Member Info for Fortissimo

Carefull... the bashers really don't like the Noront example. Which might also be a coincidence because BHP don't like it either. They got embarrassed on that one... and suspect they don't want to look a bunch of wallies again.

Wyloo (or FMG to be precise) whooped them pretty good.

Also, as per BHP's recent acquisition on FILO with Lundin... they went early and didn't wait for all the permits to be sorted or to be 'turnkey'.

They obviously decided it was better to act rather than wait... I wonder why?

Mmmm!

MOTB,

Does the $750m stream finance package that is signed and delivered upon key milestones and investment decisions help?

Put it this way, it's a bit like your Bank called you up and said.... tell you what MOTB... we think you might gte planning in your back yard for 50 houses which would be very profitable. Your house is worth say £700k... well we'll give you £2m to help you get the planning.

How's that sound?

Going concern statements have been pretty much the same on SOLG half yearly reports for last 5 years I think. Nothing new there.

Would you sell your house to a buyer for £250k, when you know it's worth £2m?? Furthermore, would you sell you house for £500k to a buyer if it's worth £2m but also has potential for a housing estate to be built in the grounds netting quite a bit more in the future.

Not many people are stupid enough to sell at the bottom or in a housing crash when they don't have to!!

Thanks for info. There will be others. There always are... but many tend to get downsized when comes to PFS's.

Super majors tend to pick them off the juniors well before they get to DFS but recently due to metals boom and cashed up bank balances, the likes of BHP have been going for the mid size and even bigger size fish like Anglo to help get them ahead of the copper curve as they are well behind after being too focused on fossil fuels.

I think that's where this 'snail pace' progress from SOLG has pro's and con's.

1. It leaves a carrot dangling out there for longer... teasing a bid.

2. The likes of BHP and others grow impatient as they know it's 4 to 5 year project to get Cascabel producing. Possibly longer.

But one thing I would say is that I have never seen a Tier1 mine with a PFS based on just 20% of resources. A super major will likely go for a Darryl size PFS and with metal prices heading to the moon... that makes Alpala a stunning project for anyone keen on copper/gold and willing to bung at least $4bln in capex into it.

PBOW, are those comparisons based on PFS's?? And cut down 20% of total resource style PFS's??

If not, then the numbers not really worth comparing are they?

Seabridge's KSM Project not bad at all but they do have a market cap that's 4 x ours!! Or should we say we are 4 x undervalued?

Are they the only two you can find and are they 100% owned? Thanks for researching them. Much appreciated.

Who wouldn't want 25p now?

Here we go again....

You mean ... who wouldn't want to sell this for half price or a 3rd of the market value right now??

Oh... not me sir. That sounds a bit silly. Like selling your house metooo for half it's price? Sound like a good idea?

No... didn't think so.

He already is 'out' to some extent when it comes to board activity and being outnumbered by the CGP boys.

I think if you asked Franco (who are our biggest investor and our main partner) who they preferred to be running the company, I think they'd say Mather.

So on that basis, I think you'll find Mather has much more sway than just votes... he could be the one person that actually makes the difference if or when Franco make a decision on the $500m finance stake or on how some of the milestones are viewed or signed off.

It's always about relationships and Franco's started with Mather... not Bob. Bob's mates are almost insiders are Osisko and they are important but are not sticking in as much as Franco.

Remember, you need to think about the main partners and at present BHP and NMM are the main shareholders but they are not anywhere near as committed 'cashwise' as Franco to date.

Addicknt,

NM doesn't like Bob and Bob doesn't like NM. You know this!!! But if they are to get anything out of Alpala, then they had to combine their interests... hence the merger.

The fact is... Mather tried to buy CGP moons back and Bob said xxck off. The rest is History.

So I find it weird that you expect Mather to talk highly of them and lets face it... they haven't done anything for anyone on the board to talk highly of them anyway!!!

The 100% interest in ENSA is rare and believe it or not super majors do like having like minded partners. That's why you see quite a few 'partnered' Tier 1 mines. Often one partner buys the other out when fully derisked.

I'm not BHP and NMM are buddies... I get the idea they hate each other. The Oz miners don't tend to get along with BHP. Can anyone highlight any JV's with BHP and NMM???

Same for the Chinese. Not sure they like doing business with BHP but I could be wrong. Neither need each other as both have deep pockets. That said... chinese are good with infrastructure / ground works in Ecuador and are already there on mass. A super major might find that useful. But there's a difference between using work forces / contractors vs having them as a partner.

Furthermore, I think the Chinese were brought in as a 'strategic investor' by Bob and co so that would indicate the opposite in terms of collusion with BHP or NMM. They are on the book as a deterrent, not a prospective partner.

There are plenty of other cashed up miners out there that are desperate for a Tier1 mine. The idea that Barrick, or FMG, or Anglo plus others would just watch an asset like Alpala go for peanuts doesn't stack up with the highly competitve mining industry. Neither would be doing their shareholders justice if they simply sat and watched one of the greatest assets of last decade go without a fight.

For some larger miners, Alpala really is the answer they are looking for right now. But until someone makes a move, everyone can just watch and wait.

DG1Investor,

The Chinese were buying at 18p in open market. Directors were buying decent chunks at same levels and then as we know... lower at 9p/10p.

I agree, it's perplexing why there has not been any chinese buying or director buying at 6p/7p levels. There hasn't been a shortage of stock, that's for sure.

Perhaps it's being done by the chinese on the quiet (tut tut) ?

The vacant chairman position is certainly a key reason for many funds exiting and many funds not buying in at these levels.

And what's with Tenstar selling? That's a peculiar one.

Personally, I can't see it being sold cheap purely because the asset is so good. But agree on 'block cave' being a deterent to some as requires deeper pockets and solid knowledge of the methods involved... and there's Ecuador of course. So yes... some unknowns might move up and down the scale of 'risk' and discounts applied accordingly.

The thing to remember here is that Tier1 mines of this calibre rarely come up for sale with 100% interest. So I would expect demand to be high especially when most of the super majors and NC's are resource light after reduced investment during covid years. Many are playing catch up now. Can you think if another Tier1 mine available to buy right now? And can you think of one that could be bagged for under $3bln??

We are where we are and the Lassonde curve has history built into it. We'll come out of it ok but can't deny there's always a chance that we could be picked off early and counter bids may not get near the 75p+ levels that the asset deserves.

We have alot going in our favour asset wise and alot going against us management competence wise!

Bozi, it's a discussion board. Full of opinions. Bullish and negative. But some of us are invested and are believers and then there's a few of you types that seem to hold and never sell a share yet have been bashing the stock for years now.

See the oddity? I mean... what kind of numpty would hold their shares at 20p+ levels and then bash it all the way down to 6p without selling a share?? And then once at 6p levels, continue bashing anyone that has bullish views lol!

Are you sure you have got the hang of investing?? The general idea is that you buy a stock you like the look of and then hold it until it hits your exit point or thing change and alter your original view etc.

Things have changed according to you and yet you still hold despite being throroughly negative on the stock.

Now perhaps you can see why investors might not take your views/posts very seriously.

Unless of course you want to reveal that infact you sold a wedge and decided to take the disingenious route to negative posting??

Bozi, you do what you like... free speech and all that. You police the board and make sure everyone isn't being too bullish. Is there someone policing the board on those being too bearish??

Mmmm - there we go. That's life. The weirdest thing is that you've bashed the stock while holding it from 20p levels all the way down to 7p.

As I've said before Bozi... you best police yourself sunshine and send yourself down! No one can be that thick surely?

DG1Investor,

The Franco/Osisko stream simply confirms what Mather said many moons ago which is that Alpala is that good that it allows for $1bln+ in streaming. That was his view. He was proved right, although the copper stream part has not been confirmed as yet... so worth remembering that... Franco / Osisko are in for the gold/silver etc not the copper (although 0.5% stream might include both so don't take it too literally. Further to this, there is a clause that allows any purchasers to buy back 50% of the stream. Now if I were Franco... I'd be hoping that doesn't happen but also of the mind that it most likely will. So again... factor that into the Franco DD and investment case. Now... the point that is being made about the Franco and Osisko deal is a simple one... it justifies the hype around Alpala as being one the greatest discoveries in last ten years. It justifies the thinking that this is world class.

So this puts to bed any silly comments made by posters about asset not that good cause no one is making a bid for it tosh. Or something must be wrong with the asset because the sp is 7p.

Franco are not aligned with equity/shareholders as they have no interest in shareholdings. So yes... there's a difference there. But the common denominater is the asset which they have confirmed as world class and stuffed millions into it.

It's not hard to extrapolate from there the obvious which is that world class tier 1 mines do NOT get sold at rock bottom prices. It never happens. Least of all when they are 100% owned.

Now if you understand the lassonde curve then perhaps you can correctly align your share price expectations with that curve and the phased approach we are taking rather than just spouting off a 20p prediction based on .... ermmm what?? Nothing.

If you want to be taken seriously, then you need to at least show some kind of undertsanding about the mining industry and where we are at. Plucking sp numbers out of the air is for the fairies.

Tell you what... find me a Tier1 mine that has attracted potental royalty streams of $750m based on being at the bottom of the lassonde curve and with metal prices looking very fruity indeed. Infact... while you are at it, find me an example of any Tier1 mine that is not in a super majors or National's like Chinese/india/japan hands and is 100% owned.

That's fair debate is it not? Sorry for the patronising 'nibble' but your post came across as a bit 'authoritive' but without any credibility or thought process to back it up.

Bozi, so there we go... at last... we get to the 'reason'.

So the Lassonde curve proving to be pretty accurate. Middlethorpe pretty much said the same.

So now perhaps, you might resist bashing the asset, and instead focus on the derisking and the subsequent rise in the share price as these events and milestones are passed??

In meantime, accept that just because the so is 6p/7p today, that makes no difference to where the price will be on an asset sale. So no need to be dropping your expectations to 20p or 25p etc is there?

Just accept that we are in the bottom basement of the lassonde curve and should be out of it pretty soon and recovering.

Boring ... absolutely! And could we have added some exploration on the regionals to keep those interested in those big drill events / news worthy events happy.... absolutely. Did Scott or Bob make the right decision to moth ball exploration and reduce the company to such a boring non eventful 24 months???

At last ... you see the light! All this talk of cheap low balls winning through is nonsense. Not going to happen with an asset oike unless Bob and Scott do something not in shareholders interests... and these days... that's not a good idea at all. They best get a chairman sorted soon or they might be looking for a new CEO too as well as a new financial advisor.

Bozi, just focus on the mining industry and benchmarks along with the lassonde curve. Gem up a bit and you'll soon get a handle on why SP's can be 7p at one stage then 50p, then 30p, then 60p, then 7p, then 20p, then 60p.

Bit like Empire Metals... it's in the excitable stage of exploration... enjoy.... but don't hang about too long or you'll end up getting diluted through equity raises and well... the question of how are you going to fund or develop it starts to creep in and for some reason the sp starts going south even though the asset hasn't changed.

If SOLG didn't have Franco/osisko involved, then I can understand 7p levels. But with a path through to $750m funding, it's clearer now than it was when we were priced at 36p and Norges were filling their boots along with Blackrock.

What's changed? If you can tell me what's changed from the days Norges and Blackrock were buying at 36p, then I'm all ears.

I'll give you a start... The asset has got better. Simple as that. Yes 1 billion shares have been added due to merger, but there's also 15% of Alpala and 5% shareholding been added in too, so that's offset the dilution.

Where are we on the lassonde curve right now??? I'm interested to know from you as you said you understand it? Or you think you do.

Yes, the biggest surprise is Norges fund started buying again. Last time they bought in heavy was back when the sp was 36p levels. They we're lapping it up then. Apparently, they also voted against Scott in the latest AGM. So I guess they are none too happy with the way things have been going and the slow pace.

They are at 3%+ now although that could be 4% or getting close to 5% now after the huge volume over the last few weeks.

Remember... Scott and Bob's life could become very difficult if Norges gain a 5% interest. That would enable them to call an EGM and seek the removal of Scott and request other changes.

Perhaps that's why Norges have started adding stock again?? Perhaps they are part of something about to bring in some changes???

Being a international fund, they don't need to do any TR1's until 5% is broken.

Norges came on board during Mather's time I believe. I wonder whether they'd like to see Mather back in control.

I am a tease aren't I?

bozi, your mentality makes no sense at all. same for any other poster spouting 20p for realistic prices. it just shows complete lack of understanding on how assets grow in value.

alpala is a tier1 mine. it's world class. so if you understand the turn-key process and lassonde curve (which you clearly don't) then you'd know the path is upwards upon each completion phase on that curve.

so in a nut shell, you think the lassonde curve is wrong and that the entire mining industry is wrong. you think franco know less than you. you think derisking the asset is going to see 20p rather than the company house broker target (approved by solg management including scott et al of 77p.

77p is what the company believe to be the value. not 20p!!

you're like a house builder... who pays £200k for a nice extension and then expects to get £500k less for your efforts in a rising housing market lol!

seriously... you, dg1 and some others are off your rockers or delberately posting utter tosh to create some kind of deramping to get in cheaper. it makes no sense.

derisking an asset equates to better asset pricing as the risk diso**** is removed.

read up on the lassonde curve and if your alias or buddy dg1 is around, send him/her a copy so they can get a bit more gem'd up.

"Away from LSE"??? Bozi, as I said, I think you're attempting to create some illusion that there is some 'group think' else where that supports your views and there isn't. I'm part of quite a few of them by the way.

LSE is where we are discussing this right now. And it's pretty obvious that at 6p, frustrations are boiling on the slow progress. But bashing the asset or suggesting low ball takeouts of 25p etc is just nonsense.

To suggest that it's what investors think 'else where' is just an illusion.

Anyone would think you are working for Scott and co or a buddy of the CGP... trying to lower expectations.

Not going happen Bozi. The asset hasn't changed. It's got better. With more derisking it gets better. Metal pricing getting better and yesr there is some inflation to factor in but that's minor compared to the near doubling in Gold prices.

All in all, we are in better shape asset wise than we were at 41p a few years back.

So nothing less than 55p to 65p levels would be acceptable unless of course the market got it wrong back then??? And before you answer... if it got it wrong... then it will likely get it wrong right now will it not? Only a 'transaction' based on the asset value (always industry based benchmarked) will deliver the true value here. Not group think or some poster like me or you or anyone else.

Keep furiously de-ramping Bozi!

I agree with Addicknt... who are these 'vast majority' of shareholders that you and dg1 seem to speaking on behalf??

Do you have group that you are in and own a lot of shares? Or is it just views being passed off as group think?

It won't work i'm afraid as it's all about the asset. You can't talk that down i'm afraid no matter how hard you try. It's world class, rare and 100% owned... rare again.

BHP haven't lost interest. They love the asset. But they don't want to pay a fair price. They would rather gain a larger stake through dilutive equity raises. But Mather put an end to that by doing the Franco stream. Of course BHP lost interest in gaining an equity stake through screwing the little guys. But that didn't stop them trying to destabilise the SOLG board. Our chairman at the time had to publically wrap their knuckles for underhand tactics. Does that sound like the actions of a company that lost interest?? Nope!

BHP are sitting tight because they don't need to make a move.... yet. And the longer they wait the more impatient and desperate the likes of Bob and the ex CGP get. Infact, the longer they wait, the cheaper the share price gets.

But should an offer come from the chinese, well... things get a bit interesting then don't they??

It's not all about BHP and the likes of the chinese holding a 6%+ stake will not make them feel that comfortable.

Addicknt, don't get me wrong, I'm not suggesting the current strategy of derisking Alpala is wrong. Of course not. I've not said that. I agree with you... it's the best way forwards (only way forwards lol!) and only enhances our asset and future sale value. What I don't like is the snail like pace. The utter incompetence and not replacing the chairman in a timely manner. The stupidity in not securing funds earlier for exploration or at the very least for the ongoing support of licences/renewals. The list goes on.

Mather wants to explore. It's as simple as that. I can't say much more than that. Growth comes from Exploration. We have an amazing folio. We could have 5 or 6 Alpala's on the books. Possibly more. We started off as an explorer. There are investors out there that are furious at Bob and Scott for Mothballing the life and blood of the business. Even Darryl was on the same page with the 'next cab off the rank' strategy.

Scott has told the market that we are not a developer.... but we're currently doing the leg work for a development. He's told the market we're an explorer that doesn't explore.

See the issues?

What are we??

Answer... a poorly run, communciated and managed business. That's what we are.

What G-mining must be thinking is anyones guess but I imagine they have had to start from scratch which makes Scott's work and millions spent ... quite embarrassing for him really. Franco funds were in the accounts in July. Scott (or it is prob G-mining) have drilled just 3 holes. Yep... 3 holes! Farquing shambles!