Member Info for RodneyT

Profanity doesn't help the debate here, Needy. Would you like to give us your opinion on any points about TP rules, for example, instead? This is an excellent company with an excellent Board and these are exciting times for all shareholders. The share register was telling. More IIs and less PIs. The latter frightened away, perhaps, whilst IIs scoop up the shares they dispose of. 'the transfer of wealth from the impatient to the patient' as Warren Buffett famously said?

Bozi, the company has not agreed to anything. It is minded to do something and can change its position in an instant. There is no contract, there is no offer/acceptance. It is as PS says. Why the company has made an annoucement of this nature is down to where we are i.e. the start of a game. No party is committed to anything as of now. Friday's RNS has no binding on any party.

Bozi, it could be a counterbid without any further news but remember that significant news from the company would be part and parcel of 'price discovery' and would send all parties back to their calculations as their non-binding statements fade away as the game progresses.

Jerry, Solgold have a great asset. We have no reason to look at our Company and its assets in the past tense.

Bozi, When attending an auction, would you expect all bidders to make their final offers right at the beginning and all at the same time? Also, do you think that being an auctioneer is a highly skillful job?

In my view, the first question highlights the sequential nature of competitive bidding. In any auction — just like a takeover battle — most bidders wait, watch, and adapt their strategy based on the moves of others. The implication is that it would be naive to expect all offers to appear upfront or for the first bid to be the best.

My second question draws attention to strategic orchestration. A good auctioneer, like a skilled board in a takeover scenario, knows how to manage tempo, encourage higher bids, and prevent premature closure. I believe the SolGold board is acting with intent, not passivity and is teasing out more value over time rather than settling early.

My opinion overall is that we are at the start of a game (auction) process and that we have an excellent Board of Directors acting on our behalf in good faith.

Monte, see how the SR has changed in 6 weeks with fewer PIs and more IIs. The data does not lie and paints a picture. Folk selling all waiting for a 5p raise whilst L & G come in and buy loads?

Bozi, Your post treats non-binding support and the possibility of a 28p firm bid as if the game is already over. It isn’t. Under and UK TP rules (and, indeed Nash game theory into the bargain), we are still in a positioning phase, and SolGold’s board and shareholders retain multiple strategic options.

If new information or rival bids emerge, the situation could pivot quickly and then 28p is a floor, not a ceiling. Please refer to TP rules and review.

I don't really understand what all the fuss is about but see my comments right at the end.

A firm 28p bid from Jiangxi Copper by 26 December under UK Takeover Panel (TP) rules would trigger a formal offer timetable, not end the process. Once announced under Rule 2.7, this starts a Day 0 clock, giving at least 21 days until Day 21, by which time SolGold must publish its defence circular. Shareholders cannot accept the offer before this point.

Crucially, other bidders can still enter at any time until Day 46, which is the latest date a new or revised competing offer can be announced. This gives nearly three more weeks into January for rival bids or value-shifting announcements such as updates on Tandayama, the CIPA, or revised economics — to change the playing field. The process then continues through to Day 60, the final date for offer acceptance conditions to be satisfied, allowing ample runway for SolGold’s board to react, update shareholders, and test market appetite.

In summary 28p firm bid by JCC (or any other party) by 26 December resets the game but it does not close it. Under TP rules, it opens up at least another month of strategic opportunity for SolGold and potential counterbidders.

Just compared the current share register with the one of 10 Nov. Main feature is reduced number of PIs and firm II positions and accumulation by them. A sort of 'rinse' of PIs. That's what the registers show.

Needy, It's called 'price discovery' just like at a house auction and I am sure that our Board is committed to price discovery.

Oh they can 'chip away', PS. I'm no shrinking violet :-) Each to their own I guess!

Needy, derisked NAV 165p as per DV, Tier 1s sell for between 0.8 and 1.1 of NAV, work back from there. Derisking can happen fast at Solgold. CIPA by end Q4? TAM to start construction H1 2026? Time will tell. The current figure is far north of 28p. Far north. SC? Who rememhers him? DV and team in charge now thank goodness. Refer to what DV said in writing.

Just a point of detail, IP, Eloro suggested WI/ROU was gone when this was covered last week. He was sure of it whilst I was not sure. As I said then and now, it is not clear on the Nov 10 register and I will check the current register tomorrow.

IP, he might be invested but it is not clear on the Nov 10 register. I will check the current one tomorrow. Sad to see you join the trashing clan, IP. Oh well, so be it. Noted. Disappointed I have to say.

Needy, just listen to yourself! Have you been drinking heavily again down there? The derisked NAV of Solgold was estimated at 165p by our CEO on his LinkedIn page 2 months ago. I trust our Board. If you do not, why not either sell now or direct your abuse at DV and the rest of the Board? I don't see why you seem unable to make any point you have without resorting to abuse. It is so sad to to read all the anger in your words. So sad.

Bozi, I will say that tougher TP rules immediately apply and the company is obliged to present significant news as and when it has it in line with CA 1986. In any event, non-binding is where we are. The support could melt away. JCC don't know until they make a firm offer. Even then, news and counterbids rule the roost as and when.

Oh Stack, please! Next thing will be you'll be offering us free tickets to your new show at the end of a pier somewhere! Many here have confidence in our Board and want to give them time. There is no instant gratification here. Why would there be? These things take time.

One of WI's SM Monikers is 'Big Dude' :-) 😀

Can't agree to an offer that is not an offer. Basic contract is offer and acceptance. No offer has been made so far.

Agree with the basic point there Fort.

Precisely NMM.