JP Morgan & Morgan Stanley 10% holding24 Feb 2026 21:22
1) JPMorgan is one of the dominant mining M&A advisers globally
• JPMorgan consistently ranks top-tier in mining deal advisory
• It was joint #1 globally by deal value in metals & mining M&A in recent league tables 
👉 Meaning:
• They are always inside major copper deals
• They are often working directly with acquirers
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2) They regularly advise BUYERS in mining deals
Example: Gold Fields → Gold Road (A$3.7bn)
• JPMorgan acted as sole financial adviser to the buyer (Gold Fields) 
👉 This is important:
• Not passive advisory
• Direct buy-side orchestration
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Example: Rio Tinto → potential Glencore mega-merger
• JPMorgan is currently advising Rio Tinto on a possible takeover of Glencore 
👉 This is exactly the type of:
• Strategic copper consolidation
• “West vs resource control” dynamic
you’re talking about
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3) They also structure and finance strategic resource deals
Example: MP Materials (rare earths)
• JPMorgan:
• Structured the deal
• Arranged $1B financing 
👉 This shows:
• They don’t just advise
• They help make deals executable
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4) They DO take positions / facilitate positioning
This is the part most retail misses.
Example: Perpetua Resources (US critical minerals)
• JPMorgan:
• Took an equity stake
• Issued warrants
• Advised the company

👉 That’s exactly the model:
• Advisor
• Capital provider
• Strategic participant
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Example: MAC Copper acquisition financing
• JPMorgan helped fund the acquisition alongside other banks 
👉 Again:
• Deep involvement in execution
• Often alongside buyers
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5) What this means for SolGold (this is the key insight)
You now have:
• JPMorgan ~5%
• Morgan Stanley ~5%
• Barclays active
• Multiple event-driven funds building
👉 This is NOT normal passive accumulation
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Realistic interpretation (based on precedent)
JPMorgan could be:
Scenario A — Pure arbitrage (base case)
• Holding stock for:
• Deal completion
• Small spread capture
👉 Boring, but possible
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Scenario B — Positioning alongside a client (very relevant)
• Acting for:
• BHP
• Rio
• Lundin
• Saudi / sovereign-backed vehicle
👉 And building liquidity / understanding register dynamics