Member Info for InvestorPanda

Will Zijin show their hand next week

I reckon they already own 2.75%

Rule 8 disclosures — the REAL purpose is to flush out the big holders

Rule 8 is NOT about retail investors.

It is about:

• BHP

• Lundin / Vicuña

• Jiangxi / Valuestone

• DPM

• Chinese state-linked holders

• Sovereign funds

• Insiders

• Concert parties

• Hedge funds accumulating ahead of a bid

This section makes it VERY clear:

EVERYBODY with ≥1% must declare their interests publicly.

EVERY BIDDER must declare their holdings and short positions.

EVERY CONCERT PARTY must be identified.

This is designed to force:

• JCC (Jiangxi)

• Jiangxi’s proxies (e.g., Valuestone)

• BHP and its proxy directors

• Lundin and Vicuña

• Chinese funds working in parallel

• UAE sovereign entities

• Any hedge funds preparing to strike

…to show their hands.

This is part of the auction preparation procedure.

Addicnt, are you aware that newmont is largest shareholder in Lundin Gold, being Ecuador’s most respected foreign miner ?

Agree Awax

An interesting choice of words by Dan in the RNS…

“A further announcement will be made when appropriate.”

This is takeover code for:’other approaches have already been received and or expected imminently’

So we know where next bid/party will come from

I love Mad Jack title.

I WAS RIGHT

Thanks Profitsniffer aka redknight alias

THE BOARD’S LANGUAGE IS VERY IMPORTANT

Notice:

“The SolGold Board remains confident in SolGold’s standalone prospects.”

This is standard defensive wording.

But more importantly:

“A further announcement will be made when appropriate.”

This is takeover code for:

→ other approaches have already been received

→ or expected imminently

And:

“This announcement is being made WITHOUT the consent of JCC.”

This is the killer line.

It means:

👉 SolGold is hostile to Jiangxi’s approach

👉 SolGold wants other bidders to come forward

👉 SolGold wants the market to know China is circling

👉 SolGold is signalling to UK, US, UAE, and Saudi governments

This is the beginning of a Western-backed defensive process.

THE PRICE — 26p is a JOKE. The REAL process starts at 55–75p.

Let’s be clear:

26p is:

• below NAV by ~85%

• below NPV(8%) by ~80%

• below replacement cost by ~90%

• not even close to serious

The Board rejected it unanimously.

The real bidding will not begin below:

⭐ 55p–75p initial

Final offers will likely land at:

⭐ 120p – 170p (full NAV-based acquisition)

This aligns with:

• Canaccord NAV 165p

• BMO NAV 140–150p

• TD NAV 160p

• Tier-1 copper precedent deals

Jiangxi is trying to grab Cascabel before:

• CIPA

• UAE financing

• U.S. strategic approvals

• Western mining involvement

They are trying to get ahead of BHP and Lundin.

The Board knows this.

THE REAL STORY — SolGold is now in a multi-party bidding war window

Under Rule 2.6:

Jiangxi has until 26 December at 5pm UK time

to either:

• make a firm offer (Rule 2.7), or

• walk away (Rule 2.8 — barred for 6 months)

This is a VERY short window.

It means:

👉 BHP must now decide

👉 Lundin/Vicuña must now decide

👉 UAE sovereign funds must now decide

👉 Ma’aden must now decide

👉 Freeport must now decide

This is EXACTLY what SolGold wanted:

a COMPETITIVE process with multiple bidders

—not a private negotiation with China.

26p is a TROJAN HORSE OFFER — meant to force SolGold to declare offer period

Jiangxi made a lowball proposal (26p) knowing it would be rejected.

Why?

Because once SolGold receives a takeover proposal — even a weak one — it must:

• declare an offer period

• trigger Rule 2.6

• force market transparency

• prohibit selective information

• open the formal M&A process

This was NOT a real offer.

This was China forcing SolGold into the open.

The SolGold Board countered by disclosing it immediately — WITHOUT China’s consent.

That is a strategic defensive move to:

🔥 invite BHP, Lundin, UAE, Saudi to bid

🔥 make sure no one can approach quietly

🔥 accelerate CIPA timing

🔥 push Western governments to act

🔥 stop China acquiring Cascabel cheaply

SolGold has essentially said:

“We reject 26p — but the company is now officially for sale.”

🫶

And guess who Noboa was speaking confidentially with yesterday

TRUMP

JCC does not have time on their side and so they will be thinking better to deliver a 3rd offer asap before any discussions with Noboa, UAE & Trump progress.

Our situation is first item on their agenda!

Vujcic and Canaccord have one job and that is to double the share price ASAP

Xxx

Xxx

This will rise to 50p before 26 December, if not, sooner

Dan is delivering

That would be Dundee Precious Metals

More housekeeping pre takeover

Tick tock