Member Info for Fortissimo

Addicknt, I can't answer a question that I cannot see can I?? When the CGP guys took over, we had $85m+ in the bank. They've burned all that cash and delivered nothing more than a cut down PFS. Just $5m of that (or lets say Bob's Maxit fee for last year $4m) could have seem plenty of exploration holes drilled.

The reality is, Mather is the explorer.... Bob is the monetiser. When Mather was pushed out, so was exploration and any brains that knew how to deliver it.

Thus far, Mather proved himself on the exploration front. Bob (where SOLG is concerned) has yet to monetise anything apart from the stock that he gleefully sold to BHP for 25p a share. Shows his idea of value doesn't it?

I feel sorry for all the potential fund managers and investors out there that are going to have to go through another SOLG presentation that looks a year old or was presented at the last conference.

Operational updates are ultimately where management are found out. Keeping quiet and saying nothing gives the idea that they are beavering away behind the scenes but when it comes to putting it in writing, it reads like they've done absolutely zilch.

It's always...in the next quarter... mañana mañana mañana.

Somehow, Scott and Bob have managed to burn through over $100m in cash doing absolutely farq all. Cutting down a highly applauded Darryl PFS to a mini version was not a hard job at all. All the material was there on hand.

Eventually the chickens come home to roost and after the bluster of strategic reviews and baseball bats, Bob has delivered zero (Mather set up the Franco $1bln talk of a deal 4 years ago) , Scott has delivered zero (Darryl and industry experts did all the work) and as for red tape stuff... poor old Noboa is falling over himself to help miners yet SOLG with their ever changing 'strategy' is requiring more revisions and updates to red tape already issued. Even Noboa must be getting tired of these jokers.

So yes... I think this is crying out to a buyer to put us all to rest. Somehow, our management team have turned Mo Salah into Harry Maguire.

If you look at the register, virtually every II that had 2% or 3% holding has exited with exception to Norges. Top fund managers have exited. MSCI has dumped us. The list goes on. And I hate to be blunt but it's all happened 'since' Bob and Scott took over. I expected more, much more. All very disappointing and woefully slow. Bob looks passed his sell by date and Scott looks like he's just happy with 23cents and to get out of Ecuador. Not a good front duo to lead SOLG shareholders forward is it??

Addicknt, my point was on ops. Not the scissor cut exercise he did to Darryls PFS which by the way... had all the brains and work plus about $100m ploughed into it.

I'm talking about actual ops.... and thus far Scott has not even got a proper drill underway. I'm beginning to wonder whether he can actually do the ops job as thus far he's delivered zero.

No wonder we've done zero exploration... as Scott doesn't look like he wants to do any actual work on the ground.

Come on... stand back and ask yourself what exactly has Scott delivered that has involved a drill rig?? Zilch and that's a shocker considering he's been here nearly 2 years!

Yep, as if he had done something... we'd have the tailings underway by now.

He's had months and months to plan the tailings. He told us all he was doing all the prep work starting September 2023!! It's the longest tailings site prep in history I believe.

He's done absolutely farq all. They've done zero ops for months and months now. As proven by the lack of updates and content of updates. And the best bit... they are now recruiting the brains to advise on how best to do the works...because Scott sacked all the brains at SOLG. These highly expensive brains are very similar to the brains that Darryl got in. Oh the irony!! Sorry to be harsh... but Scott's an ops man and I've not seen hime actually delivery any ops so far since he arrived!! Zilch!

Decent update. Looks to me like a sale of Porvenir likely next year and with that comes cash to 'explore'. At present, there is no cash to explore unless of course Bianca and surrounding targets fall into ENSA.

Being a bit critical, I would have thought they would have been 'drill' ready pending funds for the tailings. Instead it looks like typical SOLG... which is 'reactive' rather than 'proactive'. Come on Scott... pull your finger out... you've done farq all this year.

Flying now up $46oz to $2558oz.

Could be the breakthrough required to see $2700 tested and end of year $2800oz levels.

Franco must be rubbing their hands together. They have a big interest in seeing SOLG over the line now and in the future.

I think demand is building which bodes well but I also think we have a matched buyer with seller scenario hence mm's getting business done around 9p level while offering the retail investors 9.5p lol!

My guess is that Global X is continuing to sell down (I think they had about 18m left) and based on data from end of Aug, Legal & General were buyers, so if they are taking on the Global X stock, then that's good news.

Problem with SOLG is that we don't seem to have any 'solid' II's as holders. Most are out now and any funds we do have involved seem to flip flop around. We've lost quite a few large funds and II's since Bob took over. That's not a good look for him. And he's done zero to attract new ones apart from Jiangxi. I get the feeling that Bob likes having no major II's involved as makes his life easier. Mmm! Also makes it easier to get a deal or offer through with buyers when they know how the main shareholders involved might vote etc.

Blimey you are bit thick when it comes to corp/finance.

The raise was done pre merger... so needed cash before they could complete merger. Furthermore, the 5% holding held by CGP at the time has some strategic importance as it could swing votes. It could also come in handy later. In a nut shell... even a idoit on here can see the reasons why you would hold onto those 150m+ shares. I think you need to take a break fella, you are sounding a bit unhinged.

True... there might be a bit of the 'aussies' vs the 'canucks' but lets face it, they'll all rollover for a chinese.

Out of interest, how many copper 'only' stream deals have you seen out there in market place?? Usually the streams include both copper and gold.

So perhaps Bob got the nod on the gold stream (from BHP/NMM) on the basis he kept the copper aside for them or anyone else interested of course. Now we know BHP are hungry for copper as are NMM... as are everyone to be honest. Some are gold heavy and don't want more of it. So perhaps this suggests Bob has interest from various parties and majority are copper focused, hence would be happy to see ENSA derisked via gold stream paying the way if it derisks copper in the process. Remember, copper will be the new gold in a year or two and for years after.

That's not an agreement or private deal scenario... it's just listening to interested parties discussions and finding a way to finance while keeping all still very interested.

He's stopped presenting because he's got fark all to say, and if he did... he presents it like Mather did but worse and finally... if you haven't forgotten, he's got the 3 key boxes to tick in the next 16 weeks or else SOLG don't get $33mln top up.

He's busy doing on the ground stuff and personally I'd prefer it that way as think that's where he's best suited.

So cut the guy some slack please. Bob's the real CEO and he's the deal maker and marketeer.

Agree, there's nothing that they are doing operationally that will significantly move the needle especially in a market that is likely to sell off after the US elections are over.

But... and that is so often the case with SOLG... there's always a chance that some outfit somewhere decides to stick a bid in and that's when fireworks and multiple shareprice can happen.

The chance of a bid or big monetisation deal improves as boxes get ticked and Scott has at least 3 boxes he needs to tick before the AGM and he gets another $33mln off Franco/Osisko.

So I would expect SOLG's sp to be back toward 12p/13p (circa 40% to 50% higher tahn we are now) based on doing what is required to gain that second funding tranche which is needed in January 2025 based on standard ave cash burn rates.

Pbow,

It's interesting that Franco and Osisko (don't forget Mitsui's interest a while ago too) are all happy to bung $900m+ into SOLG's assets leaving shareholders sitting pretty (you wouldn't know it looking at our share price) instead of being hit for massive dilution. And guess what... this is in Ecuador!

Now take the GGP example, of huge dilution. They will have 13billion shares in issue once they are done with recent finance and shareholders averaging 20p or 30p+ are toast. New investors at 4.8p will be fine. So the question is... why didn't Franco or Osisko (or GGP) seek a royalty deal on the gold from Hav or inc Telfer??

Just goes to show that royalty deals are not that easy to acquire on decent terms and you really need very solid assets to get sums near $300m nevermind $900m (eg earlier royalty deal + recent package).

That's the reality here.

Tier1 mines of Alpala's quality attract stream deals and players like Franco like pollen to bees.

SOLG's royalty deal doesn't effect the share price doing cartwheels in teh future to 70p or 80p+ levels. Whereas the 13bln shares over at GGP will ensure they never see 20p+ ever again.

There will be some highly leveraged investors who will be margin called today as clearly were not expecting the sp to drop to 5p. Then there are ARB funds, investment banks and so on all going to be deploying algo's galore.

It's going to be a bit like a swimming pool here... with some floaters and some stronger swimmers oh... and a bucket load of sharks.

Long term investors have been thrown in at the deep end without any rubber rings being offered.

Addicknt, the GGP deal is effectively NMM floating Telfer and 70% of HAV to investors because they don't want the risk or capex issues attached to it. They'd rather it was funded by shareholders than their own generated cash pile.

Unfornately, picking the GGP shell to do it comes with pro's and con's. The Pro's are that at 4.8p, there's a decent case for an investment. The con's are that anyone holding above 10p is not likely to see much chance of profit for sometime. The bigger business certainly won't be capable of moving back to 40p+ levels.

Majority of funding is through dilution/equity raise which if anything just goes to show how great Alpala is that it allows for Royalty deals. GGP's management don't seem to care much about diluting their long standing shareholders. Bob and Scott do.

That said, if SOLG end up developing Alpala (never going to happen imho) then an equity raise would be part of the overall funding deal as all funders like shareholders to have proper skin in the game.

GGP burned their long standing shareholders when they let Wyloo in. The rest has fallen apart from there.

It's not just what you are acquiring that matters. Gaining 70% of Hav and 100% Telfer means you are on the hook for 100% of all costs. That's capex and decomm works on Hav.

I'm still running through the numbers/structure but wasn't far off with my 5p prediction.

The big boys will step in (huge traders and arb funds) and they will trade the socks off this over the next few months so going to be very volatile. There's always money to be made in the cracks and crevices of deals like this.

When it's all over and year or so down the line when exports are kicking off, there's every chance this can double up to 11p levels, but days and dreams of 40p are long gone now. That's never going happen.

I've seen worse deals. This one looks like it's set to derisk and put the liability into GGP shareholders instead of NMM share holders. I suspect NMM will sell out their 30% stake to Wyloo if or when that time comes.

Feel sorry for long termers here who have been robbed blind and effectively diluted out of any major profits.

And just as an example of how this market has been of late, take a look at Centamin's chart.

Post Covid (after recovery), Aug/Sept 2020 when POG was testing $2000oz but failed to hold it, Centamin share price was at 220p a share. Fast forward to 4 years and they have an offer at 160p, which is approx 37% higher than 30 day average.

It's a huge blow to the LSE and I'm afraid a product of their own doing/failings. This is what happens when you have a London market that refuses to value companies correctly.

LSE's market valuations have been terrible of late. BHP's move on Anglo was only made possible by the lacklustre Anglo share price due to poor london market.

The LSE is dying.

Well done SharketMare. As gold miners continue to be taken out (by non listed companies) the ETF's focused on Gold stocks are going to have to go searching elsewhere.

Shanta gold gone. Centamin gone (pending finalisation of deal). Who's next? There are not that many decent gold producers left on the london market.

That said, the london market is no longer the great market it used to be. Too many quality companies choosing to list elsewhere these days. Shame.

Won't be long before SOLG is.... gone too.

Anglo Ashanti snaffled Centamin.

The transfer of wealth has begun. Amazing how the previously unwanted gold miners suddenly start disappearing off the stock market and into private hands.

That's the shame of the stock market. The moment any company shows signs of actually making some proper dosh, it gets taken off the market lol!

M&A cycle clearly underway.

Out time is coming.

Looks like news leaked of a raise early morning, but interesting to see they have suspended the stock.

Can you imagine the frustration on SOLG should management 'suspend' the stock pending talks with BHP etc. Now that would really teach those investors a lesson who think FOMO is not an issue here.

Going to be interesting to see how they firslty manage to raise the cash required to buy NMM out and then with 100% interest in both assets, how they are going to finance the projects. I always thought Wyloo would end up with the 70% stake and to some extent they probably will.

GGP could end up with 12billion shares in issue! I'm sure they'll do a split and bring it down to 1.2billion and prob seek a listing around 60p after 10:1 split. Going to be a volatile time over there while the arbitrage crew take over and prob at least 6 months before it's all tied up.