Member Info for NotMuchMoney

Rodney - can you spell out the relevance of mentioning "CA1986" to me please?

I don't believe news from 'fieldwork' will make any difference.

However, there ARE news items (CIPA, PFS update) that would increase the chance and size of a counterbid.

Plus uncertainty that JCC have enough votes to get the 28p through. JCC may well need to up their offer.

Is this 'big bat' Bob who spent 2 years trying to find a buyer?

Saying he would teach BHP / majors a lesson?

CGP wasting time before accepting an enhanced merger offer, lining their pockets?

Sorry, I think all CGP/Maxit have done is found themselves a cheap exit whilst blaming Nick for not diluting.

Someone needs to have a chat with Rio Tinto.

"Rio Tinto tends to focus on developing large, long-term copper projects and assets that offer significant synergies (like adjacent properties or shared infrastructure) rather than buying fully developed mines, targeting stages from early exploration (like Winu) through development (Resolution), and into large-scale production/expansion (Oyu Tolgoi, Kennecott underground), prioritizing strategic growth and integration for long-term value over quick acquisition premiums."

"Rio Tinto aims to control the entire value chain from discovery and development through to large-scale, long-life production, emphasizing strategic fit and operational synergies over short-term M&A"

They have a strategic focus on copper, and significant block-cave knowledge (Oyu Tolgoi).

£100bn MCap.

Quady - re: your Eurotunnel and other civil engineering example...

Eurotunnel cost pretty much double the original budget (£10bn vs. £5bn). Geological issues, design changes, delays etc.

If that happened to a minnow like Solgold we'd be a distressed seller. Something I'm sure Majors were happy to wait for.

TAM was the reduced-risk alternative. But I wonder if FNV/Govt/Others didn't want to wait so long for Cascabel and the streaming profits / tax receipts.

One approach could be:

If a 3rd party is thinking of buying at 35p, Solgold issue 10% of shares at 30p. Which the board has authority to do.

JCC's holding is reduced and therefore unlikely to get through SofA.

Either JCC increase their bid (in which case 3rd party is happy as make a substantial profit on their purchase, and avoids competitor getting assets on the cheap), or 3rd party takes it out (with switched support from BHP, NEM, Maxit....) at 35p. With a saving as having bought 10% already at 30p.

Don't get me wrong, I don't think the above is very likely as (a) Board/Maxit prob want an easy win and (b) bean-counters at majors wouldn't be keen on c£100m going out the door for an uncertain outcome.

But if I was someone like Lundin/Gina, it is certainly something I would give some thought and have a chat with Nick.

Not sure how well JCC would take it if First Quantum (FM) made a bid - JCC hold almost 20% of FM.

Maybe it is a win-win and JCC can offtake / JV in Cascabel. But clearly JCC are keen on the whole lot themselves.

Addicknt - he got 55% at 2020 AGM before standing down in Jan 2021.

He got 54% at 2025 AGM.

Main stakeholders clearly don't want him around. Would be interested to know if that includes Maxit!

Looks to me like BHP and NCM still voted against the specials.

Nick only just scraping through.

All resolutions passed, including specials.

Well, they bought c£12m at 27.6p, so I expect they want more than a 1.5% return over next few months.

Who are Samson Rock Capital acting on behalf of?

43m added yesterday, total holding 50m now.

Addicknt - shame PBOW couldn't make it.

Hopefully highflyigman went and will be kind enough to update on any items put to the Board.

NRL - I've contacted HL (and other platforms) weeks in advance in previous years and told they couldn't provide SRN details. Guess it depends who you speak to.

Agreed addicknt. A point I've fed back to the Company in the past.

Will be interesting if PBOW or others can feed back on AGM matters raised. I wonder how many are actually there in person? Paul Smith, not even sure on Dan / Nick. The rest around the world with their feet up.

Agreed addicknt. Contacted other platforms and had the same response.

I had meant to get a standalone holding (with unique SRN) to avoid this in future years.

SOLG management know these limitations and don't appear bothered. They only call on Retail when they need them.

I consider CURRENT fair value to be c45p-60p. Based on where Solgold are on Lassonde Curve and adjustmenting studies for TAM, metal prices and inflation etc.

However the Board are saying they consider 28p to be 'fair and reasonable'. That includes advice from RBC Capital Markets.

The reasons for the recommendation mention 'need to raise significant additional capital, the terms of which are uncertain' and 'feasibility of and risks associated with alternative strategic options'

All of a sudden the Board appear very bearish on going-it-alone.

Why? There could be difficulties the Board have not updated on - potentially revised initial Capex, CIPA, power supply, progress on next Franco funding etc. Who knows. But given the reasons for recommending the 28p offer, I can't see the Board coming out all guns blazing in Jan/Feb to show how undervalued 28p is? I don't see their motivation to get news released?

To repeat, fair value to me is c45p-60p. Call it c55p, which is TWICE what JCC have offered. No way is 28p 'fair' in my view.

I can only see this as being a cheap opening price of an auction. But bidders will need to use existing info to form their valuation, with Solgold giving limited updates to increase the SP in the short term?

Would really like to hear from Dan / Paul / Nick about how they are going to create and communicate value over the next month.

Hi Bozi

Well, any majors/mids know this is going to Chinese cheap if they don't act. (And I accept many may decide not to act and they aren't interested).

I still believe the CIPA is a critical item to enable other bids. A couple more drill holes less so.

Best wishes for Christmas.

Hi Bozi.

We have a 28p underpin, with potential for much more.

Let's see what market demand there is. Newsflow and govt support will help (although looks like the Company missed most of their Q4 deliverables).

The only thing that will prompt any interested parties into action has just happened. The countdown has started.