Member Info for Fortissimo

I don't Mather did anything to spook anyone at the Pub. I think he like many are worried at the woeful and slow Scott/Bob act that was supposed to be fast and smart. It's turned out to be dump and slow.

You have to remember, Mather made an offer to Bob and his buddies for their 15% CGP stake. It was a fair offer considering the dire strights that CGP were in. But Bob laughed it off and then fast forward a few years and here we are .... and you expect Mather and Bob to be buddies?? Erm... not going to happen. They hate each other. So if Mather says... watch out, that Bob can't trusted... well to many that's not exactly a revelation.

We have no chairman due to Scott and Bob. We have a share price of 6p levels due to Bob and Scott.

Mather is as concerned ans the rest of us. It's not about 'spooking'. That's your term. It's about making sure folk know who they are dealing with. Making sure you know who you voted in at the AGM Addicknt. And what you voted for. Turkyes voting for xmas springs to mind.

DG1Investor are Bozi's alias?

Blimey. You really are way off the mark. But I'm warmed and encouraged by your efforts. We can all write whatever story we like but no matter how much you hate it, the asset is world class and there's nothing you can do to dent that, no matter how hard you try.

The PFS pasted the minimum IRR and that was based on $1750oz and $375 copper.

In this world right now, you'll not see those number again. You'll see $3000oz+ and $6+ on copper.

That's around the corner but right now metal prices have already made Alpala IRR very very compelling even on a 20% resource only PFS.

Keep trying ... but you are well off the mark. 20p??? It will be 60p+ - that's nailed on now. But that's down from 75p so perhaps something for your to be joyful on.

25p to 30p wouldn't fly when the asset is at the very basic valued around 55p using market benchmarks and applying a hefty diso**** for regional risks.

the sp is 6p/7p not because the asset has become unattractive or suddenly the resources have shrunk. the market simply discounts assets as low as it can until someone says.... ohhh that's a bit too cheap and starts buying in.

in theory that should have happened on solg long ago around the 15p/16p level. but we're down at 7p because there's no marketing by management. there's no chairman so fund managers can't buy in. there's very little to get excited about as the next 12months+ is just boring derisking stuff and milestone funding hurdles.

the notion that current sp level is aligned perfectly with the asset is foolish. just as the idea that 25p to 30p would be acceptable to shareholders that know the asset is worth at least 55p to 60p at a discounted rate.

there's no way bhp would allow someone to snaffled solg for 30p. they'd just outbid them.

a few posters on here need to quit with the obvious attempts to 'reset' expectations ot lower sp levels. not going work i'm afraid when you have an asset that is actually worth much more today than it was when we were sitting at 41p.

let that sink in. yes... here we are derisked further than in 2021. no longer fractious with 85%/15% owners and now with a nice neat 100%. clear funding path to dfs and final investment decision. metals prices almost doubled. the list goes on.

nothing has changed to the asset at all to justify 7p when it was previously justified at 41p.

when a deal comes, it will have to be based on the asset worth and the share price will align with that. end of.

Franco have invested close to $170m already. At the end of the 3rd tranche, they would have invested $225m. Their due diligence that took over 6 months suggests they are not the type of company that takes risks lightly.

They put Alpala through the ringer... tested it on their models. Tested it against every scenario possible and it came out as being a great and excitable investment for them.

Bozi... you know very little. Franco knows everything they need to.

On a broader note, 'stream deals' of $100m nevermind $750m are very rare on smaller miners assets. It's only the best assets out there that can support them.

Take your Empire Metals business that you invested in. That's not going to support a stream deal. Instead, it's going to be funded by equity dilution like all small miners. Empire Metails will be doing another placing soon. Jut wait and see. That's small miners for you.

Tier1 assets are rare and very rare when in a small miners hands to the tune of 100% interest.

Buyers don't have to make a move UNTIL someone else makes a move. Simple as that. It's not like an ebay listing with a timframe and ticking close for bids, although some would say... time is not on the super majors side as the metals boom waits for no one.

The logic of... someone hasn't bid for it or management can't sell it etc... means the asset is not attractive is fair for someone that doesn't understand mining and mining assets. But for all those that understand the sector, it's just standard stuff.

Buyers emerge when they are ready or more importantly, when they are forced to.

Clearly Bozi know so much more than Franco and Osisko. I mean ... what nutters would be prpeared to stump up $750m for something uneconomical.

Erm... it was economical at $1700oz and $3.75 on copper. Just imagine what it's like at $3000oz and $5 on copper.

Bozi... yet again showing what a numpty he really is. Or... perhaps he's the smart one and Franco are the thickies??

The board are directly responsible for the collapse in share price. They have failed to find a new chairman which should have been a priority as it's an essential part of any fund managers due diligence when making an investment into a company.

Not having a chairman has cost shareholders and weakened the share price. There is no way to sugar coat it. This is down to the CEO and complete lack of action on nearly every front.

Personally, I don't think it has much to do with Scott as an individual and he's just Bob's puppet. The buck rests with Bob but pointless pursuing that line.... so I'm afraid... the buck rests with Scott.

Furthermore, the MD&A contained some reasonable progress information which could have come in an RNS update. Tucking away information in MD&A's is not the way to communicate with shareholders.

This entire company needs a refresh of staff with new energy and now G-mining are involved, we have nothing to fear in terms of ops and moving forwards as zero ability and knowledge lies with the board in place at the moment apart from Mather of course.

The directors were buying at 9p/10p and the chinese were buying at 16p to 18p levels in open market.

Yet neither have dipped into their pockets with the sp at below 7p.

Bit farquing weird that one isn't?

I guess the chinese wouldn't want to spike the sp with a move above 6%... might get a few pi's a bit excitable.

Pbow, 'the market' doesn't need to react to the 'fumes' scenario as that scenario was known back in July 2024. It was pretty obvious to all that after banking $33.4m cash from Franco, an immediate payment of $10m was required for the bridge loan or thereabouts. So they started the H2 period with $23.4m cash or thereabouts. So from July 1st through to Dec 31st, they burned $10m ish.

They have $13m+ as of Jan 1st. So I would imagine with all the costs involved being front ended into this quarter, then yes... it will be tight, but as highlighted already... it was always going to be tight. There's only so much you can achieve with $23m over a 9 to 12 month period.

Many people forget about the $10m loan. So they just see the $33.4m reduced to $13m and assume the burn rate is higher when it's not.

As I said, there's nothing new in today's news on the cash burn and actually I think it's pretty healthy considering I was expecting it to be nearer zero about now. My guess is they have around $10m left now.

Franco are a 'partner' and incredibly supportive and excited about Alpala. A few weeks over run (assuming that ends up the case, here or there is not a big deal to them.

So no real stress on that one and market has this well bedded in. We are at 6p/7p levels for a reason and that's because market doesn't rate the management team and doesn't have to mark the stock up until it sees the next tranche land. And even then, it becomes all about tranche 3. Then after that, all about a final decision / plan for the release of the other $650m pot.

PBOW, the cash is inline with forecasts. Not sure why you think otherwise. Q2 (April) was always the likely period for the next tranche. Like I said a while ago, G-mining probably only started drilling in January after being appointed late October and then having a 'meeting' to determine project in November. Half of Dec goes into festive peirod/holiday or if you are our CEO, you go on holiday in June 2024 and don't come back until Dec 2024 for the AGM.

The FRANCO deal was set up in a precise way to make sure SOLG delivered on the milestones. Well done to FRANCO for doing that. Lets face it, if they had chucked us $100m in one lump sum, we'd probably still be trying to work out whether Scott's team have got the right drill spec for the right hole.

3 holes.... and how many are they expected to drill?? It's this kind of information that is lacking and they should be held account to. How many holes are being drilled Scott.... and how many have you completed you complete and utter waste of space.

Eish, the cautionary statements have been there for the last 5 years+ as far as I'm aware. Look back at previous statements and you'll see they are exactly the same.

Another common trait is the timing. They could have put this RNS out mid week etc but as per usual with SOLG, the cynical toe rags go for the 'bury it' on a Friday.

Are they stupid or something? Do they really think the performance over the last 18months is acceptable?

They criticised Mather et all for management errors. But lets face it, Mather had a much better handle on SOLG and markets in general. We'd be advancing the regionals for sure had he been in charge.

But as for cautionary statements... the only real NEW requirement should be phrased around management... eg 'We should warn all investors that our CEO and team are completely incapable of even finding a drill spot for the bogs to go on, we are inept and are only able to get self awarded bonuses signed off.

The cash level is actually pretty good and better than I thought. Either some creative accounting or perhaps the fact they see to take a 3 month holiday lol!

I had them down for needing cash around end of Jan based on previous burn rates.

It now looks like they have more than enough to see them through to Q2 (April) which is bang inline with what has been forecast. The only question is whether G-mining can achieve what is required before April to ensure the 2nd tranche comes through. I suspect Franco are on board and I'm sure if a $10m bridge loan is required (like they did last time) then they'll do that again and just treat it like an advanced payment which gets paid down when tranche 2 lands.

What is inexcusable is the time and money wasted by Scott and his team during the period of June 2024 through to Dec 2024. They had the funds from Franco in June... Scott and team should ahve been ready to GO straight away. Instead he achieved farq all in those 6 months and then by looks of it, Franco stepped in around Sept and said... get that tool out of the way and get some experts in. And then in October... we see G-mining enter the fray. That's my take.

Scott should not be getting any bonuses and certainly no further share options. He's now conveniently removed himself from all ops and RNS's are citing G-mining now rather than Scott's team.

After wasting 6 months, just imagine what position we'd be in now had someone actually been running the company properly and getting the ops moving in July rather than Dec.

There is no excuse. And as for Bob and Maxit. We need to get a new financial advisor in place and perhaps that's what they were in London for amongst other things. Bob's had his chance and he failed.

Thanks for confirmation Pbow.

They might have something to say by then!

3 holes drilled and Scotty boy looks like he's had his feet up doing farq all on the bogs and tea rooms.

Poor old G-mining.... they look like they've basically had to start fresh and binned Scott's work which I think cost us about $60m.

Any equity raised for those regionals at sub 16p and he has to be for the sack. Lets face it... be honest... would we miss him? You'd hardly notice he's gone as he's done sweet fa. Lets get a FRANCO man in. One that knows how to run a business and ops on time.

NMM, they announced the strategic review shortly after the CGP boys took over (Bob and co) and Liam was chairman for another 12 months. So getting rid of the chairman after 12 months of trying to sell the business doesn't really stack up much nor does the subsequent 15months of them doing virtally farq all.

We still haven't had a proper ops update and we are heading towards Q2 which incidentally is when we gained funds LAST YEAR!! I thought we were supposed to be conserving cash. Instead, they've done next to nothing and the running costs per year seem to be around $20m. So that's $20m wasted doing nothing.

Can't wait for the AGM in DEC... as if they deliver near to nothing again... surely it's time to boot the lot and get some fresh blood in? Some young blood too as SOLG management and likes of BOB starting to look old and out of touch. Has.. beens. Bob's bat has turned into a soft toy banana.

It's 15 months since they booted the last Chairman... so it does make me laugh that they are apparently 'actively seeking' a new one now. What were they doing for the last 15 months then... passively pursuing some candidates lol!

So slowwww... it's embarrassing. They've crashed the share price in the process. Some might say... deliberately. They could have got a chairman sorted in under 4 months if they 'actively' got off their @rses and actually did something.

"failure to complete the documentation"

It does seem like someone or Mather is expecting something else and would rather not sign on the dotted line as there's no possible reason or scenario that could see a loan extension deal fail to complete in November and then require another 4 months (lol!) to complete.

And if something doesn't happen before March 31st, then I suspect it will be pushed out another 3 months.

Question is... like I said the other day, is Tenstar selling out of SOLG so they can then do a loan deal / purchase larger equity slice with DGR. It's an interesting one as in theory, DGR (if taken over) is like buying a 5% in SOLG. The rest of the DGR folio looks worthless or of no clear value.

Shusshhhh!

As they say... volume is your friend.

One thing they can't hide... although they have tried to bury some into after hours... is buys and sells.

Just where on earth is the stock coming from and who's buying it????

If it's Tenstar - then what on earth are they doing.... unless they are rotating from SOLG into DGR as they know something we don't mmmmmmmmmmmmmmmm!

Remember, in a take over situation with outright buy... DGR could be the better return for some holders as well as juristiction.

Northman, usually with Tier1 mines of this quality, you'll find a buyer appears when they think it is suitably derisked. With big capex projects (block cave) it's usually the Environmental Permit that they really want. Depends on regional location etc as less of an issue in places with established mining industry. Ecuador is very much 'virgin mining' territory so unlike Peru, chile, Brazil etc...

As for exploration. That's an interesting question as the sentiment from the CGP outfit is that they want 'out'. I don't think many of them have the experience or the desire to go exploring again in Ecuador. The one keen explorer out of them is Nick Mather. Now... he really would like to get exploration moving again. So timelines as per the presentation... 2026/2027 for final DFS decision and that's what the $750m funding is pegged to.

Meant DGR... not DGA.

I can see the late posted 1.8m block and the subsequent 1m. Can't se the 18m block? That would be a whopper. Was it a misprint and replaced with the 1.8m??

Something cooking for sure. Bit of tax planning before a bid cough cough?? Someones moving stock around imho as the selling and buying are managed within a small margin.

I do wonder whether some of the regionals might be going to a related party??? Lets face it, if they ponder relinquishing some of the 60 licences, surely someone like Mather would say... erm... I'll have them? Or my neighbour 'Gina' will have them. I don't think for one moment that Mather would like to see them go but how's he going to buy them? Could he take some exploration regionals off SOLG's hands and into DGA? Could DGA become the exploration arm of SOLG??

Who knows! But they are gonna need $5m from someonewhere to retain those licences as funds can't come out of Franco cash.

And if the insiders put one step wrong then they are going to feel the heavy hand of the law ... that's for sure as insider dealing and related party deals can get the very strict TSX bunch well annoyed.

It's getting interesting now as the large volume continues. These are the stirring signs that your see before big news drops. It's all about 'changes'... as the status quo and been paint drying stuff here for 18months+