Member Info for Fortissimo

Might be time to do another PFS Soctty boy. This time use $2200oz instead of $1750oz.

Currently $2841oz and well over $1000oz above our PFS benchmark. Nevermind Copper and Silver... both going great guns.

Franco will be keen to see SOLG stick to the timelines and stage payments.

PoG in 2027??? Anyone?? $3500oz? That would be double our PFS calc!

Timing is everything... tick tock. Here comes the metal boom which cashed up Super majors and dwindling resources after a pony investment period post covid.

Agree, there's a buyer about. Norges gorges again? They were firm buyers at 35p a few moons ago. Perhaps they've decided to roll the dice some more and average down.

MM's are doing their clients proud as tucking the large trades away out of sight in after hours suggests they don't want this running away... so more large orders to fill no doubt. Remember, it's not about 'price' to them, it's about their slice on every trade.

If Tenstar are a 'related' party to Mather and they have sold over 20m shares, then I think that's a case for the SOLG NOMAD or perhaps the FCA.

Rules are there for a reason and you can't have an insider 'trading' under another company shell lol!

I'm sure there's a plausible explanation for Tenstar's share reduction but lets get this clear... it's not anything to do with % interest or being reduced do to mergers etc... this is a reduction in shares owned. They've gone from 121m+ to around 107m based on available data.

Mather would need to declare any trades in tenstar as that would be arelated party transaction (eg insider). Unless you know something that would suggest is doing something illegal with his holdings, I'd suggest it's best to lean toward the 'unrelated' party position.

Eitherway, they've dropped over 20m+ shares into the market over last year but I haven't gone into detail on dates. Might have been over 2 years, although recent dip looks very recent.

As per usual with SOLG... things not easy to confirm or be sure about.

Perhaps those on the SOLG buddy newsletter list could ask Scotty boy who and why are Tenstar selling.

I don't think so. It was thought that they might be aligned with him but I think someone posted a while ago that they are just an investor.

On a more interesting note re Norges... It would only take another 1.95% purchase from them and they could then call an EGM / special and seek Scott's removal or some kind of other action.

Tenstar still have 107m shares left so who know's what their plans are but they appear to have taken 20% of their investment off the table. Worth noting that I think they were early investors so might have bagged some of that stock in the 5p/7p range level so might not be a loss maker. Although guess they are kicking themselves (like the rest of us) for not selling the lot at 42p a few years back. Hindsight a wonderful thing and all that!

Norges by default should have issued a TR1 for the 3% threshold cross but they are international (not UK based) so can apply the international rule which only requires 5% above/below notifications.

It's not unsual for mm's to test interest for large blocks so they may have just got a Tenstar sale sorted direct to Norges minus their 3% ish fee???

Norges likely voted against Scott for the same reasons as many others. Poor performance. But that's not going to stop them buying up 15m shares at 7p if they come their way when you look at the fact that they added about 15m at 35p a few years ago.

So after the recent 60m+ in large blocks, there's no sign of the Insti's or fund managers moving in or out. All holdings are broadly the same.

So that suggests that the larger volume blocks are coming from non insti/fund managers.

So looking at the shareholder list, we can see that Norges have moved from 2.6% to 3.05% suggesting they took on one of the 14.65m blocks.

There's about 38m shares showing up in a swiss entity (looks like a tax dodge) which might be related to Mather. So feasible that some holdings related to him may have moved about but broadly on a neutral basis.

The one that does look a bit concerning is TENSTAR. They have been a long term holder and stuck with SOLG for almost a decade or more from looks of it.

Recently or over the last year or so (since CGP took over) they have started to reduce. They've gone from around 130m ish I think to circa 107m today. The drop from 121m to 107m (another 14.6 block by looks of things was done recently.

Tenstar still have just over 4% but it should be noted that there does not appear to be any TR1 from them for moving below 5%. If they are offshore based, then they can skirt rules sub 5%.

Since CGP have taken over and effectively stopped marketing the company, removed important chairman, we have lost just about all the II's and fund managers of note over last two years.

And that's your vote of confidence in Scott addicknt... not some pony AGM vote which majority is by default.... an in favour option.

Metooooo, Mathers 50p equates to £1.5bln and doesn't include anything else like the regionals. It was widley recognised that Peel hunts 74p price target during Mather's time was roughly where Mather saw it at that time. There were about 2.2bln shares in issue then. So that bags you ... yes you guessed it... (or actually you didn't) just over £1.5bln. And that was with the regionals included I believe although there were caveats of an extra 10p in there which would add £220m.

So while you might think Mather's 50p looks reduced... it's not really the case. It's just aligned to the shares in issue. That all said and done... there is of course an extra 15% of ENSA included but I guess you could offset some of that value with the asset royalty streams.

In summary, lets face it... Mather is being more realistic now but £1.5bln is an absolute bargain for a tier1 asset when you compare it to the recent deals done by the super majors. It's almost half price!

Hope that helps with your increasing pessimistic views!

Thanks for info. Issuing equity of around 2% to maintain regional licences on a yearly basis is unsustainable especially when they are mothballed. It would be a massive failure for the new managment team no matter how small the raise eg £5m is peanuts... but 2% of market cap is hefty when you have a business worth £1.5bln or more in asset terms.

Makes the recent 40m+ block trades look a bit timely. Lets hope any equity raise if it happens doesn't involved Bob or management as at these levels it would look like they've manufactured a way to issue shares to themselves on tehe cheap. That really wouldn't go down very well.

Lets hope they get a deal done on regionals that sees no equity issued but some kind of farm in or JV deal being financed for a stake in those assets and based on drilling some.

Ortherncopper, have you asked yourself why Franco seem so attracted to the asset and after doing 6months+ of due diligence are now very excited about it? I think that's far more proof than you need regarding the asset quality. Super majors don't have to make a move on the asset UNTIL someone else does? Do you follow? They all have an opportunity to buy it but equally they all know the first bid might kick off a major bid war as tier1 mines that are 100% owned are rare thinsg these days.

Addicknt.... you said re Scott/Jerry ..."he was completely relaxed about the question, as he was about the 4.3m fee for renewing our various licenses at the end of March." END.

May I ask what was his answer?? I can't find it anywhere? So can you confirm that the £4.3m can come via the Franco/Osisko cash??

DBW, interesting indeed. We know Porvenir is up there with the top ten discoveries over last decade or so. It's a very decent asset and probably would be producing well before Alpala (in the right hands). A stream on Porvenir would have the market waking up. It would help the sp and perhaps facilitate a raise for the regionals on the 18p levels.

The fact they are reluctant to do a stream on Porvenir tells me that yet again we have this scenario whereby SOLG seem to be just parking these assets for 'someone' else. Anyone would think the Chinese have put first dibs on it and said no to any streams. lol! Seriously... some of the stuff coming out just doesn't make any sense at all.

Perhaps it's just some fluffing for now and post Ecuador elections we'll suddenly fined some coming out of the shadows.

They seem intent on keeping the sp low. Anyone would think Bob has plans to issue some more shares to his mates at 7p! He wouldn't do that would he???

SharketMare, ... of course the management team delivered that deal... no argument there. But Bob did the deal. See how that works?

Did you ask the 'management' team whether it ticked any of their bonus awards boxes lol!

We roll on with mushrooms thriving and not a truffle in sight.

SharketMare, not sure I would agree with any of that. It's Bob's buddlies or related party if you want to be bold that sorted the finance when they first came in hence Maxit's whopping $5m finance charge. Nice earner for Bob. Franco are defo Mather's catch and all his doing imho. But Osisko are very much Bob's bunch as proven by his past workings with them and ex partner.

SOLG may well be trying to distance themselves from Bob and his bat but the truth is, the CGP boys took over the SOLG reigns and Bob is head of that crew. He's the man running this show. It certainly isn't Scott lol!

There's been a seller around for a while now and they have had loads of stock to offload. The good news is that there's a sizable buyer around too with mm's getting business done at 7.1p mid price.

Might be global X fund exiting or another large fund. Global X has around 50m I think. I've been highlighting the fact (for a few months now) that fund managers and investment banks don't like failed compliance and for many not having a chairman is a big NO no. It now seems like SOLG and Bob are tail between legs and realised they need to stick someone in place and that the last 12months lack of progress (where they could have got one sorted) has resulted in large holders exiting. Not good and just shows what a bunch of cowboys these CGP boys are i'm afraid.

They were very poor when they were running CGP with limited updates to shareholders. Why we thought it would be any different I do not know. Perhaps it's because we had such a a great regional folio and tier1 asset that we all thought they'd have to update us more regularly.

Did anyone ask the SOLG team what happened to the 'monthly' and regular updates??

Should find out tomorrow or monday on the fund managers holdings as there's been well over 60m traded this month in large blocks. So decent 1.5% of someone's holding has gone elsewhere and into different hands.

Just end of month trading.

Always a tidy up at end of each month.

I think 5% is needed to call an EGM. Gonna need 150m ish shares to get that off.

Doable if enough shareholders unite under a group.

But ironically, I don't think that's the reason for the sudden need to gather such a group as wouldn't bode well for Mather and co. Perhaps they are getting ready ahead of the next AGM lol!

Meant give SOLG premium canadian listing exposure not other way around as EDV listed on london.

Blackrock own 12%+ EDV and it's a recent stake building by them.

The sector is consolidating all over the place right now.

Like I said, there's no way you fly over 6000 miles for a pint and chat with some pi's.

So yes... something is cooking and if the picture being painted is one of .... it's gonna take a while blah blah blah.... then I suspect there's something being tee'd up that might bring that timeframe forward but of course it will be at a discount etc.

I've had a hunch for a while now and I'm sticking to it. I think they are looking at a merger with Endeavour mining.

That gives Bob and few others a chance to exit into a liquid market (canadian side) and would potentially give Endeavour a london listing too. Those want would want to see the regionals kick off, would see that happen under the merged business. Those that want out can exit at a premium. Those that stick with it would likely make 4 or 5 times their money but it could take 3 to 4 years.

The reality is Endeavour are vulnerable too and a megrer could protect both but equally be more attractive to a major.

So when it comes to voting on a merger deal... yes... knowledge of your shareholders holding very important.

The vibe seems to be that we are in for the long haul of derisking which could take us through to 2027 and beyond.

There are two benefits to this kind of self manufactured vibe...

1. It suits the super majors if SOLG do the leg work on permits as all know it can cost more when you are a super major with deep pockets.

2. The pace of derisking 'frustrates' Super majors and the message is... we are in no rush as witnessed by the near statuesque progress by Scott and team since he arrived. It's year 3 for CGP and we still haven't had a meaningful (even minor) drill report on the phase 1 works. Nothing! So likes of BHP will be frustrated as copper boom will wait for no one and they are way behind that curve.

3. It suits Bob as lower sp's can attract cheeky bids and then everything else snow balls with counter offers etc.

4. It suits Bob or a buyer for when they present or make an offer/pitch for SOLG. The usual mantra is 'we are fast tracking an exit for shareholders at a premium to the sp blah blah blah or if we walk away you are all left with another 2 or 3 years of dust gathering.

So in summary, if the vibe is ... long and strong but boring as hell and dull sp... why on earth wouldn't you get the regionals moving?? I've said it 1000's of times now. The market is confused because CGP boys have said we are not a developer, but we are seemingly heading towards production. They've said we are an explorer, but we have not done any exploring for nearly 3 years. That's the problem here. A decision should have been made 2 years ago when the sp was 17p+ to do a raise and get the regionals underway. The 60 licence blocks cost about $5m a year I believe (someone correct me if otherwise) so not sure whether Franco has agreed to to fund these out of ENSA money or SOLG are just tucking those outgoings away under G&A lol!

Surely Franco would not be happy knowing $5m of the cash is going on licence blocks that they have no interest in??

So the funding of the regional portfolio would appear to be the burning question here. If it costs $5m per year... where's that cash coming from. And if we are doing zero with them, then that's one hefty deposit we are paying for someone else... whoever they might be in the end.

A spin off of the regionals into a newco would dilute those but shareholders would have a stake in a funded exploration plan to get some excitement back into SOLG whilst they snail pace ENSA through the permit stages.