Member Info for Fortissimo

Yes, we all get a little carried away. Important to sit back and see the bigger picture as major events are unfolding ahead of the next mining / precious metals boom. Fascinating to watch and really exciting.

I'm almost tempted to tell Bob and co to sit on their hands for another 12months lol! As it's only going one way here and believe it or not, it's the super majors that are now in a panic and rush to secure copper resources as fast as they can.

Covid really has set the globe back when it comes to the new mines coming online. We are basically at least 3 years behind at a time when we really needed to be 3 years ahead!

Eloro

"chaos and confusion rein supreme"

Bit melodramatic.

I thought the path forwards was pretty clear. As per last RNS... they are in discussions with various parties with regard to sorting a significant sum for the finance of Cascabel.

Until that matter is resolved, not alot else is happening. But based on the minor $10m loan raise, I'd say we are heading for a big RNS anytime between now and when the exploitation agreement is activated which now has an extended deadline of June 30th.

Someone's clearly asked for a bit more time and also helped effectively 'buy' that time with a loan deal.

Just follow the miners.... in last 6 months, we've seen deals going on in Ecuador with Barrick, Gina R and chinese. This has all happened 'since' Noboa took the reigns.

So far, there is no other miner or business in Ecuador that has a folio of extensive licence blocks (majority free from eco issues or drill bans) and certainly no other 100% owned Tier1 mines like Alpala.

Any super major whether it be Rio, BHP or state owned codelco or brazilian firms etc would be uber keen to get a major foothold in that new mining country.

The entire mining industry is undergoing a major shake up ahead of the metals boom that is already gathering steam.

There is a lot hanging on the Anglo/BHP situation. Major changes are expected if it happens and if it doesn't happen. Many players no matter how big or small they are, are looking over their shoulders.

Some are looking to buy key assets to fend off takeovers/predators and others are looking to merge. Some are looking at finance outside usual mining routes like Saudi's and UAE. The latter are beginning to upset the major players as the bully boys of old are losing their power to push the little guy around.

Agreed, this was a bold and very unexpected move by Henry. Some might say 'opportunistic' and others might just say 'desperate'. Desperate because BHP are not positioned very well for the copper boom. And Henry's efforts thus far do look a bit heavy handed or tone deaf. If it fails and most expect it will, just imagine how Henry's going to look to his shareholders.

It might be time for him to step down before he's pushed.

Then again, if he were to secure a tier1 mine with huge folio of opportunities for under $3bln, then that might make him look pretty good indeed. But just imagine if he bid for SOLG and then lost out again.... mmm... the next one he bids on he can't afford to lose. Copper time bomb is ticking and Henry and BHP are far from ready.

Ortherncopper,

I think the logic is that the market knew BHP were interested in SOLG due to their 10% stake. So that's already a show of interest. However, the market was not that sure about BHP's desired direction and which metal it favoured going forwards. The Anglo bid demonstrated a strong desire for copper resources and if you read BHP's statements on the deal they too highlight strong copper interest.

In the absence of other high quality copper resources (which Anglo have but BHP don't) that leaves the most obvious Tier1 copper investment as being very likely to meet 'some' of BHP's desires toward future metal strategies.

Their anglo bid has outted them ... insimple terms. Hope that helps you understand things a bit better. Soon be time for you to get back into SOLG won't it?

Just market chatter but opinions are BHP are not going to get Anglo on current terms. Not going happen. Too disruptive all round and also too long to complete. They neded to land a knock out offer and they knew that, so fact they ahve upped it by a tiny amount suggests even BHP know it's time to call it a day on Anglo bid.

But market now knows BHP want SOLG. That's a no brainer. It's huge copper resource would tick many of BHP's boxes but they will have to move fast as production (even under BHP would not be happening until 2028 at earliest.

Just a hunch... but unless BHP have other large targets lined up... like Glencore (LOL!), it's looking like they'll be taking SOLG out imho.

They've signalled to the market that they are copper hungry and thus currently indeed of resource and supplies in a market whereby Tier1 mine opportunties are almost zero.

Buckle up...here we go.

Anglo didn't need to extend the deadline... so that suggests that there are a number of larger shareholders who are keen on taking the BHP offer IF it is raised a tad more.

This is also a way of luring in Glencore or other interested parties before May 29th.

Anglo are definitely fishing for a deal here.

Perhaps chinese carefully watching events and holding off on SOLG offer / deal until they know whether BHP are buying Anglo hence the $10m loan facility while this event goes on.

Obviously Chinese may well feel a bit better about making an offer if they think BHP are out of the loop which to be honest, if they bought Anglo... they wouldn't be able to buy SOLG IMHO as it would upset or wobble the TA process.

BHP have until 4pm today to make Anglo bid. Either they are making shareholders and traders sweat a bit or they are on the blower to key shareholders and trying to sweeten them up prior to RNS.

2 hours left.

BHP's share price is currently at 3 months highs but someway off the 2700 level hit on Jan 2nd 2024.

Rumour on the street is that BHP are lining up an increased bid for Anglo.

Just shows you how keen they are for copper.

Going to be a very interesting period ahead as I can't see BHP winning easily without at least a challenge by Glencore or Rio.

There are no other 100% owned Tier1 copper/gold/silver assets up for sale like Alpala. Nothing.

I'm beginning to think Barrick might be the ones that go toe to toe with chinese over SOLG's assets. If BHP snaffle Anglo, I don't think they'll be interested in SOLG anymore. I wouldn't write off Newmont either nor Twiggy's FMG.

Interesting... I wonder whether they've decide to stick all their cash into SOLG then?? Mmm!

I did think the solaris asset was less attractive than Porvenir. Perhaps Bob's chucked in Porvenir for free?

Always goes on primary listing not the dual listed minority.

SOLG is LSE listed and Canada listing secondary and minor as demonstrated by the woeful volumes traded over there.

Currently 10850 pt.

Nearing 11k fast.

If you look back at all the days the US or Canadian markets are closed and then correlate with SOLG's LSE trading performances, you'll son realise where the 'manipulative' hand is coming from... and it's clearly canada.

Bob and his posse (maxit et al) are canadian based. Barrick are canadian based. Barrick recently cosied up with Noboa at exactly the same time as SOLG signed the exploitation agreement pending official activation.

Pretty obvious now that when the controller is away... the stock does well. Mmm.

'operational cash burn 270k' per month... marvellous. Now quote the non operational cash burn for last 3 months...

Go on... see if you can read the company RNS and deliver the 'TOTAL CASH BURN' for last 3 months.

Then you might begin to see why they need $10m and why they have close to zero cash right now... assuming the $10m has not been drawn upon.

Remember... Scott and Bob told everyone that they had expected the cash pile to last to end of June 2024.

They had $3.4m at end of March after buring through $8.5m. Projecting forwards, April would have reduced that to just $1m.

So my guess is that the $10m loan was drawn immediately as they had zero cash left as at May 15th.

Comprende?

More late trades reported with 250k blocks x 3 (our little 250k stymie player) all at or around 9.1p or 9.2p. Very close to the large 8m block printed some weeks ago at 9.2p.

It's all designed to manage the rise and keep the stock in check. That 750k could ahve been rinsed through easily last week. Whoever it is has loads of stock or is inventing it out of no where. Risky business.

Cash burn was nearer $8m for the 3 months period. You've been wrong on the cash burn for 6 months now yet seem to live in la la land.

Read the numbers rather than invent them.

God help us when we have t00ls around like this.

I'm expecting a large block after hours as the usual trait of offbook deals eventually end up getting printed.

I wonder if Bob said to the chinese.... looks guys... give us $10m loan and we'll string it out for another month while you fill your boots and then you can offer us a bigger and better price as you'll already have 10%. How's that sound?

Sneaky little late post at 12.30pm for 2m block.

Looks like that 8m+ blokc from a few weeks ago is well and truly clerared.

Who's the buyer???

MM's starting to look a bit twitchy at sub 10p. Is their stock supplier drying up?

Worth a read. They've bought 10m SOLG shares of late so looks like they are getting positioned for greater things.

https://ncim.co.uk/wp/wp-content/uploads/2024/05/240508-CYN-Annual-overview-QD.pdf

We've seen some moves on the 'diverse' shareholders book (lol!) and over last 6 months there have been some major shifts by fund managers as well as the exit from the MSCI we are aware about. The below might be of interest:

Key sellers

1. Blackrock held about 16m Oct 2023. They now hold zero.

2. Ninety One UK Ltf fund had about 16m Oct 2023. They now hold zero.

3. Magna New frontier Fund had about 7m Oct 2023. They now have zero.

Key buyers

1. Global X ETF held 35m Oct 2023. They now have over 50m.

2. Konwave held 18m Oct 2023. They now have 26m.

3. CQS Natural Resources G+I are new and have circa 10m.

Also, we previously had some forced sellers as some poor performing funds dissolved and closed.

Buying and selling is what markets and fund managers do but SOLG have had some larger players involved over the years and when they shift around, it takes time to see new investors pick up the slack. MM's will deal based on their clients requests so if they get a large order to fill and have a known seller at hand... they'll just get the deal done at today's levels. But when you have buyers entering with more force and weight and the MM's no longer have the supply of stock via larger sellers, well.... that's when the mm's lose control. That's when you see major share price movements and in this conducive environment... if SOLG's sp started going bonkers.... most would speculate of impending offers and M&A rather than just simple supply and demand easing. GGP seem to have cleared a seller lately and their SP is rising from the doldrums.

All holdings data above via morningstar.com