REG - SolGold PLC - Release of FY24 Annual Report and Accounts

SolGoldAnnouncement

27/09/2024 07:00

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RNS Number : 9920F  SolGold PLC  27 September 2024

27 September 2024

SolGold plc

("SolGold" or the "Company")

Release of FY24 Annual Report and Accounts

 

The Board of Directors of SolGold (LSE & TSX: SOLG) is pleased to announce
the release of the Annual Report and Accounts for the year ended 30 June 2024,
which details significant progress and key milestones that position the
Company to advance the development of its flagship Cascabel Project
("Cascabel" or the "Project").  The Annual Report and Accounts are available
on the Company's website at https://solgold.com.au/ (https://solgold.com.au/)
.

2024: A Year of Transformative Progress

Fiscal 2024 was a pivotal year for SolGold, marked by strategic advancements
that continue to de-risk and advance the Cascabel Project. Key achievements
include:

·      Updated Pre-Feasibility Study (PFS) (March 2024): The study
highlighted robust Project economics, with an after-tax NPV (8%) of US$3.2
billion and an IRR of 24%, based on metal prices of US$3.85/lb Cu, US$1,750/oz
Au, and US$22.50/oz Ag. The optimized phased development approach also reduced
initial capital requirements from US$2.7 billion to US$1.55 billion. Notably,
as of the week of September 22, 2024, spot prices have exceeded US$4.60/lb Cu,
US$2,700/oz Au, and US$32.00/oz Ag. As a reference, the sensitivity tables
from the PFS are provided below:(1,2)

·      Exploitation Contract Secured (June 2024): A landmark agreement
with the Ecuadorian government granting the right to develop and operate the
Cascabel Project for 33 years, which may be renewed. The current contract
covers only the period defined in the PFS, which accounts for just 18% of the
total project resources identified to date.  The Exploitation Contract and
existing legislation and regulations establish the legal and financial terms
and conditions required for the Cascabel Project's development.(3)

·      US$750 million Gold Stream Agreement with Franco-Nevada and
Osisko Gold Royalties (signed shortly after the fiscal year-end) reflects the
culmination of our financing efforts and reinforces SolGold's ability to
advance Cascabel while preserving long-term value for shareholders.(4)

Additionally, SolGold strengthened its governance framework with the
appointment of three new non-executive directors and continued its commitment
to environmental stewardship, community engagement, and operational
efficiency.

Coming Ahead:

Looking ahead to fiscal year 2025, SolGold will build on the successes of
FY2024 by focusing on the following strategic priorities:

·      Advancing the Cascabel Project: With a solid financial foundation
and de-risked development plan, the Company will continue critical technical
studies and progress towards obtaining necessary permits for development.

·      Project Financing: SolGold will continue to explore additional
conditional financing opportunities to secure the remaining capital needed to
make Cascabel a turn-key project.

·      Sustainability and Stakeholder Engagement: The Company remains
dedicated to maintaining the highest environmental and social governance
standards as it advances critical projects, including continuing its
reforestation and water recycling initiatives.

·      Strategic & Growth Initiatives: SolGold will continue to
assess strategic opportunities for joint ventures or partnerships across its
broader Ecuadorian exploration portfolio while strongly focusing on Cascabel
as the cornerstone of its growth strategy.

Scott Caldwell, President and CEO, stated, "2024 was a year of critical
achievements for SolGold, with major milestones that significantly advanced
the Cascabel Project and strengthened our financial position. I want to thank
our dedicated team, partners, the Ecuadorian government, and local communities
for their continued support as we work toward responsible development. Looking
ahead, we remain focused on creating sustainable value for our stakeholders
while upholding the highest standards of environmental and social
responsibility."

For Canadian purposes, the Company has filed its audited financial statements,
Management Discussion and Analysis ("MD&A") and Annual Information Form
("AIF") for the year ended 30 June 2024 on SEDAR+ (www.sedarplus.ca).

The Annual Report and Accounts for the year ended 30 June 2024, the AIF and
the MD&A are available on the Company's website: https://solgold.com.au/
(https://aus01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fsolgold.com.au%2F&data=05%7C02%7Ccrobinson%40solgold.com.au%7C6e85279b104e4131db7008dcde6bd45d%7C6819bffc27b74d9eaacdc2a1f597f4fc%7C0%7C0%7C638629801909695806%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=Jqr89wSxRH0K0g%2BQGwCjjypLp%2BRDXfHatlhvX7bVKvo%3D&reserved=0)
.

The financial statements were approved and authorised for issue by the Board
and were signed on its behalf on 26 September 2024.

Endnotes

1.     Refer to news releases dated 16 February 2024 on SEDAR+ and the
Company's website. Link: 2024-02-16 Release
(https://polaris.brighterir.com/public/solgold/news/rns/story/xze09lx)

2.     Refer to news releases dated 12 March 2024 on SEDAR+ and the
Company's website. Link:  2024-03-12 Release
(https://polaris.brighterir.com/public/solgold/news/rns/story/w0jjk8x)

3.     Refer to news releases dated 06 June 2024 on SEDAR+ and the
Company's website. Link: 2024-06-06 Release
(https://polaris.brighterir.com/public/solgold/news/rns/story/w94d7ex)

4.     Refer to news releases dated 15 July 2024 on SEDAR+ and the
Company's website. Link:  2024-07-15 Release
(https://polaris.brighterir.com/public/solgold/news/rns/story/rndkknx)

Certain information contained in this announcement would have been deemed
inside information.

This announcement has been approved for release by Scott Caldwell, Chief
Executive Officer.

 CONTACTS

 Chris Robinson                    Tel: +44 (0) 20 3807 6996

 Director of Corporate Operation

 & Communications

 Tavistock (Media)                 Tel: +44 (0) 20 7920 3150

 Jos Simson/Gareth Tredway

ABOUT SOLGOLD

About SolGold: SolGold is a leading exploration company focused on the
discovery and definition of world-class copper-gold deposits. The Company
holds a portfolio of exploration projects in Ecuador. SolGold's primary
objective is to discover and develop ecological copper and gold deposits
through a disciplined exploration approach led by an experienced management
team.

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.

 

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