Member Info for Fortissimo

Difference between being a producer and an explorer. We've got plenty but we can't sell it at current prices... that's the problem.

Glencore up 5% today. Miners looking fit as a fiddle. And rates haven't even started to drop yet! Just wait for the first rate cuts to roll in next month across EU and UK... or May at latest imho.

Last time copper was through $4 was April 20th 2023. SOLG was 22p a share at the same time.

Today... SOLG sub 9p.

Nevermind the PoG comparison!

Markets are nuts these days.

Well, it keeps the traders on their toes.

Rodeo movements

Those in for the inevitable news... will be well strapped in.

Look at that trading algo go

absolutely no shame whoever it is.

If there was some loose stock after that 75m block trade a 2 weeks ago, I think it's pretty much cleared now which might explain the slight change in the order book which looks a bit less controlled today.

If down to normal market forces the bias is on buyers rather than sellers although last 2 sessions have dropped a few off along the way as traders took some profit yesterday after poor CPI data.

I don't think it will need any further news to punch through 10p levels. That should happen fairly soon. But once through that level, it might need an SR outcome or some other news to push it back to 15's / 16's. which it was quite happy at some months ago prior to Berry Street forced selling and some market weakness.

11p/12p is where I would expect the next floor to be until anything major comes out.

Noront was sitting around 21 cents before they had offer from BHP at 55cents. As we know that doubled up again to 110 cents agreed deal with Twiggy. So over 5 x from base level. On same basis, if we were 11p/12p, then that's 55p/60p or from 9p it's 45p.

Ultimately it comes down to asset worth and what someone will pay. We know that's higher than 60p a share but you have to leave something for the next man as they say.

Bit choppy today due to good recent run up but also hot CPI number hit risk on assets as dollar rebounded.

But the important thing to take from today is 'volume' still up and strong. Close to 16.5m traded with 20 mins left. Could be a 20m volume day today.

Technical report was good read.

Apart from the Ecuador signing ceremony... I think that's the newsflow that was required before they can release the all important .... funding or SR outcome or bit of both... the decks are clear now.

With Mr Liu on board, I'm guessing the chinese are handcuffed on future open market trades.

Which suggests the decent volume is down to some other entity out there.

Still no TR1's despite the whopping 400m shares traded over the last 2 to 3 weeks.

"Your conspiracy theories about the management helping themselves to to the CGP shares are completely without foundation."

Addicknt... there are no conspiracy theories. And my foundation for such thinking is proven by the last placing which saw Maxit and a few others help themsselves to the cheapest placing in SOLG shares for yonks. That's the foundation dear boy.

My projection or vision is that should those 157m CGP shares get placed at a price less than 16p, then that would be terrible. But it would be far worse if Maxit or other CGP boys too them. It would be a bit like them helping themselves to the shares that they once held themselves but gave away in exchange for SOLG shares at a set price value only then to get them back cheaper.

So lets hope it doesn't happen. I'm hoping it doesn't. But if it does... the market won't be very impressed... nor will I.

Although not sure on you... I think you'll probably be happy.

The appointment of Mr Lui is certainly a very big move by SOLG as it's like letting the fox into the chicken house.

Logic suggests that it is a precursor or agreement which is based on some kind of deal or finance.

I'm not worried about finance as I know Noboa would not have signed that CIPA unless he had solid evidence of the plan going forwards. We'll hear soon but guess they have to make Mr Lui's position look less pre planned by giving him at least 2 to 3 weeks under his new role.

It's clear that they are getting all key news events out there (as per market regs) before they release news on funding or asset sale etc.

They need to make sure all 'insider' stuff is out there... before the insiders can help themselves to a slice in whatever form that ends up.

Lets hope Bob doesn't give away 157m CGP shares to himself and his mates on the cheap otherwise it really would be tin hats time for him and his crew. Not sure he cares much though.

DBW, my exposure has increased not decreased. I'm happy to add at these levels and have been doing so.

But I'm not ready to do any back slapping just yet but I believe in the asset's worth and I think we are all aligned on that one. So lets focus on that. The management team are what we have right now and that's that.

When he set his options at 17p... I think he knew what was coming.

I thought they were cheap at the time and they were indeed cheap and still are cheap.

Hence any further bonus awards (not that there should be any) should be awarded at sub 17p.

I'm sure all agree on that one.

DBW,

Happy to agree to disagree. But you haven't seen the funding package yet have you?

And this is my point... I think you are jumping the gun a bit.

Remember, one of the main reasons why the sp is sub 10p is that the market does not believe your views. The market is telling you that Scott and co have lost credibility... delivered zero on the SR etc etc etc and driven the business into a scenario whereby the market can punish them hard and that's due to less than 3 months cash left.

I'm happy with the PFS... happier with Noboa and his pro mining moves. Happy that we seem to be nearing the end. But I am very unhappy with how we got to where we are today.

That's it from me. Until we see Bob's master plan and SR revealed, the market will simply choose the option to mark down and mark down hard.

Good management teams know how markets work and they ensure the market knows what is going on. They need to clear up the Strategic review issue and promptly as that's been embarrassing and made us look WEAK.

I'm not stirring it up again. Like I said to Addicknt a while a go... time to move on.

But then a post arrives like this... "Anyone calling for his head a couple of months ago must surely realise they got it badly wrong?"

Sorry... but that's stirring the pot is it not?

We are where we are... there's no need to play hindsight games or try and blow smoke up Scott or any other etc. It's now about getting this sold or monetised in a swift fashion.

No happy clapping or back slapping should be going on until we get back to 25p to 30p levels.

And yes.. market backdrop not ideal... but there are ways to navigate that rather than just throwing the sp to the wolves which Scott and Bob did.

So lets ease off the back slapping as we are 8p levels today and that's a horror story for many.

Oh... and lets not forget the biggy

CGP merger terms with SOLG... not pleasing!

Bob's huge commission on fuding deals with Osisko and equity raise.... not pleasing.

But guess what... Bob's quit happy. He made $5m to 10m out of that didn't he??

I was happy to move on (like I said a few weeks ago) but anyone wants to blow smoke up Scott's @rse for this pi55 poor show needs their head checking.

Addicknt...

Cash pile dangerously low... not pleasing.

Scott's PFS released... sp dropped to 5.6p after that. Did you find that pleasing?

Darrels PFS released.. sp jumped to test 41p. That was pleasing.

Porvenir exploration... very pleasing

Scott's moth balled exploration... not pleasing

Scott's strategic review launch 2022... still no outcome released t market... not pleasing

Dropped out of MCII index... not pleasing

Lowest placing in years at 16p done by Scott and co... not pleasing

More expensive royalty done with Osisko when Franco could have done 0.5%... not pleasing

Communications from SOLG over last 18 months... not pleasing

Communications over last 18 days... very pleasing

Do you want me to continue? Anything you want to contest?

It's been awful. And after all the recent pleasing news... we're still sub 10p for xxxcks sake.

So lets not go happy clappy around a board of directors that have underperformed and as yet still haven't closed off our going concern issues.

If there's a cash raise done (and I hope not) then anything less than 16p is a failure. If more director bonus awards are handed out then they have to start with a strike price/base price of 20p minimum.

Be careful of lower bars being delivered and then news delivered. It's not a sign of success. It's a sign of rewarding poor performance.

The sp would have to be 25p+ again for me to be remotely ... 'pleased'. So when it gets there again... I'll happily pat Scott and Bob on the back.

Sound fair?

DBW,

Scott has delivered the worst ever share performance on SOLG in years.

If he was a premier league manager, he'd have been sacked long ago and the new guy would be in and I think we'd be all saying right now... wasn't it a good decision to get rid of that woeful CEO. But we'll never know will we?

What we do know is that we have about 3 months cash left... and Scott has delivered a share price that is half the level of what his options were set at last year! So by his standards... he's well off what was expected.

Careful Mog... some of us are still keen to add stock! lol!

There's a few other lines in the doc that are quite revealing... I have no doubts that the 'big boys' and that includes the Blackrocks et al have read between the lines. Blackrock may well be thinking of rebuilding a stake after exiting last year around 18p/22p levels. They did well there (certainly better than Berry Street and their 12p exit) but leave it too long and they might struggle to get back into the stock if the herd arrives... and the herd most certainly hasn't arrived just yet.

Blackrock were active buyers when SOLG was 35p not long ago. So they know the inherent value and the opportunity tyat lies ahead.

All Brokers use a discount measure and as we know, miners discount rate reduces as projects pass key milestones. We are derisking rapidly now (compared to last 2 years+) and I would expect more bullish stance based on strong outlook for metals, (PoG we know about but copper has yet to ignite and we know that's coming) and expected drop in inflation so rates to follow and lower finance costs expected. Oh... and then we have improved regional activity with Barrick, Gina and a few others getting stuck in as well as Noboa driving positive business sentiment.

A lot of stuff in the background has improved since their last note.

What's the re-entry criteria for the MSCI gold index lol! Re-entry alone could see 4 or 5p added here just like it knocked off a decent few pence when we had forced sellers.

I would like to Hannam with a target closer to 75p but with more value/weight added in for the regionals as it is clear that majors are keen to find licence blocks and Noboa is helping with that sentiment but has limitations on what he can do due to mining cadestre being closed. So SOLG's folio of 60 odd licences has grown in value and Hannam need to appraise that properly.

5m traded in first hour which is fast becoming par for the course these days.

News flow .... UP

Metal prices ... UP

Volume ... UP

Share price ... UP

Sentiment... UP

green line BB count... UP

Double digits on the way and this time... single digits should never be seen again.

I think any JV outcome would be a starter gun for other bids. I don't think you'd see SOLG involved in a JV for very long. Just a means to an end.

There are plenty examples where you even see super majors entering into JV's only to sell out later on in the development process to another player due to a change in strategy or switch to different commodity focus etc. JV's always offer the opportunity to 'sell' your stake and I think should anything like that arise it will be a shortlived experience for SOLG investors. Someone would buy out our JV stake at some point. But I agree the danger of getting involved in JV's is that teh other partners can stretch things out which is fine for deep pockets but not good for minnows involved. GGP is a good example... Newcrest stretched that out and it's costing GGP more and more cash to keep in the game base don 30% stake and now NMM want to divest their interest, it's either going to Wyloo or another and they can simply squeeze things out again which hurts GGP further. So yes... JV's are precarious for juniors as the big boys know they have zero ability to generate cash until production and need to use their equity or asset interest or loans etc to get by.

They do seem in a rush all of a sudden don't they?

They had until April 1st to release the technical report, so releasing it now suggest in my opinion that they needed to get it out there before issung some other news... and we all know what that might be about.

Official signing of investment protection must be up next in Ecuador but not sure that can happen without evidence of the funding backers or partner deals. One thing is sure... Mr Noboa will be going for max publicity so I would expect a well documented ceremony as $3.2bln is Ecuador's most historic investment commitment to date and spells the beginning of major mining projects in the region. It will have super majors around world looking as well as neighbours like Chile, Colombia, Brazil etc. They'll soon have a new metal exporting powerhouse to contend with.