SolGold Surges After Rejecting Second $1.05B Takeover Bid from Jiangxi Copper

SolGold (OTCPK:SLGGF) rallied 28.5% on Friday after announcing it rejected a second takeover proposal from Jiangxi Copper, valued at roughly £1.05B (26 pence per share). The bid follows another offer submitted just last Sunday, which the company had also dismissed.

Jiangxi Copper’s Stake and Strategic Position

Jiangxi Copper already owns a 12.2% stake in SolGold, making it the company’s largest shareholder.

Other major holders include:

BHP (BHP): 10.4%
Newmont’s Newcrest Mining (NEM): 10.3%

This shareholder base underscores the strategic importance of SolGold’s assets to some of the world’s largest mining companies.

New Development: High-Confidence Starter Pit Opportunity

Separately, SolGold released new geological findings this week, outlining a “high-confidence” 60.2 million-ton near-surface starter pit at the Tandayama-América deposit in Ecuador.

Why this matters:

Enables earlier production
Improves project economics
Could accelerate development of the broader Cascabel copper-gold project

Cascabel Project Outlook

A 2024 pre-feasibility study on Cascabel — SolGold’s flagship asset — forecasts:

Copper: 123,000 tons per year
Gold: 277,000 oz per year
Silver: 794,000 oz per year
Peak copper output: 216,000 tons per year

The project is considered one of the most significant undeveloped copper plays globally, making SolGold a highly strategic target for large mining buyers.