Member Info for technician

Yes I am aware the offer price for SOLG is a reasonable percentage of their "after tax npv" but the given reasons for the 28 pence per share cash offer are:

o a premium of c.42.9% to the closing price of 19.6 pence per SolGold share on 19 November 2025, being the last business day prior to JCC's first approach to the SolGold Board;

o a premium of c.58.8% to the volume weighted average share price of c.17.6 pence per SolGold share over the three months to 27 November 2025, being the last business day prior to the announcement by SolGold of JCC's initial proposal;

o a premium of c.136.4% to the volume weighted average share price of c.11.8 pence per SolGold share over the twelve months to 27 November 2025; and

o a premium of c.7.1% to the closing price of c.26.2 pence per SolGold share on 27 November 2025, following a 33.4% increase in the SolGold share price since 19 November 2025.

Looking at the SOLG thread and current offer they have on the table is not particularly filling me with confidence regarding any potential ZIOC sale.

It seems the SOLG offer they have on the table is based more upon recent share price than NAV or NPV.

As such I can't see us getting anywhere near the 0.3x NPV price I would like to see.

Much as I consider ZIOC to be worth in the £billions even now I can't see anyone paying so many multiples of the current and recent share price.

I struggle to see how they have managed to accumulate 36 million shares without moving the share price.

Who keeps selling? There just aren't that many shares in PI hands!

I suspect rather than a compleet disregard for us PI's it's more a case of them (ZIOC) having a plan of what they would be telling us at this event and something has thrown a spanner in the works that has derailed their planned event.

I expect they are currently desperately trying to get things back on track so they can proceed with the event as planned.

As someone who runs my own business I can understand making plans and realistic schedules for customers only to be let down by somethign completely out of your control. When that happens I will always try everythign porssible to get things back on track before I actually go back to the custmer and let them down.

Let's hope that whatever was planned can still be recovered and the event go ahead as planned however the closer it gets the more likely a postponement.

My opinion, which might not be very popular is that there is still all to play for.

If a deal to sell outright or bring in a strategic partner had already been done I can't see why they would want to have a stand at the Mining Indaba.

The only reason I can see for having a stand is to promote the mine to potential partners or investors. Note the word potential.

The $15bn figure bandied about for the sale of Simandou is not a real figure. The $15bn was the figure tendered for how much the buyers would spend to develop the mine, not how much they would pay for it.

Real sales figures for Simandou over the years have been $2.5bn, $500 million and various other figures for various different combinations of Blocks 1, 2, 3 and 4.

However the $15bn figure still has relevance as that is what the developer have agreed to spend to get the mine into production.

"If the BOD issues enough cheap shares for Glencore, Elphick and mates to buy to reach 75%, they have the ability to delist and take the company private."

This doesn't really make any sense. Glencore have allowed themselves to be diluted from a 50% +1 share to their current 43% stake. If they planned to take the company private there was no benefit to them allowing this dilution.

Beardozer no specific reason why not, it's just not what I was suggesting.

In my personal opinion I think we're more likley to have an investment into the mine rather than an offer to buy us out.

That should have read Simandou is so expensive becasue of the colossal infrastructure costs, not Rio!!

Starbright I wasn't suggesting we were about to get offered $2.4 billion. Royston asked if Simandou being developed was a positive or negative for us.

In my opinion it's overall a positive indicator as we can see that at least one company (in this case Rio) consider it worthwhile to spend $6.2billion (in addition to what they have already spent) on the mine in order to obtain their 27 Mtpa output. It is Rio that stated their share of the iron ore would be 27 Mtpa.

As I understand it Rio is so expensive because of teh colossal infrastructure costs. Mainly a railway track of 600 + km over hilly terrain.

If Rio are prepared to pay a total of over $6.9billion for 27 Mtpa then it would be nice to think that Zanaga at 30Mtpa should have a similar value. Taking out our $4.5billion development costs (for 30Mtpa) would still leave $2.4billion to share amongst the current shareholders.

The positive we can take from the news Simandou is going into production is the fact that Rio will have spent in excess of $6.9 billion for their share (27 mtpa) of the Simaondou project in order to get it up and running.

This is based on the fact Rio have previously handed over $700million to the Guinean government for their rights to the mine and have now told their shareholders they will be investing another $6.2billion as their share of the development costs. This doesn't include any money they had already spent on studies etc at the mine site which I have read were anything between $1.35 and $3billion.

I bought these at £3.75 after the first SFO announcement. Held up to £6 plus and still held all the way down to £0.75 where I bailed. More by luck than judgement as I didn;t expect this.

I just can't see what the shorters have to gain by shorting from such a low price unless they already know something that we don't.

Let's be honest, I'm pretty sure there's no one short on here.

There might be people trying to trade in and out of the share to lower their buy in price but most (myself included) are long term holders.

I have no intention of selling but it doesn't stop me being somewhat irritated to see the share price decimated from 18 pence to 4 pence in the space of a couple of months.

Anyway at least we've had a good day today. It would only take another 15 days of 16% rises to get the share price to 46 pence.

Veteran I get where you're coming from regarding Trahar and Elphick but the sad fact of the matter is that we don't have the money to pay anyone else so we are probably stuck with them.

I think we are dependent on someone coming along and offering them a deal as I don't get the feeling there is a lot of activity from them promoting or marketing the mine.

Thanks Extrader for continuing with the level headed research posts.

I must admit I'm finding it hard not to join in with the doom and gloom being understandably expressed here due to our collapsed share price and dilution for what seems to be peanuts. I can only think it's Shard dumping the shares, but why the BOD agreed to this fund raise I do not know.

The longer this goes on the more I'm inclined to agree with your suggestion Driving that this Shard placing is just the only way they could get their mates in to the share without spiking the share price.

However I can't see Glen being a part of that so why did they allow the placing (which will dilute their holding) for the sake of a few quid (in Glencore terms)? If they really thought this was going to be bought out wouldn't they just have extended their loan facility?

NewKOTB - I don't think that will make any difference to us really. I'd be alarmed if Glencore suddenly started selling shares on the open market but I don't expect that will be the case.

Eddsy - no disrespect (I'm invested here too) but I'm not sure we have any conclusive proof anything is going on yet and certainly the market remains to be convinced.

I hope all the talk comes to something but I won't be holding my breath over the weekend.

I see where you're coming from Jiving and certainly a valid point.

I just can't see DSN allowing £2billion (or whatever figure you care to give as current value) in cash to be handed over to the shareholders of a mine in "his country" without some serious incentive going his way as well.

Wow. That is some shareholding and a very nice average.

Makes my stake look somewhat sorry for itself. Total holding about 216000 with an average about where we are now.