Jiangxi Copper sweetens bid for SolGold, securing major shareholder support

Jiangxi Copper Company Limited has submitted a revised non-binding indicative cash offer to the board of SolGold plc for its outstanding and to-be-issued ordinary shares, proposing a price of £0.28 per share. This updated offer values the target company at approximately £842 million. The target company's board has indicated it would recommend this revised offer to its shareholders if Jiangxi Copper proceeds with a formal bid.

The revised offer price represents a premium of approximately 42.9% over the target company's closing price of £0.196 per share on November 19, 2025, and a 7.1% premium over the closing price of £0.262 per share on November 27, 2025. Major shareholders, including BHP Billiton Holdings Limited, Newmont Corporation, Maxit Capital LP, and Nicholas Mather, have provided non-binding letters of intent supporting the revised offer. These shareholders collectively represent 40.7% of the target company's issued share capital, including Jiangxi Copper's existing 12.2% stake.

The acquisition is expected to be implemented through a scheme of arrangement under the UK Companies Act 2006, with formal offer confirmation contingent on customary conditions, including the completion of direct overseas investment filing and registration procedures in China. The cash consideration for the revised offer will be funded by Jiangxi Copper's own capital and bank loans.