SOLG Solgold Plc

16 October 2024

SolGold plc

("SolGold" or the "Company")

Company Update

SolGold plc (LSE & TSX: SOLG) is pleased to provide an update highlighting key developments related to the Cascabel Project as Management continues to advance one of the world's premier copper-gold projects.

Cascabel Project Update

SolGold is pleased to announce that the infrastructure investigation program has been optimised to include a ground geophysical assessment (seismic) that will reduce the amount of drilling required while offering a more comprehensive understanding of the foundation conditions. The contracted drillers are preparing to mobilize as the drill hole locations designed to test plant and portal locations are set up for drilling. These holes will also be part of a broader mine geotechnical program, which includes drilling for the declines, underground mine design and other site infrastructure.  Additionally, selected core samples will be assayed for mineralization, providing critical data as the Project progresses. This work represents a significant milestone in ensuring the infrastructure is developed to meet the highest safety and operational standards.

Permitting

SolGold continues to make progress on the permitting front, and the process has been divided into three critical areas:

1.   Cascabel Mine Site Infrastructure Permitting

2.   Tailings Storage Facility (TSF) Permitting

3.   Port and Pipeline Permitting

The Company currently expects the Environmental and Social Impact Assessment (ESIA) documents to be submitted to the Ecuadorian regulatory authorities by the end of Q3 2025.  The indicative permitting schedule is shown below:

The schedule is based on current assumptions and should not be considered definitive. The Permitting Schedule will be adjusted as further information becomes available, and updates will follow as the permitting process progresses.

Investor Events in October 2024

This month, SolGold participated in the RBC Sparks Flying Copper Developers Summit and will present at the upcoming Red Cloud Fall Mining Showcase. These events provide an opportunity to share the Company's progress at the Cascabel Project and engage with investors and industry stakeholders.

SolGold will also participate at the CGS Colombia 2024 conference on October 29-30, providing a unique opportunity to engage with key regional stakeholders in Latin America and highlight the Cascabel Project's progress and future development plans.

New Team Members

SolGold welcomes two key additions to the Project team, further strengthening our technical and sustainability capabilities to make Cascabel a turn-key project:

·      Reed Huppman has joined SolGold as Vice President of Environment, Social, and Governance (ESG). He brings over 40 years of experience as an environmental geologist and sustainability consultant. Reed has worked in over 50 countries across mining, oil, gas, and infrastructure sectors. His extensive experience in aligning projects with international ESG standards (such as the Equator Principles and IFC Performance Standards) will play a key role in facilitating the regulatory approvals and financing of the Cascabel Project. Reed is an IFC-certified trainer in 2006 PSs and an industry expert in EHS management systems, biodiversity offsets, corporate social responsibility, stakeholder engagement, and sustainability. During the last four years, Mr. Huppman has supported over $50 billion in project finance.

·      Ash Martin has joined SolGold as Vice President of Project Engineering, bringing over 20 years of mining construction and development experience, along with a bachelor's degree in civil and construction engineering. Mr. Martin held several key positions at Guyana Goldfields, including Construction Manager for the Aurora Gold Mine. At Voyager Metals, he served as Vice President of Technical Services and later as Chief Operating Officer. Ash also brings valuable experience from his time at Knight Piésold, a globally recognized mining consultancy. His technical expertise will be instrumental in overseeing the planning and development of Cascabel's project infrastructure, particularly in ensuring the safety and efficiency of tailings management and other critical infrastructure.

Looking Ahead

With the imminent mobilisation of geotechnical drillers, the addition of key technical experts, and continued investor engagement, SolGold remains focused on advancing the Cascabel Project through its next stages. SolGold's upcoming participation in the CGS Colombia conference will further strengthen our relationships with regional partners and highlight our commitment to responsible project development.

The Company looks forward to providing further updates on these initiatives as it continues to make meaningful progress across all fronts.

CONTACTS

ABOUT SOLGOLD

SolGold is a leading resources company focused on the discovery, definition and development of world-class copper and gold deposits and continues to strive to deliver objectives efficiently and in the interests of shareholders.

The Company operates with transparency and in accordance with international best practices. SolGold is committed to delivering value to its shareholders while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace, and minimizing environmental impact.

SolGold is listed on the London Stock Exchange and Toronto Stock Exchange (LSE/TSX: SOLG).

See www.solgold.com.au for more information. Follow us on X @SolGold_plc.

CAUTIONARY NOTICE

News releases, presentations and public commentary made by SolGold plc (the "Company") and its Officers may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to interpretations of exploration results to date and the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's Directors, including the plan for developing the Project currently being studied as well as the expectations of the Company as to the forward price of copper. Such forward-looking and interpretative statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such interpretations and forward-looking statements.

Accordingly, the reader should not rely on any interpretations or forward-looking statements; and save as required by the exchange rules of the TSX and LSE or by applicable laws, the Company does not accept any obligation to disseminate any updates or revisions to such interpretations or forward-looking statements. The Company may reinterpret results to date as the status of its assets and projects changes with time expenditure, metals prices and other affecting circumstances.

This release may contain "forward looking information". Forward looking information includes, but is not limited to, statements regarding the Company's plans for developing its properties. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". 

Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking information, including but not limited to: transaction risks; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.  There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, risks relating to the ability of exploration activities (including assay results) to accurately predict mineralization; errors in management's geological modelling and/or mine development plan; capital and operating costs varying significantly from estimates; the preliminary nature of visual assessments; delays in obtaining or failures to obtain required governmental, environmental or other required approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; the global economic climate; fluctuations in commodity prices; the ability of the Company to complete further exploration activities, including drilling; delays in the development of projects; environmental risks; community and non-governmental actions; other risks involved in the mineral exploration and development industry; the ability of the Company to retain its key management employees and skilled and experienced personnel; and those risks set out in the Company's public documents filed on SEDAR+ at www.sedarplus.ca. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

The Company and its officers do not endorse, or reject or otherwise comment on the conclusions, interpretations or views expressed in press articles or third-party analysis.