Member Info for Fortissimo

Volume solid and quite heavy for SOLG on historical basis. Could be another 20m volume day.

BlueToff, Trump and co can't prevent China from making some acquisitions. I think the importance is with regard to limiting the amount to as low as possible or feasible. If there were 20 Tier1 PM mines sitting on the shelf ready to go, then yes Trump would want all of them to secure his Copper supply but that's realistic. But he got 15 and the chinese got 5... then that's the shift he's looking for whether directly to US ownership or via friendlies like BHP etc.

Did you read the FT article yesterday posted on the BB??

It shows China well ahead of the RoW. That's because they think ahead... they are smart. Meanwhile the US has been playing around with something called Bitcoin while the Chinese buy up something calld GOLD. One has real value and the other is an invention and literally has no value at all... well it does... but it doesn't if you follow.

Ironically the Chinese are currently buying up the dollar to stop their yuan over heating.

You also need to understand that the Chinese have been in Ecuador for decades. They have extended billions in loans to Ecuador and the IMF are keen to see some of their loans paid back. The Ecuador and China relationship goes deeper than the US influence and the latest referendum shows you what the south americans think of Trumps Army boots on their soil. That's all due to Trumps maga anti immigrant/mexican approach. America are not liked and due to Trump that is reaching further and further around the globe. America are becoming more isolated under Trump and that's going to hurt them in years to come. Ecuador has to manage China and US interests as best it can.

Quick snap shot of Jiagnxi shareholders minus the main chinese holders which appear to hold a magic combined 50.1%.

The Vanguard Group, Inc. 1.52% 52,565,491 Oct 31, 2025 2,127,325

BlackRock, Inc. 1.17% 40,331,801 Oct 31, 2025 1,632,228

Mirae Asset Global Investments Co., Ltd. 0.82% 28,313,506 Oct 31, 2025 1,145,848

Norges Bank Investment Management 0.66% 22,698,669 Jun 30, 2025 918,615

Fidelity International Ltd 0.52% 18,006,400 Feb 28, 2025 728,719

Huatai-PineBridge Fund Management Co., Ltd. 0.52% 17,970,829 Dec 31, 2024 727,279

Dimensional Fund Advisors LP 0.47% 16,204,929 Sep 30, 2025 655,813

E Fund Management Co., Ltd.

Not sure L&G are the types to do that kind of thing but think you raise a good point on other parties having interests that may benefit from a successful cheap offer on SOLG. Anything sub £1 would be deemed cheap the way the metals market is looking.

So I guess the question is... who have significant holdings in Jiagnxi? The Chinese state hold about 46% I think. The other 54% is held by other chinese firms but are also held by The Vanguard Group, Inc. and BlackRock, Inc.

Jiangxi's share price has almost doubled over the last few months.

Cascabel in their hands plus the SOLG regional folio will end up helping/delivering serious sized dividends for Jiagnxi shareholders. Many are not chinese.

Will they be back for more? TR1's are a day late so be interesting to see if they added again yesterday. Chinese will be none too pleased lol!

Just pondering whether all involved are awaiting the results of Ecuador's 12 x licence block sale which is under a sealed bid process with deadline of Dec 12th. These are the blocks that Solaris apparently had and then decided to offload... perhaps due to land tax issue.

Have Jiagnxi put in a bid? Barrick? Gina? Rio? Glencore? Anglo? Lundin? FMG?

I think these blocks include an ENAMI stake although can't be sure as haven't seen the new tender doc.

These licences are grass root stuff as far as I can see so it's not about the money involved as will be minor, it's all about the commitment to sped $XXm on them that wins the bid.

First time in a long time since Ecuador has held such an auction although they did give Barrick some blocks last year I believe for a committed $120m spend.

RBMInvest, I think the greatest test of all comes when or if it goes into a bid war. Then you'll see what majors or chinese really think.

Even if Jiangxi end up offering 42p+ etc... it then over to those out there that are looking for huge copper/ gold prospects. If it goes for 45p... that's that/ But my guess is that 'real value' will shine through in a bid war and anything up to £1 possible based on CIPA sorted. Remember, any buyers are taking risks when making offers without permits in place but then that's not unusual and BHP did precisely that with Filo deal. That asset is very early stages.

RBMInvest, I know and it was only a counter argument to the 7p comment. Remember... the 7p level should never have happened. The 9p placing to the chinese should never have happened. SOLG hit 9p when the end of the world was nigh on the covid market wipe out. It then bounced back to mid 30's swiftly. Our 7p level was artificial and deserves no comparison at all. It shouldn't be used in any discussion. It's irrelevant. The chinese clearly hoped to 'condition' that thought into shareholders heads as well as (as you say) getting newbies on board that would find 26p perfectly acceptable.

SOLG assets are way way better than Solaris Resources. I've wheeled that example out regularly because they too are an Ecuador explorer. They are behind us in progress having only just completed their PFS. But the market values them at near £1bln. That's a reference point and level to focus on. When your assets are 3 or 4 x better etc.

Top ten Tier1 mines in a bull metal market and yes... we were at 7p. That's how poor the market was at understanding our value. Can't blame the chinese for trying to exploit that. But I guess the proof in the pudding comes when a serious bid is landed and we see what the rest of the super majors think. Will they pass on this huge regional opportunity or will they fancy a bid?

Forget about where we were and focus on where we are going/headed.

Agreed... keep powerdry and use it when you need it.

For instance, as exampled by a few poster on here... the TAM MRE has been forgotten amd replaced with the Jiagnxi bid as the main driver for the share price rerate. Cheeky chinese stealing the limelight when our 6 month detailed TAM drilling plans revealed transformational results with grades that even the BoD's were surprised at. Hole 77 kept hush hush too. TAM West kept hush hush.

I suggest some go back and read that MRE... unfortunately it was clearly rushed out imho as a swift defence to the incoming bid.

Cascabel is no longer a large block cave capex intensive mine/development. It can be mined in stages and has more than enough resources to see the bulk of the risky blockcave work self financed via cash flows. It's a game changer.

"We're all still way better off than we were a few months ago at 7p." Careful rcgl2... that's precisely how the chinese want you to think. That's why they suppressed the price for so long. They also hoped that loads and loads of new investors would get on board at that price and then be mighty happy with 26p. Why wouldn't they be?? Well... perhaps it's because of the asset worth and not about the share price moves that matters most to the majority that invested.

Perhaps the reference you should be picking up on is... We're still way way off the 48p levels we were at years ago when we were in a far weaker state and metal prices were a 3rd of what they are now?

SharketMare, nope... that's not the case at all. All I am saying is that we are capped for the moment... not forever. If you look at L&G's buying recently, you could say they are buying ahead of an improved bid. But those a bit smarter (like L&G) might say... no... we're buying for the bumper year ahead in 2026 for miners and the belief the asset is too cheap... oh and because we think another bid might appear from someone new in the future should Chinese walk away.

Paul & Dan will not mind the attention that the chinese bids gifts us. That's put us on the map and perhaps done more than the 4 x conferences that they cancelled lol!

But the 26p price is poor and derisory. And that's bad PR to the illinformed and their are plenty of those out there. If someone comes in liek First Quantum or Zijin and offer 50p in 2026 etc... that's going to look really really good innit?! In reality... it isn't. It's a gift.

SharketMare, I think you're misunderstanding what I am saying or I am not being clear enough... prob the latter!

The bid is bullish for us in that the chinese have shown their hand. My issue is that we are stuck around the 30p mark awaiting their next move.

The market is about to or starting to go bonkers for miners with huge amounts of copper... and we would be moving up fast anyway. The Chinese have smartly capped us and are clearly effectively the mindsake of some too causing a break to our momentum.

That's all I am saying. If they offer 36p next or 40p etc... that's not exactly bullish for us is it... although if it kicks off a bid war then Yes... bullish it will be.

"Otherwise the regulator comes knocking and asks why we've added several hundred mill to our MCAP on no published information."

But we've published plenty of information to justify the rerate in our sp. That's my point. TAM open pit x 2 or 3 is transformational. The TAM MRE was give or take around 50% of Solaris's Warintza lol! The market values them at around £1bln. So there's £500m for your regulator for starter. Could you ask the regulator where the other £2bln is for Cascabel please.

The jiagnxi offer is blurring the lines on our progress and you're are proof of it. That's want they want to do. They want it to look like our momentum will ebb away if or when they pull out. That's the mind games. That's how you try and get shareholders to accept lower offers.

See the picture and understand the momentum BEFORE the Jiagnxi bid landed. It's important. We were heading to the 30's anyway... and higher but for now we are held in a range awaiting the next move by Chinese.... which is exactly where they want us.

I see Anglo Asian Mining got a bullish RNS out this AM to help defend their takeover approach. Come on Dan/Paul... line up the news ready to fire it off when needed.

Yes... but the point is we had momentum and we're rerating nicely before that bid came along. It's crafty work by the chinese to try and make that momentum look like it was all due to their impending bid. Not true at all. As you said yourself PBOW, Paul and Dan were targting 30p or the 30's by year end. That was just based on TAM, updated PFS and possibly CIPA. Although I think they were being conservative as all those should be delivery the 40's.

The truth here is that the market (like markets do) has caught fire on miners. It's got excited again. And rerates are kicking off across the sector with names like JPM and others all citing a bold strong year ahead in 2026.

The chinese made a move as their games of sp suppression no longer worked and the stock was running away from them.

Meant.. The rise from 20p to 27p WASN'T due to Jiagnxi.

SharketMare, we didn't move through 20p to 26p based on the jiangxi bid. The market... nor you or I knew about that bid until it landed unless of course you are suggesting insider trading.

I'm simply making the point that we were heading for the mid 20's anyway and with more recent events with Copper and market getting excited over miners... I think we would have been nudging up to 30's... espcially as much of that move was in anticipation of CIPA and udated PFS. Instead, we got a very solid MRE on TAM... and the then Jiagnxi bid kicked in from 27p levels.

The rise from 20p to 27p was due to Jiagnxi. We were sitting at 26p after that MRE.

I'm not a fan of Zak Mir or follow TA much but even these guys were saying next test was 32p and that was before the bid landed.

So pretty straight forward and not unbelievable at all. You're falling into the Chinese's mindsake. They want you to think the share price will fall back to 20p etc if they pull their bid or walk away. They want you to feel this was your chance. It's mind games.. not mind gymnastics and they've clearly got you.

Solaris Resources powering ahead again on TSX. Explorers and owners of signficant discoveries are in high demand especially ones in Ecuador lately!

With Copper's recent surge and market waking up to the metals war that is going on right now (see FT article below as it's a ripper) I'd say we'd actually be higher than where we are today had we NOT had the Jiangxi bid lol!. Sp was 27p and moving up based on that great TAM MRE RNS and I think the a run to 32p would have happened anyway as TA supported it give or take the odd pause to cool the RSI etc etc.

It's the jiagnxi bid that's actaully holding us back right now... and considering CIPA, PFS and more TAM assays are due I am beginning to wonder whether the Chinese have deliberately low balled this to stall our momentum while they try and rustle up support for their next bid.

We were on a really strong rerate path but does feel like the bid is more disruptive than welcome etc.

Brilliant article and explains the power the Chinese have and why US and others need to get their act together.

"As with rare earth metals, its real grip on the copper market comes at the processing stage. China now controls around half of copper smelting capacity worldwide. The US, by contrast, has just two operational copper smelters." END

The chinese could offer SOLG shareholders £5bln and they'd still be making a fortune. Playing low ball games may well cost them the greatest prize in Ecuador and hand it to their competition.

Yes DBW, but whilst we all know what news is due the rest of the market is a bit thick and not on the ball. So in a scenario where Jiagnxi offer say 36p range and SOLG then knock it back, that's not where it ends... well until the 28th deadline or until SOLG decides to extend the deadline. If SOLG then issue updated PFS, more TAM assays and CIPA drops, then it's the perfect excuse and face saving exercise if suddenly the chinese then up their offer to say 42p. See how it goes???

I'm keen to know the exact details on hole 77 as Dan held that back. It's on TAM West and as we know that's a new step out target and potentially could be PIT 3! So again... if Dan issues a bullish RNS on a new PIT 3 on TAM... voila... the chinese can tweak their offer higher and no one would excuse them of over paying... although to be frank... unless they pay £3+ I don't think they'll ever be overpaying.

Just being devils advocate here... but as we know... CIPA is important and Dan hasn't produced that yet. So Chinese may have offered 26p based on where they think we are right now. Anyway in a long winded way... there's plenty of news worthy points due our way which can support the chinese lifting their bid significantly higher without looking like they fudged up the first time.

I think 30p is the sweet spot as if they offer 36p as new bid price then that looks way better than 26p and 20% higher than closing 30p price. You might get an RNS tomorrow and that's how the picture is painted. That said, they couldn't hold the price on Friday despite throwing some more short stock at it. It zipped to 27p+ before their 26p bid got announced. It then went on to test 31p... bit like today's high.

Anywhere between 29p and 31p seems to be the 'waiting range'. If it pops through 32p and heads to 35p or 36p and they then drop a new offer at 37p... it doesn't look great does it? You never know they might be happy with it a 30p as that's got Newmont discussing things. I doubt the latter, but you never know.

L&G have bought around 2.5m shares at roughly 29.7p averages I think. No idea why they have suddenly decided to hit the buy button as looks like they held 31m shares before and weren't buying many prior to the bid. Maybe they know something we don't?