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The December 26 deadline is the final opportunity for the "au tin" (auction) that should be encouraged. A White Knight can bid later, but bidding before JCC goes formal on December 26 would create maximum disruption, put the least strain on the "fiduciary out" clauses, and give the counter-bid the best chance of success.

It’s a last-minute suggestion intended to help, given the very short timeframe we’re dealing with. The substance reflects the current situation — valuation gap, soft lock-ups, and the 26 Dec deadline. Time is the constraint.

Suggested email Part 2:

Why This Matters Strategically

Your organisation has consistently demonstrated a commitment to securing long-life, high-quality copper assetsaligned with electrification and decarbonisation demand. Cascabel meets this mandate unequivocally and offers decades of optionality in a tightening global copper market.

At the indicated counter-bid range, such an acquisition would be strategically accretive, competitively decisive, and economically compelling.

Next Steps

We have direct access to the latest technical, geological, and financial analyses supporting Cascabel’s valuation and development pathway. We are prepared to engage immediately and assist your team in conducting rapid, focused diligence within the available timeframe.

I urge you to treat this matter with the highest priority. This is a time-critical, generational opportunity to secure one of the world’s most significant undeveloped copper assets at a substantial discount.

Yours sincerely,

NM

Director, DGR Global Limited

Founder, SolGold PLC

Suggested email Part 1:

Subject: Confidential & Time-Critical: White Knight Opportunity – Cascabel Tier 1 Copper Asset (Rule 2.7 Deadline: 26 December)

Dear [CEO / Head of M&A / Chief Investment Officer],

I am writing to you directly in my capacity as Founder of SolGold PLC and Director of DGR Global Limited, and as a long-standing institutional shareholder in SolGold.

I do so because the Cascabel Copper-Gold Project in Ecuador—one of the last remaining undeveloped Tier 1 copper porphyry systems globally—is now at a critical inflection point that presents a short-lived but highly compelling acquisition opportunity for a Western major.

The Situation

A Chinese state-backed group, Jinchuan Group, has tabled a final cash proposal at 28 pence per share for SolGold. This offer materially undervalues Cascabel and, if completed, would permanently remove a globally strategic copper asset from Western control and supply chains.

The Rule 2.7 “put-up-or-shut-up” deadline is 26 December.

Why This Is a Rare M&A Window

There are three decisive factors that make this a uniquely actionable opportunity for [Freeport-McMoRan / Lundin Mining / Glencore]:

1. Material Valuation Disconnect

The Jinchuan proposal is anchored to conservative assumptions and does not reflect the full value of Cascabel, including the recently defined Tandayama open-pit potential.

Independent technical and market analysis indicates a fair value range of approximately 60–70 pence per shareunder current long-run copper price consensus. At 28 pence, the asset is effectively being offered at a ~50% discount to intrinsic value.

2. Lock-Ups Are Not Binding

While Jinchuan has secured indications of support covering approximately 40.7% of the register, these are non-binding Letters of Intent with fiduciary outs.

A credible, all-cash superior proposal—likely in the 40–45 pence range—would, in our assessment, immediately attract support from these shareholders, including major institutions. The register is economically rational and responsive to value.

3. Timing Is Everything

This is the final decision window. If a Western White Knight does not engage now, Cascabel will almost certainly transfer to Chinese ownership.

Opportunities to secure a Tier 1 copper system of this scale, jurisdictional maturity, and geological quality do not re-emerge.

I cant believe they all jumped in and signed up to a further ball breaking offer 7.7% above the previous offer -- I would have been like you gotta be kidding me -

Jiangxi Copper's increased offer of 28 pence per share marks the Chinese company's third proposal to acquire SolGold and a 7.7% increase from its previous 26-pence-per-share bid that was rejected last month.

Lundin Mining is arguably the most strategically aligned and capable White Knight for Cascabel — but they tied in with BHP currently

Glencore or Freeport-McMoRan being the top choices now for "last major undeveloped copper asset"

Havent the other major shareholders stated a commitment to accept the 28p offer? Meaning they cant go back on it now unless a materially higher bid is received?

Could they hold out and demand a higher price even though their founder has agreed to 28p? Lets not forget that SOLG shares take up a large value for DGR shareholders

The most interesting active buying is indeed coming from L&G, a sophisticated player looking to lock in the arbitrage profit between the current market price (around 25.86p) and the expected final offer price of 28p (or potentially a "sweetened" 30p-32p).

The lack of any other major institutions publicly committing to the deal since the initial announcement suggests that the uncommitted 59.3% of the register is still playing a waiting game, hoping for JCC to raise the offer slightly to smooth the path to a full takeover.

JCC is acquiring a project with an independently established value of $3.2 billion (which is seen as understated) for a total equity price of £842 million (approx. $1.06 billion).

The Irony! A major US company has, for purely commercial reasons (reducing risk, divesting non-core assets), enabled a Chinese state-backed company to gain control of a major, long-life copper resource in the Americas. This is a direct setback to the US goal of limiting Chinese dominance in critical metals.

I still find this bizarre - they could have easily pushed for 30-35p and made more money! - and even then it would have been a good buy for the buyer

Who could be viable party to bid higher? I thought the only viable parties would be those that have the shares already and those that have approved to sell at 28p - Hard to believe this asset is going so cheaply in this shortage market and even at the minimum that valuation wasn't upgraded with recent spot prices - very bizarre - something doesn't feel right with this... What are your thoughts?

Why the sell off? whats going on?

ECR just put out a positive tweet / X excited about all time SILVER HIGHS :-)

Some bigger buys coming in this afternoon which is great - Doesnt look like much stock is for sale

Silver just hit a new high 60

I would have thought some folks in Australia would be buying in to this given that its the only way to invest in this business

Yes with good quality BM results and confirmed Raglan acquisition, I am hoping the gap to 0.42 will close somewhat....