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NotMuchMoney, I agree, SOLG towers usually goes quiet on bad news and then slips into MD&A hoping it just fizzles away. Normally I would be heavy critic of this rather poor manner of controlling material news but on this occasion I think it's the right thing to do. When you have a 28p low ball offer proposal, the last thing you want to do is flag up the huge capital outlay awaiting us in January. It weakens our position especially as you say we are ring fenced on funds from Franco to use on ENSA only.

Rcgl2, the takeover isn't at 4 x our previous sp. It's 50% below our recent highs on a 3 year basis. You can't look at where we were pre TAM and align that to the takeover bid. That's nonsense.

Look at where we were after the TAM updates. Look at the momentum we had. Yes it was grounded at 7p but that's par for course even on lassonde curve basis.

The offerprice... if made formal is 28p. That's about a 5% premium to where we were after TAM. I reckon that's about a 50% discount based on where we would have been based on CIPA, and more TAM results.

Be careful about which reference point you choose to use when identifying progress!

28p will be the worst ever price achieved for a Tier1 mine and worst still with metal prices where they are.

No one should be rewarded for delivering that poor result.

Lets hope Noboa blocks it and we can get back to spinning out the ExploreCo and seeing how the market gets excited about that. TAM works continue and Cascabel gets derisked further. You'll get more than 28p after all those events I'm sure about that.

Rodney, if you remember, I was highly critical at the time. Even more critical when I found out that the CEO who sailed us so close to the rocks got a pay off, cushy back seat role and kept all his options. Seriously... it was like rewarding our ashes team with knighthoods for their last 3 test matches.

Management SHOULD NEVER be rewarded for pi55 poor performance. NEVER.

I'm furious as are many other investors out there. We've EARNED the right to vent off. Don't you think?

Damers, why was the 'well' allowed to be dry? That's the question you should be asking.

At what point to the BoD's say... erm... we're running out cash and need to top up. Was it... in October 2024?, November 2024, Dec 2024, Jan 2025, Feb 2025 or March 2025. Remember G-mining were appointed in August/September I believe.

Can you answer that one? Do you think the directors should have raised funds earlier? The share price was 10.5p in september??

Why wait to the point where we had almost zero cash... and sp was 7p?

RodneyT.. Mather had to act on DGR or else he'd lose his own interests. The question for you is... did he end up with holding more of a stake in DGR than what he had before their issues started?? I'm simply saying that all the insiders involved feathered their nests ahead of this low ball making it easier and more valuable for them to play games at 28p levels.

Responding to difficult situations indeed. Some self created if you ask me. Like the 9p placing to the chinese. That was self created by SOLG and Scott and co. They knew the cash balance long ago... they knew of the Franco second tranche and requirements. And what happened? They waited until the last few weeks. Most BoD's would have acted within 4 to 6 months of an impending cash shortage. Don't forget the bridge loans as well lol! Why were all left to the ast minute? Ask youself that... all these highly talented people indeed. Scott practically sent us into the cliffs. And remember... Dan was working for him then. What did he offer up in the 2 years before he became CEO?

Cetainly 'highly talented' indeed. Bob's turned his CGP holding into a SOLG holding that sparkles like never before. And he hasn't had to pay a penny. Infact, he gifted himself $5m in fees charged to us wee investors for the merger and royalty deals which helped him feather his nest.

You couldn't make it up.

Talented... indeed.

Rcgl2,

Not everyone had the funds to take advantage of the dip to 7p or at the time... the confidence. And your post also doesn't take inot account that the rest of the shareholder base had the CGP merger thrust upon them. That's where the likes of Bob and his crew increased their holdings and for what?? They ended up selling the 22p CGP (Merger priced) shares to their chinese buddies for 9p!

They deliberately feathered their nests from the merger phase to the disgusting options gifted to Scott and Dan to name a few. That made it much easier for them to accept a low ball offer.

For the likes of Dan and Scott... they also had the benefit of having options... which they didn't have to commit or buy until they were 100% confident. Wish I had a stake of 15m shares which were relatively risk free and I didn't have to pay for them until I was absolutely sure all was 100% secured.

There was an articel a while ago that described the CGP gang and Mather as a motley crew or intimating that they were far from reliable or trustworthy.

Mathers no saint either. Look how the story at DGR has gone. Look back and tell me that hasn't ended up in his favour. Has he grown his stake in DGR? And at what cost?

They come across as nothing more than dodgy car salesmen.

Share price on Nov 26th on first offer news

30 a share.

Since then, they've put on 20% rise in short space of time. That's roughly 30bln added to their market cap.

Prob a coincidence and PoG plus copper has risen too during that time, but I bet the market has no problem at all pricing in Cascabel's worth once it's in their hands.... or IF it gets into their hands. Blackrock have a big holding in JIANGXI COPPER. So do many of the big II's.

I see they slipped through a 5.8m block late yesterday and posted it today under trade 147.

5.8m @ 24.67p. Could be buy or sell.

They were buying big a while ago... millions. Now they buy just a small amount 165,000 shares at 24.7p. Weird... you think they would be buying with more conviction.. or the same conviction they were buying at when the sp was 31p+ but more so has 20% cheaper???

Did you write this on another bb Mr Onions??

"SOLGOLD , the Chinese paying BIG for this loss making cooper play."

You can't even spell copper. As for paying 'big'... you clearly are clueless. I think you best stick to ramping ATYM.

If this deal goes through at 28p, Dan V won't be working again on any listed stock as shareholders would not be able to trust him. It's not a great career / cv note to be the one that got the worst ever deal for a copper asset of that size in history I think.

And to think he looked smug and was blowing his own trumpet in the few presentation he did when he stuck a graph up showing the 120% increase in sp that happened after he was made CEO. Bit misleading that one as he had farq all to do with that as we all now know. It was pre-planned long ago. But to the bonus came when better grades on TAM came in. I think they were hoping it would be average at best and then Chinese cheap offer would look better. Instead TAM and hot metal prices changed the complete picture... but then the rug was pulled ... convienently.

If this goes for 28p, there will be major litigation issues that follow is my guess.

"Who has been buying the sells I wonder?" Well... take a look at the share register Rodney! But based on the 8.3 reg rules, no one has been soaking up the sells of any importance as they would have to report anything over 1% holding.

The question is... if such a great horizon and newsflow awaits us... why hasn't someone on the inside of the leaky ship SOLG been buying like made with sp so far below 28p offer??

Volume has fallen off a cliff yet the share price is the cheapest it's been in weeks.

I thought you were keeping an eye on what's really happening?

Thus far... we've not had loads of II's piling in. No blackrocks, no jpm's no goldman's no pru... can't even see Abrdn? Was Dan really doing loads of meetings with II's to rally interest? I can't see any sign of it.

How do you feel about the 'lack' of II's on board with SOLG as per the 1% 8.3 declarations?? You'ved had access to the share register and have said numerous times that Dan is doing a great job at getting the message out to II's and getting ii's on board. I did beg to differ at the time as saw no evidence of any II's buying into Dan.

L&G were already at just under 1% and have since bought around 10m I believe post offer proposal.

That's it?

So where are the rest? Or can we agree to say Dan 'failed' in that respect? Cancelling the last planned 4 x mining conferences didn't help much either did it? But it helped the chinese.

As I've said, I think Maxit / Bob want out and will be selling out regardless of what Jiagnxi end up offering or not offering. The next news could be that Jiangxi do not intend to make a formal offer but have increased their holdings to 27.5% in private sale agreement with Maxit and NCM.

Just a guess, but I think Bob/Maxit tried to flog this during the joke of a strategic review period and the best he could get was 16p so that review ended and then some agreement with chinese was made whereby SOLG had 6 months+ from chinese taking on 9p placing to bolster the sp prior to a bid. And hey presto we are where we are. TAM is the reason why the offer price got increased as that got the sp moving.

Bob just want his money. He sold a large wedge to BHP at 25p years ago. He's already made $5+ out of SOLG by billing them his fees. He's already gained more shares than he had before due to merger... so 28p makes his previous 25p partial exit look cheap. I'd go as far to say, that he could sell out at 18p and still be making more than what he would have got had they been forced to stick with their 15% ENSA stake. How much is 15% of £840m?? How much does 6.5% of £840m?? How many shares did Maxit/BoB hold in CGP??

That's the difference here. All insiders have feathered their nests on the cheap before this takeover. Dan included via his 7p options.

Agree, Mathersfinger. Paul and Dan would have been aware of the Trump Rhetoric toward Chinese as it started before they joined but I don't think they saw it ramoing so high in terms of literally Trump signing up countries to block them. SOLG / Bob.Maxit were not to know what was coming when they opened the doors to chinese back in 2022. The US vs China resources war kicked up proper when the chinese started reducing rare earth metals sales to US. It's just got worse and worse since then and that's why metal prices are surging as demand outstrips supply right now inc strategic stock piling.

The biggest embarrassment for China and a major victory for TRUMP is if they get publically humiliated. The knock on effects across the globe would be a bad read for the chinese. They simply have to get reassurances imho that this acquisition will go through. They need that via Noboa. If they bang in a formal bid and then fail to get regulatory approvals... that's worst PR they could get. There was a deal that they targeted on a company on TSX I think ... recently as well and they got frustrated by the TSX checks and red tape... they pulled out in the end.

Agreed, all the better reason for another player throwing their hat into ring as they can offer more conclusive bid compared to the chinese.

Selling massive resources like we have to the Chinese goes against everything that Trump and other countries are trying to achieve. The chinese already have over 50% of copper refining/smelting. We need to balance the books globally and get some NON chinese hands on some of these major assets.

Are you listening Noboa??? No cheap chinese bids please. Doesn't bode well for Ecuador in long run. Get the super majors into your country.

That's my point... so when the formal offer lands (if it does) it's actually formal at all as they can back out due to regulatory issues.

The point of a 'formal offer' is that in most cases, it locks them in to the 28p bid. They can't back out unless they fail to secure the full ownership % required etc.

In most cases, the regulatory approvals are not a problem. But based on Trump's recent rhetoric on PM's and actively telling countries to stop chinese acquiring resources.... especially in Latin america which is where he has set his sights on wider ambitions.

So nothing concrete lands here for SOLG UNTIL regulatory approvals are given.

It's going to be a long protracted and uncertain wait is it not??

The market isn't buying into their 'seeking approvals from PROC) tosh. Like the decision makers in China weren't all over this long ago... before the first bid landed.

They are using the time to suit their own ends which likely includes discussions with Noboa. If the latter is not forthcoming, then SOLG will likely allow an extension which sort of makes a mockery of the PUSU 28 days notice.

If a formal bid does land, the important text to look for will be regarding regulatory approvals. If they say 'Subject to'... and reserve the right to pull out based on regulatory approvals not coming etc... then ironically we have formal bid that's not actually that formal at all.

I think it would help the market if they mentioned that they had non binding or provisional agreement via Ecuador mining ministry on the proposed acquisition. I can't see how BHP and co can change their non binding status until they know for sure that Chinese will not pull out due to regulatory issues.

Interesting NMM... also still waiting on the outcome of the 12 x blocks with deadline of last friday for bids.

Not like Noboa to remain tight lipped lol! Come on Nobby... tells us who put the best bids in and who won the 12 licence blocks or some of them. They were UAE investment firms were they? Ho ho ho.

Seems everyone is tight lipped at the moment... even this BB has gone quiet, bulls and the green line waste of spaces.