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Bozi - not saying anything will happen (feels CIPA is being held back by Govt deliberately), but... what else can Solgold do?

The optics of Nick's (non binding) commitment is: all main stakeholders are ready to sell, so come make us an offer at these bargains levels.

Hi Bozi

The security offered by an enhanced IPA, or increased headline financials from a revised mine plan including TAM/more reasonable metals prices, would surely make a white knight bid more likely?

As much news needs to go out asap. Even if it is 'window dressing' to try to show DV acting in interests of all SHs.

*at their discretion

Unclear why the 12th Dec RNS only said 'non-binding' for BHP. Should have done a better job on that.

The JCC website has the Letters of Intent:

https://en.jxcc.com - then INVESTOR > Possible Offer for Solgold Plc

ALL letters appear to say non-binding letters of intent, and may change are their discretion.

On the comments earlier about the board being surprised and disappointed by the current situation...

What the hell have they been doing? Or their advisors, or bid defence specialists?

Paul Smith acknowledged the challenge the Board would have keeping JCC in line. Surely that has been priority number one?

Now scratching around for a white knight, after years of noses in the data room? Not a good look.

Appreciate there are contrarian views on how much of this planned and options are lined up. Just appears a frantic mess to me.

And honestly, the one thing I don't want is a "save our skins" strategy that pushes a value event another two years down the line.

Hi Pbow. Have you had confirmation from Chairman that:

I) all shareholders can attend in person

II) opportunity to ask questions

III) these questions will be answered?

I have other commitments but still seeing if possible to get over for the day.

Hi addicknt - I did the same as you and went through the Franco/Osisko agreement, and saw still miles away from third tranche.

(Conspiracy view - Power supply may be a blocker for this and hence why a Chinese bid given their intrastructure developments in Ecuador).

But Solgold had $34m in cash at end-Sep. That should last a while, at least until revised PFS, or DFS, is produced. Top up with a small placing for regionals if needed, but $25m is likely sufficient - c2% of MCap.

Re: your thought it is Govt driving this, I agree a high probability to this. Govt have been slow / arguably unsupportive with CIPA and exploration fees.

Chinese influence? Probably.

Never understood why Noboa hasn't been fanfaring Cascabel - it will make them billions. But I guess with JCC / major, it will make them billions faster.

Fort - I'm not worried about Solgold ability to raise funds to plug any gaps between Franco funds.

They 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).

Sure, the AGM Special resolutions to disapply pre-emptive rights will likely not get through now. But with Tandayama early cashflows and potential copper royalties, I'm less worried about Solgold needing these to raise £000Ms via Equity.

I'm also contemplating attending the AGM.

But as addicknt says, depends if questions can be submitted, and if they are, will an attempt at answering them be made.

Also a lot can change by 26th December.

I sometimes wonder if it works better for JCC, or the Board, for the bid to be over Xmas and near AGM?

Bozi - if the 28p offer is successful I think all my Chinese items are going in the bin!

Hi Bozi. If unclear then prob due to my brain fatigue trying to work out what the heck is going on!

Something happening is suggesting the BoD now want this sold. i.e. they are saying 28p now is better than more in future as de-risking takes place. Which is non-sensical.

I think the BoD expect it to go for more. Hence 'happy' to let the market decide on the final price. But if 28p, enough for some of the Exec to make a tidy sum on their options.

For me, this is BoD formally starting the auction process.

JCC have the current bid.

Demand/Fundamentals suggest higher bids over coming weeks/months.

But it will go for what the market thinks it is worth. Hopefully guided by some updated financials and marketing from BoD.

RodneyT - we've had the updated TAM MRE. What else are you expecting from TAM by end December? A couple more drill holes? Likely immaterial.

A revised Cascabel PFS, including TAM, would be incredibly valuable but I don't think the company has committed to that?

CIPA? ExploreCo? All overdue ("weeks away" months ago) and no idea on what will arrive.

Yes I appreciate lots could still happen. But when Solgold go quiet it is not normally because they are keeping amazing news back.

Addicknt - I disagree on the Franco point. They have their existing commitments, with defined CPs, so as long as Solgold continue to progress then development funds are there.

I would consider a copper or further gold stream with another player to be very achievable in the current market.

Solgold have options. Assuming govt progresses in parallel.

What about all of the newsflow that was going to protect against a lowball?

Why has nothing else been released?

(Appreciate the Ecuadorian government delays really not helping)

Talatum - I disagree. There is not the liquidity in the market for Mather/Maxit to get a reasonable exit.

However, PIs can get off at whatever stop they want. Be it now, increased offers, further derisking etc.

Thanks RodneyT.

Agree on the point being made - a strong base to protect against low ball offers.

Not sure I would expect Sangha to have the same exit points as Mather though. But really who knows their targets, and the CGP merger to add value or just enable a quick sale.

Less than 2 days for remaining Rule 8.3 disclosures. Should be interesting.

RodneyT - can you expand on your numbers in 14:42 post:

"Today's disclosure confirms that the NM bloc almost certainly already holds a blocking stake under the Takeover Code. Even using only verified and conservative numbers, the NM core consisting of DGR Global at 6.80%, NM personally at 3.02%, and the Samuel entities at 2.80% reaches 12.62%"

Today's DGR / NM RNS states: "84,249,282 (2.8%) is the personal holding of Nicholas Mather."

This matches Nick's beneficial holding in 2025 Annual Report (page 51). With an extra c5.5m shares in Nick's charitable foundation.

i.e. 2.8% in RNS doesn't match your 3.02%.

Also, the RNS already includes the Samuel entities.

I think you may be double-counting some items?

DrQu - JCC cannot submit a bid at 1 minute to midnight and expect it to be accepted.

SOLG Board have a reasonable amount of time after the PUSU period ends to accept any offer. Putting an acceptable offer to shareholders gives other parties the chance to counter-bid. Even just announcing an unsuccessful bid would drive the SP higher.

Fort - the COO point is a fair one.

But didn't SOLG say they were close to appointing one in the Summer? Then all went quiet, and there was a handover to G-mining?

Agreed, if SOLG proceed with de-risking they would need to recruit - you need decent internal oversight of consultants.

Re: the 23p 'slip', I still reckon it was deliberate to trigger a low-ball, hoping to flush out any major interest. Unfortunately like many of the Scott (read Maxit?) strategies it didn't appear successful.