REG - SolGold PLC - Cascabel Project Update

SolGoldAnnouncement

28/10/2024 07:00

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RNS Number : 8360J  SolGold PLC  28 October 2024

28 October 2024

SolGold plc

("SolGold" or the "Company")

Award of Project Management Contract to

G Mining Services for Cascabel Project Feasibility Study

SolGold plc (LSE & TSX: SOLG) is pleased to announce that G Mining
Services Inc. ("G Mining") has been awarded the contract to provide project
management services for the Cascabel Project Feasibility Study ("FS"). This
decision follows a competitive selection process that considered multiple
firms with extensive mining expertise.

G Mining Services' project management scope will include overseeing timelines,
milestones, and deliverables, as well as implementing and managing cost
control systems. G Mining will develop and maintain detailed project
schedules, assist SolGold with specialised consultant selection and contract
management, and provide senior estimation services for project costing. Their
team will also offer expertise in various engineering disciplines such as
mining, infrastructure, metallurgy and processing, and capital and operating
expense estimation. SolGold will continue to maintain substantial input in the
selection of specialised consultants. This phase is key to de-risking the
project and will lay the foundation for future development stages.

G Mining Services was selected for this important phase due to its substantial
experience in the Ecuadorian mining sector, notably its success with the Fruta
del Norte project, competitive cost structure, and availability to meet the
project's timeline for this scope. With an established office in Quito, the
capital of Ecuador, G Mining is well-positioned to offer local coordination
and support. Their strong team, which combines international expertise and
local knowledge, brings a wealth of experience in managing large-scale
projects. Additionally, their collaborative approach, integrating with
in-house management and specialist firms needed for key areas, ensures
comprehensive project delivery.

G Mining Services has successfully delivered on several major global projects,
including the Tocantinzinho Gold Project in Brazil and Newmont's Merian Mine
in Suriname. In addition to their success with Lundin Gold's Fruta del Norte
project in Ecuador, their extensive global experience positions them as a
critical partner to continue de-risking and advancing the Cascabel Project.

Scott Caldwell, President and CEO of SolGold, remarked: "We are pleased to
have G Mining onboard for this critical phase of the Cascabel project. Their
Ecuadorian experience, cost-competitive approach, and strong team make them
the ideal partners as we advance the project, de-risk key elements, and move
forward. There remain numerous areas we feel meaningful improvements can be
made to the existing PFS, particularly in the areas of the inclusion of the
Tandayama-Ameríca open cut resources, gold and copper recovery, improved mine
plan, site layout and infrastructure efficiency, power supply, waste rock and
tailings management. We look forward to G Mining's assistance in this
evaluation. At the same time, we are working on the processes to secure the
various permits to facilitate access to development and the balance of the
financing that will be required for a development decision."

Mathieu Gignac, President of G Mining Services, commented: "We are excited to
collaborate with SolGold on the Cascabel Project, a world-class copper-gold
deposit with immense potential. Our team's experience in managing large-scale
projects like Cascabel, combined with our local presence in Ecuador, positions
us to help SolGold unlock significant value while systematically de-risking
and advancing this outstanding asset."

CONTACTS

 Chris Robinson

 Director of Corporate Operations                                    Tel: +44 (0) 20 3807 6996

 & Communications

 Tavistock (Media)

 Jos Simson/Gareth Tredway                                           Tel: +44 (0) 20 7920 3150

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 (http://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
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Accordingly, the reader should not rely on any interpretations or
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status of its assets and projects changes with time expenditure, metals prices
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including but not limited to: transaction risks; general business, economic,
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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
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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.

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