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Volume still lacking which suggests any blood out of the stong has been bleed dry. That might be the signal they need to make their next move.

If news does not come tomorrow from the chinese, then next week is going to be very light on liquidity with market almost on hols or as good as. That could cause major problems for those on sidelines as selling will be hard as will buying. The stock or people around will be limited. The chinese will be around of course! No doubt about that.

FTJNY, correct... Canaccord was there simply to ensure the chinese did not play the sp down after making the first or second bid. Canaccord backed off after it tested 32.5p and the next day it fell like a stone... then we got the WTF! RNS from our management on minded to take 28p offer.

Canaccord nor SOLG BoD's have shown any signs what-so-ever to defend the share price or value of the company right now. All seem silent like they've left the room and left the chinese to make their decision.

If Jiangxi buy 1 share more than they had upon last 8.3 rule rns... they will have to notify.

That's not to say there a bucket load of Chinese clients out there that Peel Hunt are buying for... all of them below 1%.... tu tut.

If this goes formal, Jiangxi will declare at that point of the RNS exactly what they hold and what they have as non binding agreements. My guess is the longer they leave it the more they get or build. So when or IF the formal bid lands, expect Jiangxi to say/suggest that they have 60% or more already. Just a guess!

FWIIW, I think they hold off on making a formal offer. I think they know they'll hit regulatory issues with Ecuador over the Acquisition. Noboa has big plans for mining and I'm not sure he's doing his mining sector any good allowing a dangerous undervaluation of one of his countries biggest mines. Not to mention Trump being none too happy.

Chinese can still bid pending regulatory proceedures etc but legally they can also withdraw if it suits them citing regulatory issues. So the formal bid is not as solid as people are suggesting... it can still be pulled, but the Chinese would need a very good reason.

I think Gina's currently in the courts with Ecuador over the land tax. She's also looking at another asset over there too which I think Codelco relinquished. No reason why she wouldn't want a slice of SOLG too.

No news from ENAMI/ Ecuador on who won the bids on the Solaris 12 licence blocks. Deadline was Dec 12th.

Perhaps the Chinese are negotiating on those first before they come back to us lol!

RWC are the only ones that I can see as per this am's rns. Global X are a fund so will sell daily and buy daily.

Anyone chatted with Liam Twigger recently??

Or any of the other ex solg crew. I think many still hold shares but can't be sure.

I was actually expecting a lot more TR1 or 8.3 regs. I'm actually surprised how few 1%+ holders there are. What happened to all the original CGP gang.. Greg Chamandy et al?? Bozi might know?

Volume dropped off a cliff today. Similar thing happened when we stalled at 32.5p. Volume dropped... and then someone hit the stock hard back to 28.5p before offer of 28p confirmed. Also... not Canaccord disappeared too. Seems they come in when needed and then leave Peel to it once they've decided to let it fall. There is clear control going on via the book that's for sure. But what's new!

I've seen a few cases whereby Chinese come in and make offers or 'proposed offers' to test the water. I can't be sure but think the same happened on Shanta Gold or possibly another called Hummingbird Resoources. In one of the cases, the Chinese came in with Zijin I think and then came in with another interested party offer via Shandong another chinese firm or someone like that. Usual low ball stuff and then they just pulled out. Both of them. One of them I think came back 6 months later and made a slightly better offer. And that was that. Might be a coincidence but we ought to be away that the Chinese are not like BHP or NCM etc... if Jiangxi fail... they are locked out for 6 months but the Chinese are NOT!! They can just use Tonguan or Zijin or another. That gives them a massive advantage and stock exchanges need to look at rules imho as all chinese companies are the same thing really regardless of all their 51% IPO listings lol! None are a minority!

Possible but doubt it. It's a competitive world out there and more so if you are NOT chinese. BHP can't be beholden to chinese. It might just be an issue with timing and the fact they are on for a multi billion litigation battle over brazil dam. They could end up paying out $100bln or more. It's a BP style spill moment for them and perhaps keeps their M&A ambitions in check.

Need to find a buyer for Newmont's 10.2% stake and fast is my gut feel. That breaks the grip somewhat. Someone may be interested in a 10% stake rather than a full 100% counter buyout etc. One gets them a seat at the table and buys them and SOLG sometime. Through in Maxit's 5% and it's the biggest seat at table with 15.2%.

This is the plan B I would have had lined up long ago as I knew NCM holding was crucial in all of this. Paul can't have been that dim?

Not sure I agree with that as company entitled to defend itself anyway it ikes.

What we do know is that we have power due to previous passed resolutions to 'alter' the book and put Chinese back in their box if we choose to. That can happen after 26th but must happen before AGM on 30th as highly likely the BoD's won't get that special resolution through this time around so hands will be tied in future.

For me, I'm hoping that Paul did plenty of work with NCM as we all knew they were weak link. If has a buyer lined up for their stock at 28p etc... then that could change everything. NCM can sell to anyone they like. If Paul promised them a slice of the ExplorCo in return for them helping out... that would be fair too. Another aternative is that via priviate equity (Saudi's etc) they buy Maxit and NCM out.

All these actions have knock on effects so tricky to work now as better to wait for Chinese to make offer or if they pull out... then there's more time to play with etc.

If we are to escape this , it's my belief Maxit needs an 'out' as does NCM and BHP although think the latter might hang in there depending on how things pan out.

If the board are defending us... then things like this could happen. If Dan wants his £3m payout bonus... then I'm afraid he'll just make sure the chinese get what they want.

BHP pulling out or folding at 28p was the major blow and not part of the plan. You'll know whether they've played a blinder or not when you see their plan B as without a doubt plan A was to get BHP and Chinese to lock heads and bid war kicks off.

Due to poor relations with BHP I think it highly unlikely that the board knew that they were not interested. That said, I think they were able to engage with Newmont and thus knew the latter wanted out and were a weak link.

I and many always thought that was then main threat. NCM selling to the Chinese would put BHP off. But what actually happened is both decided to hand it to the chinese subject to formal offer.

So in summary, I don't think the Board had a plan B. Now it appears they are scracthing around at the 11th hour to find interested parties. If that proves to be the case then no they haven't played a blinder... they've been played themselves.

They still have the means to do a huge share issue if they see fit to another player. That would upset the whole process. Sell Lundin or another a 15% stake for 28p and that changes everything. Also raises some much needed cash. They need to alter the book balance now it's skewed toward chinese.

The board hasn't secured a formal 28p bid. Unless you know something we all don't?

No one else needs to show their hand until Chinese makes bid formal. That said, BHP and NEM folded their cards albeit on a non binding basis.

So did our insiders Maxit and Mather.

Dan's got £3m in profit riding on this Chinese deal going through. Who do you think he's working for?

Montecristo2,

If the sp dips into the 23's or 22's tomorrow, then I think they'll be forced to release an intraday RNS. And assuming the market hasn't lost it's nose... it will be news that sends the sp down.

Or... if the sp bounces back strongly and holds firm then we might see a formal offer the next day.

It took the PROC about 12 days to sanction the funds deal earlier this year. One assumes if they intend to make an offer they'll need Noboa's nod and they'll need that before Dec 23rd imho. If he holds it back... then I think you'll see an extension agreed by both parties and Jan 26th becomes new date.

AGM due on 30th and our board are looking on thin ice. Will some of them be around after new year? So much coming to a head over the next 13 days and the bulk of them are a market holiday! I dread to think if decisive news breaks on the 29th or 30th... as those days are notoriously spikey due to liquidty and market participants on hols.

NMM, the MRE on TAM was rushed out and as you missing key data. I'd rather have that dished up first and done properly. I would welcome an updated PFS based on the same or similar metal prices used by Solaris. It would make our numbers look terrific. However, for balance, the capex will rise as well. And I fear what that number could be and what the market might think of it. Hence why I referenced the Solaris PFS. The market didn't blink when they issued theirs. In fact they put on another 20% I think.

But you know what this london index would do if we presented an updated PFS with a capex of $3bln. The headlines wouldn't be about the improved IRR or NAV or reduced 4 year to say 3 year investment period. The headline would be SOLG's capex 'doubles'. Sad isn't it?

There's a reason why Solaris's capex is high... it's a simple one... Open pit is expensive. Block cave is cheap. Most investors misunderstand this. The key difference is that block cave requires more capital 'up front' and it's more risky. But once it's up and running, there is no cheaper way to mine.

We have TAM open pit now. That's more than capable of delivering cash flows that repay within 2 years imho. 3rd years cash feeds back into Cascabel. It is and was a great story and TAM was the game changer. I say 'was' because it's almost forgotten now. All that momentum gone through this pony Chinese offer. That's why I want that blocked. I want it gone. I want to get back to where we were and crack on. It might be turbulent but I think we'll emerge in much better shape. Solaris don't have any super majors on their register. They are doing just fine. If we can get rid of ours somehow, we can start again and find new partners with a better derisked story behind us.

We can't go for 28p. It would be the worse deal in the history of mining... and it comes when precious metals are at an all time high and theres a resources war going on out there between US and China for farqs sake.

Block it!

NotMuchMoney, our management couldn't get a much better market back drop to miners and metals if they prayed for it. It's an absolute boon. The market was too shabby when Bob was trying to sell it 2 years ago. But it wasn't as good as it is today. That's the disappointment for many. Of all the times to get a pony low ball offer and it could succeed. PoG at record highs, Silver at record highs... copper at record highs.

Bob's 2 years of searching for a buyer turned up zilch. We've heard management say that the data room has has loads of interested parties in it. We've heard about interest in the regionals too. Yet farq all has ever come of it. We're they bullsheeeeting all along?

I'm scratching my head on where or when Solaris Resources will find a buyer or JV. With $3.7bln capex... I can't see many being interested. But that hasn't stopped the market pricing them at near £1bln market cap. When it comes to SOLG, we have an asset that is several times bigger than Solaris. We have a capex that might rise but is currently half of there's. We have regional folio and Porvenir. Yet the market thinks we're worth less than the 28p being offered never mind whether the 28p was fair or not!

This has more to do with stock exchanges than anything else. We are listed on LSE and Solaris is on TSX. The latter knows how to value miners. We used to have a small listing on there... when really we should have been 100% listed there and dual listed on ASX too or NYSE.

London market can go and shag itself. It's useless at valuing anything properly.

If we had been on TSX as a primary listing then Chinese would not have got away with their games over the last year or so.

We are where we are... not much can be done now in terms of listing... but why doesn't Dan announce a spin out of regionals. What's going to happen... the Chinese drop their bid? By how much? Now that would be funny wouldn't. Considering everyone likes to value them at zero... market included.

FWIIW, Global X held 38,492,267 shares as of yesterday's close.

You can follow their holdings here if of interest.

https://www.globalxetfs.com/funds/copx

The annoying thing is ... that despite them not yet making a formal offer, they have still managed to gain all the insight they required or wanted ... and with no commitments at all.

The Chinese are very good at this game. To gain that level of 'book' knowledge, gain non-binding agreements at 28p... and they haven't even spent a penny or risked anything. Zero.

If this turns out to be a game of discovery and nothing more... then the question is... have they stopped or are they seeking to test all involved again... with a reduced offer.

If they pitched a formal offer at 22p, I can't see BHP or NEM saying no. They just want out. Same for Maxit.

The market is acting like it smells something again... and we know how leaky the good Chinese/SOLG ship is these days. Price action seems to take place before all the RNS's drop. Tut tut!

The last time we had an offer was yonks back with Newcrest. That eventually fell through the Bob/Maxit took the opportunity to sell out a large wedge at 25p to BHP. He was clearly interested in Newcrests offer but was none too happy it got rejected.

My guess is if the chinese do not make a formal offer, then Maxit will sell out to whoever wants his 5.10%. I reckon Scott would do the same.

SOLG are way too quiet. Like I said... AAZ who are also under a unwanted bid have fought hard to get good news out in their defence. Our board seem happy to see retail / others selling out. Very sad to see the lack of support coming from our board. I doubt many of them will be voted back in when it comes to AGM at end of the year. If you haven't got your votes in... you better hurry up.