Member Info for Fortissimo

Very fruity.

Well well well... Global X have bought back the 5million shares they sold earlier in the Quarter. They were at 45m shares and are now back at 50m.

So they are not our seller, and are indeed an active buyer. Legal & General have also started buying back in after exiting last year.

So not much evidence of our seller (and we do have one of size) on the investment bank/ fund side of the business. So my speculation would move to someone like Norges. Does anyone have access to their precise holdings updates?

They certainly buried a few costs into this years accounts, the Aussie assets were at long last put to bed and fully written down.

Makes SOLG a pure Ecuador play now and buyers like it when the loose fluff stuff is tidied up.

Q4 starts tomorrow... Scott has under 12 weeks to tick 3 of the Franco boxes imho. Q4 is the quarter of reckoning for Scotty boy. He's had over 12 months to plan for these 3 boxes so one would assume he's well prepared.

It's tricky to prove but I believe Bob still has very close ties to Osisko, whether that financially or related party who knows but Osisko has history with Bob and vice versa.

Some could say, Maxit are an extension of Osisko to some end.

At present and in absence of a Chairman, we have no one that I can see capable of doing a proper 'Chairman' role, and therefore we need that position filled. Unless I missed it, I couldn't find any detail about the ongoing recruitment search for a new Chairman. Happy to stand corrected as would have thought it would be an easy one liner to add to any MD&A or annual accounts report.

So far, new recruits to the board whether neds or directors seem to be inplace on behalf of Jiangxi (Mr Liu) and then two further bods likely put there by Franco and Osisko.

Addicknt,

I wish we were an explorer. But Scott and Bob put an end to that. We are not an explorer anymore. Regionals now on 'care and maintenance'. We are only funded for ENSA work and G&A.

That's the reality. Apparently the excuse for us binning the life blood of the business is that we need to do it via an equity raise cash pile or via another JV style deal. Solg and Bob have apparently been looking to fund the exploration side of the business for the last 4 years but been unable to secure any deals and due to the companies slow performance and sp collapsing to single digits, equity raises are not feasible.

I wonder what we would havce achieved if we had a team in place that could get deals done??

Mmm

Thus far, CGP's control of SOLG (over last two years) has seen over $100m in cash burned and in return... shareholders have a business that can't explore. Have a staff base that can't develop hence why they ahve to recruit the brains at expensive rates. And of course... we have Alpala and Porvenir which are no more advanced than they were 2 years ago with exception to some Noboa signatures that were coming anyway!

It's been poor by Bob and he bat is looking more like a floppy banana.

Scott's salary even if you strip out the pension side of things is still $250k basic, then $93k bonus (what was that for???) and then $120k a year all expenses paid (overseas location cost etc). So more like $460k (without pension included).

That in my opinion is quite high but agree it's not unusual although what I would say is that CEO's with higher wage packets tend to head up businesses that are generating cash. SOLG are not.

I think the important thing is that there are no further share or bonus awards handed out unti the share price is over the price that the last options/shares were issued.

Under no circumstances what-so-ever, should the remuneration board be issuing reward shares to directors at levels below 16p. That would be rewarding failure. It would be an insult to shareholders.

Going forwards, if SOLG are setting out a 18month+ fully funded road map to dericking Alpala and making a final investment decison / releasing the Franco/Osisko $500m tranche etc, I think it's time now to appoint a chairman. Certainly not good to see a chairman axed at last AGM only then to have not replaced him/her by the following AGM.

There are some investment funds and fund managers that 'want' to buy into SOLG stock and story but cannot do so because their risk departments forbid investing in any company that does not have a Chairman in place.

So Bob and Scott need to get on with that as they are holding the business back and preventing shareholder value in terms of share price and new investment. This goes against shareholder interests and is therefore against their contracts.

So get on with Bob... time for someone to come on board and keep you and your buddies on track with your shareholder duties.

I wasn't far out with my calcs back in March when I suggested that they would be scrapping the barrel come June.

So they entered the new July 1st period with $1m less the $10m loan, so negative $9m, then got stream phase one batch of $33.4m, so cash pile as of July first was $24m ish. Burn rate looks like $2m to $3m per month depending on what ops they are executing. So as I said previously, the cash pile is going to be down to almost zero as early as Jan 1st 2025.

So very important Scott gets the 3 boxes that need ticking done in the next 12 weeks or there will be another $10m loan requirement or call it bridge loan if you like. And that's based on $2m burn per month!

Not sure how much the tailings / geo tech work is costing, but remember a figure of $10m being stated somewhere. I'll have to dig deeper.

Franco are all over them now... so they need to deliver or they don't get the next cash tranche.

This is why I was susprised by the ops update some weeks ago that cited Q4 as the start of the tailings. Seriously... they should have been ready to go on the tailings the minute they got the cash from Franco. We've effectively lost 2 entire months when we could have been doing ops. And in that time, we've burned precious cash on normal day to day stuff.

If management fail to deliver the ticked boxes 'set out by franco', then they'll need to answer to shareholders and be accountable and that means heads rolling for under performance.

"Why is Scott, Mather, Bob, and Brooke all smug?"

Well, Scott has $1.4m coming in annually so guess he's quite happy. Mather... ?? I haven't heard that he's 'smug' but I know he's 100% confident the asset will be valued correctly at some point in the future. Bob? Well he's had over $7m slipped into his skyrocket through his maxit fees over last couple of years... so yes ... I bet he's smug. And Brooke?? Not sure... is he smug? Who said any of them are smug?

Am I smug knowing I am holding a great asset in my folio that will be worth 10 times the price today?? mmm... Smug no... but patient yes. And yes... tired like the rest of us. But it's coming... alright... why? Because Tier1 mines don't remain on the shelf and certainly not the ones of Alpala qualities ahead of a copper and metals boom.

And we know we have the largest Tier1mine that is 100% owned and up for sale

we know!

Strategic Review 'ongoing'.

I guess what they mean is.... 'sale' ongoing.

Look, the reality here is pretty obvious to all involved. But you can't write in an annual review or strategic reivew..'we continue to sit and wait for an offer for the asset or entire business'. Or... 'we are stringing it out as we know time is now the achilles heal of the majors... we know they need copper resources and fast... we know we are financed for the next 18months minimum.... we know they have to make a move... and we know we have to write some sheeeet stuff to meet regs but hey ho... that's listed companies for you.

The company position has not changed for years. They will continue to derisk the asset while interested parties deliberate on what they want to do. Simple as that.

The asset grows in value with derisking. Unfortunately the share price tends to lag behind by 600% lol!

Surprised the sp isn't higher as any unknowns in accounts or ugly stuff is out of the way. Should be all positive over the next few weeks and months and management do the usual crescendo work and news releases going into the AGM.

Not sure we've got full value for Scott's growing salary. It started off modest and is now $1.4m+.

I'm sure he'll be happy collecting that when he passes 'go' in AGM and a few more years of that and he'll be doing fab.

We need an incentive or a proverbial boot from someone to get these jokers into a position whereby they start to deliver some actual work.

$60m for a cut down version of Darryl's pfs and a royalty deal that Mather carved out 4 years ago is not good value Bob. About time you actually delivered something as to date, you've been MIA.

Only 0.6% Osisko and 0.5% Franco is factored into the copper aspect of the asset. So it's the PoG section you need to make allowance for on the recent Franco Osisko stream deal.

That's the great thing with that deal. For someone like BHP, they have the gold rev/production in place already acorss their folio. It's the copper that they are hungry for most.

To be honest.... forget today's numbers. Copper should be $15000 (rather than $10000) in a couple of years time. And highly likely to be closer to $20000 by the time Alpala is producing.

NMM's copper assets look average at best. Most are part owned or JV status. The chile assets with Barrick look interesting but they have major issues with Chile as a region and the project looks a long way away. Currently, NMM certainly have their hands full, I'd agree on that. But in terms of their positioning ahead of a copper boom, I'm afraid they are lacking significant resources in their folio and all will require signficant capital spend. That all said and done, I don't see NMM as being the right company to take SOLG's assets on and especially in terms of Ecuador. They simply aren't big enough and don't appear to have the appetite for large Tier1 projects. They could be part of a group like BHP, Lundn, Jiangxi and take a 20% position... that's more their bag. But I can't see likes of BHP or chinese allowing a comfortable small stake ride on a Tier1 mine until at least year 1 or 2 of production and then the price will be sky high. I'd write NMM off in terms of being capable to take SOLG out and then fund a Tier1 mine. They are small compared to likes of the bigger boys.

I guess it all depends on copper prices / gold prices at the time and availability across globe. Post covid, mining investment is at lowest levels in years. This means that new copper resources are years and years away.

We have a world that is moving fast towards mass copper consumption, but we don't have the mines to produce it. In that scenario, you'll see acquisition prices being paid well above rates outlined below.

You can't use historic / industry benchmarks on normal copper consumption when comparing a world/globe that is in dire straits and needing the stuff like yesterday.

Premium's are paid simply because alternatives are absent. It's all about timing and shortages. The sweet spot.

Available Hotel prices in manchester on July 11th 2025... £100 or so. After Oasis tour dates revealed.. erm about £1000 per room... if you are lucky.

Just wait until the copper boom kicks off... not long before some serious premiums are paid. The future pricing for copper has never been clearer than it is now. The path is upward and the market will react to that in its usual sloth like manner.

Remember, PoG was around $250 per oz in early 2000. 24 years later... it's $2700oz ish.

Yes saw those comments

He did say... "We’ve actually got the embarrassment of riches. We have six large gold-copper, copper-gold projects in our portfolio — three at feasibility and another three at pre-feasibility,” he said.

He didn't say much more than that, but looking at NMM's folio, I'm still struggling to see the copper projects... unless he was including their 10% stake in SOLG lol!

The window of opportunity will be closing fast but I guess that depends on whether any predator thinks making a cheeky low equity bid against a known Tier1 mine asset is a good strategy or just pointless. Yes the sp is down at 10p, but the asset is growing in worth day by day and with every derisking event or red tapre / permit signed, it gets more expensive or harder to low ball. The time to buy assets of this quality is now... and not into a bull run or fast recovering market.

Move now and you might win with 60p bid. Move in a years time and assuming SOLG's derisked ENSA further... then you won't get a look in at under 90p if copper and gold are delivering the predicted numbers of some well respected analysts.

It's not much different to housing market. You don't want to buy into the top, you want to buy into a weak market and beat down on price with less competition.

We were at 13p post the funding news and alot has happened since 'market wise' with interest rates and China stimulus.

Next quarter should be the one that sees us through 13p / 14p and 15p. Think we'll need next tranche of funding confirmed for a break through 16p again in absence of any buyout rumours of course.

I think we'd be through 13p levels by now if it wasn't for GlobalX selling. They can't be far off being done. That should be the last of the flaky fund managers. The buyer of their stock appears to be Legal & General although will need to see where they are up to come end of the month. That bodes well as L&G tend to build toward 2% to 3% holding levels.

Now becoming a trying time for those that were sitting on the sidelines or those that bailed at 17p levels a while ago. The prime time to buy was at the 6p dip but that now seems to be fast becoming a 100% uplift to 12p levels. Missed opportunity for any but the path could soon define 10p or 12p levels as another missed opportunity. In a market that is looking like a new bull run for miners, and with SOLG's upcoming newsflow and derisking along with no funding issues (if they tick the boxes)... lower than 10p looks less and less likely. So what are folk sitting on their hands for??? I can't see many opportunties out there that are asset backed and can do 700%+ rises right now.

Looks like the chinese were waiting for the US to cut rates before unleashing their own support plans. Just look at the Glencore chart. Lovely double bottom and now market getting stuck in ahead of what should be a bullish period for miners / commodities after being shunned for last 3 years+ post covid.

It's all about stimulus vs lower rates... perfect combo for miners.

A break through 11p today ....???

Lets hope it isn't a 5 year wait as by that time it's going to be like Fallout the way Putin and Iran are threatening to chuck nukes about. No Europe... no Israel... and prob no world.

On a brighter note... this type of rhetoric from Putin does suggest he's losing and will be seeking a deal soon. He wouldn't need to 'go-there' if he was in control.

We are due a 15% up day soon as I mentioned a week or so ago. Something has to pop soon as tripping along at 10p is not helping anyone... nor the mm's. My guess is that GlobalX have finished up selling for the quarter. Question is... will they keep going in Q4? Need to see the back of them before this jumps meaningfully. That might be tomorrow... or might be next quarter. September Global X holdings should be visble as of Oct 1st next week. Lets see what they are down to then.

So, if Bob and Scott have apparently no significant interest (cash wise) in the regionals but some equity proposals, how about we do a deal with Mather and DGR?

Something along the lines of ... we give Mather/DGR majority of our regionals, in exchange for that, we get 49% stake in DGR and DGR hands over their 6% SOLG shareholding and we stick it into treasury or keep on books as per CGP shares??

Mather then does a moderate raise on ASX, sorts load deals out etc and gets a fully geared up exploration plan moving.

It would only take one decent hole or two and DGR could be $300m+ market cap. Gotta to be better than getting zero for the regionals and infact... they are costing us about $5m per year I believe.

A deal can be done ... if Bob wanted to pull his finger out and actually do a deal on regionals.