Member Info for EarEyeAm

Well it definitely says cash here:

December 2025:

The boards of directors of SolGold and JCHK, for and on behalf of Jiangxi Copper Company Limited ("JCC"), are pleased to announce that they have reached agreement on the terms of a recommended all cash acquisition of the entire issued and to be issued ordinary share capital of SolGold (the "Acquisition"). The Acquisition is to be effected by means of a scheme of arrangement under Part 26 of the Companies Act.

· Under the terms of the Acquisition, SolGold Shareholders shall be entitled to receive:

28 pence in cash per SolGold Share (the "Cash Consideration")

· The Cash Consideration values the entire issued and to be issued share capital of SolGold at approximately £867 million

And, in the original announcement it said cash too. August 2025:

Possible Offer Announcement

The Board of SolGold plc ("SolGold" or the "Company") can confirm that on 28 November 2025, SolGold received a preliminary and conditional non-binding proposal from Jiangxi Copper Company Limited ("JCC") in relation to a possible cash offer for the entire issued and to be issued share capital of the Company at a price of 26 pence per ordinary share (the "Proposal"). The Proposal follows an earlier non-binding proposal from JCC which was unanimously rejected by the Board of SolGold on 23 November 2025.

"Atlantic Lithium advises that it received a conditional, non-binding, indicative change of control proposal for the acquisition of 100% of the Company's share capital by way of a scheme of arrangement (the "Proposal")."

1) No offer price was announced.

2) 'Change of control proposal' suggests a takeover but not for cash, otherwise I'd expect to see 'cash offer' or something similar.

So that sounds more like we'd get shares in the buyer rather than cash, but either way, we'd get the equivalent of the valuation, so upwards of £350m (my guesstimate) in the other companies stock.

What's happening at Solgold has no relevance to this offer, totally different situations.

"The Atlantic Board appointed Canaccord Genuity and HopgoodGanim Lawyers to assist it with its assessment of a Transaction and granted exclusivity for those discussions on 23 January 2026."

You simply do not do this for a low ball offer, only for an offer close enough to what you value the company at that you think you can negotiate enough out of them to recommend an offer to shareholders. The offer was reasonable, but after assessment just wasn't enough to put it to shareholders.

Reserves based project finance, which they can get once Valkor have production and can book Reserves.

From Google:

Reserve-Based Lending (RBL) is a specialized, secured debt financing tool for oil and gas companies, where loan capacity is determined by the estimated value of a producer’s developed and undeveloped reserves. The borrowing base is typically redetermined twice a year based on commodity prices and reserve engineering reports, ensuring the loan matches the asset value.

Trade Finance Global

Trade Finance Global

+4

Key Features and Mechanics

Borrowing Base: The maximum loan amount (borrowing base) is calculated by assessing the net present value (NPV) of future cash flows from proven reserves.

Revolving Credit: RBLs are usually structured as revolving credit facilities, providing flexibility for ongoing exploration, development, and production.

Collateral: The loan is secured by the company's oil and gas assets, including the right to proceeds from production.

Periodic Redetermination: Lenders review the reserve reports and commodity price forecasts regularly (often semi-annually) to adjust the borrowing base.

Repayment: Proceeds from the sale of oil and gas produced by the assets are used to pay down the debt.

Manx71"

"Atlantic Lithium advises that it received a conditional, non-binding, indicative change of control proposal for the acquisition of 100% of the Company's share capital by way of a scheme of arrangement (the "Proposal")."

That sounds more like we'd get shares in the buyer rather than cash, but either way, we'd get the equivalent of the valuation, so upwards of £350m (my guesstimate) in the other companies stock.

The bidder has made a fair and reasonable offer that reflected the value of Ewoyaa, but unfortunately nothing else. Atlantic Lithium have Cote d'Ivoire plus several other licenses in Ghana that they've not started on yet, with the ones nearby believed to be similar to Ewoyaa for Lithium.

"The Board believes that the Proposal focused primarily on the valuation of the Project, without fully considering the potential of the rest of its underexplored exploration tenure."

The Bidder has now created the news that it was hoping to avoid by making an offer prior to Ratification. The news of this bid will go far and wide across the Mining, Lithium, EV and Battery sectors, it will be seen by the big decision makers, it will have many thinking they should take a look at what the proposed acquisition was targeting and if worthwhile then consider making a bid themselves.

Ratification in the next couple of weeks will be another thing that does the same, adding to the interest in making bids.

"Existing loan facility between Greenfield and Valkor amended and restated to, inter alia, revise the repayment date and interest rate and settle half of the total amended outstanding balance via the issue of new equity in TomCo at a deemed price of 0.1p per share representing a substantial premium to the Company's prevailing market share price."

I'm still betting it was £350m offered because anything below that I see the Board rejecting instantly, not appointing advisors and granting exclusivity like they did. £350m would be 46.7p per share.

"The Atlantic Board appointed Canaccord Genuity and HopgoodGanim Lawyers to assist it with its assessment of a Transaction and granted exclusivity for those discussions on 23 January 2026."

You simply do not do this for a low ball offer, only for an offer close enough to what you value the company at that you think you can negotiate enough out of them to recommend an offer to shareholders. The offer was reasonable, but after assessment just wasn't enough to put it to shareholders.

Indeed, the bidder could return with abetter offer, all that's happened is that exclusivity expired on 22nd without them agreeing an offer, they can still make a better offer, there's nothing stopping that.

"As one of few, pre-construction hard rock lithium projects at an advanced stage of permitting, with offtake still uncommitted, the Board believes that Ewoyaa represents a highly attractive source of supply for the EV and BESS supply chain. As the Company advances the Project beyond the completion of permitting, the Board believes that the Project presents numerous milestones for further value creation."

That comment is screaming out "COME HERE ALL YOU LITHIUM COMPANIES AND BATTERY MANUFACTURERS, ONCE WE HAVE RATIFICATION, MAKE US AN OFFER WE CAN'T REFUSE!!"

"The Atlantic Board appointed Canaccord Genuity and HopgoodGanim Lawyers to assist it with its assessment of a Transaction and granted exclusivity for those discussions on 23 January 2026."

You simply do not do this for a low ball offer, only for an offer close enough to what you value the company at that you think you can negotiate enough out of them to recommend an offer to shareholders. The offer was reasonable, but after assessment just wasn't enough to put it to shareholders.

Also interesting to note that the Board believe that Ratification will bring a re-rating here that takes the market cap higher than the offer, so if the offer was £350m then the Board must be looking at a share price above 46p.

The offer for the company was clearly much higher than the £222m previously offered in 2023 by Assore, as with that offer they immediately rejected it with no further discussions, but this latest offer was high enough to pass it to (highly paid) legal advisors, to see if the offer could be negotiated to what the board saw as closer to what they valued the company at. It was A SERIOUS OFFER.

How about £350m? That's what I suggested a couple of days ago and my calculations were only based on Ewoyaa, same as the Bidder's is said to have been.

The Bidder must have been confident that Ratification would happen and wanted to get in with a cheeky bid before the Ratification became Global Mining news, attracting loads of other bidders.

I said in the last few weeks that Ratification would give Atlantic Lithium a ready to build Mine, in a safe and steady country, with new Mining friendly Law, a low cost of extraction, which would make Ewoyaa extremely attractive to Lithium and Battery manufacturers. That is pretty much what Atlantic Lithium have just said too.

Yes, so not a case of "we know of no reason" as I said.

The offer for the company was clearly much higher than the £222m previously offered in 2023 by Assore, as with that offer they immediately rejected it with no further discussions, but this latest offer was high enough to pass it to (highly paid) legal advisors, to see if the offer could be negotiated to what the board saw as closer to what they valued the company at. It was A SERIOUS OFFER.

How about £350m? That's what I suggested a couple of days ago and my calculations were only based on Ewoyaa, same as the Bidder's is said to have been.

The Bidder must have been confident that Ratification would happen and wanted to get in with a cheeky bid before the Ratification became Global Mining news, attracting loads of other bidders.

I said in the last few weeks that Ratification would give Atlantic Lithium a ready to build Mine, in a safe and steady country, with new Mining friendly Law, a low cost of extraction, which would make Ewoyaa extremely attractive to Lithium and Battery manufacturers. That is pretty much what Atlantic Lithium have just said too.

Maybe it's ASX refusing to release it until the announcement is received?? "Unless ASX decides otherwise"....

Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of:

• the commencement of normal trading on Monday, 23 February 2026; or

• the release of the announcement to the market.

A11’s request for a trading halt is attached below for the information of the market.

5toamillion,

Bear in mind that ALL requested a trading halt, despite putting out an announcement that advised of Ratification and discussions. They made a response but for some reason what they said on Friday wasn't the information they plan to announce, the information that the board believes could have been leaked and caused the rise. If they were going to say "we know of no reason" they'd have said that on Friday instead of requesting a trading halt to give them time to complete their business and advise the market. So what is it that the Board believe caused the rise?

"Trading Halts: If a company cannot prepare a response by the specified time, they are generally expected to request a trading halt to prevent trading in their securities on an uninformed basis."

If they are in discussions they can announce it with a caveat, for example, I've seen many RNS saying "we have been approached with an offer for the entire issued and unissued share capital of the company, discussions are at an early stage and there is no guarantee that an offer will be recommended by the board".

5toamillion,

The point is, they have to explain to the ASX why the share price shot up, they have ALREADY stated Ratification and discussions, they can't now turn round and say 'oh, it was nothing actually, forget that we mentioned Ratification and discussions because at the time we suspected one or both of these caused the significant buying and price rise". Do you think ASX would accept that??

A company listed on the Australian Securities Exchange (ASX) is generally required to respond to a share price query "immediately," which is interpreted by the ASX as promptly and without delay.

While there is no single, fixed timeframe for every situation, the following rules apply:

Specific Deadline: The ASX typically sets a strict, specific deadline in their "price query" letter, often requiring a response by a certain time (e.g., 9:00 AM or 3:00 PM) on the same day or the following day.

"Immediately" Definition: Under Listing Rule 3.1, if the inquiry relates to information that should have been disclosed, the company must act "promptly and without delay".

Trading Halts: If a company cannot prepare a response by the specified time, they are generally expected to request a trading halt to prevent trading in their securities on an uninformed basis.

Consequences of Delay: If the company does not respond by the set time, the ASX is likely to suspend trading in the company's securities under Listing Rule 17.3.

What the Process Involves:

The Letter: The ASX sends a "Price Query" letter to the company secretary.

Response: The company must respond, stating if they have material information that explains the price movement (often confirming a leak or an impending deal) or if they have no explanation.

Public Disclosure: Both the query and the response are released to the market announcements platform

"material market announcement"

"ASX Listing Rule 17.1 allows a listed entity to request a trading halt to temporarily pause trading of its securities, usually pending a material market announcement. The request must be in writing, detail the reasons, and specify the duration (maximum of two trading days). ASX may grant the request but is not required to do so."

Duration: A trading halt cannot exceed two trading days.