Member Info for NotMuchMoney

Before voting, I'd encourage people to read the Board Composition and Key Expertise in the Annual Report.

With Mr van Barneveld resigning, only Scott has expertise in Mining Operations / Engineering. Scott was a poor CEO but (probably) a good technical guy - I'd want someone on the board who can review the technical 'advice' from Jiangxi and work closely with G-Mining.

If Scott goes (and given SvB gone), they would need another NED with mining development and operations skills. Is it worth recruiting them and getting them up to speed with Cascabel, when Scott already knows it?

(Noting this skillset may be redundant given the current M&A / Corporate Finance focus of the board!).

Pbow - that's because it isn't a JCC bid. It is a front for a First Quantum offer, negotiated by Xi Jinping and Noboa as a favour to Trump, who will then sell to BHP. or Lundin. or any other major.

Something like that!

Cover all the numbers on the roulette table and then loudly shout 'winner'.

All this news due in Q4 - practically the next 3 weeks.

I think the JCC offer increases the likelihood of CIPA, ExploreCo, Tranche 3, PFS landing before Xmas, to appreciate the SP before any further bids. Appreciate CIPA is out of direct control, but expectations were it shouldn't be far away.

What I don't want to happen is these are delayed into 2026, and the Board excuse is they were busy dealing with offers. Or delaying some of these as a negotiating tactic.

Rapid progress this month is key to a decent bid (now or next year). With JCC's technical support or without.

65p-85p is simply my "all those years of research and I haven't been robbed" target.

Miss G.

Solgold management will hopfully land a revised PFS (for Alpala and incorporating recent Tandayama MRE) in next few weeks, which sets a new indicator of value.

This will have a number of limitations - e.g. conservative metals prices, initial capex that needs to be funded to get into production, will rely on permits and other studies being competed etc. But will be a good guideline.

I'd anticipate the value of this PFS to be $6bn-$8bn after tax. £4bn-£6bn. With a healthy IRR of 25%+.

Just my view, but at this stage of the development cycle - PFS/DFS with substantial funding already arranged - it should currently sell for 40%-50% of this value.

So 65p-85p.

All theoretical. Could be much more with majors' demand for Tier 1 Copper and Gold assets, and the regional portfolio.

Evening Fort.

Yes, Dan and Paul (and I suspect Nick) have got us here. Deliberately - Jiangxi pay a decent price, or trigger a bidding process to flush out buyers.

It is a valuable asset. Many on the board don't want to wait years for maximum value or build a mining district. They want to trigger counter-bids in a hot metals market and what appears to be stable and supportive Ecuadorian politics.

Dan, Nick, Scott - make fortunes at 60p+. If they get majors facing-off against each other - JACKPOT.

ProfitSniffer - why would Jiangxi help First Quantum?

I know they own c20% of their shares. But their MCaps are similar - cUS$16-$18bn. Why wouldn't Jiangxi want the lot for themselves?

I don't think the Norges holding(s) makes a difference in the grand scheme of things.

But my view:

For the Government Pension Fund Global, Norges Bank is the reporting entity, GPFG is the beneficiary.

I've not found TR-1s referencing the GPFG, only Norges Bank (equally I've not seen duplicate TR-1s for Norges where there are both a GPFG and separate holdings)

Norges are quick for TR-1s, so if two were required I would have expected both to have been made this morning.

Hence 82.9m is the total Norges interest. Just my view, and not 100%.

Rodney - I don't know what system you're using to look at the current register (Bloomberg?) but are you sure they are separate lines?

Pension Fund is managed by NBIM within Norges Bank.

Numbers are too similar to be separate in my view. Also would have expected separate RNSs in past if Pension Fund needed separate declaration to Norges.

So I think one and the same?

Yes addicknt (sorry for not spelling it out, spinning a few plates at present).

Switching off until more material news arrives. ATB.

Quady - do you know who Norges Bank are and what their investment represents? NBIM = Norway's Sovereign Wealth Fund.

Not individual/company nominee accounts.

Norges had the exact same number of shares in the 28-Feb-23 RNS.

Quady - surely you know Norges have been invested for years.

Why would they be building a position for JCC?

Are you going to say that for every 1%+ RNS that arrives in the next 10 days?

Fort - Newmont's ticker is NEM; whenever you write NMM I think you are referring to me!

Good point about the MSCI index - ANOTHER reason why buyers may want to get an agreement quick.

Novice - why should this fall first thing Monday? There is a month for this to all play out.

Plenty of meaty RNSs that the company can land over the coming weeks.

Many and intraday please Dan - keep those traders guessing!

One thing to consider is how much of Wed-Fri buying was actually Jiangxi (or connected parties).

If they thought their takeover interest would come out, no harm in buying lots on open market, given they had a few days before needing to TR-1.

RNSs over the next 10 days will be very interesting.

Highflyigman - precisely.

Thinking of the potential downsides:

- Jiangxi say 'no deal' then Solgold continue to de-risk and add value. Lots of news to come.

- Jiangxi could put pressure on Ecuador Govt by stating how much faster/larger development would be with them in charge. (Arguably the same point any other major would make). Well, Solgold are progressing and appear to have options to JV or fund via streams. If Govt want the employment and revenues faster, they need to issue the CIPA and permits faster.

Jiangxi/others won't want to lose the regionals (e.g. Porvenir) from a takeover, so time is running out.

Solgold are in a strong position.

On the specials and pre-emptive rights:

I think Solgold can issue 10% to whoever they want for general purposes, plus another 10% for specified capital investment (not sure if that can cover infrastructure for Alpala etc). Also this is just guidance, Solgold Board can issue more with suitable justification?

So at these SP levels, 10% is £90m. Plus other financing options (Copper stream) that don't rely on issuance of shares.

£90m should be more than enough for working capital and regionals. Streams and debt provide other financing flexibility.

I'm sure JCC (and BHP/NMM) are aware of this. They won't want more Copper or Gold streams giving away their future profit. Or placed shares with 'friendlies' diluting their interest.

Equally, I'm intrigued how much politics will come into play now.

We know of Chinese influence given historic Ecuador debt levels to China (which are much lower than they have been, but still high).

A possible risk Chinese put pressure on Noboa and others to withhold CIPA and licences until Chinese companies are in control of Solgold?

Appreciate that sounds like a conspiracy theory, but the gloves are definitely off now. I suspect the Chinese want Solgold by hook or by crook.

Newsflow needed immediately (CIPA, updated PFS financials, Tranche 3) to show Solgold are not reliant on Jiangxi.