project like this that requires a decent capex and contingency budget for 'escalation' and 'inflation'.