DGR Global Secures $23.5M Loan While Challenging SolGold Buyout Proposal

Legal Challenges and Financing

DGR Global Limited’s December 2025 quarterly report reveals the company remains embroiled in complex legal proceedings related to the Armour Energy Group’s administration and receivership. The Supreme Court of Queensland case involves multiple parties and claims, including allegations of misleading conduct and tortious conspiracy. Meanwhile, DGR has secured a substantial $23.5 million loan facility through Samuel Holdings, linked to CEO Nicholas Mather, to refinance existing debt, fund working capital, and cover ongoing legal expenses. This financial backing provides a buffer, with cash reserves supporting operations for over four quarters.

Contested SolGold Acquisition

DGR holds a significant 6.8% stake in SolGold Plc, a London-listed copper-gold explorer focused on Ecuador’s Cascabel project. During the quarter, SolGold received multiple acquisition proposals from Jiangxi Copper Company, culminating in a recommended cash offer of 28 pence per share. DGR has publicly rejected this offer, deeming it inadequate and undervaluing SolGold’s flagship assets, especially given recent metal price increases and the strategic potential of SolGold’s extensive Ecuadorian exploration portfolio. The dispute underscores tensions between market valuations and resource project potential amid fluctuating commodity prices.

Exploration and Development Progress

Exploration activity continues robustly across DGR’s portfolio. SolGold reported strong near-surface drilling results at the Tandayama Prospect, including a significant intercept of 160.5 metres grading 0.77% copper equivalent, bolstering resource estimates. Lakes Blue Energy, where DGR holds a 5.14% stake, advanced drilling and flow testing at the Wombat gasfield in Victoria, aiming to address regional gas shortages. Other subsidiaries such as New Peak Metals and Clara Resources are progressing exploration and development initiatives, including gold and cobalt projects in Queensland and metallurgical coal ventures.

In-House Projects and Sustainability

DGR’s wholly owned projects, including the Shamrock Mine near Kilkivan and the Calgoa/Kolbar copper-gold project, are under active reassessment and planning for future exploration. The company maintains a strong commitment to health, safety, environment, and community standards, reporting zero environmental incidents and a rolling 12-month total recordable injury frequency rate of zero. This focus on sustainable operations complements its strategic aim of creating resource companies with long-term value.

Outlook and Strategic Positioning

With a diversified portfolio spanning copper, gold, cobalt, nickel, and energy resources, DGR Global positions itself as a resource company creator rather than a conventional explorer. Its generative approach to project identification and development, combined with strategic equity holdings in listed and unlisted entities, offers multiple avenues for value realisation. However, the unresolved legal matters and contested SolGold offer inject uncertainty into the near-term outlook, requiring close market and regulatory scrutiny.