Member Info for Bozi

PS - read the RNS.

The offer doesn't need to be binding for an LOI to be binding. They're separate instruments.

Matt - sorry to pick you up here but only BHP's LOI was non-binding. The same cannot be said of everyone else's.

Whilst what you say might be a true reflection of events, you haven't provided a true analysis of the position.

For example, it doesn't reflect well on a participant that has provided an LOI if they subsequently don't follow through on that action. There's only one circumstance that gets them off the hook, that being a materially superior proposal.

The reality of this situation is that nobody should have confirmed their intention to consider selling at 28p. By that I mean Newmont, BHP, Sangha or Mather. They should all have told Jiangxi to try again starting with a 4. It was that easy.

NMM - no. We'll be given a rationale for accepting the offer if/when it becomes binding and most will admit defeat.

Rodney - many things can happen but it's highly likely none of them will.

You think you are clever, talking in riddles. I reality, you're clinging onto events that won't come to pass.

If I'm wrong, I'll of course apologise. But I don't think much of your behaviour of trying to instill fake hope. You're just prolonging the inevitable disappointment.

Rodney - I'm well aware that you apologised. That was fine, was noble, etc.

But it doesn't change the fact that, despite claiming to be well read, you have form for being quite slow on the uptake.

You seem to believe that SolGold are going to release a raft of news to help defend the price? The price point has been set and agreed by almost 41% of the register. News doesn't change that. If anything, it makes us more irate that 28% has been accepted before market had chance to digest those extra developments.

If the non binding agreement had not been reached, you'd have a point. But it has, so you don't.

NMM - nothing. We can't do anything apart from wait for Jiangxi to put up or shut up.

If they do the former, the keys are there's.

No defence, no fight for shareholders, nothing. The time for all that has passed.

Rodney - I don't care what you've looked at and I don't care that you're happy.

Some of us haven't forgotten that you were about to go for Dan in Q2 before you were pulled around at the 11th hour.

You're always last to see something for what it is. I'll await your anger in a week's time.

Fort - it isn't falling through.

Major stretch to think Noboa or Trump are going to block it.

Jiangxi will confirm and it'll sail through.

NMM - not particularly.

The game is up. The fight is over. We've been floored in round 1 and are unlikely to beat the count.

I do wish Mather hadn't committed his personal holding. The optics of that are awful. I also wish Sangha hadn't committed the Maxit slice but I didn't expect any better from him.

IMO, the whole premise the board isn't very happy is just a show for the retail holders. The idea that it isn't over and alternatives are being worked on is fanciful and wishful.

They want you to subscribe to that so we all direct our ire away from them.

There aren't many potential white knights. Anyone who was interested is likely to have been in the game. It was fanciful years ago when some holders pushed the prospect of multi bidders and all out war. In fact, we've had the opposite - majors hopping into bed with each other at the first opportunity.

Rodney - you're showing a lack of understanding here.

The company is now under no pressure to release operational news because it has tentatively accepted Jiangxi's proposal at 28p.

The company can say what it likes between now and the AGM, but unless it's the emergence of another superpower offering a large premium, the share price will display apathy to any other news event.

In the absence of that superpower emerging over the coming days, the SP will start to show weakness, probably from the second half of the week as retail look to book gains and avoid a situation where Jiangxi don't make their proposal final.

It's rather baffling that shareholders are signing up to your group when this is your read of the situation.

Nor sure I'd have it at £100m yet Mikey. But there's an argument to say it's trading at half of where it should be. It's certainly well underpinned at this level.

The recent deals done by Alex have positioned EST very well for 2026 and beyond. No other fledgling has the partnerships EST can boast.

We now need to get out in the field and increasing Verkhuba and making some other discoveries with the help of Endeavour.

Should be on every resource investors watch list now this one.

Eloro - please ask China Blue what he thinks of DV now?

Like comes at us fast my friend. DV breathed life into the investment case with the Tandy drilling only to pull the trapdoor.

Damers - the chances are that Jiangxi confirm their 28p and SOLG reluctantly recommend it.

The vote then happens and the offer goes through 65/35.

All done.

Monte - the idea is that it would offer an additional layer of protection at the lowest price levels because securing 50% of pledges is more difficult when that number is held by 10 shareholders than it is when held by 2/3.

You know what is ironic about this? The folks that had a go at Quady over that were the same ones that said "BHP would never fold for less than 50p" and "Newcrest want a few bags out of this" and "Mather is after at least a quid here." So they subscribed to it in a roundabout way but it was unfashionable to admit it.

It just so happens the theory hasn't stood up here. Is that because some collusion is taking place to try and force SOLG from the asset? Maybe.

I'm over the disappointment of yesterday Sniffer. 28p gives me good liquidity and means I can put another couple of chins on next year.

It also let's me watch you squirm after telling all and sundry this was a gold play heading to Western hands.

Sit tight and hope someone comes and rescues you. Wouldn't want you to wrong for the first time ever ever ever ever. 😉😉😉😉😉

Rodney - let down/betrayed?

It's just business.

The history of SOLG includes many twists and turns. The first Franco stream was taken over cheap BHP equity. Some who thought we needed to wed ourselves to BHP thought this was betrayal.

It wasn't. It's just business. There's no room for letting anyone get too close.

In terms of BHP and Newmont rolling over, they may well have had preliminary talks with Jiangxi for some arrangement that didn't include SOLG. We have to acknowledge that as quite likely. But there's no point getting hung up on the financials of it. The difference between 28p and 40p is £36m. It's hardly a huge amount to BHP.

DBW - we would all love to believe there are going to be other bids.

But surely you realise how difficult it is and how poor it looks if Mather rescinds his letter of intent at a superior offer.

Even if he did, there's no guarantee BHP or Newmont would do the same?

Rodney - soft floor? Really?

SolGold have said today

"Make us a 28p a share bid and the floor is yours."

It's quite firm. Quite finite. There's no ground floor of a block of flats feeling about it.

No CIPA or news of any other sort, other than an independent approach by an unconnected party, changes it. Even then Jiangxi has the pledges.

Are you still in touch with Stas? Ask him what happened with Touchstone and their bid for Trinity.

*running

This Chinese phone is going in the bin...

NMM - the diverse book hasn't stood firm.

Rewind back to 2020. Mather got dumped as CEO unceremoniously. PIs strutted about saying "good riddance because we're in for a bidding war now" (paraphrasing).

Jiangxi came on board. So did Osisko via the stream. Canada merged with Aus.

But unfortunately the pig went a couple of years without being fed whilst Sangha took it to every farmers market he could.

Eventually, SOLG realised they were rubbing out of time and we were drifting. Scott steps aside for DV and the project to try and rescue some value begins.

All the while, we, us, we're signposting a lot of these dynamics ahead of time. Others told us we'd wake up to a bid one day equal to the value of the asset. (Where are you Fort?)

The reality is that the company has probably done as much as it can for now. It made a credible plan to reinvigorate market but if it was going to pursue that plan, the value would drop because the buy-backs on part of the streams would expire and any suitor would be tied in to the full deal.

Jiangxi knew this and struck whilst they could. BHP and Newmont don't have the stomach.

So here we are? Mather has egg on his face, Bob has egg on his face. Vujcic and Smith play the roles of the villains but walk away nicely paid for it and will no doubt claim a victory.