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I think 'TAM' open pit has mase them believe that SOLG can go it alone via stream/JV deals and prior to that with the lower Capex I think the saem could be said... eg $3.4bln being sliced down to just $1.5bln.

But with TAM, it's now a different game entirely. And then thrown in the fact that metal prices are high enough to make extraction of lower grades economical and hey presto... the majors like BHP are under zero illusion of our strong position right now.

We could effectively mine the low hanging fruit for the first ten years and not even touch the block cave aspect. Let that sink in.

Then there's Porvenir which is highly economical with metals prices higher. And the 60 odd regional licences waiting to be cracked open.

Yeah... the casino city didn't like it when the reddit brigade messed up one of their major hedge funds who was shorting a certain stock with the intention to drive it into admin. We know how that story ended and the suits don't like it when social media scuppers their plans.

There's 'abuse' and then. there's personal abuse/deliberate trolling. It's the latter that needs attention. As for the rest, tough cheese... when retail moves in numbers the city boys don't like lol! Why? Because they can't manipulate things like they used to.

Perhaps the LSE could pick up with some of the LSE FTSE100 companies for abuse of shareholders when they happily dish out ridiculous bonuses to CEO's??

As for SOLG... were are not on AIM so it's not really taking aim at us.

I see the BoE are looking to relax the rules on banks which were put there as a safety measure post dot com/lehmans crisis. And coupled with that hedge funds shorting stocks also are set to declare positions on an anonymous basis lol! You couldn't make it up.

Tighten up on AIM abuse and relax all the banks regs and hedge fund shorting rules so they can increase their abuse... and when it ends in tears (it always does) they come cap in hand to the tax payer to bail them out.

Utter to55 pots.

It's just a number... albeit a round one.

7 years ago... 16 Oct 2018 — BHP Billiton Holdings Limited (BHP) subscribes for 100 million SOLG shares at 45p raising £45m.

We've come a long way since then. As have metal prices...16th Oct 2018 PoG $1,222oz vs Dec 2nd 2025 PoG $4200.

Let that soak in.

JG1964, it's not an exact science as these are 'futures' in terms of long term metal pricing. Take a look at the Solaris Resources PFS (via TSX listing) and you'll see they've actually staggered it using a whopping gold number for the early stages.

Due to TAM and the open pit, we should be looking at doing the same as TAM could be producing in 2 years time if they got a jog on.

The question on everyones lips is where is the cut off now with lower grades clearly more economical??? That could make a huge difference too.

And remember, the 2024 PFS is cut down size to suit a low CAPEX. Cascabel/Alpala has 75%+ more resources than they are actually using it's THAT BIG!

Montecristo2, bets wait for Dan to drop the updated PFS but it's all about the longer term metal pricing and market didn't batter eyelid at Solaris's numbers, so I would hope our BoD's use the same. Why not? The market has already been tested and accepted the Solaris PFS.

The 2024 (FEB) SOLG PFS is woefully out of date now. TAM also needs bolting in. They've got the MRE on that out, so lets be having the updated PFS Dan so the market can see what a bunch of chancers these Chinese lot are.

2024 PFS (before TAM)

First 10-Years Free Cash Flow Generation $7.1bn (using old metal prices)

I think you can virtually double that figure now to $14bln in first 10 years. Possibly higher.

Now up over 100% yoy.

These are the numbers via our 2024 PFS

Economic Assumptions (PFS 2024)

Copper ($/lb) $3.85

Gold ($/oz) $1,750

Silver ($/oz) $22.50

2025...prices at present

Copper ($/lb) $5.22

Gold ($/oz) $4220

Silver ($/oz) $58.10

Can't wait for that updated PFS Danny boy!

The longer they leave it, the more the likes of L&G and others will be building at 29p/30p and that's the last thing the chinese need. They don't really want new holders or added weights in this range as the buyers expectancy will be so much higher than their previously manipulated sub 16p level. They had to up their short on Friday just to try and contain it. They did the same with their short after Noboa won the Ecuador elections. SOLG's sp spiked and they tried to short it back down. Unbelieveable to see but guess it's 'war' right now and they can do what they like to try and manage the price to their own benefit.

Leave it too much longer and 40p is going to look like a poor offer to the new 30p entry holders. They are gonna want 60p+.

When you have an asset that is supported by strong metal prices, it's hard to try lowballs. Almost pointless. If PoG was $1800oz and copper $3.50 etc then you never know... but the market has moved so fast and the chinese can't justify the discount now. So they either seize the op bang in a great offer and win the prize or they lose out and with Trump lurking and mixing it up with Noboa... they may never ever get another chance like this one. Pay what the asset is worth minus something fair for the derisking. Simples.

Global X also added over last two days. They have around 35m+ so in theory should be TR1 as over 1%.

Nice... they look like they are building! That's 1.5m bought in last two days.

They should have stuck it on ebay and got the biggest auction in history... nothing wrong with that these days apart from the advisors, suits, markets etc etc not making any coin lol!

I can't wait to see Bob's invented advisory fees when this is closes out. lol!

FTJNY, yes defo same games. If you were the chinese, you'd be doing the same. If you plan a 35p+ offer next, why not hang it around the 29p/30p and pick off the impatient or nervy traders stock. Remember... they know what they have planned. At 15m+ average volume over last few days, they might snaffle 3m or 4m of stock per day. That could be another 100m shares for them. Of course, it would need to be done by another entity as TR1 would show they are building.

The situation now is that at 30p level the stock is poised to jump to mid 30's if or when a next offer comes in is my guess and that could come tomorrow or mid day intra day rns of revised bid. Traders will be on alert. Or teh rns could say no intention to bid and the sp will drop on that scenario as it washes out a few but as you know with CIPA, updated PFS and other news to come, the sp would be back to where we are or higher in no time. But defo some explosive action coming so enjoy the dull boring 30p glass ceiling for now! All opinion of course... nothing written in stone. (caveat!)

The new offer would need to be significantly higher imho to warrant an extension as 26p was way off. Had they gone in initially around the mid 30's then extending talks etc would 40's or 50's. That's still pony and poor but it's then down to market forces and competition for the asset to do the rest I guess. If Jiagnxi off mid 40's in the end and no one comes in to counter bid... then that's that. FWIIW, I think BHP will chuck in a bid regardless of whether they are keen on the asset or not simply to push the chinese further. Lets face it... they can always pull out when it goes to the due dillengence phase and dotting i's and crossing t's. They've been here for nearly 9 years... that's a long wait to then simply roll over. And as we've seen, they were not shy on Oz minerals nor on Filo. Both assets are no where near the opportunity they would gain with SOLG's full folio. They could end up with 4 or 5 Tier1 mines in Ecuador over next decade. They'll bid. I'm sure of it and I think our Board are too. Great assets never go cheap and Cascabel is top ten in world quality finds.

Not 100% on UK takeover rules but always thought is was possible for the target to request an 'extension' to the deadline if they feel things are worth discussing more. That would put wobblies up BHP but I suspect it ight also kick this into offer discussion period into Q1 too and all our end of year news stuff might be held back as defence ammo. I've seen takeover discussions extend longer than the 30 days limit on many of occasions.

That all said, I think Jiagnxi would need to make a 3rd offer and considerably higher than their last for the board to extend discussions/ deadlines rather than outright reject it.

At 30p levels, the market looks like it's predicting a 34p/35p 3rd offer. Once that lands, I suspect the market will then move to 40p level lol as it starts to predict the next offer or a counter offer. At that point, that might leave a few stranded or left behind with no way of getting back in sub 35p. So more and more may enter the stock as they predict and look ahead. I was intrigued by L&G adding 500k at 29p+... they obviously feel bullish although it's smallfry unless it becomes a daily occurence from here on.

Looking forward to getting a few more these and seeing the % holdings.

What would be nice is if our friends (sic) blackrock started getting stuck in. They seemed to be BHP buddies last time around so that would be a signal!

So far we've not seen mr Liu given the boot yet. Non-executive director Barneveld went a day before the news hit the fan and some think he might have been BHP's eyes and ears. Mmm. Or did he disagree with something? The TAM MRE followed pretty fast after.

Chill chaps.

This is the end. Lots to come yet. We can only guess right now.

Agreed Rodney.. Dan and Paul have deliver a robust defence and issuing an updated PFS based on more recent metal prices should stick a rocket under the project valuation. Solaris Resources PFS used huge metal prices without shame and had a $3.7bln capex lol! And the market didn't blink at that... in fact it bought it up by 20%+ to almost £1bln market cap. The asset as you know is much smaller than ours.

We recently saw the MRE on TAM rushed out... I wouldn't say that's a defence but more making sure shareholders are kept in the loop with the materials shown to Jiagnxi.

You never know, internally Jiagnxi may have agreed with SOLG that the 26p sighter is based on where we are post TAM MRE. Therefore, if Dan issues PFS update, more TAM assays and the all important CIPA, then Jiangxi can have no shame in upping their target by 50% or 100% etc.

There will be serious questions asked if Dan or Paul fail to deliver an updated PFS or CIPA before year end especially if it places shareholders at a weakness as remember, we've already seen Dan pulling out of marketing events probably on request of the Chinese... and we missed those opportunities to bolster our share price. We had 4 conferences lined up and cancelled all of them. For what? A 26p pony bid?? That worries me a little.

Need to see a solid defence happen and if it doesn't... well... questions will be asked as everything so far has been very PRO chinese by our BoD's.

Hole 77 also got hushed up so I would like to know what's going on with TAM west please Dan.

So 49% virtually irrelevant ... if you follow on a control basis.

Remember it's about 'control' of asset at 50% or 51% gains control. From there jiagnxi could dilute everyone with huge equity issues.

So 51% is the number although that doesn't mean a bid war can't ensue along the process.

Smickster, I know where you are coming from and I also quite like the idea of going it alone or JV route. But it's not pi's that hold the swing here. It's all about how Newmont, BHP, Mather/DGR and Sangha vote. And just for peace of mind... I don't think Mather or BHP will be rolling over cheapily. I think Sangha would as he's proven to be a right flake.

If Jiagnxi's plan was to suppress the share price for 2 years in the hope that NEW retail holders enter at 7p etc and find 26p attractive, then I'm afraid they failed. That clearly hasn't happened. All that's done is make retail investors more hungary for 'real' value based on the asset.

Personally if the regionals are spun out and we retain 85% of that folio I'd be happy to see ENSA go for a fair price but I can then gain from upside of ExploreCo and another Tier1 mine in the future.

I'm not going to name an acceptable price as that's like showing your poker hand and the chinese are on these boards looking for precisely that.

My worry is that Mather might also be thinking the same and thus vote for an ENSA sale that is good value for the chinese if it means he can continue the next cab off rank phase with the ExploreCo. Mather and Newmont would total 20% and give Jiangxi 32%. Chuck in flake bob and irwin etc and reckon they'll be close to 40%. Wouldn't take long for them to get the extra 10% is my guess.

Who knows!! But the price has to be much much higher than 26p for sure and the market knows this hence the 30p price right now. And the market knows the chances of a bid war is high.