18 November 2024

SolGold plc

("SolGold" or the "Company")

Advancing Cascabel: SolGold Marks Key Milestones and

Provides Outlook for the Year Ahead

SolGold plc (LSE & TSX: SOLG) is pleased to provide a comprehensive review of the Company's achievements over the past year, highlighting the substantial progress that the Company has made on the Cascabel Copper-Gold Project and a roadmap for the year ahead.

2024 Highlights: Building Foundations for a Strong Future

2024 has been a transformative year for SolGold, marked by substantial progress as the Company advances its flagship Cascabel Project, achieving several critical milestones. Key highlights include:

·      Cascabel Project Milestones: The landmark signing of the Exploitation Agreement with the Government of Ecuador for the Cascabel Project signifies a pivotal step toward development, securing key regulatory support.¹

The release of the Preliminary Feasibility Study ("PFS") showcased a comprehensive view of the first 28 years (just 18 % of the resource) of the substantial Alpala deposit. The PFS underscores Cascabel's vast potential as a cornerstone, multi-generational copper mine with the capacity to deliver long-term supply as global demand is projected to rise. The phased approach to the mine plan reported in the PFS resulted in a reduction in initial capital of US$1bn from the previous plan with an after-tax IRR of 24% and an NPV_8% of $3.2bn, based on metal prices of US$1,750/oz Au, US$3.85/lb Cu, and US$22.50 Ag. Current consensus pricing for copper, gold, and silver is significantly higher than those reflected in the PFS economic model.^2,3 SolGold has identified numerous opportunities to expand the scope of the resource and reserve at Cascabel and bring forward future cash flows via Tandayama-Ameríca deposit inclusion, improvements in mining and milling design and further optimising metallurgical recovery.

·    Financing Agreement: SolGold finalized a significant streaming agreement with Franco-Nevada (Barbados) Corporation and Osisko Gold Royalties ("Franco & Osisko") for US$750m. This agreement supports the development of the Cascabel project as it progresses, strengthening SolGold's financial position providing, subject to achieving milestones, US$100m for the advancement of Cascabel through permitting, feasibility, and securing further development funding sources.⁴ This strategic financing marks a significant endorsement of Cascabel's long-term value, enabling effective resource allocation to advance and de-risk the Project and a sizable portion of development capital.

·      Exploration and Project Development: SolGold continued with targeted regional exploration efforts, including identifying a major porphyry target at the El Cielito Norte prospect on the Blanca-Nieves Project just 8 km northwest of Cascabel, covering approximately 2.5 x 2.5 km, which is larger in extent than the Alpala system to the south at Cascabel. In the epithermal gold halo at the Florida site on the eastern side of Cielito Norte, recent channel sample assays revealed high-grade gold results of 6.15m @ 7.46 g/t Au, including 2.2m @ 21.1 g/t Au. These exploration efforts are advancing new target areas toward drill-ready status, highlighting the potential for integration with the Cascabel Project.⁵

Beyond Cascabel, SolGold has continued to advance its regional exploration portfolio, actively identifying potential opportunities for advancing the exploration efforts, including, among other options, joint ventures, partnerships, and strategic divestments. Through these initiatives, the Company is committed to unlocking value from the portfolio to enhance shareholder value and SolGold's footprint in the global copper market.

·      Community and Sustainability Commitments: SolGold is proud of its ongoing commitment to sustainability and community engagement. This year, the Company furthered its community partnerships, aiming to create lasting benefits for local stakeholders. Our progress on environmental, social, and governance (ESG) fronts remains central to our approach to Project development and to the Company as a whole.

Looking Ahead: Strategic Outlook for 2025

SolGold's outlook for 2025 is focused on key priorities to maximize shareholder value and ensure sustainable Project advancement:

·      Advancing & De-Risking Cascabel: Following the PFS, the next phase includes advancing high-priority studies in collaboration with industry-leading experts, including G Mining Services Inc. This collaboration will provide the technical expertise necessary to solidify Cascabel's Project scope and timeline. Concurrently, ongoing geotechnical drilling is being conducted to support infrastructure planning. Near-surface drilling at the Tandayama-Ameríca deposit is planned for the near future to investigate a plan for earlier cash flow delivery.⁵

In parallel, the Company is actively working on the permitting process to facilitate timely approvals that will align with Cascabel's development milestones. These efforts are fully funded and align with the Company's strategy to de-risk and advance the Project to turn-key status.

·      Strengthening Strategic Partnerships and Funding Pathways: Building on the strong financial platform established through the Franco & Osisko deal, SolGold is well-positioned to explore further options to support Cascabel's development.

·      Portfolio Optimization and Divestiture Strategy: Through ongoing evaluation of joint venture and spin-out options for non-core assets, the Company aims to focus on Cascabel while maximizing the potential of its broader exploration assets.

·      Continued Focus on Sustainability: The Company will continue its ESG initiatives, focusing on the communities around the Project site and reinforcing SolGold's role as a responsible corporate citizen in Ecuador. SolGold remains committed to sustainable development that is aligned with global best practices.

Scott Caldwell, CEO of SolGold, commented: "This past year has been transformative for SolGold. With significant advancements at Cascabel and critical partnerships in place, we are moving into 2025 with a strong foundation. We are excited about our strategic vision for the future and our commitment to delivering long-term value for our shareholders, partners, and communities. I would also like to thank shareholders and the board for its support as the Company progresses."

1.    Refer to news releases dated 06 June 2024 on SEDAR+ and the Company's website.

Link: 2024-06-06 Release

2.     Refer to news release dated 16 February 2024 on SEDAR+ and the Company's website.

Link: 2024-02-16 Release

3.     Refer to news release dated 12 March 2024 on SEDAR+ and the Company's website.

Link:  2024-03-12 Release

4.     Refer to news release dated 15 July 2024 on SEDAR+ and the Company's website:

Link: 2024-07-15 Release

5.     Refer to news release dated 19 March 2024 on SEDAR+ and the Company's website:

Link: 2024-03-19 Release

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.