Member Info for Fortissimo

I think the thing to note from the BHP apparent renewed interest in Anglo is this line... "BHP has since said it had “moved on” from the Anglo deal and was now focusing on organic growth." END.

Henry does seem to say things and then do the opposite. Anyone would think he's keen to play things down. So when he wants something, he tells the media he's moved on and no longer interested or it's no longer a fit for BHP right now etc etc.

Now remind me... what did he say about SOLG when asked... lol!

Pbow,

It's not about the cost of attending conferences... it's about the cost of attending conferences based on a company that is lacking key governance... eg ... we have no chairman.

Do you think it's acceptable to go almost an entire year without any update or progress on the chairman position since Bob booted the last one???

The share price is going no where because SOLG are going no where. No strategic review outcome. No chairman. No exploration. No new investment banks... no new major funds getting involved.

There's zero point in trying to muster up interest in a business that is doing very little right now on a number of fronts. The work achieved since the CGP boys came on board has been almost zero. The share price has halved.

But Bob's still managed to do ok. He's creamed off over $4m in fees.

Pbow, I believe Scott and team spent the last 12 months scoping out the ideal locations for the tailings. I'm unsure of whether Darryl and his crew had previously done this work but these locations (short list) are crucial as there are no other real alternatives unless they want to stick the tailing ontop of resource rich land? You never know, while drilling they might well discover that the land locations identified are indeed to productive to stick the tailings on... mmm sometimes sacrifices are needed. As for Darryl, he was pre ier league. He had Tier1 mine experience and blockcave. Which is probably why the market had us priced at around 36p post his PFS and work and why the market now has us at 9p levels post Bob and his conference league crew scratching around like artisan miners. The market has absolute no faith or confidence in Bob and Scott. That's blatantly obvious by the change to the share register (Blackrock, fidelity, leading funds) all deserting him.

Now we hear they are trying to market the company again at various conferences. What a waste of money and time when you don't have your house in order. Bob.... first you need to tick the governance boxes before many funds can even thinkof buying in... like having a chairman for starters.

Seriously... it's becoming dreadfully painful to watch these out of their depth CGP guys maintain the turnkey pretense. Franco didn't phase the funds for no reason. They phased them into 3 parts over a year because they clearly had doubts about Bob and his team's ability to execute anything 'on the ground'. Lets face it.... they did farq all at CGP and just sat there (like they are now) taking salaries and doing squat.

Pbow, correct, the tailings is the key thing at the moment and something 'apparently' Scott has been working on for the last 12months. I suspect Mr Martin will be 'carrying the can' if the tailings works do not work out as planned and not Scott.

After nearly 18months of planning for this important part of the project, they reach for one of their ex buddies at GF?

Seriously... this is more about Bob than anything else. He's scared of bringing in someone that actually knows what's going on lol! He doesn't want another Darryl (expert) as that would mean he has to answer some difficult questions like.... erm.. this is not going to work long term guys...

But as we know... this is looking more like a 'mining dance' rather than proper pre-mining development.

World class assets deserve world class teams and at present we have a conference league team in a premier league Tier1 asset space.

The Franco/Osisko's second tranche ($33.3m) will be required (imho) in Q1 hence the event alignment to feb/march.

Reed Huppman looks an ok appointment but Ash Martin looks like anothe 'Bob' buddy and his experience at Guyana Goldfields is woefully inadequate when it comes to a Tier 1 asset block cave asset like Alpala. LIttle guys trying to do big things Bob. Employing Scott as a 'face' CEO while you do the CEO work is one thing, but when you start messing with the actual asset / planning works, that's a real worry. Out of all the people in the mining industry with buckets load of experience ... you opt for this guy!?

Now where's the update on the chairman role then Bob or haven't you started looking yet?

DBW, I know... but best to assue it's bullxxxx until proven wrong as more fitting with these guys... bit like launching a strategic review and then making it an ongoing affair... bit like normal business the and not actually a strategic review at all.

Have they updated us all on any outcomes of the review thus far?? Nope!

"bi-weekly as news ramps up?

There's only 10 weeks to christmas... and we don't even know if they've stuck a drill in the soil yet?

Considering the main event right now is the geo tech drilling, and the bulk of that is very uncertain, I doubt very much whether Scott will be giving a regular commentary on how that is going. More likely they'll hold catrds close to their chest until they have what they need to confidently put together a convincing RNS.

There's nothing else going on, so the 'news pool' is dry as a bone.

They've had long enough to prepare for the geotech work and I suspect Franco were well up to speed with the target locations prior to agreeing funding. They are very much 'partners' now and with almost 30%+ of funding coming directly from them, they are no doubt keen to see the money well deployed. I agree on the contract wording. I must admit, I did the opposite to you and relied more on the RNS, hence thought they had 'alot' to do before getting that second tranche.

FWIIW, I think they'll want to trigger that second tranche before Mid Feb 2025. Firstly, cash will be getting very low and secondly... Ecuador first round of elections kick off and you don't want to go into that event with $2m or $3m in cash at hand.

Noboa seems unusually quiet or I've missed the recent ecuador news.

What's more worrying is the dwindling cash pile... it really doesn't suit slow progress as keeping the lights on eats into the ops/capex.

I'm sure Franco/Osisko will find someway to ensuring SOLG are cashed up come Q2 2025 regardless of the contractual ties. Just a hunch.

Interesting, Pbow. I wouldn't say that was lazy. I would say that is misinformation. If it's incorrect then they best correct it fast otherwise they face potential litigation from investors who may or may not feel they were told untruths.

If untrue and an error, then who signed off the RNS??

Tut tut.

Pbow, I cut and pasted it for you from the RNS... so that's the requirement. They have more to do than just completing the geotech drilling. Alot more.

From the RNS...."Second Tranche: $33.3 million (expected in 2025) will be available upon certain conditions precedent being met, including, but not limited to, the execution of the amended investment protection agreement, completion of the geotechnical drilling, and finalization of the tailings storage facility ("TSF") design sufficient for a minimum of 10 years of operation and prepared in accordance with applicable requirements."

Pbow, my premise is based on the cash burn. Eg... We have to meet the requirements as set out in the funding document / RNS before we can release the second tranche of funding ($33.3m). Based on recent update and using average cash burn rates, we have around $15m left at best. I think that will be down to sub $8m by the time the enter 2025. So there's no way they are making H2 2025 without that second tranche.

What were you expected??

They have alot to do this quarter or they'll have to seek another bridge loan and that's super risky.

Scott said he was sorting the tailings sites this time last year so one assumes he's properly on top of the short listed areas. But he's got alot to deliver this Q which is ironic as he's done fark all for the rest of the year.

From the RNS...."Second Tranche: $33.3 million (expected in 2025) will be available upon certain conditions precedent being met, including, but not limited to, the execution of the amended investment protection agreement, completion of the geotechnical drilling, and finalization of the tailings storage facility ("TSF") design sufficient for a minimum of 10 years of operation and prepared in accordance with applicable requirements."

Scott's supposed to be delivering the Tailings works this quarter. The time for investor presentations was 6 months ago. After months and months and doing next to zero... we still haven't had any updates on works actually starting.

Cash pile must be sub $15m now. Tranche 2 will be needed early in Q1 if they continue to make such slow progress.

Perhaps BHP are happy with the great ESG creds that SOLG have in Ecuador??? It's been said before but the SOLG 'brand' is valued highly over there compared to the likes of the larger global brands which are seen as 'evil'. BHP are present in Ecuador but appear to have a very low key presence. Same could be said for Rio and a few others. Barrick have stepped up activity over last couple of years.

I think BHP will be quite content to see SOLG negotiate land puchases, Tailings works and so on. All this stuff doubles in cost if there's a super major like BHP involved simply because all involved know they can ask for a higher price.

Get the minnow to do all the sensitive works... then the big bad ugly global miner can bowl in and do what they do...

Or... let the chinese sort it all out in the way they sort the infrastructure out across Ecuador. It's more likely that Alpala will end up in Chinese hands based on there current involvement with Ecuador.

One of the world's largest streamers (Franco) knows where this is headed and they are absolutely delighted to be involved and bung over $650m at it.

The tailings is a big deal and Scott needs to tick those three boxes pretty fast if they are going to get the next tranche of funding.

Alot due to happen this quarter against almost zero happening in the last 3 quarters. And that unfortunately sums up SOLG right now. They are slow ... very slow and in no rush. Why would they be? Time is against the buyers or predators now... teh game has switched.

I always find it interesting to see an australian focused FoE organisation commenting on a disinterested part of the world in Ecuador?

Next they'll be complaining about pylons going up in the UK? Or pollution effecting the vines of southern france vineyards?

Bizaar... if I were the Ecuador mining industry, I'd be telling them to focus on their own part of the world and where to stick their didgeridoo's.

Ill informed folk which will no doubt soon be chained to a railings near you soon... or across a motorway.

What a bunch of idiots.

Jezzoo, precisely... now you're getting it.

So while all competitors are making hay and selling for a premium, the future owner of SOLG/Alpala is left still sitting on their hands making zero. Losing ground... losing shareholders... and likely eventually gobbled up. Of course it depends on who that future buyer is. But delays suit no one especially when you have a potential mind build phase of 3 to 5 years.

Why do you think BHP made an audacious move on Anglo?? It wasn't for the gold. It was for the copper.

The point is, there used to be a time when the market would drive the price in SOLG down knowing full well that an equity raise was likely. It's typical market mechanics and the way it is across smaller miners. But SOLG is a very different animal. I can't think (show me one if you can) of any other miner out there or any other asset that can support over $1bln+ in stream funds. It's bonkers to think little old SOLG and their sub £300m market cap can raise $1bln which is effectively unrelated to equity/shareholder interests. 99.9% of the time it is due to secured bank finance / CB's etc and the risk is the bond holders run away with the asset the moment the debt repayments or mine build stumbles.

Based on what has been going on with China over last 2 years, they appear to have mothballed alot of capital spend. Big deals on hold. Now.. they seem to be coming out with QE plans and bolder moves to bolster their economy. Perhaps the message from china head office is... we'll take it, Bob... but need some more red tape and tailings issues resolved before we can sign on bottom line.

Jezzoo, you say it costs them nothing waiting... mmm, well I think you'll find it costs the a shed load in profits. The theory being you have to have the copper resources first before you can benefit from the copper boom. And as we know, there really are not many quality sized assets like Alpala that are 100% owned and NOT already in a majors hands.

The waiting game was fine for the last few years, but now it's a matter of time running out for a few that are short on resources due to low investment during covid turndown and are now seeking to buy their way out of trouble using their cash piles from recent higher metal prices.

The game of waiting it out ended when SOLG pretty much confirmed that there would not be ay cheap entries into the asset via the usual path for the majors, being dilutive (forced) equity raises.

Try looking around for some sub $500m market cap mining companies that have secured a stream deal. Then look around for mining companies that have secure stream deals worth over $750m.

When an offer comes, it will catch alot of punters out on the sidelines as suspect it will be a bit like Noront resources and happen when you least expect it.

Very hot M&A environment out there right now. Our time will come and is nearing fast imho.

Remember, Twigger did dip into his own pocket and buy 750,000 SOLG shares around this time last year. That was roughly 2 months before the AGM and probably a few weeks away from him being booted (he didn't resign by his own accord is my guess).

Why would he buy £75k in shares at 9.9p?? Because he knows where this is going to end up.

The only elephant in the room is 'block caving'. It's highly skilled stuff and comes with complications. Mother nature is not going to make it that easy to extract her most valuable of metals.

But with technology and planning (and past experiences via Mongolian block cave projects) it's becoming an easier process. Not as easy as open pit of course... but it's way more advanced than it was a decade ago.

IMHO there are two stages to SOLG for a buyer to pick from... 1. make an offer pre elevator shaft test work and pay a discoutn for taking on the risk or... wait for the elevator shaft work and pilot drill/block cave basic pre tests and then make an offer at much higher price but with asset significantly derisked.

That's it... not much more complicated than that.

Only a complete fool would think there's something wrong with the asset after Franco and Osisko have or will be chucking $900m into this.

Franco spent 12months doing due diligence.

Seems some on here are getting desperate to deramp... very desperate. mmm.