Member Info for Fortissimo

Pbow, it was poor for pi/retail but as we all know there were loads of very large buys. It's not always about aver volume but the type/style of volume that needs taking into account.

Agree, just look at the tidy up work being done.

Rule number 1 pre deal or jv... get any kitchen sink stuff (ugly stuff out of the way)... and so far we've had

1. Old CEO court case settled. Buyer or JV partner now happy. Tick!

2. Current poor performing CEO booted. Buyer or JV partner now happy. Tick!

3. Franco/Osislo stream doc amended to ensure nothing lost in translation (lol) when events unfold

4. Ahead of the above 3 events, our Management team were required in London for something important and needed to be in person.

5. Huge share volume seen during Jan and Feb, with at least 5% changing hands.

Ducks in order and lets see what unfolds. I'm guessing there are a few other bits due from Ecuador gov to come in before anything gets announced.

I wouldn't rule out Bob and co trying some underhand private placement of the CGP shares for sub 10p prior to any deal but that's me just being cynical. Surely they wouldn't be so obviously brazen?

Agree, some very juicy bits in that doc for the wondering mind lol!

Certainly looks like preparatory workings ahead of a possible sale/jv deal.

March 28th date suggests end of Q1 deadline so if next funds are to be released in Q2 that fits with early draw down in April as I suggested a while back. Surprised it's not March 31st though but guess they might need a day for transaction? Another $33m on April fools day? lol!

HereforHemo, if it's a spun out company and listed then the fund raise will come as part of the IPO and feature new investors keen on exploration as well as current investors. It's reaosnable to expect current shareholders to get a free ride on the fund raise but ultimately be diluted. Standard stuff really. The difference these days is that SOLG 'mothership' is very uch about ENSA and all funds ring fenced which makes it hard to justify and keep track of what funds are spent on clear exploration vs admin or G&A etc. It's an accountants dream... but best way forwards would be to split the exploration from the development biz as often there are two very diferent investor types involved.

My guess is that if any current investor wants full exposure to the regional folio/exploration, then they'll need to dip in their pockets and invest in the newco to the tune of 30% to 40%+. Those that don't want to spend a penny will probably get shares in newco but less than half of the entire biz. But lets face it, the market values it all at zero right now so any exploration upside opportunities well worth it even if diluted. I think they need at least $10m to fund the licences on a two year basis and then you are looking at at least $30m these days to get a decent exploration drill/assays sorted inc staff as we know... Scott's sacked all the exploration crew. G&A prob $1m burn per month. So that's about $40m ish. If regionals and Porvenir valued at $100m, then SOLG current shareholders would own about 50% ish.

The above scenario would be a shambles compared to the prospect of gaining a $30m raise at 18p when Scott took over which would have had about 7% dilution involved and seen us drilling away for the last 2 years while the paint drying action takes place on ENSA.

But that didn't happen and now regionals looking like a nice story for 'new investors' and not much to current holders. And thus the 're-setting' under way. Ugly innit.

swanley,

i think the shambles begins with having a ceo in place that is not really a ceo. then you add in the fact that there doesn't seem to be an office these days. london was closed. some directors seem to be half way across the world. the ceo was based in ecuador. was it all done via zoom or teams?

ultimately the missing part was the chairman. that's the key role and one that twigger did very well until bob/scott decided to sack him and then take 15months to find a replacement which quite frankly is average at best.

i think franco did due diligence on the asset but were a bit shy of doing the full dd on bob and his cgp old phart crew who have driven this one down from 25p levels to 6p while burning $100m+ on apparent cash burn savings lol!

too many ageing pharts in the mining industry that are so behind the curve these days that they need putting in a museum. no wonder the 'web' is a mystery to them still. they probably still have blackberry's. useless ****s.

Magoo79, problem is 'Dan' isn't exactly new. It's more just a shift around of director roles. The 're-setting' of the strategy is a fun phrase. What the farq is 're-setting'? The only re-setting that seems to have taken place is that of the SP. Re-setting it back at 6p.

The company had an opportunity to communicate very clearly that they have completed the strategic review and the outcome is to

1. Derisk and progress development as per Franco funding package deal

2. A decision has been made to spin off the regionals

We are very excited to be getting back to exploration etc etc and finding the next Alpala. Instead, we some sort of hashed pony switching of CEO roles without any acknowledgment of WHY?? Was it because Franco said....'no more money' unless you sack the useless ceo and get someone in charge that can drive this ship properly???

Remember, new funds via Franco are required pretty sharpish in April I believe unless a bridge loan is done.

Where's the update on the derisking works from Jan 1st to March 1st?? In the last 9 weeks where are we at then SOLG??

Absolute shambles and the ones that need a serious kick up the @rse are...

Christopher Stackhouse Group Chief Financial Officer

Reed Huppman Vice President - Environment, Social, and Governance (ESG)

Ashley Martin Vice President - Project Engineering

Steven Wood Joint Company Secretary

Nicholas Mather Non-Executive Director

Charles Joseland Non-Executive Independent Director

Jian Liu Non-Executive Independent Director

Maria Ricaurte Independent Non-Executive Director

Adrian van Barneveld Non-Executive Independent Director

Slobodan Vujcic Non-Executive Independent Director

What exactly are these guys/gals doing??

What the feck do they talk about around the board room table??

Did anyone of them step forwards and say... ermmm we should get the website updated and ready to go with RNS as that would look professional??? If not.... why not??

Our new chairman needs to get everyone of them in and reiterate that they WORK FOR the shareholders. They need to start earning their coin.

Just another example of how SOLG seem to have zero application when it comes to comms.

The RNS today could have been much better. It could have and should have been accompanied by a NEW presentation. The website should have been updated ready to go live when the RNS dropped.

The plan for the regionals should have been ready to view.

I'm really not surprised that the market has priced SOLG down where it is when you simple process and media to follow but you can't even do that.

Dan signed off the RNS, so I'm afraid Dan... you are already behind the curve if after almost 12 hours of air time you still haven't got some kid to update the website.

This is multi-billion dollar business based on asset class and there are 8 year olds out there that can keeop their social media and website/bloggs updated faster than you guys.

Pull your finger out - the lot of you!

"technically competent"?

Unfortunately I don't think we got to see whether that was is true or not .... but based on drilling 3 holes and spending over $100m, I'd say he was pretty 'incompetent' in many ways.

They are now in the process of hiring some 'technically competent experts' to the roles of COO and blockcave specialist which begs the question what exactly is Scott going to do??

Sit on the board like Mr Liu and be someones eyes and ears is my guess.

Lets hope they don't issue Dan the man with cheap options or else they'll be carnage on the corporate front. If they want to raise the share price, they'll need II's and fund managers to buy back in. To do that, they'll need to show that they do not reward for failure. And keeping Scott on as a non exec suggests Bob and co haven't grasped that one yet.

I think the HZM admin issue was more down to post covid/ high inflationary / high debt issues. I'm not sticking that one on him but quite a few got burned on that one. Bunkerhill a bit murky and recall Dan betts getting involved with that from Hummingbird resources and all felt a bit dodgy to me.

After some early delving, his CV doesn't really progress much after Glencore and looks like he's been scratching around since.

I'm not going to bash him too much as see how it goes but seriously Bob... is this the best you can do after 15 months search for a chairman??

Our previous chairman 'Twigger' was way way better and more respected across industry for sure.

Well, Paul's Swiss finance company was set up August 2020 apparently.

Bit of a different spin of Paul's bio via Seadrill site.

Director

"Paul Smith is a highly analytical and energetic financial leader who brings depth and expertise in capital allocation, capital structure, capital markets, and restructurings with a global track record across various industries, including mining & metals, oil & gas, and steel. He served a nine-year career with Glencore, culminating as CFO for Katanga Mining. Currently, he is Founder and Principal of Collingwood Capital Partners, which manages public and private investments focused on resources, energy transformation, and technology sectors. He currently sits on the Board of Directors for Bunker Hill Mining Corp.,Echion Technologies Ltd., and is the Non-Executive Chairman of Horizonte Minerals (HZM). He is a resident of Zug, Switzerland. At Seadrill, Mr. Smith is a member of the Joint Nomination and Remuneration Committee of the Board."

And we all know what happened to HZM. Bunkerhill has a pretty poor performance too.

We'll have to wait and see what the markets think of him but can't overlook the Glencore connection with Dan and question whether he's really 'independent'.

Bit of digging required on the swiss implications but guess one question is... when did SOLG set up the swiss subsidary?? Mmm.

More like CEO gone from hero to zero. Yet he's still on the board as non exec and retained his share options?? Something very odd about a company that sacks the ceo and then continues to reward poor performance.

He's not even going to remain in Ecuador. They now have to find a COO that will be ecuador based by looks of things. So more lifestyle wages to pay.

One thing is for sure, Scott won't be getting re-elected come Dec and Mather's DGR won't be around in Dec unless something material happens.

At least we have a proper ticking time clock now and these cgp wasters can't wriggle about for much longer.

Often the case these days... great asset but pi55 poor humans running it.

Addicknt, the business has gone from being an explorer to being an asset holder that has something to sell to being a Tier 1 mine developer.

You will always see different faces and expetise come in to deal with that changing strategy.

We're unlucky that we had two ego's at SOLG that both thought they were better than each other and had to prove it. Each proved that they were not able to deliver the monetised deal.

We now wait and see what the new guys can do but lets get real here... SOLG are not developers. We might be 'deriskers' but not developers. So lets get it to the point whereby we see some proper milestones passed and then hand the keys over. And in the meantime, spin out the regionals and get some exploration going again with the guys that know how to do it best... Mather and his merry band of geo / drill baby buddies.

"Scratch hard enough and you will find it."

So you just made it up?

Thxs. I'll stick to the industry standards for royalty / stream requirements in the meantime then.

FWIIW... if they could have got a $50m royalty away on Porvenir, it would have been done. End of.

Unforntuately, I think it would take about $50m more spend on Porvenir before anyone would be able to do any kind of proper due diligence required to enable a derisking on the stream deal. No risk dept would release $50m on Porvenir based on where it is at right now.

I must have missed that paert in the RNS or comms. Could you point me to where you got that information from. Ta.

I should add that there is zero value being factored into current market cap. So if they get an IPO away for $100m or so (prob be cheaper unfortunately) then ironically you could see a market cap on that newco larger than SOLG's upon another hole strike like Porvenir hole 1 lol!

Wouldn't that be funny... the market rating a new discovery higher than a proven Tier 1 asset.

Well... it's a xxcked up world out there being bullied around by a orange faced man baby who looks like he can't keep his toys in his own pram for longer than a minute.

I don't think you'll see DGR merge with SOLG. Mather won't want to dilute his 6% holding. I think Mather would prefer to keep that as is. What he clearly wants is to get back to exploring. Where or how he finds the money to invest in the Newco is anyones guess but if he's going to be running it (my guess) then I'm sure he'll be granting himself a bucket load of options lol! And then as such he's back to the days before they struck big on Alpala.

He gets to go again. Unfortunately for alot of shareholders, the only way they get to go again is through dilution on the regionals and investing more money.

There's no way SOLG shareholders are going to get more than 40% of any newco imho. The 60% owners will be the ones that come in via the IPO is my guess. Of course, current shareholders will be able to participate but lets face it... it's pretty poor but at end of the day, regionals were always funded via some dilution but with the mothership being SOLG.. it was always minor dilution.

How they value Porvenir pre IPO is going to be very interesting as is the possibility of the chinese/jiangxi becoming a larger shareholder of that newco.

All guesses of course but we'll find out soon just how interested the chinese are in the regionals and Porvenir in particular. I think it's too early to bank any stream deals on Porvenir. They'll need another MRE sortd and a PFS first.

Erm.... I think you are barking up the wrong tree.

The common denominator on a ASX listing where ENSA is concerned is of course your very own global mining giant ... BHP. Not to belitte NMM either but lets face it, out two leading shareholders (20.5% combined) are Aussie miners.

Dan's already got IPO's away on that ASX exchange. We are now being run by 'bankers' so my guess is we are going to have a few major investors coming on board or... our two main investors are about to get more involved. Oh the irony... and around and around we go.

Mather has a ticking time bomb in DGR so at least we all know this will be all aired and sorted in the next 8 months. You'll know about it long beforee then... poss as early as April but it won't be pen'd and officially listed in any form whether explo newco or ENSA etc until Sept/Oct.

I get the feeling Franco none too pleased with Scott's wasted $100m over the last 18months. I'm surprised they allowed him to remain on the board but guess they have to keep Bob's Osisko chums happy. So only question now is what happens to Mr Liu?? He's Jiangx's man so be interesting to see how that pans out so your point on Aussie's/ASX etc not completely off.

I guess that will become confirmed but while we are left to speculate... the only common denominater on ASX is of course and Mather and ASX inc DGR.

This all feels a bit 'constructed' as a few (and myself have said already)... the only way for Mather to accept a lower bid or cheap bid for Alpala would be if he got something else... like a large chunk of the regionals. Whether that's through DGR or newco, is besides the point. The point is, there are a few insiders who are working in their own interests imho and not for all shareholders.

We are at present being led by 2 ex Glencore guys. That carries some weight but I don't think the chairman being clear buddies with the CEO is the right message to send fund managers or II's.

The chairman should be 'independent' and this guy clearly isn't and his cv shows it.

I suspect they'll be news coming pretty sharpish in Q2 as they certainly don't mean June when they state that.

But as for retaining Scott on the board.... well... I guess Bob still needs his ears and eyes in there in the form of his puppet.

I don't think I've seen a company sack / remove a CEO and then retain him on the board as a non exec lol!

Oh dear Bob... fast and smart became slow and stupid. BHP are laughing at you right now.