REG - SolGold PLC - Q3 Financial Report and Quarterly MD&A

SolGoldAnnouncement

16/05/2025 07:00

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RNS Number : 9911I  SolGold PLC  16 May 2025

16 May 2025

SolGold plc

("SolGold" or the "Company")

Third-Quarter Financial Report and

Management Discussion & Analysis

The Board of Directors of SolGold (LSE & TSX: SOLG) is pleased to
advise all shareholders and interested investors that the Company's website
contains access to a copy of the Quarterly Financial Report and Management
Discussion & Analysis ("MD&A") required to be filed on SEDAR+
in Canada, in connection with the Company's third quarter financial period
ended 31 March 2025. This additional information is available on the
Investor Centre page of the Company's website: www.solgold.com.au.

THIRD QUARTER HIGHLIGHTS

·  Leadership Transition and Governance Strengthening: Dan Vujcic was
appointed Chief Executive Officer, and Paul Smith as Non-Executive
Chairman.(1) Charles Joseland was confirmed as Senior Independent Director,
further strengthening board independence and oversight.(2)

·   Jiangxi Copper Strategic Investment: Jiangxi Copper acquired 157.1
million shares at a 45% premium to market, increasing its stake in SolGold to
over 12%, and agreed to provide technical support at its own cost.(3)

·    Porvenir Project Advancements: Received the advanced exploration
permit during the quarter and, after quarter-end, secured the environmental
licence-clearing the path for drilling and additional technical work.(4)

·    Executed Amended Investment Protection Agreement ("AIPA"): The AIPA
was signed with the Government of Ecuador after quarter-end, providing
long-term legal and fiscal stability for the Cascabel Project and
acknowledging over US$311 million in historical investment.(5)

·   Financial Position Strengthened: SolGold ended Q3 with a strong cash
position following receipt of a US$18.1 million capital injection from share
sales.(6)

·  Sustainability Achievements: Launched a community solid waste management
program, expanded health and agroforestry initiatives, and sponsored
scholarships for participants in the WIM Ecuador "Soy Operadora" training
program.

Dan Vujcic, Chief Executive Officer of SolGold, commented:

"This quarter reflects management's new direction and drive toward the
delivery of a technically robust Cascabel. The AIPA marks a key de-risking
milestone and sets up the company well for executing the CIPA in the coming
quarter.  Jiangxi Copper's continued investment signals confidence in the
project's value, something we are hoping our broader shareholder base will
follow suit in recognising. The new team are focused on executing the new
strategy, which we anticipate releasing in the coming weeks. The team is here
to advance Cascabel as soon as possible, for the people of Ecuador and for
shareholders."

CONTACTS

 Dan Vujcic

 Chief Executive Officer   Tel: +61 461 304 393

ENDNOTES:

1.   Refer to News Release: Dated 4 March 2025, Appointment of a new CEO and
Independent Chairman, Re-Setting the Company Strategy and Governance,
including Formation of ExploreCo and Technical Committee.

2.   Refer to News Release dated 14 March 2025, Appointment of Senior
Independent Non-Executive Director.

3.   Refer to News Release dated 12 March 2025, Further Investment from
Jiangxi Copper and News Release dated 24 March 2025, Investment from Jiangxi
Copper-conditions satisfied.

4.   Refer to News Release dated 12 May 2025, SolGold plc Announces
Environmental Licence Granted for Advanced Exploration Phase at Porvenir
Project.

5.   Refer to News Release dated 1 May 2025, SolGold plc Announces Full
Execution of Amended Investment Protection Agreement for Cascabel.

6.   Refer to News Release dated 12 March 2025, Further Investment from
Jiangxi Copper and News Release dated 24 March 2025, Investment from Jiangxi
Copper-conditions satisfied.

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.

SolGold completed and released a staged development plan, Pre-Feasibility
Study on 16 February 2024. The study, completed at US$1750/oz gold, US$3.85/lb
copper and US$22.50/oz for silver, delivered an NPV (based on a discount rate
of 8%) of US$3.22bn on a capex of US$1.55bn for an initial 12 Mtpa underground
block caving operation. The evaluation also showed an after-tax IRR of 24% and
a first 10-year free cash flow generation of US$7.1bn. The PFS assessed
Mineral Reserves 539.7 Mt tonnes, which represents only 18% of the total
resource over an initial 28-year project life.

On 15 July 2024, SolGold announced a gold stream agreement with Franco Nevada
and Osisko Royalties (the "Streamers") pursuant to which the Streamers would
pay US$100m as pre-development funding in three tranches, conditional on
achieving various technical and permitting milestones. The first US$33.3m was
received on signing. A further US$650m contribution to development expenditure
will be provided on completion of the feasibility study, permitting and
financing, subject to CPs, acceptable financing packages for the balance
funding required. SolGold has agreed, in consideration for this funding, a
life of mine stream priced at 20% of the spot gold price at the time for 20%
of gold production for the first 10 years and 12% thereafter. The stream
represents approximately 5% of total revenue for the project and provides some
42% of currently estimated capital development costs. SolGold retains change
of control buyback options on the stream to the extent of 50% within 3 years
and 33 1/3 % for a further two years.

SolGold continues to advance de-risking programs, permitting and financing
discussions and to reevaluate the Project at recent consensus prices for
copper and gold.

On 28 October 2024, SolGold appointed G-Mining Services to be the Project
Manager for the Feasibility Study.

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
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.

SolGold plc UK Company No. 5449516 ARBN 117 169
856 Email: info@solgold.com.au (mailto:info@solgold.com.au)
 Website: www.solgold.com.au (http://www.solgold.com.au)

Head office: Level Level 5/191 St Georges Terrace, Perth WA
6000Australia Postal address: PO Box 7059, Cloisters Square PO Perth WA 6850
Australia

Registered office: 1 Cornhill, London, EC3V 3ND, UK Phone: +44 (0) 20 3807
6996

 

 

 

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