JIANGXI COPPER (00358) plans to acquire all the issued and to be issued share capital of SolGold for up to 764 million pounds sterling.

JIANGXI COPPER (00358) announcement that on December 24, 2025, Jiangxi Copper Hong Kong Investment (a wholly-owned subsidiary of the company) and the SolGold board of directors have reached an agreement on the terms of a full cash acquisition of all issued and to be issued ordinary shares of SolGold as recommended by the target company's board of directors. The acquisition will be carried out in accordance with the agreement arrangements of Part 26 of the Companies Act. Based on the total number of SolGold shares issued as of the date of this announcement and the options granted (excluding the SolGold shares already held by Jiangxi Copper Hong Kong Investment), the maximum total consideration that Jiangxi Copper Hong Kong Investment may pay under the acquisition will not exceed 764 million pounds. Upon obtaining approval from SolGold shareholders and meeting or being exempted (as the case may be) from the other conditions of the acquisition, Jiangxi Copper Hong Kong Investment will hold all issued and to be issued shares of SolGold after the completion of the acquisition, and SolGold will become an indirect wholly-owned subsidiary of the company, resulting in its financial performance being consolidated into the company's financial statements. SolGold is a leading mineral exploration and development company focused on discovering, defining, and developing world-class copper and gold deposits. They are committed to responsible mining operations, sustainable development, and meaningful partnerships with local communities. SolGold was established in 2006 and has since become one of the largest concession holders in Ecuador, conducting exploration work in the highly prospective Andean copper belt. Their flagship project, the Cascabel project, is located in the Imbabura province of northern Ecuador and is one of the most significant undeveloped porphyry copper-gold deposits in the world, with the potential to become a flagship mining project in South America. SolGold shares are publicly traded on the Main Market of the London Stock Exchange (stock code: SOLG). SolGold Group has offices in Zug, Switzerland, London, UK, and Quito, Ecuador. Since November 2020, the company has been a shareholder of SolGold and is currently the largest single shareholder, holding approximately 12.2% of SolGold's issued share capital. The company is familiar with SolGold's flagship Cascabel deposit and its exploration project portfolio, and shares the management's view that Cascabel has the potential to create significant value. The company believes that with its technical expertise, engineering capabilities, supply chain, and financial resources, as well as its knowledge accumulated as a long-term shareholder of SolGold through past investments, it is well positioned to carry out the necessary further work and invest the necessary funds to drive the development of the Cascabel project and unlock its future growth potential.